Tag: PNPNF

Research News and Market Data on PNPNF

Sep 8, 2026

Lion at a Glance

~406Mlb contained CuEq | ~3.9% CuEq | >85% Indicated | Starts at surface |~59% of tonnes within open-pit resource | >98% Cu recovery | 25%+ Cu concentrate | MRE cut-off April 19| 5 rigs active| Post cut-off deep drilling not included | Assays expected by end of September

TORONTO, Sept. 8, 2026 — Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce an updated Mineral Resource Estimate (“MRE”) for its Nisk Project (Power Metallic 80% / Critical Elements Lithium Corp. 20%) in the Eeyou Istchee James Bay territory of Québec, including the inaugural mineral resource for the Lion Zone and an updated mineral resource for the Nisk Main deposit. The MRE was prepared by SGS Canada Inc. (“SGS”) in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the CIM Definition Standards for Mineral Resources and Mineral Reserves (2014), has an effective date of June 19, 2026, and incorporates drilling completed to April 19, 2026.

Power Metallic has declared the inaugural Mineral Resource Estimate for the Lion Zone, a high-grade, copper-dominant polymetallic deposit discovered in 2023 at the Nisk property. Over 85% of the initial Lion resource is classified as Indicated, while mineralisation remains open for expansion.

Lion contains 4.145 Mt Indicated at 3.86% CuEq (1.68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni), and 0.601 Mt Inferred at 4.01% CuEq (1.84% Cu, 2.86 g/t Pd, 0.59 g/t Pt, 0.41 g/t Au, 12.47 g/t Ag, 0.13% Ni).

4.145 Mt LION · INDICATED | 2.703 Mt NISK MAIN · INDICATED

Locked-cycle testing completed by SGS Canada of representative mineralization from Lion has returned copper recoveries above 98% across all composite samples tested, producing concentrates grading over 25% Cu, with high recoveries also reported for gold, palladium, platinum and silver.

The Company is currently assessing proposals from engineering firms to complete a Preliminary Economic Assessment (“PEA”) evaluating the development potential of Lion including the integration of the Nisk resource.

Ongoing resource expansion drilling with 5 active rigs is targeting extensions at depth and along strike with assays from the summer 2026 program expected starting in September 2026.

The updated MRE also restates the existing Nisk nickel-copper resource, which will be assessed alongside Lion as part of the broader PEA development strategy.

Mineral Resource Statement

2026 Lion Deposit Mineral Resource Estimate at a cut-off grade of 0.35% CuEq for the open pit MRE and 0.90% CuEq for the underground MRE, June 19, 2026.

Mining Method	Resource Class	Tonnes	Grade
			Ni (%)	Cu (%)	Co (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Ag (g/t)	NiEq (%)	CuEq (%)
Open Pit	Indicated	2,782,000	0.08	1.47	0.004	0.84	2.35	0.42	11.65	2.07	3.45
	Inferred	100,000	0.07	1.09	0.004	0.43	1.31	0.31	9.63	1.41	2.36
Underground	Indicated	1,363,000	0.13	2.10	0.007	0.87	3.15	0.62	13.35	2.83	4.71
	Inferred	501,000	0.14	1.99	0.007	0.62	3.17	0.43	13.04	2.60	4.34
Mining Method	Resource Class	Tonnes	Contained Metal
			Ni (Mlb)	Cu (Mlb)	Co (Mlb)	Pt (oz)	Pd (oz)	Au (oz)	Ag (oz)	NiEq (Mlb)	CuEq (Mlb)
Open Pit	Indicated	2,782,000	5.01	90.04	0.22	76,000	210,000	37,000	1,042,000	126.74	211.24
	Inferred	100,000	0.16	2.41	0.01	1,000	4,000	1,000	31,000	3.12	5.19
Underground	Indicated	1,363,000	3.98	63.03	0.21	38,000	138,000	27,000	585,000	84.94	141.57
	Inferred	501,000	1.51	22.02	0.08	10,000	51,000	7,000	210,000	28.77	47.95

2026 Nisk Deposit Mineral Resource Estimate at a cut-off grade of 0.30% NiEq for the open pit MRE and 0.80% NiEq for the underground MRE, June 19, 2026.

Mining Method	Resource Class	Tonnes	Grade
			Ni (%)	Cu (%)	Co (%)	Pt (g/t)	Pd (g/t)	Au (g/t)	Ag (g/t)	NiEq (%) *	CuEq (%) *
Open Pit	Indicated	607,000	0.60	0.35	0.039	0.08	0.49	0.03	2.19	1.01	1.68
	Inferred	210,000	0.54	0.22	0.035	0.07	0.48	0.03	2.04	0.86	1.44
Underground	Indicated	2,096,000	0.96	0.53	0.061	0.21	0.91	0.04	2.00	1.65	2.75
	Inferred	1,806,000	0.98	0.57	0.063	0.26	1.05	0.03	1.57	1.73	2.89
Mining Method	Resource Class	Tonnes	Contained Metal
			Ni (Mlb)	Cu (Mlb)	Co (Mlb)	Pt (oz)	Pd (oz)	Au (oz)	Ag (oz)	NiEq (Mlb) *	CuEq (Mlb) *
Open Pit	Indicated	607,000	7.99	4.66	0.53	2,000	10,000	1,000	43,000	13.49	22.47
	Inferred	210,000	2.50	1.03	0.16	500	3,000	200	14,000	3.99	6.66
Underground	Indicated	2,096,000	44.44	24.52	2.83	14,000	61,000	3,000	135,000	76.13	126.89
	Inferred	1,806,000	39.17	22.53	2.50	15,000	61,000	2,000	91,000	69.06	115.09

