Latest news with #PowerMetallic
Yahoo
5 days ago
- Business
- Yahoo
Power Metallic Awarded Jabal Baudan Exploration License in Saudi Arabia's Jabal Sayid Belt
TORONTO, June 16, 2025 /CNW/ - Power Metallic Mines Inc. ("Power Metallic" or the "Company") (TSXV: PNPN), a leading exploration and development company, is proud to announce that it has been awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process. Strategic Acquisition in a High-Potential Region The Jabal Baudan property, encompassing over 200 square kilometers, is the largest of the seven exploration packages offered in the Jabal Sayid belt. Situated approximately 150 kilometers south of Jeddah along the western Red Sea coastal plain, Jabal Baudan is 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 ad Damar deposit. Power Metallic's CEO, Terry Lynch, remarked: "We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world's most promising mineral belts. This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions." Location and Geology The Jabal Baudan property is in rugged mountainous terrain dissected by wadi systems that flow southward to the Red Sea. It is underlain by late Proterozoic volcanic, volcaniclastic, and sedimentary rocks, which are intruded by younger plutonic rocks ranging from gabbro to granite. This geological setting shares similarities with the nearby Umm Hiljan deposit, providing significant potential for the discovery of VMS-style mineralization. Historical exploration conducted by BRGM, Riofinex, and USGS between 1966 and 1985 has identified siliceous volcanic rocks and "ironstone" indicative of mineralizing systems conducive to VMS deposits. Power Metallic intends to leverage historical aeromagnetic survey data to refine its exploration strategy and outline key target areas. "The Jabal Baudan site is located at the heart of the most prospective region of Saudi Arabia. It is easily reachable by world quality infrastructure and initial samples have confirmed strong potential for a large range of minerals" Dr Remi Piet, Senior Partner at Embellie Advisory. Exploration Enablement Program (EEP): A Collaborative Opportunity The Jabal Baudan project benefits from the support of the Kingdom's Exploration Enablement Program (EEP), a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia. Designed to foster knowledge exchange and mutual growth, the EEP provides up to $2 million per exploration license, capped at 15 licenses per company. Power Metallic's participation in this program will accelerate its geological understanding of the Jabal Baudan property, enabling the Company to prioritize high-potential zones for advanced exploration. Commitment to Advancing Saudi Arabia's Mining Sector Power Metallic's entry into the Kingdom aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and position the country as a global leader in the mining sector. The Jabal Baudan project exemplifies the Kingdom's commitment to fostering foreign investment and developing its mineral resources in a sustainable and innovative manner. "Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," added Terry Lynch, CEO. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property." Next Steps Power Metallic will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones. The Company will deploy cutting-edge exploration techniques to maximize the project's potential while adhering to world-class environmental and operational standards. About Power Metallic Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger) where the Company has discovered a rare Ortho Magmatic system comprised of high–grade nickel–copper–PGE, gold and silver system The last Ortho Magmatic system discovery was Anglo Americans Sakatti in Finland and other examples include Voisey's Bay and the world's only mine with over $1 Trillion dollars' worth of metal produced or in the ground the legendary Norilisk. 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 ~212.86 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. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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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Cision Canada
5 days ago
- Business
- Cision Canada
Power Metallic Awarded Jabal Baudan Exploration License in Saudi Arabia's Jabal Sayid Belt
