Lion Delivers High-Grade Copper Intercepts and Positive Metallurgy on Low-Low Grade Mineralization

On May 26, 2026, Power Metallic reported another batch of high‑grade copper‑equivalent drill intercepts from the winter 2026 Lion Zone infill/expansion program. Headline results include 4.07 m @ 8.73 % CuEqRec (hole 067) and 10.30 m @ 4.04 % CuEqRec (hole 097), with multiple narrower high‑grade zones. The company also disclosed locked‑cycle metallurgical test results on a “low‑low grade” composite (LG2), showing 98.3 % copper recovery and strong precious‑metal recoveries. The previously announced blended composite (LCT1) confirmed 98.9 % copper recovery. Power Metallic confirmed that remaining winter assay results will arrive by mid‑June and that an updated NI 43‑101 Mineral Resource Estimate for the Lion and Nisk deposits is targeted for late July 2026. A Preliminary Economic Assessment will begin immediately after the resource estimate is completed. Hydrometallurgical testing of copper concentrates is underway at SGS Canada.

The release is essentially a progress update within a well‑telegraphed de‑risking path. High‑grade intercepts are consistent with—and in places slightly below—the bonanza‑grade hits that the market has already priced (e.g., 22 m of 11.46 % CuEqRec reported three weeks earlier). The metallurgical results on the low‑grade composite are encouraging but not surprising, given that the company had already reported 98.9 % copper recovery on a blended composite in January 2026. The new MRE/PEA timeline provides clarity but no acceleration relative to prior Q3 2026 guidance. Therefore, the news is incrementally positive but lacks any element that would fundamentally change the investment thesis or materially re‑rate the stock. The market had already seen the Saudi JV a week earlier, making this release purely a technical update. There is no sizable new strategic investment, takeover, or resource‑scale revelation.

Power Metallic Mines Inc. is a polymetallic explorer focused on the Nisk Nickel Sulphide Project in Quebec, Canada. The flagship asset is the high‑grade Lion Zone (copper‑palladium‑platinum‑gold‑silver‑nickel), which management describes as one of the world’s highest‑grade modern polymetallic discoveries. The company controls a district‑scale land package that, after the Li‑FT Power acquisition, totals ~330 km² with a 20‑km strike length. Power Metallic also holds the Jabal Baudan exploration licence in Saudi Arabia (200 km²) and, via a 50/50 strategic JV with Amaar United Mining, intends to bid for additional Saudi mining licences. The company has no current production; it is advancing toward a maiden Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA), both expected in H2 2026.