Category: Natural Resources

Release – First Phosphate Signs Agreement for a $16.7 Million Non-Repayable Contribution with the Government of Canada

Posted on by [email protected]

Research News and Market Data on FRSPF

March 16, 2026 7:12 AM EDT | Source: First Phosphate Corp.

Saguenay, Québec–(Newsfile Corp. – March 16, 2026) – First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) (“First Phosphate” or the “Company“) is pleased to announce that it has finalized an agreement, on March 4, 2026, for a $16.7 million non-repayable contribution from the Government of Canada through Natural Resources Canada (“NRCan”) Global Partnerships Initiative (“GPI”).

This contribution funding will accelerate the development of the phosphate project in Bégin-Lamarche by developing the technical and engineering parameters – including processing circuits and equipment – needed to validate the ability to produce a phosphate concentrate that meets the quality requirements of the lithium iron phosphate (“LFP”) battery market. The work will be conducted based on the parameters established under the contract between First Phosphate and its definitive offtaker.

“Canada and our partners are putting real capital behind the secure and resilient critical mineral supply chains that our economies and defence industries rely on,” said The Honourable Tim Hodgson, Minister of Energy and Natural Resources. “By supporting companies like First Phosphate, we are helping deliver the minerals the world needs and the prosperity and security Canadians deserve.”

“We welcome this investment from the Government of Canada which supports the continued progress of our project and its strategic role in the LFP battery supply chain,” said John Passalacqua, CEO of First Phosphate. “Together, we are taking another step toward establishing an integrated phosphate-based LFP battery supply chain in Canada.”

The Bégin-Lamarche demonstration and feasibility project will help strengthen Canada’s strategic positioning within the LFP battery value chain through the development of domestic capacity to process apatite (phosphate concentrate) into high-purity phosphoric acid (“PPA”) for battery applications.

The project will develop a scalable Canadian process for the production of battery-grade phosphate concentrate, reducing dependence on foreign supply chains.

The project will generate significant economic benefits, including the creation of approximately 277 skilled jobs and the potential establishment of a Canadian phosphoric acid facility supported by local commercial production of phosphate concentrate.

The financial contribution is granted for the completion of a feasibility study of the Company’s integrated Bégin-Lamarche phosphate mine and processing project in Saguenay-Lac-Saint-Jean and covers eligible activities planned through 2028, in accordance with the terms of the agreement.



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Qualified Person

The scientific and technical disclosure for First Phosphate included in this news release has been reviewed and approved by Gilles Laverdière, P.Geo. Mr. Laverdière is Chief Geologist of First Phosphate and a Qualified Person under National Instrument 43-101 – Standards of Disclosure of Mineral Projects (“NI 43-101”).

About Natural Resources Canada

Natural Resources Canada (“NRCan”) is the federal department responsible for developing policies and programs to ensure the sustainable and responsible development of Canada’s natural resources. Through its initiatives and funding programs, including the Global Partnerships Initiative, NRCan supports projects that contribute to strengthening supply chains, industrial innovation, and Canada’s competitiveness in the critical and strategic minerals sectors.

About First Phosphate Corp

First Phosphate (CSE: PHOS) (OTCQX: FRSPF) (OTCQX ADR: FPHOY) (FSE: KD0) is a mineral exploration and development and clean technology company dedicated to building and reshoring a vertically integrated mine-to-market supply chain for the production of LFP batteries in North America. Target markets include energy storage, data centers, robotics, mobility, and national security.

First Phosphate’s flagship Bégin-Lamarche property, located in Saguenay-Lac-Saint-Jean, Québec, Canada, represents a rare North American igneous phosphate resource producing high-purity phosphate characterized by very low levels of impurities.

For further information, please contact:

Armand MacKenzie
President
[email protected]
Tel: +1 (514) 618-5289

Investor Relations: [email protected]
Media Relations: [email protected]
Website: www.FirstPhosphate.com

Follow First Phosphate:

X: https://x.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate

– 30 –

Forward-Looking Information and Cautionary Statements

This release includes certain statements that may be deemed “forward-looking information”. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In particular, this press release contains forward-looking information relating to, among other things: the Company’s compliance with the terms of the definitive agreement; the funding amount, anticipated benefits, timing, and potential outcomes of the GPI funding award under the contribution agreement with NRCan and the project funded thereby including, but not limited to, the strengthening of Canada’s strategic positioning within the LFP battery value chain, the development of domestic capacity to process apatite into high-purity PPA for battery applications, the development of a scalable Canadian process for the production of battery-grade phosphate concentrate, the reduction of dependence on foreign supply chains, and the contribution to significant economic benefits, including the creation of skilled jobs and the potential establishment of a Canadian phosphoric acid facility; and the Company’s plans for building and onshoring a vertically integrated mine-to-market LFP battery supply chain for North America. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include development and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions; there being no significant disruptions affecting the activities of the Company or inability to access required project inputs; permitting and development of the projects being consistent with the Company’s expectations; the accuracy of the current mineral resource estimates for the Company and results of metallurgical testing; certain price assumptions for P2O5 and Fe2O3; inflation and prices for Company project inputs being approximately consistent with anticipated levels; the Company’s relationship with First Nations and other Indigenous parties remaining consistent with the Company’s expectations; the Company’s relationship with other third party partners and suppliers remaining consistent with the Company’s expectations; and government relations and actions being consistent with Company expectations. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. The Company does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. All forward-looking information contained in this release is qualified by these cautionary statements.

info

Source: First Phosphate Corp.

17% Gains, Back-to-Back Losses — Gold’s 2026 Story Is Getting Complicated

Posted on by [email protected]

Gold is heading into the weekend with back-to-back weekly losses — a signal that something unusual is happening in commodity markets. The metal that investors typically rush to during geopolitical crises is being undercut by the very crisis driving its usual tailwinds.

