Toronto – September 11, 2026 -- Power Metallic Mines Inc. (TSXV: PNPN) has declared an inaugural Mineral Resource Estimate for the Lion Zone at its Nisk Project in Quebec, containing approximately 406 million pounds of copper-equivalent (CuEq) with more than 85% classified as Indicated.
Lion resource grades near 4% CuEq across 4.75 million tonnes
The Lion deposit holds 4,145,000 tonnes Indicated at 3.86% CuEq (1.68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni), plus 601,000 tonnes Inferred at 4.01% CuEq. The estimate, prepared by SGS Canada Inc. under NI 43-101 standards, carries an effective date of June 19, 2026, and incorporates drilling completed to April 19, 2026. Approximately 59% of the tonnage sits within the open-pit resource, and mineralization starts at surface.
Locked-cycle testing confirms recoveries above 98%
SGS metallurgical testing on representative Lion mineralization returned copper recoveries exceeding 98% across all composite samples, producing concentrates grading over 25% Cu. Two locked-cycle flotation tests -- one on blended run-of-mine feed and another on low-grade disseminated material -- both yielded a single high-grade copper concentrate carrying platinum, palladium, gold, silver and nickel. Hydrometallurgical testing of the concentrate for a direct-to-metal processing route is underway.
Five rigs remain active as company evaluates PEA engineering proposals
Power Metallic is currently reviewing proposals from engineering firms to complete a Preliminary Economic Assessment covering Lion integrated with the restated Nisk nickel-copper resource. Five drill rigs continue targeting extensions at depth and along strike, with assays from the 2026 summer program expected starting in September 2026.
CEO says deposit remains open below 600 metres vertical depth
CEO Terry Lynch said the resource confirms Lion as a high-grade polymetallic deposit, with high-grade mineralization beginning at surface and remaining open at depth. He noted the company is assessing federal and Quebec critical-minerals incentive programs and cited proximity to existing road and power infrastructure as favorable for a modest initial development footprint. Lynch added that deep step-out drilling this summer, with some holes targeting hundreds of metres below the current resource, aims to locate nickel-rich mineralization that would have crystallized earlier in the magmatic sulphide system.
Shoot modelled continuously to more than 600 metres vertical depth
VP Exploration Joe Campbell described Lion as a fractionated copper- and precious-metal-rich shoot within a magmatic sulphide system, modelled continuously from surface to more than 600 metres vertical depth. The mineralized package spans up to 50 metres thick, dipping at approximately 65° to the north-northwest, with a high-grade core dominated by massive to brecciated chalcopyrite and cubanite. The deepest reported hole to date, PML-25-002, intersected 1.95 metres at 7.95% CuEqRec at approximately 610 metres vertical depth. Post-cutoff drill holes PML26-121A, PML-26-125 and PML-26-128A intersected visible copper mineralization below the modelled zone, with assays pending.
Nisk Project sits 280 kilometres from Chibougamau in Eeyou Istchee James Bay
The Nisk Project, held 80% by Power Metallic and 20% by Critical Elements Lithium Corp., is located approximately 280 kilometres north-northwest of Chibougamau and 425 kilometres northeast of Matagami in Quebec's Eeyou Istchee James Bay territory.