Mr. Johnathan More reports

POWER METALS COMPLETES AIRBORNE GEOPHYSICAL SURVEYS AT CASE LAKE

Power Metals Corp. has completed high-resolution airborne magnetic and lidar surveys on its 100-per-cent-owned Case Lake property in Northeastern Ontario. The two surveys were completed in May, 2023, and will be followed by field-based prospecting and mapping programs that are expected to start later this month. The company has drilled a total of 15,700 metres of core between 2017 and 2022 and is fully financing for a coming 15,000-metre drill program. The company has in excess of $10-million in the treasury.

Johnathan More, chairman of Power Metals, commented: "We are very excited to see extremely successful results of the recent airborne surveys completed at Case Lake. We are planning to follow up some of the interesting structural features we have identified with a field exploration and drill program and look forward to providing continuous updates throughout the summer. Our extremely strong cash position gives us tremendous strength for the aggressive development of this property."

Highlights of the airborne surveys:

• The overall magnetic map of the area indicates good magnetic contrast between different lithologies that can be used to identify cryptic lithologic contacts and structural corridors that have potential to act as traps for lithium-cesium-tantalum (LCT) pegmatites.
• The magnetic survey shows high-resolution details of strong magnetic contrasts at or near known pegmatite deposits at Case Lake.
• The magnetic survey also shows linear structural features that enhance understanding of the geology of the property and will contribute to identification of new targets. One of these structures occurs north of the West Joe and Main pegmatites and trends northeast for more than two kilometres.
• The magnetic survey was flown by Precision GeoSurveys Inc. over an area of 134 square km using 50 m line spacing for total of 2,962 line km.
• The company is in the process of mobilizing a field exploration crew that will focus on prospecting and geological mapping.

In addition to completion of the airborne magnetic survey, Power Metals was able to acquire high-resolution aerial imagery and lidar data in May, 2023. The company is progressing well with desktop compilation of historical and recent exploration data to generate quality targets and is fully budgeted for a 15,000-metre drill program that is expected to start late in the summer.

Case Lake property

The Case Lake property is located 80 km east of Cochrane, Northeastern Ontario, close to the Ontario-Quebec border. The property consists of 579 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake mining division. The property is 10 km by 9.5 km in size with 14 tonalite domes. The Case Lake pegmatite swarm consists of six spodumene dikes known as the North, Main, South, East and Northeast dikes on the Henry Dome, and the West Joe dike on a new tonalite dome, collectively forming a mineralization trend that extends for about 10 km.

Power Metals has completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene-bearing LCT pegmatites at Case Lake. The company has drilled a total of 15,700 metres of core between 2017 and 2022 at the property.

The Case Lake property is owned 100 per cent by Power Metals. A National Instrument 43-101 technical report has been prepared on the Case Lake property and was filed on July 18, 2017.

Scientific and technical disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, PGeo, vice-president of exploration for Power Metals, a qualified person under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects.

About Power Metals Corp.

The Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. It is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. The company sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean technology industries.

We seek Safe Harbor.