Spot gold is trading around $5,084 per ounce on Friday, down nearly 1% from Thursday’s close and on pace for a 2.4% weekly decline. That would mark the first consecutive weekly drop since November, pulling gold further from its all-time high of $5,595 set on January 29. Despite the retreat, the metal remains roughly 17% higher year-to-date — a figure that should not be lost on investors trying to contextualize the current pullback.

The Oil-Inflation Paradox

The culprit is crude. Oil prices near $100 a barrel — sustained by the ongoing US-Israeli military campaign against Iran — are creating an inflation feedback loop that is actually working against gold in the near term. Here’s the mechanism: rising oil strengthens the U.S. dollar, since the U.S. is a net energy exporter. A stronger dollar makes dollar-denominated gold more expensive for global buyers, compressing demand. At the same time, oil-driven inflation is forcing markets to price out Federal Reserve rate cuts, and gold doesn’t pay interest — so higher-for-longer rates make yield-bearing assets comparatively more attractive.

The U.S. Dollar Index has gained about 1% over the past five trading sessions and is up 3.3% over the past month. That’s a meaningful headwind for bullion.

Fed Watch Dominates

Markets now assign just a 4.4% probability to a rate cut at next week’s Fed meeting, with 95.6% of participants expecting rates to hold at 3.50%–3.75%. Earlier this year, the consensus expectation was two cuts in 2026. That view has collapsed as energy prices reignite inflationary pressure — and fresh consumer spending data released Friday showed spending barely moved in January, adding to concerns that a stagflationary dynamic could be forming ahead of the conflict’s economic ripple effects.

U.S. consumer sentiment has also declined to a three-month low as gasoline prices climb. This matters for the Fed: a consumer-led slowdown paired with sticky inflation removes the policy flexibility that gold bulls were counting on.

Where Does Gold Go From Here?

The longer-term picture remains constructive. Wall Street’s major banks haven’t flinched — J.P. Morgan holds a $6,300 price target for gold in 2026, and Deutsche Bank is at $6,000. Central bank buying, persistent inflation above the Fed’s 2% target, and geopolitical uncertainty all underpin a structurally bullish case. The current weakness appears to be a recalibration, not a reversal.

For small and microcap investors, the gold pullback carries downstream implications worth watching. Junior miners and gold royalty companies — many of which trade well below the $2 billion market cap threshold — tend to amplify gold’s moves in both directions. A sustained drop from current levels would compress margins and valuations across that segment. Conversely, if conflict escalation or a dollar reversal sends gold back toward $5,500, smaller producers could see outsized recoveries.

The market is being asked a simple question right now: is $100 oil a headwind or a catalyst for gold? The answer, at least this week, is headwind.

Why the Iran Conflict Hasn’t Derailed the Small Cap Rally — And May Actually Fuel It

Posted on by [email protected]

For years, the market’s story was simple — go big or go home. Mega-cap tech dominated headlines, attracted institutional capital, and left small and microcap stocks largely in the dust. That story has been changing fast in 2026. The question now is whether a war in the Middle East derails it before it fully plays out— and for investors focused on small cap investing in 2026, the answer may be more encouraging than the headlines suggest..

As of this week, the Russell 2000 is up nearly 9% year-to-date, outpacing both the S&P 500 and Nasdaq 100, which have delivered near-flat performance over the same period. The drivers behind that move are real and structural. But so is the new risk sitting squarely on top of them.

Why the Russell 2000 Is Outperforming in 2026

Small and microcap companies carry a disproportionately high share of floating-rate debt — roughly 40% of Russell 2000 company debt is floating-rate, compared to under 10% for S&P 500 constituents. When the Federal Reserve delivered three rate cuts in late 2025, bringing the target rate to 3.50%–3.75%, the impact on smaller companies was immediate. Borrowing costs dropped, profit margins expanded, and balance sheets that had been under pressure for two years began to breathe again.

Layered on top of that was the One Big Beautiful Bill Act, which brought its most consequential provisions — 100% bonus depreciation and immediate domestic R&D expensing — online on January 1, 2026. These provisions disproportionately benefit the capital-intensive businesses that populate the small and microcap universe. Add a valuation gap that had stretched to near-historic levels, with the Russell 2000 trading below 19 times forward earnings against the S&P 500’s 24 times, and institutional money had every reason to rotate into small caps in 2026.

How Oil Prices Are Affecting Small Cap Stocks Right Now

The U.S.-Israeli strikes on Iran that began February 28 changed the calculus. Oil prices have surged past $100 per barrel for the first time since 2022, with Brent crude briefly trading near $120 before pulling back. Shipping through the Strait of Hormuz dropped 95% in the first week of March, effectively cutting off roughly one-fifth of global oil supply. U.S. gasoline prices have risen more than 17% since the strikes began, and stagflation fears — an economy slowing while prices rise — are back in the conversation.

For small cap investing in 2026, this is not a peripheral concern. The rotation thesis rests on the Fed continuing to ease. If an energy-driven inflation spike freezes the Fed in its tracks, the highly leveraged firms within the Russell 2000 face a double hit of higher borrowing costs and slowing consumer demand. That dynamic already showed up on March 5, when the Russell 2000 dropped 1.9% in a single session — its sharpest single-day decline of the year — as the conflict escalated.

Why the Small Cap Rotation Thesis in 2026 Still Has Legs

There is a meaningful counterargument, and it lives inside the small-cap universe itself. Domestic energy producers, onshoring plays, and infrastructure-adjacent companies are direct beneficiaries of elevated oil prices and supply chain disruption. The small cap industrials and energy names that helped fuel the early-year rotation are not going away — they may actually accelerate as capital seeks shelter in domestic, tangible-earnings businesses over global tech exposure.

The U.S. is a net exporter of energy, which positions it to weather the supply disruption better than Europe and Asia — a dynamic that benefits domestically focused small-cap energy producers more than it hurts them.