* Exclusive of Au and Ag

(1)	The effective date of the Nisk Project MRE, including the Nisk and Lion deposits, is June 19, 2026.
(2)	Marc-Antoine Laporte, M.Sc., P.Geo. of SGS is responsible for the Nisk and Lion Mineral Resource Estimates and is an independent Qualified Person as defined by NI 43-101.
(3)	The classification of the current MRE into Indicated and Inferred mineral resources is consistent with current 2014 CIM Definition Standards – For Mineral Resources and Mineral Reserves.
(4)	All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
(5)	The mineral resource is presented undiluted and in situ, constrained by a 3D grade control resource model, and is considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
(6)	Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
(7)	The Mineral Resource Estimates for Nisk and Lion are based on a validated surface diamond drill hole database, and 3D resource models constructed in Leapfrog Geo 2026.1.2. Grades for Ni, Cu, Co, Pt, Pd, Ag and Au are estimated for each mineral resource domain using 0.75 m (Nisk) and 1.0 m (Lion) capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains.
(8)	Based on the location, surface exposure, size, shape, general true thickness, and orientation, it is envisioned that parts of the Nisk and Lion deposits may be mined using open-pit mining methods. In-pit mineral resources are reported at a base case cut-off grade of 0.3% NiEq for Nisk and 0.35% CuEq for Lion. The in-pit resource grade blocks are quantified above the base case cut-off grade, above the constraining pit shell, below topography and overburden and within the constraining mineralized domains (the constraining volumes).
(9)	Based on the size, shape, general true thickness, and orientation, it is envisioned that parts of the Lion and Nisk deposits may be mined using underground mining methods. Underground mineral resources are reported at a base case cut-off grade of 0.8% NiEq for Nisk and 0.9% CuEq for Lion. The mineral resource grade blocks are quantified above the base case cut-off grade, below surface/pit surface and within the constraining resource models (considered mineable shapes). Based on the size, shape, general thickness, and orientation of the mineralized structures, it is envisioned that the deposits may be mined using a combination of underground mining methods including sub-level stoping (SLS) and/or cut and fill (CAF) mining.
(10)	The in-pit and underground base case cut-off grades consider metal prices of $8.00/lb Ni, $4.80/lb Cu, $15.00/lb Co, $1,400/oz Pt, $1,200/oz Pd, $3,600/oz Au and $38/oz for Ag. Base case cut-off grades consider an open-pit mining cost of $2.80/t, an underground mining cost of $70/t, a processing cost, including treatment and refining and transportation of $30/t mineralized material, and G&A cost of US$4.00/t open pit and $8.50/t underground mineralized material.
(11)	The in-pit and underground base case cut-off grades consider metal recoveries, of 70% for Ni, 44% for Cu, 79% for Co, 27% for Pt and 67% for Pd for Nisk (Au and Ag is not considered); 63% for Ni, 98.5% for Cu, 70% for Co, 90% for Pt, 92% for Pd, 84% for Au and 82 % for Ag for Lion.
(12)	The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Terry Lynch, CEO of Power Metallic, commented:
” This inaugural Lion resource confirms what the drilling has been telling us: Lion is a high-grade polymetallic deposit. Approximately 4.75 million tonnes grading close to 4% CuEq has been defined, containing approximately 406 million pounds of CuEq, with more than 85% of the resource already in the Indicated category. Importantly, high-grade mineralisation begins at surface, and the deposit remains open at depth. We believe the quality of Lion has been demonstrated. Now our focus is on demonstrating its scale.

The Federal and Québec governments have put a number of incentive programs in place for critical-minerals projects, and we believe the Company may qualify for several of them. Combining these potential incentives with the high-grade mineralisation from surface and our location next to existing road and major power infrastructure, Lion has the potential to be developed with a relatively modest initial footprint and capital requirement.

From here, the exploration question is how deep Lion goes and where the nickel went. Lion carries the copper and precious metals that come out of a magmatic sulphide system last; the nickel-rich sulphide that comes out first should be somewhere in the system, and we have not found it yet. The summer program has been aimed at the down-dip extension of the shoot, with some holes targeting hundreds of metres below the current resource. Assays on Lion Deep are expected by the end of September”

Joe Campbell, VP Exploration of Power Metallic, added:
“Lion is a textbook fractionated copper- and precious-metal-rich shoot within a magmatic sulphide system. The advantage at Lion over similar deposits of this type is that it begins at surface and is modelled continuously to more than 600 metres vertical depth. The deposit remains open at depth and our priority since the April 19, 2026 cut-off date for drill holes in the MRE has been to test the shoot below 600 metres with deep step-out drilling, following up with borehole EM to delineate more mineralization.”

Lion Zone Geology and Depth Potential

The Lion Zone comprises multiple modelled lenses of copper–PGE–gold–silver–nickel–cobalt sulphide mineralization that together form a continuous, steeply plunging shoot extending from surface to approximately 675 metres down-dip (more than 600 metres vertical depth), the limit of drilling included in the MRE to April 19, 2026. The modelled shoot is approximately 400 metres along strike at its widest and 290 metres at its narrowest, and consists of multiple subparallel lenses, each approximately 2 to 15 metres thick, within a mineralized package up to 50 metres thick that dips at approximately 65° to the north-northwest. The high-grade core of the shoot is dominated by massive to brecciated chalcopyrite and cubanite with pyrrhotite, pentlandite and pyrite. The deepest reported hole intersecting the core of the Lion shoot to date (PML-25-002) intersected 1.95 metres at 7.95% CuEqRec* at approximately 610 metres vertical depth (see news release dated April 30, 2025). The Deposit remains open at depth with subsequent deeper drilling, as illustrated by drill targets PML26-121A, PML-26-125 and PML-26-128A in Figure 1, completed after the cut-off date for the MRE and below the modelled zone intersecting visible copper mineralization (assays pending).

