Power Metallic reports New Lion drill intercepts of 36.42 Meters of 2.83% CuEqRec1 in Hole 26-116 including 6.00 Meters of 12.38% CuEqRec1 and Announces AGSM Meeting Results

Power Metallic Mines Inc. (PNPN) has released the final assay results from its Winter 2026 infill drilling program at the Lion Zone, completing the dataset for the initial NI 43-101 Mineral Resource Estimate. The program’s primary hole, PML-26-116, returned 36.42 m at 2.83% CuEqRec from 84.0 m, including 6.00 m at 12.38% CuEqRec (98.5–104.5 m) and 4.07 m at 4.30% CuEqRec (114.5–118.57 m).

Other holes reported included PML-26-113 (44.50 m at 0.75% CuEqRec) and PML-26-111 (14.0 m at 0.96% CuEqRec), along with lower-grade intervals in holes 108, 107, 083a, and 080.

At its Annual General Meeting, the company approved all items, including an increase in the quorum threshold to 33⅓% to facilitate a potential U.S. stock exchange listing.

Power Metallic Mines Inc. (PNPN) has released the final set of assay results ahead of its initial Mineral Resource Estimate (MRE), which is expected by the end of July 2026. The results confirm the high-grade nature of the Lion Zone but offer no new structural or extension breakthroughs.

The stock has declined from C$1.51 in late May to approximately C$1.02, a drop reflecting dilution from a C$28 million financing at C$1.25 and market fatigue following a string of high-grade hits. This release does not re-ignite the discovery narrative, serving only to close the infill chapter. The market had already priced in a significant resource, and this hole confirms but does not elevate it.

For a pre-resource explorer, a routine infill hole of this grade does not move the valuation needle materially. The forthcoming MRE and Preliminary Economic Assessment (PEA) remain the true catalysts, rendering the materiality of this specific release low.

Power Metallic Mines Inc. (TSXV: PNPN, OTC: PNPNF) is a junior explorer focused on the Nisk polymetallic project in Quebec, Canada. The Nisk project covers approximately 330 km² and hosts orthomagmatic Ni-Cu-PGE-Au-Ag mineralization. The flagship Lion Zone contains high-grade massive to semi-massive chalcopyrite-pentlandite lenses, while the historical Nisk Main deposit also exists within the property.

Metallurgical testing has demonstrated excellent recovery rates. Locked-cycle tests show copper recovery at 98.9%, along with high PGE and precious metal recoveries, supporting the production of a clean concentrate.

The company is preparing to release a maiden resource estimate, with a preliminary economic assessment (PEA) to follow. In addition to the Nisk project, Power Metallic Mines Inc. is exploring regional targets including Tiger, Elephant, and Hydro, and maintains a joint venture in Saudi Arabia.

As of March 31, 2026, the company held a cash position of C$10.7 million. A post-period financing of C$28.2 million has closed, providing runway for 2026 programs. The company’s market capitalization stands at approximately C$241 million.