What This Means for Small Cap Investing in 2026

The structural case for small cap stocks in 2026 has not fundamentally changed. Lower rates, favorable tax treatment, and compressed valuations relative to large caps all remain intact. What has changed is the risk profile of getting there. A prolonged conflict, sustained triple-digit oil prices, and a Fed forced to pause its easing cycle could extend the timeline — but not reverse the direction.

The companies best positioned in this environment are those with domestic revenue exposure, manageable fixed-rate debt, and real earnings — not the leveraged, speculative names that hitched a ride on the rotation. In microcap investing, that distinction between quality and speculation has rarely mattered more than it does right now.

The great rotation into small cap stocks is still in play. Investors who understand what is driving it — and what the real risks are — are the ones best positioned to capitalize on it in 2026.

Power Metallic Mines Inc. (PNPNF) – High-Grade Lion Drilling Continues to Expand Near-Surface Potential

Posted on by [email protected]


Wednesday, March 11, 2026

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins. Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Best copper intercept to date. Power Metallic reported results from the first hole of the 2026 winter drill campaign. Hole PML-26-049 intersected 16.55 meters grading 10.08% copper (15.11% CuEq) within massive to brecciated copper sulphides, representing the strongest copper intersection reported at the Lion Zone to date. The hole was drilled to support interpretation of near-surface mineralization and to expand the deposit’s footprint in an area that management believes may be amenable to open-pit extraction.

Infill drilling is supportive. Results from holes PML-26-049 and PML-25-047 confirm strong grade continuity within the modeled Lion Zone geometry, improving confidence that portions of the deposit may ultimately support Indicated Resource classification. Deeper drilling has also expanded high-grade lenses within the system, including 7.60 meters grading 7.30% CuEq within an 18.0-meter interval grading 3.18% CuEq, further extending mineralization within the Lion zone.


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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. 

Release – Power Metallic Intercepts 16.55 Meters of 15.11% CuEqRec¹ in Hole 25-049, and 7.60 Meters of 7.20% CuEqRec¹ in Hole 25-043 at Lion

Posted on by [email protected]
Power Metallic Mines Inc. Logo (CNW Group/Power Metallic Mines Inc.)

Research News and Market Data on PNPNF

Mar 10, 2026, 10:28 ET

TORONTO, March 10, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide a release of assays from its fall 2025 drill program and the first hole of the Winter 2026 campaign.

Lion MRE In-fill program

Figure 1 – Lion Drill holes reported in this news release (CNW Group/Power Metallic Mines Inc.)
Figure 1 – Lion Drill holes reported in this news release (CNW Group/Power Metallic Mines Inc.)

Drilling continued to define the high-grade Lion Zone in preparation for a 2026 Mineral Resource Estimate (MRE). The infill drilling on the Lion zone has shown that the interpreted zone geometry has high repeatability raising the confidence level for future mineral resource estimates to an Indicated Resource classification. Internally the Lion Zone drilling continues to surprise with very high-grade holes (Table 1). Hole PML-26-049, the first hole of the 2026 winter drill campaign, was drilled to support the modelled interpretation of the Lion zone near surface. It resulted in the best copper intersection to date on the Lion Zone, intersecting massive to brecciated Cu sulphides over 16.55m @ 10.08% Cu (15.11% CuEqRec1). This hole greatly expands the zone near surface that may be amenable to early open pit extraction in a possible future mining operation.

“Another very impressive set of results from the Lion Zone. The market certainly has not fully appreciated just how productive this discovery has become. Despite current analyst estimates, the very high metallurgical recoveries, and the ongoing high-grade assays at Lion, Power Metallic is still heavily discounted vis-a-vis our peers. To change this we will continue to deliver excellent results leading to a near term PEA, and keep communicating our positive message about the value and potential of our high-grade copper and precious metals discovery,” commented Power Metallic CEO Terry Lynch

Coupled with PML-26-049, hole PML-25-047 also intersected the Lion Zone 100m west of PML-26-049 and confirmed the high-grade copper zone with 4.16m @ 4,15% Cu (6.80% CuEqRec1), adding further support to the near surface potential mineralization.

Deeper in the deposit hole PML-26-043 added 7.60m @ 7.30%CuEqRec1 within 18.00m of 3.18%CuEqRec1, expanding the deeper high-grade lode on the west side of the Lion deposit.

Work continues to define and expand the strike and dip extents of the Lion Zone. The last hole of 2025 (PML-25-048) was designed to test the eastern side of the Lion Zone where previous drilling had indicated a narrowing of the zone. In contrast PML-25-048 returned a wide intersection of lower grade polymetallic mineralization (15.5m @ 0.89% CuEqRec1), including 4.50m of 1.44% CuEqRec1. This hole supports the recent interpretation of shallow easterly plunging trends within the Lion zone (see news release March 3, 2026) that will require further follow-up drilling.

Exploratory Drilling – Lion West and Lion East

Work continued exploring for additional zones of mineralization outside of the Lion Zone. Two holes were drilled 500m west of Lion (PML-25-037 and 044) targeting an airborne EM anomaly. Both holes intersected the target horizon, including thick ultramafic rocks with hints of Lion style mineralization structurally above it (see Table 1). Both holes returned narrow and modest grade that wouldn’t have been sufficient material to generate the original airborne EM anomaly. BHEM was conducted on both holes to direct further exploratory drilling. The presence of the mineralizing horizon, with the occurrence of Lion style mineralization continues to support the potential of another Lion style deposit in this area.

Holes PML-25-035 and 038 were exploration holes drilled 700m and 250m east of Lion respectively. As with the Lion West exploration drilling, these holes went through the Lion horizon into ultramafic rocks. Hole PML-25-035 had narrow zones of anomalous palladium, and hole PML-25-038 had one narrow zone of Lion style mineralization (see Table 1). BHEM will help direct further drilling in this promising area, which has indications of not only Lion style mineralization, but hints of a larger Ni-Cu deposit type deeper in this area.

