Powermax Minerals Acquires Option on Melba North Rare Earth Property

Powermax Minerals Inc., a Canadian mineral exploration company focused on rare earth element projects in North America, has entered into a three-year option agreement with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. to acquire a 100% interest in the Melba North property. The property, located in the Clay-Howells townships area of northern Ontario, consists of 10 unpatented mining claims covering approximately 3,360 hectares of land adjacent to Powermax's existing Hopkins REE property.

The option agreement is subject to a 1.5% net smelter returns royalty in favor of the Optionors and requires approval from applicable exchanges. The Melba North property is situated within the Clay-Howells Alkalic Rock Complex, where recent exploration work has identified several mineralized zones. A 2025 exploration work report prepared by Laurentia Exploration Inc. for Argyle Resources Corp. documented seven heli-portable BTW size diamond drill holes totaling 1,983 metres on the Clay-Howells claims, including those listed in the North Melba option schedule.

The report highlights several significant drill results, including: - CH-25-02: A 222-metre hole with 3.05 metres grading 0.33% TREO from 144.95 to 148.00 metres, within a broader 16.55-metre interval grading 0.16% TREO from 135.00 to 151.55 metres. - CH-25-04: A 225-metre hole with 15.00 metres grading 0.28% TREO from 163.50 to 178.50 metres, including 7.65 metres grading 0.34% TREO from 163.50 to 171.15 metres. - CH-25-06: A 351-metre hole with 24.50 metres grading 0.17% TREO from 12.00 to 36.50 metres, including 1.50 metres grading 0.40% TREO; and a separate 10.50-metre interval grading 0.23% TREO from 87.00 to 97.50 metres, including 3.70 metres grading 0.45% TREO.

Across the selected samples, 49 returned more than 0.17% TREO, including 20 above 0.30% TREO and six above 0.50% TREO. The highest reported sample interval was 0.76% TREO over 0.60 metres. TREO is reported as the sum of rare earth element oxides.

According to the report, selected half-core samples were analyzed by Activation Laboratories using its 8-REE package (lithium-borate fusion with ICP-OES/MS). The report's QA/QC appendix states that submitted blanks and certified reference materials met the acceptance criteria.

Powermax intends to integrate the historical drill database with mapping, sampling, and geophysical data to refine targets and assess follow-up drilling. The 2025 report lists Permit No. PR-25-000130, issued September 2, 2025. The company will confirm the permit remains valid and covers the planned work before mobilization.