TORONTO, June 16, 2025 /CNW/ - Power Metallic Mines Inc. ("Power Metallic" or the "Company") (TSXV: PNPN), a leading exploration and development company, is proud to announce that it has been awarded the exploration license for the Jabal Baudan project in Saudi Arabia's Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process. Strategic Acquisition in a High-Potential Region The Jabal Baudan property, encompassing over 200 square kilometers, is the largest of the seven exploration packages offered in the Jabal Sayid belt. Situated approximately 150 kilometers south of Jeddah along the western Red Sea coastal plain, Jabal Baudan is 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 ad Damar deposit. Power Metallic's CEO, Terry Lynch, remarked: "We are honored to have been awarded the Jabal Baudan exploration license, marking a pivotal step in our strategy to expand our portfolio into one of the world's most promising mineral belts. This achievement underscores our commitment to advancing mineral exploration globally and highlights our ability to secure high-value assets in competitive jurisdictions." Location and Geology The Jabal Baudan property is in rugged mountainous terrain dissected by wadi systems that flow southward to the Red Sea. It is underlain by late Proterozoic volcanic, volcaniclastic, and sedimentary rocks, which are intruded by younger plutonic rocks ranging from gabbro to granite. This geological setting shares similarities with the nearby Umm Hiljan deposit, providing significant potential for the discovery of VMS-style mineralization. Historical exploration conducted by BRGM, Riofinex, and USGS between 1966 and 1985 has identified siliceous volcanic rocks and "ironstone" indicative of mineralizing systems conducive to VMS deposits. Power Metallic intends to leverage historical aeromagnetic survey data to refine its exploration strategy and outline key target areas. "The Jabal Baudan site is located at the heart of the most prospective region of Saudi Arabia. It is easily reachable by world quality infrastructure and initial samples have confirmed strong potential for a large range of minerals" Dr Remi Piet, Senior Partner at Embellie Advisory. Exploration Enablement Program (EEP): A Collaborative Opportunity The Jabal Baudan project benefits from the support of the Kingdom's Exploration Enablement Program (EEP), a $182 million initiative aimed at stimulating and de-risking mineral exploration investments in Saudi Arabia. Designed to foster knowledge exchange and mutual growth, the EEP provides up to $2 million per exploration license, capped at 15 licenses per company. Power Metallic's participation in this program will accelerate its geological understanding of the Jabal Baudan property, enabling the Company to prioritize high-potential zones for advanced exploration. Commitment to Advancing Saudi Arabia's Mining Sector Power Metallic's entry into the Kingdom aligns with Saudi Arabia's Vision 2030 initiative, which seeks to diversify the economy and position the country as a global leader in the mining sector. The Jabal Baudan project exemplifies the Kingdom's commitment to fostering foreign investment and developing its mineral resources in a sustainable and innovative manner. "Being part of Saudi Arabia's transformative mining landscape is a privilege and a responsibility we take seriously," added Terry Lynch, CEO. "We are committed to working collaboratively with local stakeholders, leveraging our expertise to unlock the immense potential of the Jabal Baudan property." Next Steps Power Metallic will commence exploration activities at Jabal Baudan with a comprehensive compilation and reconnaissance stage, followed by advanced exploration targeting high-priority zones. The Company will deploy cutting-edge exploration techniques to maximize the project's potential while adhering to world-class environmental and operational standards. About Power Metallic Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger) where the Company has discovered a rare Ortho Magmatic system comprised of high–grade nickel–copper–PGE, gold and silver system The last Ortho Magmatic system discovery was Anglo Americans Sakatti in Finland and other examples include Voisey's Bay and the world's only mine with over $1 Trillion dollars' worth of metal produced or in the ground the legendary Norilisk. 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 ~212.86 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. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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. SOURCE Power Metallic Mines Inc.