*CuEqRec in the referenced Power Metallic news releases 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 a recovery grade of 80% for all commodities, consistent with comparable peers.

Lion is interpreted as a magmatic sulphide system. As the sulphide liquid cools, nickel-rich monosulphide solid solution crystallizes first and the residual liquid becomes progressively enriched in copper, platinum, palladium, gold and silver. This fractionated, copper- and precious-metal-rich liquid is the most mobile phase and migrates furthest away, from the original source; the copper–PGE footwall vein deposits of the Sudbury district are the classic example. Lion’s metal endowment – dominated by copper, palladium, platinum, gold and silver with subordinate nickel and cobalt, and with the highest palladium grades hosted in massive copper sulphide – is consistent with that fractionated end-member. The Company’s working model is that the Lion shoot represents a gravity-driven sulphide accumulation whose down-plunge extent has not yet been tested.

Depth continuity of this order is well documented in analogous camps. In the Sudbury district, the Creighton mine has been developed to approximately 2.4 kilometres below surface; Glencore’s Onaping Depth project has reached ore at approximately 2,600 metres; Nickel Rim South was mined between approximately 1,100 and 1,720 metres; and the copper–PGE footwall veins of the Morrison deposit at Levack were developed between approximately 1,200 and 1,650 metres and remain open at depth. Readers are cautioned that the depth extent and grade of mineralization at these deposits are not necessarily indicative of the mineralization at Lion, which has been drilled to approximately 600 metres vertical depth (see “Cautionary Notes” below).

Power Metallic’s program to test the down-plunge extension of the Lion shoot includes borehole electromagnetic surveys from the deepest holes on the shoot, and deep step-out and wedge drilling from existing collars. Results will be incorporated into future resource updates.

Metallurgy

Metallurgical test work on Lion mineralization has been carried out by SGS at its Quebec City and Lakefield laboratories (see news releases dated January 19, 2026 and May 26, 2026). Two locked-cycle flotation tests have been completed: LCT1, on a blended composite of high-grade and low-grade material representative of run-of-mine feed, and LG2, on a low-grade composite of disseminated mineralization designed to test whether lower-grade material responds to conventional flotation. Both tests produced a single high-grade copper concentrate carrying the platinum, palladium, gold, silver and nickel, with results summarized in Table 4. The LG2 results support the inclusion of lower-grade disseminated material in the Mineral Resource. Mineralogical work indicates that copper occurs as coarse-grained chalcopyrite and cubanite and that most platinum-group minerals occur within or attached to those copper sulphides (see news release dated July 23, 2025). Hydrometallurgical testing of the copper concentrate to evaluate a direct-to-metal processing route is in progress. The metallurgical recoveries applied in the MRE are set out in Note 7 to Table 1.

These metallurgical results are analogous to similar deposits in the Sudbury camp noted above and typical of the high-grade Cuprous zone or Copper zone of these deposits.

Table 4: Lion Zone locked-cycle flotation test results (SGS Canada Inc.)

Element	LCT1 blended composite – feed grade	LCT1 – concentrate grade	LCT1 – recovery (%)	LG2 low-grade composite – feed grade	LG2 – concentrate grade	LG2 – recovery (%)	Recovery applied in MRE (%)
Cu	3.42 %	25.8 %	98.9	0.62 %	25.4 %	98.3	98.5 %
Ni	0.20 %	1.2 %	77.1	0.04 %	0.78 %	47.7	63 %
Co	n/r	n/r	n/r	n/r	n/r	n/r	70 %
Pd	5.37 g/t	41.4 g/t	93.9	0.97 g/t	38.9 g/t	89.1	92 %
Pt	2.90 g/t	23.4 g/t	96.8	0.22 g/t	7.9 g/t	84.1	90 %
Au	0.70 g/t	4.83 g/t	85.0	0.37 g/t	12.7 g/t	83.1	84 %
Ag	24.9 g/t	159 g/t	88.9	6.26 g/t	271 g/t	75.9	82 %

Sources: Company news releases dated January 19, 2026 (LCT1: blended composite of 103 high-grade samples from 15 drill holes and 99 low-grade samples from 10 drill holes, approximately 50/50 by modelled volume) and May 26, 2026 (LG2: low-grade disseminated composite). n/r = not reported. Recoveries are to a single copper concentrate. Test work is preliminary; recoveries used in the MRE are those selected by SGS and set out in Note 7 to Table 1.

