Wednesday, September 09, 2026
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Maiden resource establishes Lion as a high-grade polymetallic deposit. Power Metallic’s inaugural maiden resource estimate (MRE) defined approximately 4.75 million tonnes at roughly 3.9% copper equivalent (CuEq), containing approximately 406 million pounds of CuEq, with more than 85% of the resource classified as Indicated. Importantly, mineralization begins at the surface, with approximately 59% of the current tonnage contained within the conceptual open pit resource, and the underground Indicated resource grading 4.71% CuEq.
Strong metallurgy and favorable infrastructure. Locked-cycle testing achieved copper recoveries above 98% while producing concentrates grading more than 25% copper, alongside strong recoveries for palladium, platinum, gold, and silver. The Lion Zone’s near-surface mineralization and proximity to all-season roads and major Hydro-Québec power infrastructure could support a relatively efficient development scenario, potentially beginning with an open pit before transitioning underground. Power Metallic is now preparing for a preliminary economic assessment (PEA), expected to be released in December 2026, that may include integration of the Nisk resource.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.