Table 1 – Lion Zone Intersections reported in this News Release

CuEqRec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and recovered grades based on recent locked-cycle metallurgical recoveries by SGS Canada Inc (see press release Jan 21, 2006).

Podcast
Join Power Metallic CEO Terry Lynch, VP Exploration Joseph Campbell and Board Member Doctor Steve Beresford on Thursday March 12 at10:00 am EST as they discuss recent results and the ongoing exploration program.

Register Here
https://6ix.com/event/power-metallic-live-recent-results-and-qanda 

Qualified Person

Joseph Campbell, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.

On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

It also owns 100% of Power Metallic Arabia which owns 100% interest in the JabulBaudan exploration license in The Kingdon of Saudi Arabia’s JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling

GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

 All core in this news release is NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.

 Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

SOURCE Power Metallic Mines Inc.

For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862, [email protected]

Oil Breaks $100 as Middle East Conflict Disrupts Global Supply

Posted on by [email protected]

Global oil markets have entered a new period of volatility as geopolitical tensions in the Middle East push crude prices sharply higher. Brent crude surged past $100 per barrel on Monday, briefly nearing $120 before easing, as disruptions to tanker traffic through the Strait of Hormuz threaten one of the world’s most critical energy supply routes.

The price spike follows escalating military conflict involving Iran, the United States, and Israel. The Strait of Hormuz — a narrow maritime corridor that typically carries about one-fifth of global oil shipments — has effectively halted most tanker traffic amid security threats and heightened military activity. With oil unable to move freely from the region, supply constraints are rapidly tightening global markets.

Producers across the Middle East are already responding to the bottleneck. Saudi Arabia has begun cutting production as storage facilities fill up due to limited export capacity. Neighboring producers including the United Arab Emirates, Kuwait, and Iraq have taken similar steps, reducing output as crude inventories accumulate while export routes remain restricted.

Analysts warn the supply impact could intensify if the disruption continues. JPMorgan estimates Middle Eastern production shut-ins could exceed four million barrels per day within weeks if the closure persists. The region accounts for roughly one-third of global oil output, making any sustained disruption highly significant for energy markets.

While producers attempt to redirect shipments through alternative routes, options remain limited. Saudi Arabia has increased shipments through pipelines to its Red Sea port of Yanbu, but the infrastructure cannot fully replace volumes normally transported through Hormuz.

The resulting supply uncertainty has sent shockwaves across energy markets. Diesel prices have surged alongside crude, with European gasoil futures climbing above $170 per barrel. Several governments are already weighing intervention measures. China has reportedly instructed major refiners to suspend gasoline and diesel exports, while South Korea is reviewing whether to implement an oil price cap for the first time in three decades.

Consumers are beginning to feel the impact. In the United States, gasoline prices have climbed nearly $0.50 per gallon in just one week, reaching a national average of roughly $3.47 per gallon, according to AAA. Analysts estimate prices could approach $4 per gallon within the next month if crude oil remains elevated.

The relationship between crude and retail fuel costs is direct. Industry estimates suggest every $10 increase in oil prices typically adds about $0.25 per gallon at the pump. With crude rising more than $20 in recent days, the upward pressure on gasoline prices is already visible.

Diesel costs are climbing even faster, with national averages approaching $4.66 per gallon. Because diesel powers the majority of freight transportation in the U.S., higher fuel prices could ripple through the broader economy by increasing the cost of moving goods. That dynamic often translates into higher prices for groceries, clothing, and construction materials.

Economists are also warning that the surge in energy prices could complicate the broader economic outlook. Rising fuel costs combined with slowing growth indicators have revived concerns about stagflation — a scenario where inflation accelerates even as economic activity weakens.

For now, markets remain focused on the duration of the Strait of Hormuz disruption. The longer shipping remains constrained, the more global inventories may tighten, potentially forcing prices higher until demand adjusts or supply routes reopen.

Release – Nicola Mining Provides Update On Nasdaq Listing

Posted on by [email protected]

Research News and Market Data on HUSIF

March 9, 2026

News Releases

VANCOUVER, B.C., March 9, 2026, – Nicola Mining Inc. (the “Company” or “Nicola”) (TSX.V: NIM) (OTCQB: HUSIF) (FSE: HLIA) is pleased to provide an update on its proposed NASDAQ listing, which it originally disclosed in its news release of October 27, 2025.  There are approximately 220 Canadian companies trading via cross listing in the United States[1]; however, Nicola hopes to be one of the first Canadian companies to list via American Depositary Receipts(“ADRs”)[2].  The rational of pioneering the structure is explained below.

Listing ADRs on NASDAQ offers foreign companies a strategic pathway to U.S. capital markets while preserving their existing capital structure on their home exchange, such as the Toronto Stock Exchange or the TSX Venture Exchange. Unlike a reverse share consolidation undertaken solely to meet minimum price thresholds, an ADR program allows a foreign company to establish an ADR-to-ordinary-share ratio that achieves the required trading price without altering the underlying share count. This structure avoids the negative market optics frequently associated with rollbacks and preserves the integrity of a foreign company’s capital structure.

Key advantages include:

  • No need for a reverse split: ADR ratios can be structured (e.g., 1 ADR representing multiple common shares) to achieve NASDAQ price requirements.
  • Preservation of capital structure: Existing shares, warrants, options and convertible instruments remain unchanged.
  • Improved market perception: Avoiding a rollback reduces the stigma often associated with distressed or low-priced issuers.

