Power Metallic's Lion Zone Delivers Best Copper Intersection to Date as Infill Programme Advances Toward 2026 Resource Estimate

• Hole PML-26-049 returned 16.55 metres at 15.11% copper equivalent (recoverable), the best copper intersection recorded to date at the Lion Zone.
• A companion hole 100 metres to the west (PML-25-047) returned 4.15 metres at 6.80% copper equivalent, confirming near-surface mineralisation in that direction.
• Hole PML-25-043 returned 7.60 metres at 7.20% copper equivalent within a wider 18-metre interval at depth on the western side of the deposit.
• Consistent zone geometry across infill holes supports a potential upgrade to Indicated Resource classification in the 2026 Mineral Resource Estimate.
• Borehole electromagnetic surveys at Lion West and Lion East are directing follow-up drilling after both targets returned Lion-style mineralisation indicators.

Power Metallic Mines Inc. (TSXV: PNPN | OTCBB: PNPNF | Frankfurt: IVV1) is a Toronto-based Canadian mineral exploration company advancing the Nisk Project Area in northern Quebec, which hosts a high-grade copper, platinum group element (PGE), nickel, gold, and silver system comprising three targets: Nisk, Lion, and Tiger. Following a land acquisition from Li-FT Power in June 2025, the company controls approximately 330 square kilometres, including roughly 50 kilometres of prospective geological margins. Power Metallic also holds a 50% stake in Chilean Metals Inc., which holds mineral assets in British Columbia and Chile, and a wholly owned exploration licence in Saudi Arabia's Jabal Said Belt, a region recognised for copper, gold, and zinc potential.

High-Grade Drill Results at Lion Zone, Including the Best Copper Intersection to Date

Hole PML-26-049, the first hole of the 2026 winter campaign, was drilled to test the Lion Zone near surface. It returned 16.55 metres at 10.08% copper, or 15.11% copper equivalent on a recoverable basis (CuEqRec). Copper equivalent is a way of expressing the combined value of multiple metals using copper as a common reference point, while "recoverable" means the calculation is based on grades that can realistically be extracted during processing, as established by metallurgical test work conducted by SGS Canada Inc. The company noted the result is the best copper intersection to date at the Lion Zone, and that it expands the near-surface portion of the deposit in an area that may be suitable for open-pit extraction in a potential future mining operation.

Hole PML-25-047, drilled approximately 100 metres west of PML-26-049, intersected the Lion Zone and returned 4.15 metres at 6.80% CuEqRec, adding further support to near-surface mineralisation.

CEO Terry Lynch commented:

"Another very impressive set of results from the Lion Zone. The market certainly has not fully appreciated just how productive this discovery has become. Despite current analyst estimates, the very high metallurgical recoveries, and the ongoing high-grade assays at Lion, Power Metallic is still heavily discounted vis-a-vis our peers. To change this we will continue to deliver excellent results leading to a near term PEA, and keep communicating our positive message about the value and potential of our high-grade copper and precious metals discovery."

Deeper in the deposit, hole PML-25-043 returned 7.60 metres at 7.20% CuEqRec within a broader 18-metre interval grading 3.18% CuEqRec, expanding the high-grade zone on the western side of the Lion deposit at depth. A separate hole, PML-25-048, the last drilled in 2025, tested the eastern side of the Lion Zone and returned a wider but lower-grade interval of 15.5 metres at 0.89% CuEqRec, including 4.50 metres at 1.44% CuEqRec. The company noted this result supports a recently interpreted shallow easterly plunging structural trend within the zone that will require additional drilling to assess.

Infill Drilling Programme Supporting the 2026 Mineral Resource Estimate

The infill programme at Lion is designed to increase drill hole density within the known zone, building confidence in the deposit's continuity ahead of a Mineral Resource Estimate (MRE) targeted for 2026. An MRE is an independently verified estimate of the quantity and grade of metal in the ground. It is a standard industry milestone that precedes economic studies such as a Preliminary Economic Assessment (PEA), which models whether a deposit could be mined economically.

A key observation from the current programme is the consistent geometry of the Lion Zone across multiple drill holes. The company reports that the interpreted zone has shown high repeatability, which raises the confidence level for future resource estimates and supports the potential for classification at the Indicated Resource level. Indicated Resources carry a higher degree of geological confidence than Inferred Resources, a distinction that is relevant to the scope and reliability of subsequent economic studies.

The infill programme is ongoing, with results continuing to be incorporated into the geological model in preparation for the 2026 MRE. Completing that estimate is a prerequisite for the PEA that management has referenced as a near-term objective.

Exploration Drilling at Lion West and Lion East

Two exploration holes were drilled approximately 500 metres west of the Lion Zone (PML-25-037 and PML-25-044), targeting an airborne electromagnetic anomaly. Both holes intersected the target geological horizon and returned narrow, lower-grade results that the company noted would not, on their own, account for the original geophysical signal. Borehole electromagnetic (BHEM) surveys, which detect conductive bodies such as sulphide mineralisation near the drill hole, have since been completed on both holes to direct further drilling. The company stated that the presence of the mineralising horizon and Lion-style mineralisation in the area continues to support the potential for an additional deposit of similar character.

Holes PML-25-035 and PML-25-038 were drilled 700 metres and 250 metres east of the Lion Zone respectively. Hole PML-25-035 returned anomalous palladium values, and hole PML-25-038 intersected one narrow zone of Lion-style mineralisation. BHEM surveys have also been conducted on these holes to inform further drilling decisions. The company noted that the eastern area shows indicators of Lion-style copper-PGE mineralisation as well as indications of a potentially larger nickel-copper deposit type at depth.

Outlook

Power Metallic is working toward completing the data required for its 2026 Mineral Resource Estimate at the Lion Zone, which the company has identified as the principal near-term milestone ahead of a Preliminary Economic Assessment. In parallel, BHEM survey results at Lion West and Lion East are expected to define follow-up drill targets in both corridors. Management is scheduled to discuss the results and the current drill programme at a live investor session on 12 March 2026.

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