Location and Infrastructure

The Nisk Project is in the Eeyou Istchee James Bay territory of Québec, approximately 280 kilometres north-northwest of Chibougamau and 425 kilometres northeast of Matagami. The property is accessed by the Route du Nord, an all-season road managed by the Société de développement de la Baie-James that connects Route 167 at Chibougamau to the paved Billy-Diamond Highway Hydro-Québec’s Albanel substation, on the 735 kV transmission system that carries power from the La Grande complex to southern Québec and accessed by the Route du Norde, is located adjacent to the property approximately 4 km from the Nisk Main deposit and 9.1 km from the Lion Zone. The Nemiscau airport (1,524 metre gravel runway, with scheduled service by Air Creebec) is approximately 30 kilometres west of the property along the Route du Nord, and the Nemiscau camp on the Route du Nord, operated by the Cree Construction and Development Company, provides lodging, food services and fuel. The Cree community of Nemaska, approximately 51 kilometres by road, has a hotel and restaurant, grocery, fuel, a health clinic and other services available to Project staff.

Regional transportation and energy infrastructure in Eeyou Istchee James Bay continues to be upgraded. The Société de développement de la Baie-James is carrying out a multi-year rehabilitation of the Billy-Diamond Highway, the 2026–2027 Québec budget allocated a further $19.4 million over two years to the maintenance of that highway, and in 2025 the Société du Plan Nord and Nemaska Lithium co-funded a $9.2 million upgrade of the Matagami rail transshipment yard, which serves mining projects in the region. Québec’s 2025–2031 Critical and Strategic Minerals Strategy, released in January 2026, includes a commitment to develop an infrastructure development plan for the Eeyou Istchee James Bay region, and the feasibility studies completed in 2024 under the La Grande Alliance between the Cree Nation Government and the Government of Québec examined a potential rail line from Matagami along the Billy-Diamond Highway and an upgrade of the Route du Nord. Under Québec’s 2025 energy legislation, industrial power allocations of 5 MW or more require ministerial authorization, and the Government of Québec has indicated that critical and strategic minerals projects are a priority for such allocations.

Critical Minerals and Government Incentives

Copper, platinum, palladium, nickel and cobalt are each included on the critical minerals lists of Québec, Canada, the United States and the European Union, and silver is also included on the United States list (Table 6).

Table 6: Nisk Project metals on government critical minerals lists

Metal	Québec (Critical and Strategic Minerals list)	Canada (2024 Canadian Critical Minerals List)	United States (Final 2025 List of Critical Minerals)	European Union (Critical Raw Materials Act, Regulation (EU) 2024/1252)
Copper	Yes (critical)	Yes	Yes	Yes (strategic)
Nickel	Yes (strategic)	Yes	Yes	Yes (battery grade; strategic)
Cobalt	Yes (strategic)	Yes	Yes	Yes (strategic)
Platinum	Yes (platinum group elements; strategic)	Yes (platinum group metals)	Yes	Yes (platinum group metals)
Palladium	Yes (platinum group elements; strategic)	Yes (platinum group metals)	Yes	Yes (platinum group metals)
Silver	No	No	Yes	No

Sources: Gouvernement du Québec, list of critical and strategic minerals (updated January 2026); Natural Resources Canada, Canadian Critical Minerals List (June 2024); U.S. Geological Survey, Final 2025 List of Critical Minerals (90 FR 50494, November 7, 2025); Regulation (EU) 2024/1252 of April 11, 2024, Annexes I and II.

Canada’s Clean Technology Manufacturing investment tax credit (“CTM ITC”) provides a refundable tax credit equal to 30% of the capital cost of eligible new machinery and equipment used in the extraction and processing of qualifying critical minerals, including copper, nickel and cobalt, for property that becomes available for use by the end of 2031. Amendments enacted in March 2026 extended eligibility to mine-site extraction and processing property where 50% or more of the expected value of the commercial output is attributable to qualifying materials, subject to certification by an independent engineer or geoscientist. Copper is expected to be the largest contributor to the Project’s anticipated output value, and nickel and cobalt are also qualifying materials; on that basis the Company believes the Project is well positioned to satisfy the eligibility test and is evaluating the application of the credit to a future development of the Project. The principal federal and Québec measures the Company is evaluating are summarized in Table 7.

Table 7: Principal federal and Québec critical-minerals tax credits and incentive programs under evaluation

Program	Jurisdiction	What it provides	Key eligibility and timing
Clean Technology Manufacturing investment tax credit	Canada	Refundable credit equal to 30% of the capital cost of eligible new machinery and equipment used to extract and process qualifying critical minerals (copper, nickel and cobalt qualify; platinum, palladium, gold and silver do not)	50% or more of expected output value from qualifying materials for mine-site property, certified by an independent engineer or geoscientist; full 30% rate for property available for use by December 31, 2031, reducing to 20% in 2032, 10% in 2033 and 5% in 2034
Critical Mineral Exploration Tax Credit	Canada	30% tax credit to flow-through share investors on eligible exploration expenses targeting critical minerals, including copper, nickel, cobalt and platinum group metals	Flow-through share agreements entered into on or before March 31, 2027; qualified person certification
Tax credit relating to resources	Québec	Refundable credit of up to 45% of eligible exploration and mining development expenses attributable to critical and strategic minerals (22.5% for other mineral resources) for corporations that do not operate a mine; 20% and 10% for other corporations	Expenses incurred after March 25, 2025 and paid before January 1, 2030; $100 million of eligible expenses per five-year period
Mining Tax Act measures	Québec	Allowance for the development of critical and strategic minerals; refundable duties credit for losses of 16% of eligible expenses	Critical and strategic minerals development expenses incurred after March 25, 2021 (allowance capped at $31.25 million)
Tax holiday for large investment projects	Québec	Ten-year income tax and Health Services Fund contribution holiday, capped at a percentage of eligible investment	Investment of at least $100 million; mining projects mainly (50% or more) related to critical and strategic minerals; applications by December 31, 2029
Fonds pour les minéraux critiques et stratégiques	Québec	$2.5 billion fund administered by Investissement Québec for equity and other financing of critical and strategic minerals projects	Announced in the 2026–2027 Québec budget (March 2026)
Canada Critical Minerals Accelerator	Canada	$2 billion fund providing equity-like investments, loan guarantees and offtake support through Export Development Canada	Launched July 2026
First and Last Mile Fund	Canada	Up to $1.5 billion through 2029–2030 for on-site mine development, transportation and clean-energy infrastructure for critical minerals projects	Invitation-based; funding runs to March 31, 2030
Hydro-Québec industrial power allocation	Québec	Rate L industrial electricity supply from Hydro-Québec’s low-carbon hydroelectric grid	Ministerial authorization required for blocks of 5 MW or more; the Government of Québec has stated that critical and strategic minerals projects are a priority