The Market Online
13-06-2025
- Business
- The Market Online
Two smart-money mining stocks for polymetallic exposure
If we were to describe investment cloning, made famous by value investor Monish Pabrai, we might call it the practice of replicating the world's most distinguished capital allocators. The first step to successful cloning is to vet the investors to be copied, certifying that their decisions are trustworthy. A simple read through their track records will do. Pabrai emulates Warren Buffett, one of the greatest investors of all time, whose total return dating back to the 1960s stands at over 5.5 million per cent. The second step, as caution dictates, is to run the investment through your own due diligence process, making sure you agree with the object of your cloning rather than blindly following them, carelessly leaving your investments vulnerable to the winds of chance. In the newest edition of Stockhouse's Weekly Market Movers, I'll take a detailed look at two smart-money mining stocks, whose high-profile associations go a long way towards justifying a cloning thesis. How well with their assets and operations stand up to analysis? Let's see, shall we? Our first smart-money mining stock with strong cloning potential is Power Metallic Mines, market capitalization C$277.11 million, a Canadian explorer proving out the value of its flagship Nisk nickel-copper-gold-silver-platinum group elements project in Quebec. Under an 80 per cent option from Critical Elements Lithium (TSXV:CRE), Nisk boasts a 2023 indicated resource estimate of 41,600 tons of nickel, 22,100 tons of copper, 2,600 tons of cobalt and 132,500 ounces of palladium, collectively representing over US$1 billion in metals in the ground. The company is confident about expanding Nisk's resource across a handful of highly prospective targets – including the Lion zone, which recently yielded 12.54 meters of 10.99 per cent copper equivalent, and the Tiger zone, as recently highlighted by 14.3 meters grading 0.96 per cent copper equivalent – with a fully funded 100,000-metre program scheduled into 2026. Power Metallic's efforts are supported by a top-tier investor base, as detailed in slide 4 of its June 2025 investor presentation. This includes positions held by: Robert Friedland, founder of the C$13.52 billion Ivanhoe Mines (TSX:IVN), a major metals producer that generated US$228 million in net income in 2024, as well as the company behind the famous Voisey's Bay nickel, copper and cobalt mine in Labrador, which sold for C$4.3 billion in 1996. Rob McEwen, executive chairman and top shareholder of the C$683.4 million McEwen Mining (TSX:MUX), a global gold and silver producer, and founder of Goldcorp, a company he took from a market cap of $50 million to over $8 billion. These heavyweights join a number of institutional investors, including CVMR, as well as insider investors, including a sizeable position owned by chief executive officer, Terry Lynch, on Nisk's rapidly accelerating path to becoming Canada's next polymetallic mine. Power Metallic's most recent milestone in this direction involved the purchase of 167 square kilometres of adjoining claims from Li-FT Power (TSXV:LIFT), more than tripling Nisk's land package to 212.86 square kilometres. Lynch sat down with Stockhouse's Lyndsay Malchuk to discuss the new claims. Watch the interview here. The broader market has responded favorably to the company's value proposition, lifting Power Metallic stock (TSXV:PNPN) by 72.22 per cent year-over-year and by over 430 per cent since 2023. Globex Mining Enterprises Our second smart-money stock pick, Globex Mining Enterprises, market cap C$76.85 million, offers exposure to a large portfolio of mid-stage exploration, development and royalty properties spanning precious metals, base metals, specialty metals and minerals, as well as industrial minerals and compounds. Investors own a piece of 258 mineral assets in total, including 106 royalties and 50 historical or NI 43-101 compliant resources – up from 129 assets in 2015 and 49 in 2005 – each marked by at least one pillar on Globex's value-accretive acquisition criteria. These include: Historical or NI 43-101 resource. Drill intersections of economic interest. Past production. Mineralized showings or drill targets. Geophysical, geochemical and geological studies. Mining-friendly jurisdictions, currently concentrated in North America with a minor presence in Germany. Location on major ore structures or in mining camps with established track records. We find evidence for the success of Globex's acquisition strategy on its balance sheet and income statements. Unlike most micro-cap miners, for instance, the company is net income profitable, posting positive results under the metric in four out of the past five years. It's profitability has, in turn, allowed it to remain debt-free, quintupling its cash position over the period to about C$30 million as of Q1 2025, granting it plenty of dry powder to wait patiently and prioritize value in future acquisitions. Globex's profitable growth has afforded it an abundance of high-profile partners, whose association considerably de-risks your investment in the company's continued success. Here's a representative sample: These illustrious partners, joined by a geology-heavy management team with 12.74 per cent insider ownership, shows Globex Mining to be an all-around compelling name to capitalize on a diversity of commodity markets regardless of sentiment. Whether it's cash in the bank to buy depressed assets in down times or assets on the balance sheet to sell should animal spirits push prices beyond fair value, Globex is positioned to create shareholder value for the foreseeable future. Globex stock (TSX:GMX) has added 44.21 per cent year-over-year and 291.43 per cent since 2020, matching and outpacing gold's 45.7 per cent and 88.8 per cent efforts, respectively. Jack Stoch, Globex Mining's president and CEO, spoke with Lyndsay Malchuk about the company's recent resource upgrade at its Ironwood gold deposit in Quebec. Watch the interview here. Thanks for reading! I'll see you next week for a new edition of Stockhouse's Weekly Market Movers. Here's the most recent article, in case you missed it. Join the discussion: Find out what everybody's saying about these smart-money mining stocks on the Power Metallic Mines Inc. and Globex Mining Enterprises Inc. Bullboards and check out Stockhouse's stock forums and message boards. This is sponsored content issued on behalf of Power Metallic Mines Inc. and Globex Mining Enterprises Inc., please see full disclaimer here.
