Announcement • Sep 08

Power Metallic Mines Inc. Defines High-Grade Maiden Resource At Lion Zone And Updates Mineral Resource Estimate For Nisk Project

Power Metallic Mines Inc. 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 4,145,000 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 601,000 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). 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 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. Underground Inferred: 1,806,000 tonnes, 39.17 Mlb Ni, 22.53 Mlb Cu, 2.50 Mlb Co, 15,000 oz Pt, 61,000 oz Pd, 2,000 oz Au, 91,000 oz Ag, 69.06 Mlb NiEq, 115.09 Mlb CuEq. The effective date of the Nisk Project MRE, including the Nisk and Lion deposits, is June 19, 2026. 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. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding. 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. 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. 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 interpolation method was used for all domains. 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. 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. 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 and/or cut and fill mining. 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 $4.00/t open pit and $8.50/t underground mineralized material. 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. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. 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. The Deposit remains open at depth with subsequent deeper drilling, as illustrated by drill targets PML26-121A, PML-26-125 and PML-26-128A, completed after the cut-off date for the MRE and below the modelled zone intersecting visible copper mineralization (assays pending).

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