Sources: Canada Revenue Agency and Department of Finance Canada (Budget 2024, Budget 2025 and Bill C-15, Royal Assent March 26, 2026); Natural Resources Canada; Finances Québec (Budget 2025–2026 and Budget 2026–2027); Revenu Québec; Gouvernement du Québec; Hydro-Québec. Program terms are summarized for convenience only and are subject to the applicable legislation and regulations.

Power Metallic is evaluating the relevance of each of these programs to the Project and believes the Project qualifies for several of them. Eligibility for any program is subject to the applicable legislation, regulations and administrative determinations, and no assurance can be given that the Project will qualify for or receive any tax credit or incentive.

Next Steps

The MRE forms the basis for a Preliminary Economic Assessment (PEA). The PEA will evaluate an initial open pit followed by underground mining at Lion with processing options including the potential incorporation of Nisk Main feed. Additional work is being carried out on improving Nisk metallurgical recovery while preserving an efficient pathway to Lion development. Drilling completed since the MRE data cut-off (five rigs are currently active across the Nisk land package), with results expected from September 2026 onward, will be incorporated into future resource updates and into the PEA to the extent practicable.

A two-year environmental baseline survey program commenced in January 2026, following completion of a desktop study in April 2025. The first field season is being conducted from May to October 2026, with a second planned for summer 2027. To support completion within the planned two-year timeframe, the program has been designed to cover a broader area than is currently expected to be required, including a conservatively defined area for hydrological surveys. Its scope will continue to be reviewed as survey results are received and the project design evolves. The currently defined program is scheduled for completion in 2027 and is progressing in parallel with the technical studies to support preparation of the Environmental and Social Impact Assessment.

A technical report prepared in accordance with NI 43-101 in support of the MRE will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca within 45 days of the date of this news release.

With the updated Technical Report, Power Metallic will be able to submit the last requirement in its Nasdaq application process. The Company is applying for an American Depositary Receipt (ADR) on Nasdaq. This would enable Power Metallic to trade on Nasdaq via a multiple of its shares to meet the Nasdaq $4 threshold. The Company would expect to advise on its Nasdaq application in October.

6ix Presentation

Power Metallic will be hosting a webinar on Tuesday September 8th, 2026, at 12 noon (Eastern). It will be recorded for those who cannot attend. The link below will provide details how to attend the live event.

https://6ix.com/event/power-metallic-mineral-resource-estimate-presentation

Qualified Persons

Marc-Antoine Laporte, P.Geo., of SGS Canada Inc., is the independent Qualified Person responsible for the MRE, as defined by NI 43-101, and has reviewed and approved the scientific and technical disclosure relating to the MRE in this news release. Joseph Campbell, P.Geo., VP Exploration of Power Metallic, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the other scientific and technical information in this news release.

Cautionary Notes

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Company has not completed a PEA or any other economic study of the Nisk Project. The mining concepts described in this news release were used solely to establish reasonable prospects for eventual economic extraction for the purpose of reporting Mineral Resources; they do not constitute a mine plan or an economic analysis, and the mining sequence, production rate and mine life of any future operation have not been determined. This news release refers to other mineral deposits and mines, including in the Sudbury and Norilsk–Talnakh districts, solely to illustrate the depths to which magmatic sulphide mineralization has been mined elsewhere. The Company has no interest in those properties, and the mineralization on those properties is not necessarily indicative of the mineralization at the Nisk Project.

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 Jabul Baudan exploration license in The Kingdom 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.

About SGS Canada Inc.

SGS is the world’s leading testing, inspection and certification company, with a network of over 2,500 laboratories and business facilities across 115 countries and a team of over 100,000 professionals. SGS Geological Services, based in Quebec City, Québec, provides ore body modelling and resource estimation, mine engineering, technical reports under NI 43-101, JORC and S-K 1300, and technical audits and due diligence, drawing on more than 45 years of geostatistical expertise and more than 1,600 consulting projects worldwide. SGS’s Metallurgical Centre of Excellence in Lakefield, Ontario has served the Canadian and global mining industry since 1941 and has completed more than 22,000 projects; together with SGS’s Quebec City laboratory, it carried out the Lion Zone metallurgical test work reported in this news release.

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.

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 producing a PEA and for various drilling plans, including the benefits of drilling to further depth; the ability for inferred mineral resources to be upgraded to indicated mineral resources; the availability and criteria of various government tax credits and incentives for critical minerals and the risks that such incentives change; the ability to raise sufficient capital to fund expanded exploration and development efforts going forward and to 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 copper, 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.

