Mr. Terry Lynch reports

POWER METALLIC REPORTS NEW LION DRILL INTERCEPTS OF 36.42 METERS OF 2.83% CUEQREC1 IN HOLE 26-116 INCLUDING 6.00 METERS OF 12.38% CUEQREC1 AND ANNOUNCES AGSM MEETING RESULTS

Power Metallic Mines Inc. has provided final assay results from its winter 2026 drill program and the voting results from its annual general and special meeting (AGSM) held on June 30, 2026, in Toronto, Ont.

Summary

These assays from Power Metallic's winter 2026 drill program complete the 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 eastern 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 eastern 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-26-116, which intersected high-grade copper near surface with 36.42 metres at 2.83 per cent CuEqRec (copper equivalent recovered) at 75 m below surface, including semi-massive mineralization with 6.00 m at 12.38 per cent CuEqRec. (Table 1).

Drill holes not included in the table of Lion results (Table 1) occur on the eastern side of Lion, delimiting the eastern edge for MRE resource modelling. These holes did intersect the favourable mineralized structure but had low-grade assays, including individual assays of up to 0.49 g/t platinum and 0.62 g/t palladium, as well as anomalous copper and gold, defining the mineralized structure's location. Two holes also tested near surface between Lion and Tiger, again intersecting the mineralized structure with weak copper and palladium results.

Power Metallic is expecting more assay results from the summer drilling program, including regional exploration in the weeks to come.

Annual general and special meeting results

Power Metallic held its AGSM on June 30, 2026, 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 May 15, 2026. 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 was elected as a director, the appointment of the company's auditor, MNP LLP, the reapproval of the omnibus equity incentive plan, and the approval of an amendment to the company's articles to increase the quorum threshold for shareholder meetings. Just over 33.42 per cent of the company's issued and outstanding common shares as of the record date of the AGSM were voted. 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+.

The shareholder approval of the articles' amendment to increase the quorum threshold for shareholder meetings to 33-1/3rd per cent will allow the company's articles to meet the quorum threshold expected for companies listed on a U.S. national stock exchange. With shareholder approval in hand, and as disclosed in the information circular, the company intends to implement the articles amendment at such time as the board of directors has determined to proceed with seeking a listing on a U.S. national stock exchange.

The full scrutineer's report for the AGM votes will be posted on the company's website by the end of the week.

"We are grateful for the strong support of our shareholders at this year's annual general and special meeting. Receiving approval for the amendment to our articles to align our quorum threshold with U.S. national exchange requirements is a meaningful step forward in our mission to bring Power Metallic's story to a broader investor audience. With the Lion zone delivering some of the highest-grade polymetallic intercepts in the world, exceptional metallurgical recoveries, and a pipeline of catalysts ahead -- including our upcoming mineral resource estimate -- we believe a U.S. national exchange listing will unlock a significant rerating opportunity and introduce this company to a broader community of institutional and retail investors," stated Mr. Lynch, chief executive officer of Power Metallic Mines.

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 Saiyd 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 deposits.

Quality assurance/quality control and sampling

GeoVector Management 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 was 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 a laboratory 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 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 UT7 (lithium up to 5 per cent, rubidium up to 2 per cent) method. Actlabs also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

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