ADRs also provide operational and market-structure advantages by enabling dual-market liquidity and facilitating access to U.S. investors while maintaining a foreign company’s primary listing. Because ADRs are issued through a depositary bank that holds the underlying shares, a foreign company can expand its investor base without restructuring its domestic listing. This dual-trading framework allows Canadian and international investors to continue trading the ordinary common shares while U.S. investors transact in ADRs denominated in U.S. dollars. Important benefits include:

  • Broader investor access: U.S. institutional investors can purchase ADRs through familiar U.S. market infrastructure.
  • Maintenance of home-market liquidity: Trading continues on the Canadian exchange alongside the NASDAQ ADR listing.
  • Administrative simplicity: The ADR program is administered by a depositary bank (commonly institutions such as BNY Mellon, JPMorgan Chase, or Citibank), reducing the need for structural changes to a foreign company’s share capital.

Nicola is currently subject to review by NASDAQ under Rule IM-5101-3, a new interpretive rule adopted by NASDAQ in December 2025 that significantly expands NASDAQ’s discretionary authority to deny a company’s initial listing even if it meets all quantitative listing requirements.

Previously, companies that satisfied the formal listing requirements—such as minimum share price, market capitalization, shareholder count, and corporate governance standards— expected to receive approval to list on NASDAQ. The adoption of Rule IM-5101-3 changes this framework by allowing NASDAQ to conduct a qualitative risk assessment and reject a listing if it believes the security could be susceptible to manipulation or other market integrity risks. 

Peter Espig, CEO of Nicola, stated, “Nicola, its legal team, and NASDAQ continue to work sedulously towards assuring a sound structure as we move forward with this strategic structure.  We remain committed to prudently move forward in a structure beneficial to the US markets while striving for stability to our Canadian shareholders.”

About Nicola Mining

Nicola Mining Inc. is a junior mining company listed on the TSX Venture Exchange and Frankfurt Exchange that maintains a 100% owned mill and tailings facility, located near Merritt, British Columbia It has signed Mining and Milling Profit Share Agreements with high grade gold projects. Nicola’s fully permitted mill can process both gold and silver mill feed via gravity and flotation processes.

The Company owns 100% of the New Craigmont Project, a high-grade copper property, which covers an area of over 10,800 hectares along the southern end of the Guichon Batholith and is adjacent to Highland Valley Copper, Canada’s largest copper mine. The Company also owns 100% of the Treasure Mountain Property, which is a fully-permitted high grade silver mine and includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.

On behalf of the Board of Directors

“Peter Espig”  
Peter Espig
CEO & Director

For additional information

Contact:  Peter Espig
Phone: (778) 385-1213
Email: [email protected]
URL: www.nicolamining.com

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking statements” within the meaning of applicable securities laws.  All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. Investors are cautioned not to place undue reliance on forward-looking statements.  Forward-looking statements in this news release include, but are not limited to, statements concerning the proposed listing of ADRs on Nasdaq and the benefits from the listing of ADRs on Nasdaq.

Forward-looking statements are based upon certain assumptions and other key factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. Key assumptions upon which the Company’s forward-looking information is based include, without limitation, the ability to obtain required regulatory approvals for the proposed listing of ADRs on Nasdaq.  Forward-looking statements are also subject to risks and uncertainties facing the Company’s business, including, without limitation, the risk that the Company may not receive the required regulatory approvals for the proposed listing of ADRs on Nasdaq.

There can be no assurance that forward-looking statements will prove to be accurate, and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Nicola.  Investors are cautioned against attributing undue certainty to forward-looking statements.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF NICOLA AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD- LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE NICOLA MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE LAWS.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[1] Source:  Mandarin Capital Link and Investopedia Link

[2] ADR definition:  Link

InPlay Oil (IPOOF) – Pembina Assets Shine, Disciplined Outlook

Posted on by [email protected]


Friday, March 06, 2026

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

2025 financial results. InPlay Oil reported full-year 2025 adjusted funds flow (AFF) of C$114.4 million, or C$4.68 per share, above our estimate of C$112.9 million, or C$4.58 per share. Revenue for the year totaled C$291.4 million, ahead of our C$290.6 million forecast, as stronger Q4 production of 19,589 boe/d exceeded our estimate of 19,419 boe/d, in addition to stronger than expected AECO pricing. Full-year production averaged 17,043 boe/d, slightly above our 17,000 boe/d estimate.

Updated 2026 estimates. In the first quarter of 2026, we expect now revenues of C$79.9 million, AFF of C$27.4 million, and AFF per share of C$0.98, compared to prior estimates of C$79.0 million, C$26.6 million, and C$0.95, respectively. For the full-year 2026, we now estimate revenues of C$340.1 million, AFF of C$126.7 million, and AFF per share of C$4.53, up from C$340.1 million, C$125.2 million, and C$4.45. We are maintaining our production estimate of 18,605 boe/d in the first quarter and 18,900 boe/d for the year. These estimates are reflective of slightly higher commodity pricing.


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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. 

Markets Rattle as Oil Surges and Middle East Conflict Escalates

Posted on by [email protected]

U.S. equities slid sharply Thursday as geopolitical tensions in the Middle East reignited volatility across global markets. A renewed surge in crude oil prices, combined with uncertainty surrounding the expanding conflict involving Iran, pushed investors toward risk-off positioning and weighed heavily on major indices.

The Dow Jones Industrial Average fell more than 800 points, dropping roughly 1.8% in afternoon trading. The S&P 500 declined about 0.8%, while the Nasdaq Composite slipped approximately 0.6%, reflecting broad selling pressure across sectors as investors reassessed geopolitical and inflation risks.

At the center of the market’s concern is the escalating confrontation between the U.S.-Israel coalition and Iran. The conflict has now entered its sixth day, with reports indicating continued military strikes across the region. U.S. officials said more than 2,000 targets have been hit, while the White House indicated American forces are moving toward what it described as “complete and total control of Iranian airspace.”

For markets, the immediate concern is energy supply.

Iran is the fourth-largest producer in OPEC, and disruptions to its production capacity or shipping routes through the Strait of Hormuz could ripple through global oil markets. Even the perception of supply disruption has been enough to drive crude prices higher.