Research News and Market Data on PNPNF

TORONTO, July 15, 2026 – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide final assay results from its Winter 2026 drill program and the voting results from its Annual General and Special Meeting (“AGSM“) held on June 30, 2026, in Toronto, Ontario.

Summary

These assays from Power Metallic’s winter 2026 drill program complete the drill results to be used for the initial NI-43-101 Mineral Resource Estimate (MRE) on Lion. Completion and reporting of the MRE estimates on Lion and the Nisk deposit is scheduled for the end of July. This MRE will form the basis for a Preliminary Economic Assessment (PEA) to begin immediately following the completion of the MRE.

Lion Zone MRE In-fill program

This news release includes drill holes defining the eastern side of the Lion Zone close to surface (Figure 1). All holes are in preparation for the 2026 Mineral Resource Estimate (MRE). The infill drill holes in this release were drilled to delimit the eastern side of Lion to increase the confidence of modelling the zone, particularly within the range of a potential future open pit.

In-fill drill holes in the shallow central parts of the deposit continue to report good near surface grades as evidenced by PML-26-116 which intersected high-grade copper near surface with 36.42 m @ 2.83% CuEqRec1 at 75m below surface, including semi-massive mineralization with 6.00 m @ 12.38% CuEqRec1. (Table 1 and Figure 1).

Drill holes included in Figure 1 but not in the table of Lion results (Table 1) occur on the eastern side of Lion, delimiting the eastern edge for MRE resource modelling. These holes did intersect the favourable mineralized structure, but had low grade assays, including individual assays of up to 0.49 g/t Pt and 0.62 g/t Pd, as well as anomalous Cu and Au, defining the mineralized structure’s location. Two holes also tested near surface between Lion and Tiger, again intersecting the mineralized structure with weak Cu, Pd results.

Table 1: Final Lion Results – Winter 2026
Hole	From	To	Length	Au	Ag	Cu	Pd	Pt	Ni	CuEq Rec*
	(m)	(m)	(m)	(g/t)	( g/t )	( %)	(g/t)	( g/t )	( %)	( %)
PML-26-080	125.50	150.18	24.68	0.13	5.48	0.29	0.07	–	–	0.49
Including	128.34	131.55	3.21	0.31	8.15	0.87	0.04	–	–	1.18
PML-26-083a	135.30	140.15	4.85	0.15	2.24	0.07	1.32	0.90	0.03	1.12
PML-26-107	66.00	70.00	4.00	0.23	8.50	0.25	0.03	–	–	0.52
PML-26-108	39.00	65.00	26.00	0.10	4.61	0.17	–	–	–	0.30
PML-26-111	36.00	50.00	14.00	0.12	5.52	0.46	0.76	0.02	–	0.96
Including	47.00	49.00	2.00	0.25	9.95	1.41	3.71	0.12	–	3.36
and	64.40	67.12	2.72	0.14	3.61	0.30	0.42	0.06	0.07	0.76
PML-26-113	16.50	61.00	44.50	0.60	3.48	0.20	0.13	0.02	–	0.75
Including	34.00	48.50	14.50	1.63	6.06	0.34	0.20	0.02	–	1.70
and including	47.69	48.50	0.81	26.40	6.70	0.79	2.43	0.25	0.08	21.39
PML-26-116	84.00	120.42	36.42	0.30	10.17	1.20	2.34	0.48	0.09	2.83
Including	98.50	104.50	6.00	0.96	45.48	6.10	9.15	1.68	0.43	12.38
and including	114.50	118.57	4.07	0.59	6.23	0.64	5.82	1.51	0.12	4.30

1Copper Equivalent Rec Calculation (CuEqRec1)

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).

2 Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length

Power Metallic is expecting more assay results from the summer drilling program, including regional exploration in the weeks to come.

Annual General and Special Meeting Results

Power Metallic’s held its AGSM on June 30, 2026, in Toronto, Ontario.

Shareholders voted in favor of all items of business presented at the AGSM, as outlined in the proxy-related materials, including the Notice of Meeting and the Information Circular dated May 15, 2026 (the “Information Circular“). These items included the election of directors such that each of Terry Lynch, Peter Kent, Les Mallard, Greg McKenzie, Steve Beresford, and Seamus O’Regan were elected as directors, the appointment of the Company’s auditor, MNP LLP, the re- approval of the Omnibus Equity Incentive Plan, and the approval of an amendment to the Company’s Articles to increase the quorum threshold for shareholder meetings. Just over 33.42% of the Company’s issued and outstanding common shares as of the record date of the AGSM were voted. For more information on the resolutions and the Omnibus Equity Incentive Plan, shareholders are encouraged to refer to the Information Circular available at the Company’s profile on SEDAR+.

The shareholder approval of the Articles’ amendment to increase the quorum threshold for shareholder meetings to 33-1/3%, will allow the Company’s Articles to meet the quorum threshold expected for companies listed on a U.S. national stock exchange. With shareholder approval in hand, and as disclosed in the Information Circular, the Company intends to implement the Articles amendment at such time as the Board of Directors has determined to proceed with seeking a listing on a U.S. national stock exchange.

The full scrutineer’s report for the AGM votes will be posted on the company’s website by the end of the week at the following address: https://www.powermetallic.com/financial_statements/.

