Mr. Terry Lynch reports

LION ZONE DELIVERS SECOND BEST INTERSECTION EVER AS POWER METALLIC INTERCEPTS 22.00 METERS OF 11.46% CUEQREC IN HOLE 26-095

Power Metallic Mines Inc. has provided additional assays from its winter 2026 drill program.

Lion zone MRE (mineral resource estimate) infill program

Additional drill holes continued to add and refine the high-grade Lion zone ahead of the 2026 mineral resource estimate. The infill drill holes in this release cover approximately 560 metres of downplunge extent from the core of the Lion zone (PML-26-095) to the central-southwestern Lion area (PML-26-069). These holes highlight both the robust near-surface mineralization as well as returning the deepest high-grade intercept at Lion. These holes will be incorporated into future mineral resource estimates and highlight the potential for open-pit development.

Continued evolution and support of the modelled interpretation of the Lion zone is evidenced by PML-26-095, which intersected the interpreted core of the Lion zone with wide intersections of high-grade copper near surface with 22.00 metres at 11.46 per cent CuEqRec, including 6.50 metres at 18.59 per cent CuEqRec and including 4.00 metres at 18.62 per cent CuEqRec (Table 1).

Hole PML-26-069 tested the zone approximately 560 m south-southwest downplunge of PML-26-095 at a vertical depth of 600 m containing a moderate grade of 6.58 m at 4.00 per cent CuEqRec, including a high-grade interval of 2.82 m at 8.26 per cent CuEqRec .

Copper equivalent recovered calculation (CuEqRec)

CuEqRec represents copper equivalent calculated based on the following metal prices (U.S. dollars) -- $2,360.15 per ounce gold, $27.98 per ounce silver, $1,215 per ounce palladium, $1,000 per ounce platinum, $4 per pound copper, $10 per pound nickel and $22.50 per pound cobalt -- and recovered grades based on recent locked-cycle metallurgical recoveries by SGS Canada Inc. (see press release dated Jan. 21, 2006).

Exploratory drilling -- east of Tiger

Drill holes PML-26-065 and PML-26-076, located to the east of Tiger, were designed to test modelled anomalies derived from the 2025 airborne VTEM (versatile time-domain electromagnetic) survey. Both holes hit anomalous mineralization of subeconomic grades, including one m of 0.19 per cent Cu at 39.5 to 40.5 m and one m of 0.81 gram per tonne Pt at 96.5 to 97.5 m (PML-26-065). PML-25-076 displayed Lion-style assemblages of gold/copper/nickel/palladium/platinum from 207 to 233.5 m, averaging 0.1 per cent CuEq.

Power Metallic is expecting more assay results from the MRE drilling and regional exploration in the weeks to come.

"The Lion zone continues to deliver high-grade intersections that are more than an order of magnitude beyond the grade of the average producing copper mine. Hole PML-26-095 represents our second-best intersection to date. Results demonstrate that both grade and thickness are being maintained and, in places, increasing as we advance toward our inaugural mineral resource estimate in the third quarter of 2026. Lots more to come," commented Terry Lynch, chief executive officer and director.

Qualified person

Joseph Campbell, PGeo, vice-president, 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 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 330 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 was 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 volcanogenic massive sulphide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Quality assurance/quality control and sampling

GeoVector Management Inc. is the consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All core in this news release is NQ-sized core. Drill core is refitted and measured. Geotech on core includes photographs (wet and dry), rock quality index, magnetic susceptibility, conductivity and recovery estimates. Core is logged for lithology, mineralogy and structural features, and sample intervals are delineated and tagged.

Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector's QA/QC program includes regular insertion of CRM (certified reference material) standards, duplicates and blanks into the sample stream with a stringent review of all results. QA/QC and data validation were performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd., a commercial laboratory independent of Power Metallic with no interest in the project. Actlabs is certified and accredited under ISO 9001 and ISO 17025. Samples submitted through Actlabs are run through standard preparation methods and analyzed using RX-1 (dry, crush (less than seven kilograms) up to 80 per cent passing two millimetres, riffle split (250 grams) and pulverized (mild steel) to 95 per cent passing 105 micrometres) preparation methods, and using 1F2 (ICP-OES) and 1C-OES four-acid near-total digestion plus gold-platinum-palladium analysis and eight-peroxide ICP-OES for regular and over-detection-limit analysis. Pegmatite samples are analyzed using the UT7 method (lithium up to 5 per cent and rubidium up to 2 per cent). Actlabs also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

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