Yahoo
10-06-2025
- Business
- Yahoo
Power Metallic acquires mineral claims from Li-FT
Power Metallic Mines has signed an agreement to acquire a 100% interest in 313 mineral claims spanning 167km² from Li-FT Power, marking a significant expansion of its Nisk-Lion polymetallic project area in Canada. The addition of these claims will enlarge Power Metallic's land position by more than 300% to approximately 212.86km², encompassing an extended strike zone around the Nisk, Lion and Tiger discoveries. The Nisk-Lion-Tiger discoveries have been identified as a new polymetallic district, offering considerable potential for further deposits. This type of mineralisation is globally scarce, often occurring in clusters at district and camp scales, with Noril'sk and Talnakh, Kevitsa and Sakatti serving as notable examples. The transaction for the claims includes a C$700,000 ($511,072) cash payment to Li-FT and the issuance of six million common shares of Power Metallic. These shares will be subject to a statutory hold period of four months and one day, with half also bound by a 12-month hold and transfer restriction. Additionally, Li-FT will retain a 0.5% net smelter return on all acquired claims. The share issuance is pending approval from the TSX Venture Exchange. Power Metallic CEO Terry Lynch said: 'Consolidating the LIFT ground lets us apply the geological insights from Nisk across a district–scale footprint. With over 100,000m of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources.' With the drilling rig already positioned for the first hole of the summer programme, Power Metallic is set to resume work along the Nisk-Lion-Tiger trend, integrating the newly acquired Li-FT claims. Field crews are expected to mobilise, with upgrades to the camp, including new core-logging facilities, already in progress. The initial drilling will focus on expanding the current zones in the Nisk-Lion-Tiger area. By early autumn 2025 the company anticipates increasing the core facility capacity to six drills, which will enable faster exploration target turnaround and greater flexibility to pursue exploration successes in the expanded project area. The work programme will include district-scale data integration, combining historical technical data from the Li-FT claims with existing datasets for refined regional targeting. An extensive airborne electromagnetic (EM) survey, followed by targeted ground EM work, will search for near-surface conductors. Systematic mapping and prospecting will concentrate on areas with previous geochemical anomalies identified by Li-FT, evolving from regional reconnaissance to detailed mapping and sampling. Follow-up drilling of priority targets, primarily confirmed by EM surveys, is planned through late 2025 and into the 2026 winter season. "Power Metallic acquires mineral claims from Li-FT" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-06-2025
- Business
- Yahoo
Power Metallic Acquires 167KM² from Li-FT Power, Expanding Nisk - Lion Polymetallic Project Area by over 300%
TORONTO, June 9, 2025 /PRNewswire/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce it has executed a definitive agreement dated June 9, 2025 to acquire a 100 % interest in 313 mineral claims totalling 167 km² from Li-FT Power Ltd. ("Li-FT") (TSXV: LIFT) (OTCQX: LIFFF) (FRA: WS0). The claims adjoin the Company's 45.86 km² Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Ni–Cu–Co deposit. On closing, Power Metallic's land position will grow more than 300% to ~212.86 km², securing approximately 20 km of strike on the northern basin margin and 30 km on the southern margin that envelope the Nisk, Lion, and Tiger discoveries. Nisk Project Area The Nisk-Lion-Tiger discoveries have established a new polymetallic district with considerable potential for additional deposits. These deposit types are globally rare but form clusters at district and camp scale (Noril'sk and Talnakh, Kevitsa and Sakatti, as relevant examples). Currently discovered polymetallic mineralization on the Nisk property has been confined to a major translithospheric structure along the sedimentary basin margin defining the locations of the Nisk, Lion, and Tiger discoveries (Figure 1 map of original Nisk targets overlain on geology). Work by Power Metallic and Li-FT has identified a larger region proximal to the Nisk property that has additional potential for polymetallic deposits. Significantly Power Metallic sees potential in the wider basin where exploration to date suggest conditions similar to those at the Nisk-Lion-Tiger discoveries. The land purchased from Li-FT covers a further 20 km of strike length along the northern margin of the basin that contains Nisk-Lion-Tiger, and the most prospective 30 km of strike