“We are grateful for the strong support of our shareholders at this year’s Annual General and Special Meeting. Receiving approval for the amendment to our Articles to align our quorum threshold with U.S. national exchange requirements is a meaningful step forward in our mission to bring Power Metallic’s story to a broader investor audience. With the Lion Zone delivering some of the highest-grade polymetallic intercepts in the world, exceptional metallurgical recoveries, and a pipeline of catalysts ahead — including our upcoming mineral resource estimate — we believe a U.S. national exchange listing will unlock a significant re-rating opportunity and introduce this company to a broader community of institutional and retail investors.” — Terry Lynch, CEO, Power Metallic Mines Inc

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 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 either HQ or 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.

Research News and Market Data on PNPNF

Power Nickel Inc. 

Jun 23, 2026, 03:00 ET

TORONTO, June 23, 2026 /PRNewswire/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide additional assay results from its Winter 2026 drill program.

Summary

These additional assays from Power Metallic’s winter 2026 drill program is nearing the completion of winter drill results to be used for the initial NI-43-101 Mineral Resource Estimate (MRE) on Lion. Completion and reporting of the MRE estimates on Lion and the Nisk deposit is scheduled for the end of July. This MRE will form the basis for a Preliminary Economic Assessment (PEA) to begin immediately following the completion of the MRE.

Lion Zone MRE In-fill program

This news release includes drill holes defining the western side of the Lion Zone close to surface (Figure 1). All holes are in preparation for the 2026 Mineral Resource Estimate (MRE). The infill drill holes in this release were drilled to delimit the western side of Lion to increase the confidence of modelling the zone, particularly within the range of a potential future open pit.

In-fill drill holes in the shallow central parts of the deposit continue to report good near surface grades as evidenced by PML-26-115 which intersected high-grade copper near surface with 13.30 m @ 3.98% CuEqRec¹ at 25m below surface, and PML-26-105 which intersected 5.26 m @ 8.45% CuEqRec¹ at approximately 140m below surface (Table 1 and Figure 1).

Drill holes included in Figure 1 but not in the table of Lion results (Table 1) occur on the western side of Lion, delimiting the western edge for MRE resource modelling. These holes did intersect the favourable mineralized structure, but had low grade assays, including individual assays of up to 0.57% Cu and 1.22 g/t Pd. The fact that these holes are within a few 10s of meters of very high grade intersections is important for the continuing exploration in the Lion area. Understanding that good structure with low grade mineralization in exploratory drilling could indicating potential proximity to higher grades will help vector current and future drilling programs. 

Table 1: Lion Results – Winter 2026
Hole	From	To	Length	Au	Ag	Cu	Pd	Pt	Ni	CuEq Rec1
	(m)	(m)	(m)2	(g/t)	(g/t )	( %)	(g/t)	(g/t)	( %)	( %)
PML-26-063	430.73	437.25	6.52	0.04	0.87	0.05	0.26	0.07	0.10	0.41
PML-26-105	172.22	174.10	1.88	0.13	10.44	0.37	–	–	–	0.56
and	177.00	185.00	8.00	0.16	6.31	0.24	0.18	–	–	0.51
and	188.74	194.00	5.26	0.59	24.94	6.10	1.77	0.60	0.42	8.45
and	203.70	211.00	7.30	0.22	8.59	0.82	0.24	0.02	0.03	1.21
and	237.50	242.00	4.50	0.46	9.17	1.67	0.21	–	0.18	2.51
PML-26-106	45.00	52.00	7.00	0.03	3.76	1.92	1.12	0.02	0.21	2.84
Including	47.00	49.00	2.00	0.08	11.65	6.46	3.80	0.03	0.37	8.87
PML-26-114	21.00	25.16	4.16	0.30	13.28	0.42	0.03	–	–	0.78
and	39.00	41.00	2.00	0.22	1.55	0.46	0.26	–	–	0.77
and	52.00	57.40	5.40	0.20	4.01	0.45	0.43	0.02	0.02	0.86
Including	54.00	55.54	1.54	0.50	12.74	1.31	1.38	0.05	0.03	2.43
PML-26-115	27.00	40.30	13.30	0.45	21.65	1.68	3.28	0.98	0.04	3.98
Including	35.53	39.30	3.77	0.72	53.69	4.89	7.25	0.74	0.12	9.36

1Copper Equivalent Rec Calculation (CuEqRec1) 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).

2 Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length

Power Metallic is expecting more assay results from the MRE drilling and regional exploration in the weeks to come.

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 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 either HQ or 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 Nickel Inc.

Research News and Market Data on PNPNF

Power Metallic Mines Inc. 

May 13, 2026, 02:30 ET

TORONTO, May 13, 2026 /CNW/ – Power Metallic Mines Inc. (the “Company” or “Power Metallic”) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce an engagement with Vancouver-based Ideon Technologies (“Ideon”) to activate a borehole muon tomography imaging program at the Lion Zone discovery within the Nisk Polymetallic project area in Quebec, Canada. A global leader in subsurface intelligence, the Ideon REVEAL™ solution will generate a high-resolution, three-dimensional density model of the rock composition in and around the Lion deposit.

The program is structured in two stages: first, validating the Ideon density model against Power Metallic’s existing 100-plus hole drill dataset at Lion; then applying the calibrated mineralization fingerprint to rank and test deep targets across the 330 km² Nisk district scale property that are below the detection limit of conventional surface-based geophysical methods  (i.e., below 200 m).

About the Technology: Seeing Deep into the Earth using Energy from Space

The Ideon REVEAL™ Platform detects cosmic-ray muons — naturally occurring subatomic particles created by supernova explosions in deep space. Muons lose energy progressively in direct proportion to the density of the material they pass through. By positioning arrays of muon detectors in boreholes at varying depths, Ideon can construct 3D tomographic models of subsurface density over millions of cubic metres of earth, potentially replacing hundreds of drillholes while providing greater subsurface visibility at a fraction of the cost and time, and with significantly less environmental impact.

