Mr. Joseph Campbell reports

POWER METALLIC REPORTS NEW LION DRILL INTERCEPTS OF 13.30 METERS OF 3.98% CUEQREC IN HOLE 26-115 AND 5.26 METERS OF 8.45% CUEQREC IN HOLE 26-105 AT LION

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

Summary

These additional assays from Power Metallic's winter 2026 drill program are nearing the completion of winter drill results to be used for the initial National Instrument 43-101 mineral resource estimate (MRE) on Lion. Completion and reporting of the MRE estimates on Lion and the Nisk deposit are scheduled for the end of July. This MRE will form the basis for a preliminary economic assessment (PEA) to begin immediately following the completion of the MRE.

Lion zone MRE infill program

This news release includes drill holes defining the western side of the Lion zone close to surface. All holes are in preparation for the 2026 mineral resource estimate (MRE). The infill drill holes in this release were drilled to delimit the western side of Lion to increase the confidence of modelling the zone, particularly within the range of a potential future open pit.

Infill drill holes in the shallow central parts of the deposit continue to report good near-surface grades, as evidenced by PML-26-115, which intersected high-grade copper near surface with 13.30 metres at 3.98 per cent CuEqRec (copper equivalent recovered) at 25 metres below surface, and PML-26-105, which intersected 5.26 metres at 8.45 per cent CuEqRec at approximately 140 metres below surface (Table 1).

Drill holes not included in the table of Lion results (Table 1) occur on the western side of Lion, delimiting the western edge for MRE resource modelling. These holes did intersect the favourable mineralized structure but had low-grade assays, including individual assays of up to 0.57 per cent copper and 1.22 grams per tonne palladium. The fact that these holes are within a few tens of metres of very-high-grade intersections is important for the continuing exploration in the Lion area. Understanding that good structure with low-grade mineralization in exploratory drilling could indicating potential proximity to higher grades will help vector current and future drilling programs.

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

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 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 a 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 massive volcanic 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 either HQ- or 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. (Actlabs), a commercial laboratory independent of Power Metallic with no interest in the project. Actlabs is an ISO 9001- and 17025-certified and accredited laboratories. 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 pulverize (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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