Power Metallic Unveils High-Grade Lion Zone Mineral Resource Estimate

Power Metallic Mines Inc. has announced a significant update to its mineral resource estimates for the Lion Zone at the Nisk property in the Eeyou Istchee James Bay territory of Québec. The company has declared the first mineral resource estimate for the Lion Zone, a high-grade copper-dominant polymetallic deposit, while also updating the Nisk Main deposit.

According to the press release, the Lion Zone contains 4.145 million tonnes of indicated mineral resources at a grade of 3.86% copper equivalent (CuEq), with an additional 601,000 tonnes of inferred mineral resources at a grade of 4.01% CuEq. The mineralization in the Lion Zone is high-grade, with more than 85% of the resource classified as indicated, and the deposit begins at surface, remaining open for expansion at depth.

The metallurgical testing of representative mineralization from the Lion Zone has shown copper recoveries above 98%, producing concentrates grading over 25% copper, with high recoveries also reported for gold, palladium, platinum, and silver. The company is currently assessing engineering proposals to complete a Preliminary Economic Assessment (PEA) evaluating the development potential of the Lion Zone, including the integration of the Nisk resource.

Power Metallic's CEO, Terry Lynch, 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 mineralization 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 ongoing resource expansion drilling with five active rigs is targeting extensions at depth and along strike. Assays from the summer 2026 program are expected to start in September 2026. The updated mineral resource estimate also restates the existing Nisk nickel-copper resource, which will be assessed alongside the Lion deposit as part of the broader PEA development strategy.

Joe Campbell, Vice President of Exploration for 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."

The Lion Zone 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. 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.

The Nisk Project is located in the Eeyou Istchee James Bay territory of Québec, approximately 280 kilometers north-northwest of Chibougamau and 425 kilometers 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, connecting Route 167 at Chibougamau to the paved Billy-Diamond Highway, which is adjacent to the property and close to the Nisk Main deposit and the Lion Zone. The Nemiscau airport, located approximately 30 kilometers west of the property, and the Nemiscau camp, operated by the Cree Construction and Development Company, provide services. The Cree community of Nemaska, approximately 51 kilometers by road, offers lodging and other services.

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, and the 2026-2027 Québec budget allocated a further $19.4 million over two years to the maintenance of that highway. In 2025, the Société du Plan Nord and Nemaska Lithium co-funded a $9.2 million upgrade of the Matagami rail transshipment yard. 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.