West Texas Intermediate crude futures rose toward $79 per barrel, while Brent crude climbed above $84, marking a renewed rally in energy prices after a brief pullback earlier this week.

Higher oil prices often feed directly into inflation expectations — a dynamic that has quickly caught the attention of investors already watching the Federal Reserve’s next policy moves. Rising energy costs can push transportation, manufacturing, and consumer prices higher, potentially complicating the Fed’s interest rate outlook if inflation proves sticky.

The ripple effects were visible across other asset classes Thursday.

Despite its reputation as a safe-haven asset, gold fell more than 1%, pressured by a stronger U.S. dollar. When the dollar strengthens, commodities priced in dollars become more expensive for international buyers, often weighing on prices.

Other precious metals followed suit. Silver, platinum, and palladium also declined, reflecting a broader commodities pullback outside of oil.

Meanwhile, Treasury markets also saw movement, with 10-year yields rising as bond prices fell. Higher yields can add another layer of pressure to equities by increasing borrowing costs and reducing the relative attractiveness of stocks compared with fixed income.

Energy costs are already filtering into the real economy.

According to AAA data, the national average gasoline price climbed to $3.25 per gallon, up $0.27 from a week ago. Diesel prices have risen even more sharply, jumping $0.41 to $4.16 per gallon, their highest level since 2023. Diesel plays a critical role in shipping, trucking, and industrial activity, meaning sustained increases could amplify inflation across supply chains.

Looking ahead, markets may remain sensitive to both geopolitical headlines and incoming economic data.

Friday’s U.S. monthly jobs report is expected to provide the next major signal about the health of the labor market and whether economic momentum remains strong despite mounting global uncertainty.

Investors will also watch corporate earnings releases after the closing bell Thursday from Costco and Marvell Technology, which could provide additional insight into consumer demand and technology spending trends.

For now, however, the primary driver of market sentiment remains geopolitical risk — and the unpredictable path of oil prices that often accompanies it.

First Phosphate Corp. (FRSPF) – Gaining Government Support and Commercial Momentum

Posted on by [email protected]


Thursday, March 05, 2026

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Canadian government steps up with financial support. First Phosphate received conditional approval for up to C$16.7 million in non-repayable funding through Natural Resources Canada under the Global Partnerships Initiative. The contribution will fund the assessment of technical and engineering parameters, including processing circuits and equipment, needed to validate the company’s ability to produce battery-grade phosphate concentrate aligned with its definitive offtake agreement. The funding supports study activities through 2028. First Phosphate received US$523,017 under a long-term phosphate concentrate offtake agreement, reinforcing commercial validation and establishing initial cash flow tied to downstream demand.

Phosphate added to Canada’s critical minerals list. The Canadian federal government amended the 2025 budget to include phosphate as a critical mineral essential for clean technology. This designation makes First Phosphate eligible for the 30% Critical Mineral Exploration Tax Credit (CMETC) and the 30% Clean Technology Manufacturing Investment Tax Credit (CTM). The CMETC enhances the company’s ability to raise exploration capital, while the CTM offers the potential to materially reduce downstream capital intensity for the planned phosphoric acid and LFP cathode active material facilities.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

USA Rare Earth to Acquire Texas Mineral Resources in Strategic Move to Consolidate Round Top Project

Posted on by [email protected]

USA Rare Earth (NASDAQ: USAR) announced a definitive agreement to acquire Texas Mineral Resources Corp. (OTCQB: TMRC) in an all-stock transaction valued at approximately $73 million, a deal that would consolidate ownership of one of the most significant rare earth deposits in the United States. The transaction centers on the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas, a large domestic resource that has drawn increasing attention amid global efforts to secure critical mineral supply chains.

Texas Mineral Resources currently holds an approximately 19% minority interest in the Round Top project, while USA Rare Earth operates the development through a joint venture structure. By acquiring Texas Mineral Resources, USA Rare Earth would effectively gain full ownership of the project, simplifying governance and aligning development strategy under a single operator. The companies said the transaction will be completed through the issuance of roughly 3.8 million shares of USA Rare Earth common stock to TMRC shareholders, with closing expected by the third quarter of 2026, subject to shareholder approval and customary closing conditions.

The Round Top deposit, located in Hudspeth County, Texas, roughly 85 miles southeast of El Paso, is considered one of the largest known deposits of heavy rare earth elements in North America. Heavy rare earths such as dysprosium and terbium are essential inputs for high-performance permanent magnets used in electric vehicles, defense technologies, robotics, and advanced electronics. As global demand for these materials continues to grow, governments and manufacturers have increasingly focused on developing domestic supply chains to reduce dependence on overseas processing and mining capacity.

USA Rare Earth has positioned Round Top as the cornerstone of its broader “mine-to-magnet” strategy, which aims to vertically integrate rare earth mining, processing, metal production, and magnet manufacturing within the United States. The company is advancing development of the deposit under an accelerated mining plan and has previously indicated that commercial production could begin later in the decade. At full scale, the operation is expected to process tens of thousands of metric tons of mineral feedstock per day by 2030, supporting the growing demand for critical materials used across high-technology and clean-energy industries.

The Round Top project also carries broader economic and strategic implications. Rare earth elements are widely considered critical to national security and advanced manufacturing, and the United States has prioritized domestic production after decades of reliance on foreign suppliers. China currently dominates global rare earth refining capacity, creating supply chain vulnerabilities that policymakers have increasingly sought to address through investment, policy initiatives, and support for domestic mining projects.

The consolidation of Round Top under a single owner may streamline project financing, engineering development, and permitting processes as the project moves toward the construction phase. USA Rare Earth has previously engaged engineering and infrastructure partners to support feasibility work and project planning tied to the future development of the mine and associated processing facilities.

