Mr. Johnathan More reports

POWER METALS DISCOVERS NEW PEGMATITES CONTAINING SPODUMENE NORTH OF CASE LAKE

Power Metals Corp. has discovered new pegmatites north of known pegmatite deposits at its 100-per-cent-owned Case Lake property in Northeastern Ontario. The new pegmatites were identified during the company's continuing 2023 field exploration program that started in summer of 2023. The 2023 field exploration program is focusing on prospecting, sampling and geological mapping of existing and new pegmatite prospective areas that were identified using compilation and interpretation of geological maps, drilling, and recently acquired high-resolution magnetic and lidar surveys.

Johnathan More, chairman of Power Metals, commented: "We are excited with the discovery of new pegmatites at Case Lake after we were able to mobilize a field exploration crew during a challenging forest fire season in Northeastern Ontario. We are very happy with the progress of the field exploration program and look forward to further enhance the quality of targets we are generating for an upcoming drill program."

Key exploration highlights:

• The new pegmatite dikes occur about 1.5 kilometres north of the Northeast dike in close proximity to Dome Nine. Field observations and assay results of samples collected in 2023 confirm presence of 10-to-15-metre-wide spodumene-bearing pegmatites with lithium content as high as 1.12 per cent Li2O (lithium oxide).
• The 2023 field program confirmed presence of spodumene about 300 metres southeast of the Main zone in the western part of the East dike.
• A new pegmatitic tonalite was identified approximately 1.3 km southwest of the West Joe zone in metavolcanic units in an area where historical geological maps reported trenches with pegmatites and quartz veins that contain molybdenum.
• In addition to previously identified tonalitic domes that are prospective for lithium-cesium-tantalum (LCT) pegmatites on the property, compilation of historical and recently acquired lidar and magnetic data identified nine pegmatite prospective new areas.
• These areas were identified based on presence of pegmatitic tonalites, lineaments, and their similar magnetic and lidar signatures compared with the signature of areas that host LCT mineralization at Case Lake.
• The company is progressing well with the 2023 field exploration program and is prioritizing the highlighted results to generate drill-ready targets. Power Metals is fully budgeted for a 15,000-metre drill program that is expected to start later in the fall.

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 Case Lake property and 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 for Mineral Projects.

About Power Metals Corp.

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. Power Metals sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean technology industries.

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