Announcement • Jun 23
Power Metallic Mines Reports New Lion Drill Intercepts And Winter 2026 Drill Program Results Power Metallic Mines Inc. provided additional assay results from its Winter 2026 drill program. 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. This news release includes drill holes defining the western side of the Lion Zone close to surface. 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. 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. 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. GeoVector Management Inc. 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, 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. Announcement • Jun 12
Power Metallic Mines Inc. announced that it has received CAD 28.22875 million in funding from 2176423 Ontario Ltd. On June 10, 2026, Power Metallic Mines Inc. closed the transaction. The transaction consists of issuance of 22,583,000 common shares of the Company at an issue of CAD 1.25 for gross proceeds of CAD 28,228,750. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned and controlled by him, acquired 1,600,000 offered Shares under the offering for total consideration of CAD 2,000,000. As consideration for their services, the agents received an aggregate cash fee of CAD 1,443,225. The closing of the Offering remains subject to the final approval of the TSX Venture Exchange. New Risk • Jun 02
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CA$1.5m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-CA$1.5m). Earnings have declined by 42% per year over the past 5 years. Revenue is less than US$1m. 
