Power Metallic Confirms High-Grade Copper Near Surface at Lion Zone Ahead of Resource Estimate

• Hole PML-26-115 intersected 13.30 metres grading 3.98% CuEqRec at 25 metres below surface, including a higher-grade section of 3.77 metres at 9.36% CuEqRec.
• Hole PML-26-105 returned 5.26 metres at 8.45% CuEqRec at approximately 140 metres depth, part of a broader mineralized interval in the same hole.
• Infill drilling on the western side of the Lion Zone is defining the boundaries of the deposit for the upcoming Mineral Resource Estimate.
• Lower-grade assays recorded near high-grade intercepts are being used to help guide future drill targeting in the Lion area.
• The Mineral Resource Estimate for Lion and Nisk is targeted for completion by the end of July 2026, with a Preliminary Economic Assessment to follow.

Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is a Canada-based exploration company advancing the Nisk Project Area, comprising the Nisk, Lion, and Tiger zones, a copper, platinum group elements, nickel, gold, and silver system in Quebec. Following its 2025 acquisition of adjoining claims, the company controls approximately 330 square kilometres of land along roughly 50 kilometres of prospective basin margin. Power Metallic also holds a 50% interest in Chilean Metals Inc., which controls land packages in British Columbia and Chile, and wholly owns an exploration license in Saudi Arabia's Jabal Said Belt, an area associated with copper, gold, and zinc mineralization.

High-Grade Lion Zone Drill Intercepts Including 13.30m at 3.98% CuEqRec Near Surface

The latest assay results from Power Metallic's winter 2026 drill program at the Lion Zone include two intercepts. Hole PML-26-115 returned 13.30 metres grading 3.98% copper equivalent (CuEqRec), a measure combining the value of copper, nickel, gold, silver, platinum, and palladium in the same interval into a single comparable grade. This intercept began at 25 metres below the surface.

Within that hole, a higher-grade section of 3.77 metres graded 9.36% CuEqRec, including copper, palladium, and silver values above the broader interval average. A second hole, PML-26-105, intersected 5.26 metres at 8.45% CuEqRec at approximately 140 metres depth, part of a wider mineralized zone that included several other assayed intervals above and below it.

These intercepts form part of the drill data being compiled for the initial Mineral Resource Estimate at Lion, alongside results from earlier holes in the winter 2026 program.

Western Lion Zone Infill Drilling Defining Boundaries for Upcoming Mineral Resource Estimate

This release also includes infill drill holes positioned along the western edge of the Lion Zone. Infill drilling refers to drilling between previously spaced-out holes to fill in gaps in the data, supporting a more precise model of a deposit's shape and grade distribution.

These western holes intersected the same mineralized structure seen elsewhere at Lion, with individual assays up to 0.57% copper and 1.22 grams per tonne palladium. These results are being used to help establish the western boundary of the Lion mineralization, an input relevant to modelling the deposit, including within the range of a potential future open pit.

Results from holes with favourable structure but comparatively lower grades, located near high-grade intercepts, are being used to help guide the direction of future drilling in the Lion area.

MRE and PEA Timeline With Resource Estimate Targeted for End of July 2026

This release brings the winter 2026 drill program close to completion of the results supporting the company's first National Instrument 43-101 compliant Mineral Resource Estimate for the Lion Zone and the Nisk deposit, targeted for completion by the end of July 2026.

A Mineral Resource Estimate is a standardized, independently reviewed calculation of the mineralized material a project may contain, typically used as a foundation for evaluating a project's economic potential. A Preliminary Economic Assessment, an early-stage study evaluating a project's potential economic viability, is scheduled to follow immediately after the estimate is complete.

Additional assay results from ongoing regional exploration are expected in the coming weeks, ahead of the resource estimate.

Milestones and Next Steps

Power Metallic's near-term focus is the completion of its Lion and Nisk Mineral Resource Estimate, targeted for the end of July 2026, to be followed by a Preliminary Economic Assessment. Additional assay results from regional exploration are expected in the coming weeks.

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