Mr. Duncan Roy reports

POWER METALLIC MINES FILES AMENDED LIFE OFFERING DOCUMENT TO INCLUDE QUEBEC AS AN OFFERING JURISDICTION FOR PREVIOUSLY ANNOUNCED BROKERED LIFE OFFERING FOR GROSS PROCEEDS OF UP TO C$30 MILLION

Further to the news releases of May 28 and May 29, 2026, regarding the best effort brokered private placement of Power Metallic Mines Inc. of up to $30-million led by Red Cloud Securities Inc., acting as lead agent and sole bookrunner on behalf of a syndicate of agents, the company has filed an amended and restated offering document dated June 4, 2026, related to the marketed offering, which adds Quebec as an offering jurisdiction. The amended offering document can be accessed under the company's profile at SEDAR+ and on the company's website. Prospective investors should read the amended offering document before making an investment decision.

The terms of the marketed offering remain the same, and the company has agreed to sell up to 24 million common shares of the company at a price of $1.25 per offered share. The company also granted the agents an option, exercisable in full or in part up to 48 hours prior to the closing of the marketed offering, to sell up to an additional 2.4 million offered shares at $1.25 per offered share for up to an additional $3-million in gross proceeds. The offering is scheduled to close on or around June 10, 2026.

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 Inc.) 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 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-per-cent share ownership position in Chilean Metals, which was spun out from Power Metallic by a plan of arrangement on Feb. 3, 2025.

It also owns 100 per cent of Power Metallic Arabia, which owns a 100-per-cent interest in the Jabul Baudan exploration licence in the Kingdon of Saudi Arabia's Jabal Said 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 massive volcanic sulphide deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

We seek Safe Harbor.