For investors watching the rare earth and critical minerals sector, the acquisition underscores a broader trend of consolidation and vertical integration as companies seek to control strategic resources and build domestic supply chains. As demand for rare earth elements continues to expand across electric vehicles, renewable energy systems, and advanced electronics, projects like Round Top remain central to the evolving landscape of U.S. critical mineral development.

Power Metallic Mines Inc. (PNPNF) – Drilling Expands Lion Mineralization and Identifies High-Grade Gold Zone

Posted on by [email protected]


Wednesday, March 04, 2026

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada’s next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective basin margins. Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025. It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s JabalSaid Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Expansion of Lion mineralization. Recent drilling at Lion East and Lion West resulted in a newly identified shallow eastward plunging structural trend that controls high grade copper mineralization and extends the Lion system beyond its previously defined limits. Step-out drilling expanded mineralization both east and west, and the emerging structural model may vector toward a larger nickel copper source at depth, enhancing the project’s long-term potential.

Encouraging results at Lion West. Drilling intersected massive nickel-bearing sulphide within the UM zone, indicating the presence of a deeper nickel-palladium-copper system much like mineralization observed at Tiger. Follow-up drilling is underway to better define the geometry and relationship to the Lion geological stratigraphy.


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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*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. 

Release – Power Metallic Intercepts Lion Style Sulphides (Lion East and Lion West) Following Recently Recognized High Grade Structural Trends

Posted on by [email protected]
Power Metallic Mines Inc. Logo (CNW Group/Power Metallic Mines Inc.)

Research News and Market Data on PNPNF

Mar 03, 2026, 09:00 ET

TORONTO, March 3, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide an exploration update of recent drilling and results of regional exploration from its fall drill program

Lion East and Lion West Target Areas

Figure 1 Lion long section with Lion East and Lion West holes illustrated (drill hole intersections in Lion Zone not shown for clarity). (CNW Group/Power Metallic Mines Inc.)
Figure 1 Lion long section with Lion East and Lion West holes illustrated (drill hole intersections in Lion Zone not shown for clarity). (CNW Group/Power Metallic Mines Inc.)
Figure 2 Mineralization intersected in PML-26-054 east of the Lion deposit along a shallow east plunging high grade trend (CNW Group/Power Metallic Mines Inc.)
Figure 2 Mineralization intersected in PML-26-054 east of the Lion deposit along a shallow east plunging high grade trend (CNW Group/Power Metallic Mines Inc.)
Figure 3 Mineralization intersected in PML-26-067 west of the Lion deposit along shallow east plunging high grade trend (CNW Group/Power Metallic Mines Inc.)
Figure 3 Mineralization intersected in PML-26-067 west of the Lion deposit along shallow east plunging high grade trend (CNW Group/Power Metallic Mines Inc.)
Figure 4 – Location of PMX exploration holes with areas of interest tested in the summer-fall of 2025. (CNW Group/Power Metallic Mines Inc.)
Figure 4 – Location of PMX exploration holes with areas of interest tested in the summer-fall of 2025. (CNW Group/Power Metallic Mines Inc.)

Structural analysis of mineralization orientation from Lion Zone drill core, while confirming the dominant steep westerly plunge of the Lion Zone, also identified a shallow easterly plunge that appears to control the highest-grade zones within the Lion Zone (Figure 1). Currently four (4) easterly trending structures have been identified.

Recent drilling targeted the shallowest of these trends to determine if this mineralization trend had validity and would extend beyond the known boundaries of the Lion Zone. The first hole in this program, PML-26-054 has intersected 5m of Lion style mineralization with visible copper in narrow massive lenses (Figure 2) and disseminated and stringer style chalcopyrite.

With the confirmation of the easterly plunging trend extending high grade mineralization to the east, hole PML-26-067 was drilled on the western edge of Lion along the same structural trend in an area previously believed to be low grade, and at a vertical depth of approximately 50m this hole intersected 1m of massive copper sulphides (Figure 3) and 3.3 meters of disseminated copper mineralization. Follow-up holes are currently being drilled to establish the size of these two extensions to Lion.

Of significance, the easterly trending structure currently being tested has a trend that aligns with mineralization intersected 350 meters east of Lion in hole PML-25-021 (see news release November 4, 2025), adding further support to the structural trend. This opens the potential of hundreds of meters of strike along the trend plunge direction of this shallowest trend line.

Finally, a three additional easterly plunging trends below the shallowest one currently being tested have yet to be tested by any drilling and all have the potential to add additional zones of mineralization in both the Lion East and the Lion West areas. “The verification of this plunge trend, while expanding the Lion target area, also is acting as a vector direction towards a potential large Ni-Cu deposit that is the source for the mobilized copper mineralization, giving the geologists a new focus for this long-term exploration target”, states Joe Campbell, VP of Exploration for Power Metallic.

The Lion West target area also is actively being drilled following the magnetic high that defines the UM zone between Lion and Nisk. The first hole drilled on this target (PML-25-040) collared in the UM, so was in front of the Lion Zone stratigraphy. This established that there is an offset from the edge of the Lion Zone shifting geology to the north. Despite missing the Lion stratigraphy, below the UM the hole hit mineralization over 0.31m consisting of massive nickeliferous sulphides (2.42% Ni, 1.83 g/t Pd, 0.11% Cu) within a tonalite dyke. This mineralization is like the ‘rafted’ rip-up blocks seen at the Tiger deposit and indicate that a Ni-Pd-Cu deposit exists somewhere below the rafted block. Power Metallic has subsequently moved the drill collar further north to intersect the Lion stratigraphy structurally above the UM, and that hole is currently being drilled.

Summer-Fall Regional Drilling (PMX holes) – New Gold Zone in Hinge Area

The summer-fall 2025 regional exploration program targeted EM anomalies identified in the summer airborne survey, supplemented by surface mapping to identify favourable rock types for Ni-Cu mineralization. The EM survey produced more than 100 conductors. The initial drilling tested a variety of target areas to ascertain their prospectivity for Nisk and Lion style mineralization.