length along the southern basin margin, which has been identified by Power Metallic through regional geophysics as prospective, and corroborated by extension soil and till elemental anomalies from surveys carried out by Li-FT (Figure 2 map of regional play with New property, showing relative size with original Nisk property). The control of the most readily accessible prospective geology proximal to the known mineralizing system (Nisk-Lion-Tiger) gives Power Metallic the opportunity to control the discovery of multiple polymetallic deposits within the identified regional system across both its 80% owned properties and its 100% owned properties. Steve Beresford, Director and Special Advisor, stated:"Polymetallic deposits have unique primary and secondary geochemical footprints (that contrast with Nickel dominant sulfide deposits like Voisey's Bay) that enable us to recognize early the tip of the iceberg i.e. extensions of Lion or mimics that represent new camp to district scale opportunities. We know a lot about how these deposits spatially cluster that's different to lode Au or VMS, and now is the time to own the whole opportunity". Purchase Agreement TermsThe purchase of the 100% interest in the claims (exclusive exploration rights) requires a $700,000 cash payment to Li-FT and the issuance of 6,000,000 common shares of the Company (the "Shares"). All the Shares will have a statutory hold period of four months and a day from issuance in accordance with Canadian securities laws. 3,000,000 of the 6,000,000 Shares will also bear a 12 month hold and restriction from transfer. Additionally, Li-FT will retain a 0.5% NSR on all acquired claims. The share–weighted consideration preserves cash for drilling while giving both Power Metallic and Li–FT exposure to the exploration upside in the basin. The issuance of the Shares is subject to the Company's receipt of approval from the TSX Venture Exchange. Fully Funded 100,000–Metre Drill Program Through 2026 The drilling rig has been collared on the first hole of the summer program. We are resuming work along the Nisk–Lion–Tiger trend while integrating its newly acquired LIFT claims—an expansion that increases the Company's land position more than 300%. Field crews will mobilize in successive waves beginning the last week of May, with camp upgrades—including grid–power wiring for new core–logging facilities—well underway. Drilling will initially recommence in the Nisk-Lion-Tiger area to expand current zones. It is anticipated that by early fall of 2025 the core facility capacity will be ramped up to six drills enabling quicker exploration target turnaround and flexibility to follow exploration successes on the expanded Nisk Project Area. Key elements of the work program District–scale data integration. Historical technical data from the LIFT claims are being compiled alongside existing datasets to refine regional targeting. Airborne & ground geophysics. A large–scale airborne EM survey—followed by targeted ground EM—will seek near–surface conductors. Systematic mapping and prospecting. Field teams will focus on areas highlighted by Li–FT's previous geochemical anomalies, moving from regional reconnaissance to detailed mapping and sampling as anomalies are confirmed. Follow–up drilling. Once preliminary geophysics and mapping results are interpreted, priority targets, primarily confirmed by EM, will be drilled through late 2025 and into the 2026 winter season. Terry Lynch, CEO, stated:"Consolidating the LIFT ground lets us apply the geological insights from Nisk across a district–scale footprint. With over 100,000 metres of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources." JC Evensen, Strategic Advisor, added:"The opportunity to consolidate control of this emerging polymetallic mineral district will allow Power Metallic to fully explore and understand its potential before determining the value maximizing development pathway for all stakeholders involved. The discovery of Lion transformed how this area was understood geologically, and now, with the counsel of Steve Beresford on the board, Joe Campbell, Adam Findlay and the entire exploration team have an opportunity to see if there is something better than Lion to be discovered." A more detailed summer exploration plan—updated to reflect the expanded acreage—will be released within the next 2–4 weeks. Qualified PersonJoseph Campbell, 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 nickel–copper–PGE, 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 ~212.86 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. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. 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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