Mr. Terry Lynch of Power Metallic Mines reports

POWER METALLIC EXTENDS LION 25% DEEPER AS POWER METALLIC INTERCEPTS 5.70 METERS OF 14.00% CUEQREC1 IN HOLE 26-125

Power Metallic Mines Inc. has provided the first assays of extensional deep drilling of assay results from its summer 2026 drill program. Prior to the summer drill program, drilling concentrated on improving the density of drill intercepts for the recently announced MRE (mineral resource estimate) to increase the confidence of modelling Lion, particularly within the range of a potential future open pit, and to bring the vast majority of the known deposit as of the end of the winter program (end April, 2026) to drill indicated category.

For the summer drill program, Power Metallic has carried out widely spaced exploration drilling on geological and geophysical (EM) targets and, more importantly, begun a program of extending the Lion deposit to depth below the outline of the MRE model. The two holes reported here are the first assays to be completed on this deep drilling.

Hole PML-26-125 is the deepest assay result to date at Lion at a vertical depth of nearly 800 metres vertical depth, well below the current MRE. Prior to hole PML-26-125, the deepest reported hole intersecting the core of the Lion shoot to date (PML-25-002) intersected 1.95 metres at 7.95 per cent CuEqRec (copper equivalent recovered) at approximately 610 metres vertical depth. This hole was targeted on the projected centre of the Lion plunge approximately 150 metres below the previous deepest hole and intersected 5.7 metres of massive to semi-massive copper sulphides (Table 1). An earlier drill hole, PML-26-121a targeted the western side of the projected plunge of Lion at a vertical depth of nearly 650 metres and intersected disseminated to semi-massive copper sulphides. A subsequent hole (PML-26-128) tested the eastern side of the interpreted Lion plunge at nearly 900 metres vertical depth, showing disseminated and massive veinlets of copper sulphides, with assays pending. All three of these holes firmly established that the Lion deposit continues at depth and has not been fully delineated.

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

Terry Lynch, chief executive officer of Power Metallic, commented: "We are in the unique position due to the high-grade and near-surface nature of our project to advance development of what the world needs in critical minerals, namely copper and PGEs [platinum group elements], but also continue our multifaceted exploration approach to allow the resource to grow substantially between now and the end of 2027. Today's results pushed us over 25 per cent deeper than the deepest hole used in our recently announced MRE and it did so with significantly higher grades. We have visibility down over 50 per cent deeper, and, visibly, it looks like we are still in the Lion zone. As we have seen with the great hit Talon Metals recently had, deposits can get thicker and richer at depth. The blessing in Lion is our mineralization starts at surface and extends down, making it very economic to mine and explore. We are excited to get back to exploration."

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 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 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 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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