The Power Metallic properties now cover over 330 km2, and to date only 16 holes have been drilled within an area approximately 40km x 10 km in size. Each area drilled is separated by several kilometers, and individual holes are generally hundreds of meters apart, so this initial program should be treated as a first reconnaissance of the regional property.

Five target areas were tested based on EM anomalies, structural complexity, and proximity to potential ultra-mafic source rocks for Ni-Cu mineralization (Figure 4). All holes intersected sufficient semi-massive to massive sulphides to explain the EM conductors. In summary:

Zone 1 – Hinge/Hydro Lands – PMX-25-001, 002, 015, 016

This area produced the best indications of potential Ni-Cu mineralization, and possible mobilized polymetallic (Lion Style). Mineralization is dominantly pyrrhotite within or proximal to high magnesium basalts (komatiitic) and gabbros, with local pyroxenite. Of significance, all holes intersected highly anomalous arsenic and tungsten in, or proximal to, the high magnesium rocks. Both these minerals are considered pathfinders to mineralization in the Sudbury camp. Local indications of polymetallic mineralization include Pd (up to 0.10 g/t), Pt (0.11 g/t) in hole PMX-25-015, and Au (0.36 g/t) in hole PMX-25-001 in the high Mg rocks.

The four holes test an area of more than 2 km of strike along the prospective EM targets, and drill holes are hundreds of meters apart. The consistency of the alteration (As, W) and the rock types is encouraging, but the spacing of the holes is too large to provide any detailed modelling. Currently this area is being tested with follow-up drilling.

Also, of significance in this area hole PMX-25-016, the last hole in the regional program intersected a broadly anomalous gold zone in a recognizable felsic-intermediate volcanic unit (33 meters of low anomalous gold), and contained within this zone is a high-grade intersection of 34.6 g/t Au over 1.50m from 273.5m to 275.0m. This intersection contains a foliation parallel stringer of visible gold. This unit has been identified in surface mapping over several kilometers and was also intersected in hole PMX-25-15 approximately 500m to the east of PMX-25-16. Relogging and resampling of this unit in both holes was incomplete and is being carried out now. Finally, the deep hole (PML-25-021X) targeting the Elephant BHEM plate also intersected this unit approximately 600m below PMX-25-016 with possible indications of mineralization. Assays are pending from this hole.

Zone 2 – Nisk Far West – PMX-25-003

This target was an isolated EM conductor located approximately 10km west of the Nisk deposit. It failed to intersect prospective rock types or anomalous mineralization.

Zone 3 – South Basin Margin West – PMX-25-004, 005, 006, 007, 008, 010

This target tested EM anomalies with complex structures and surface mapping support for hosting UM intrusions along the southern margin of the sedimentary-volcanic basin. The 6 holes were broadly scattered across approximately 5km of strike. All holes hit significant zones of sulphides. The anomalous mineralization consisted largely of Zn, Ag, Pd, Cu, indicative of a VMS deposit style signature. Although this is not Power Metallic’s primary target type, the mineralization observed will require follow-up. There were UM rocks intersected (11m in hole PMX-25-008 as example) but they contained no significant Ni-Cu-PGE anomalism.

Zone 4 – Center Basin Tonalite – PMX-25-009, 011

Like Zone 3, the sulphide mineralization in these two holes appears to support a VMS style mineralization. There were no significant zones of UM rocks in these two holes. 

Zone 5 – South Basin Margin East – PMX-25-012, 013, 014

Like Zone 3 these three holes covered approximately 5km of strike along the southern boundary of the basin. Indications from the sulphides intersected suggest a VMS style with anomalous Zn, Cu, Ag.

Elephant and Tiger Deep BHEM Targets

Drilling of the Elephant BHEM target (extension of hole PML-25-021) intersected pyrrhotite mineralization that did not appear to be Ni-Cu affinity. Follow-up BHEM has not established a strong off-hole conductor. The contact zone stratigraphy associated with the Lion deposit and the UM intrusion has been identified, but this contact did not contain UM. BHEM is currently being reassessed to develop new target vectors, and assay results on the contact zone are pending.

The first hole at Tiger Deep was collared to drill between two BHEM generated conductor plates to refine the target area. While no visual mineralization was intercepted, the geology was encouraging, and follow-up drilling is now targeting a refined BHEM plate. Assay results on the initial hole are pending.

Qualified Person

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.

 On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). In June 2025 the Company purchased 313 adjoining claims (~167 km²) from Li–FT Power. As of Dec 31 2025, the Company has added additional land vis its staking efforts and the Company now controls ~330 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

QAQC and Sampling

GeoVector Management Inc (“GeoVector”) is the Consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

 All core in this news release is NQ sized core. Drill core is re-fitted and measured. Geotech on core includes photographs (wet & dry), rock quality index, magnetic susceptibility, conductivity, and recovery estimates. Core is logged for lithology, mineralogy, and structural features, and sample intervals are delineated and tagged.

 Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector’s QAQC program includes regular insertion of CRM standards, duplicates, and blanks into the sample stream with a stringent review of all results. QAQC and data validation was performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd (“Actlabs”), a commercial laboratory independent of Power Metallic with no interest in the Project. Actlabs is an ISO 9001 and 17025 certified and accredited laboratories. Samples submitted through Actlabs are run through standard preparation methods and analysed using RX-1 (Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 μm) preparation methods, and using 1F2 (ICP-OES) and 1C-OES – 4-Acid near total digestion + Gold-Platinum-Palladium analysis and 8-Peroxide ICP-OES, for regular and over detection limit analysis. Pegmatite samples are analyzed using UT7 – Li up to 5%, Rb up to 2% method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

SOURCE Power Metallic Mines Inc.

For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP Investor Relations, 416-580-3862, [email protected]