Mr. Duncan Roy reports

POWER METALLIC ANNOUNCES AGSM MEETING RESULTS & UPDATE ON NYSE PROCESS

Power Metallic Mines Inc. has released the voting results from its annual general and special meeting (AGSM) held on Nov. 20, 2025, in Toronto, Ont.

Shareholders voted in favour of all items of business presented at the AGSM, as outlined in the proxy-related materials, including the notice of meeting and the information circular dated Oct. 14, 2025. These items included the election of directors such that each of Terry Lynch, Peter Kent, Les Mallard, Greg McKenzie, Steve Beresford and Seamus O'Regan were elected as directors, the appointment of the company's auditor, MNP LLP, the approval of the omnibus equity incentive plan, and the approval of an amendment to the company's articles to give the chair of the board a casting vote. Just over 31 per cent of the company's issued and outstanding common shares as of the record date of the AGSM were voted. Table 1 contains the percentage vote for each proposed item -- further detail can be found in the information circular.

The omnibus equity incentive plan replaces the company's previous stock option plan, which now enables the company to grant other forms of equity compensation, including restricted share units, deferred share units and performance share units, in addition to stock options. The omnibus equity incentive plan complies with the requirements of TSX Venture Exchange Policy 4.4, Security Based Compensation.

For more information on the resolutions and the omnibus equity incentive plan, shareholders are encouraged to refer to the information circular available at the company's profile on SEDAR+.

New York Stock Exchange

As previously announced, the company is advancing its application for a listing on the NYSE, subject to regulatory approval. Following the completion of the Q3 financial review by the company's auditor and the NYSE, Power Metallic expects to provide an update in early January.

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 copper/platinum group element, nickel, gold and silver system -- toward Canada's next polymetallic mine.

On Feb. 1, 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80 per cent of the Nisk project from Critical Elements Lithium Corp. Following the June, 2025, purchase of 313 adjoining claims (approximately 167 square kilometres) from Li-FT Power, the company now controls approximately 212.86 square kilometres and roughly 50 kilometres 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-per-cent share ownership position in Chilean Metals Inc., which were spun out from Power Metallic through a plan of arrangement on Feb. 3, 2025.

It also owns 100 per cent of Power Metallic Arabia, which owns 100-per-cent interest in the Jabul Baudan exploration licence in the Kingdom of Saudi Arabia's Jabal Sayid belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper, gold and zinc mineralization. The region is known for its volcanic massive sulphide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposits.

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