The Ideon REVEAL™ Platform and is designed for the most demanding of exploration and mining environments. It uses proprietary hardware, software and imaging systems with advanced AI-powered analysis and data fusion capabilities. It has been field-proven at some of the world’s most demanding mine sites, including at Rio Tinto’s Kennecott Utah Copper operation at Bingham Canyon, BHP’s Nickel West and Olympic Dam mines in Australia, Vale Base Metals’ Creighton and Totten mines in Sudbury, Ontario, and Fireweed Metals’ remote Macmillan Pass District in the Yukon Territory.

Why Lion Is an Exceptional Muon Target

The mineralogy of the Lion Zone is ideally suited to muon tomography. The deposit’s high-grade core is dominated by massive to brecciated chalcopyrite, cubanite, pyrrhotite, pentlandite, and pyrite — minerals with bulk densities of 4.0 to 5.0+ g/cc. These contrast sharply with the surrounding felsic, mafic and ultramafic host rocks, which carry background densities of approximately 2.8 to 3.0 g/cc. The Ideon solution will be used to produce 3D density models of individual dipping stratigraphic horizons and potential extensions of the deposit at multi-metre scale resolution.

The initial phase of the program will deploy borehole muon detectors into dedicated drill holes at the Lion Zone. The imaging program will run autonomously, passively and continuously collecting data over several months and delivering to Power Metallic a three-dimensional density model of the deposit. This phase will be conducted blindly, meaning that no constraining data (other than surface topography) will be provided.

In total the survey will map the density of over 55,000,000 m³ of rock volume. The imaging program is planned to run for 6 months in duration, with the option to extend to 8 months if needed to optimize resolution and establish the Lion Zone ore signature.    

The Lion imaging program is designed as a validation exercise. Power Metallic holds an extensive drill dataset at Lion built from more than 100 holes across multiple campaigns. By producing an unconstrained muon inversion and then comparing it directly against the known resource model, the Company will establish the geophysical fingerprint of a Lion-style polymetallic massive sulfide system. Once the density signature of Lion mineralization is confirmed to match the tomographic model, that calibrated signature will become the search template for the broader Nisk project district.           

District Scale: Opening a New Search Space

The most transformative potential of this program lies beyond Lion itself.

Power Metallic’s Nisk project encompasses ~330 km² of land including approximately 20 km of strike on the northern basin margin and 30 km on the southern basin margin — a contiguous belt hosting the Nisk Main deposit, the Lion discovery, and numerous additional untested geophysical anomalies. To date, surface and near-surface exploration methods including airborne magnetics, ground gravity, and Airborne EM have provided effective screening tools for targets shallower than approximately 200 m depth. Below that threshold, surface-based techniques are unable to detect deposit-scale targets.

“One of the challenges in exploring any deposit is false positives. Borehole EM continues to be the gold standard, but increasingly we are looking to combine it with other techniques that can image thicker mineralization. We are excited to integrate our current best practice workflow with muon tomography, a technique that’s demonstrated it can discover thicker intersections of sulfides. By incorporating an additional physical property beyond BHEM, we aim to improve our probability of target success and better discriminate high-quality conductors. We are always striving to discover better ore, not just more ore.” commented Steve Beresford, Director.

Muon tomography will be used to target a search space below 200 meters. Ideon muon sensors can image key geological features in the deep subsurface extending the effective targeting depth range where the next Lion-scale discovery may be hiding.

The geological rationale for deep exploration at Nisk is compelling. The Tiger Zone, located approximately 700 m east of Lion, has already returned Lion-style polymetallic mineralization, confirming the mineralizing system is not confined to Lion alone. The 5.5-km corridor between Lion and Nisk Main remains largely untested at depth. Company geologists have interpreted an easterly plunging structural control on high-grade Lion mineralization that acts as a vector toward a potential source body at greater depth. Regional structural analysis has identified a fold-hinge zone on newly acquired ground that covers an extension of the Lion mineralizing system previously outside the property boundary.

Once a validated muon signature of Lion mineralization is in hand, Power Metallic intends to conduct phased muon surveys across priority targets within this district, applying the calibrated density fingerprint of its known deposit type to rank and test anomalies that otherwise would have to be evaluated with blind drilling.

Learn more about how muon tomography works at this link.

“We have been excited about Nisk’s geological potential for many years and of course with the amazing success of the Lion Zone Discovery we entered a new frontier. With the guidance of our technical director Steve Beresford and the Geovector team led by our VP of Exploration Joe Campbell we have continuously pushed the targeting envelope to discover thicker massive Cu-PGE sulfides. Historically we know the polymetallic discoveries around the world are some of the largest and most profitable mines ever discovered. These discoveries are an order of magnitude bigger than what we have currently discovered. Even the smallest polymetallic discovery is more than 50% larger. What that means in practical terms is we have probably only scratched the surface at Nisk. Even as we are planning to publish our inaugural MRE (Mineral Resource Estinate) this summer to demonstrate that the current discoveries have exciting commercial potential, we remain focused on uncovering Nisk’s full potential. Our team believes that muon tomography is the next tool that can accelerate our discovery process and everything I have seen makes me confident that they have once again chosen wisely.” commented Terry Lynch, CEO & Director.

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 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 either HQ or 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]