Power Metallic Extends Lion 25% Deeper as Power Metallic Intercepts 5.70 Meters of 14.00% CuEqRec¹ in Hole 26-125

Deep drill results at Lion show high-grade copper-equivalent mineralization extending the deposit well below the current resource model.

Rhea-AI Summary

Power Metallic Mines (PNPNF) reported first deep extensional drill assays from the Summer 2026 program at the Lion zone within the Nisk Project Area.

Flagship hole PML-26-125, the deepest assayed intercept at Lion to date at nearly 800 m vertical depth, returned 5.70 m grading 11.42% Cu, 61.57 g/t Ag, 0.30 g/t Au, plus Pd, Pt and Ni, for 14.00% CuEqRec¹, including 2.15 m at 20.30% Cu and 24.62% CuEqRec.

Hole PML-26-121a, targeting the western side of the Lion plunge at roughly 650 m vertical depth, cut 7.70 m at 3.28% CuEqRec, including 1.70 m at 11.93% CuEqRec. A further hole, PML-26-128, intersected copper sulphide mineralization at nearly 900 m vertical depth, with assays pending. These results extend Lion more than 25% deeper than the holes used in the recent MRE and indicate the deposit remains open at depth.

Positive

• PML-26-125 hit 5.70 m at 11.42% Cu and 14.00% CuEqRec¹ at ~800 m depth
• High-grade sub-interval in PML-26-125 of 2.15 m at 20.30% Cu and 24.62% CuEqRec
• Lion deposit extended over 25% deeper than deepest hole used in the recent MRE
• PML-26-121a returned 7.70 m at 3.28% CuEqRec, including 1.70 m at 11.93% CuEqRec
• Visual copper sulphide mineralization logged in hole PML-26-128 at nearly 900 m depth (assays pending)

Negative

• None.

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TORONTO, Sept. 22, 2026 /PRNewswire/ -- Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide the first assays of extensional deep drilling of assay results from its Summer 2026 drill program. Prior to the summer drill program drilling concentrated on improving the density of drill intercepts for the recently announced MRE to increase the confidence of modelling Lion, particularly within the range of a potential future open pit, and to bring the vast majority of the known deposit as of the end of the winter program (end April 2026) to Drill Indicated category.

For the summer drill program Power Metallic has carried out widely spaced exploration drilling on geological and geophysical (EM) targets and more importantly begun a program of extending the Lion deposit to depth below the outline of the MRE model. The two holes reported here are the first assays to be completed on this deep drilling.

Hole PML-26-125 is the deepest assay results to date at Lion at a vertical depth of nearly 800m vertical depth, well below the current MRE. Prior to Hole PML-26-125 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. This hole was targeted on the projected center of the Lion plunge approximately 150m below the previous deepest hole and intersected 5.7m of massive to semi-massive copper sulphides (Table 1). An earlier drill hole, PML-26-121a targeted the western side of the projected plunge of Lion at a vertical depth of nearly 650 meters and intersected disseminated to semi-massive copper sulphides. A subsequent hole (PML-26-128) tested the eastern side of the interpreted Lion plunge at nearly 900 meters vertical depth, showing disseminated and massive veinlets of copper sulphides, with assays pending (Figure 1). All three of these holes firmly established that the Lion deposit continues at depth and has not been fully delineated.

Table 1: Lion Results - Summer 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-26-121a	666.30	674.00	7.70	0.26	18.42	1.03	3.70	0.28	0.14	3.28
Including	666.30	671.00	4.70	0.35	28.37	1.51	6.45	0.45	0.14	4.92
Including	666.30	668.00	1.70	0.66	72.41	3.34	16.25	1.21	0.16	11.93
PML-26-125	845.80	851.50	5.70	0.30	61.57	11.42	2.48	0.26	0.41	14.00
Including	846.70	848.85	2.15	0.55	92.04	20.30	4.72	0.51	0.60	24.62

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 Lion deep drilling and regional exploration in the weeks to come.

Terry Lynch, CEO of Power Metallic, commented:
We are in the unique position due to the high grade and near surface nature of our project to advance development of what the world needs in Critical Minerals, namely Copper and PGEs, but also continue our multifaceted exploration approach to allow the resource to grow substantially between now and the end of 2027. Today's results pushed us over 25% deeper than the deepest hole used in our recently announced MRE and it did so with significantly higher grades. We have visibility down over 50% deeper and visibly it looks like we are still in the Lion Zone. As we have seen with the great hit Talon Metals recently had deposits can get thicker and richer at depth. The blessing in Lion is our mineralization starts at surface and extends down making it very economic to mine and explore. We are excited to get back to exploration!

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.

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SOURCE Power Metallic Mines Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the reported CuEqRec¹ grade represent in these drill results?

CuEqRec¹ is a copper-equivalent grade that combines copper, gold, silver, palladium, platinum, nickel and cobalt values using stated metal prices and metallurgical recoveries. The calculation uses prices of US$2,360.15/oz Au, US$27.98/oz Ag, US$1,215/oz Pd, US$1,000/oz Pt, US$4.00/lb Cu, US$10.00/lb Ni and US$22.50/lb Co, and recoveries from recent locked-cycle tests by SGS Canada. Reported lengths are downhole and true widths are estimated at 85% of those lengths based on the model.

How is core handled and assayed to ensure QA/QC for the Lion drilling results?

GeoVector Management manages drilling, logging and sampling. Core is re-fitted, measured, photographed wet and dry, and logged for lithology, mineralogy, structure and geotechnical data. Sample intervals are marked, sawn, and half-core is retained. A QA/QC program inserts certified reference standards, duplicates and blanks into the sample stream, and results are reviewed with no material errors observed. Samples are analyzed at independent ISO 9001 and 17025 accredited Activation Laboratories using standard preparation and ICP-OES based multielement methods, with Actlabs also performing internal coarse and pulp duplicates.

What is Power Metallic’s current position in the broader Nisk Project Area?

Power Metallic can earn up to an 80% interest in the Nisk project under an option signed with Critical Elements Lithium on 1 February 2021. After purchasing 313 adjoining claims (~167 km²) from Li-FT Power in June 2025, the company controls about 330 km² and roughly 50 km of prospective basin margins covering the Nisk–Lion–Tiger system, where it is expanding mineralization at Nisk and Lion and evaluating the Tiger target through successive drill programs.