Mr. Johnathan More reports

POWER METALS COMPLETES 2023 FIELD EXPLORATION & GEARS UP FOR WINTER 2024 EXPLORATION DRILL PROGRAM AT CASE LAKE

Power Metals Corp. has completed its 2023 field exploration activities and is preparing to initiate an exploration drill program at its 100-per-cent-owned Case Lake property in Northeastern Ontario. Power Metals has been able to finalize key exploration activities that include completion of high-resolution airborne surveys, compilation and interpretation of historic and recent exploration data, and the execution of a field exploration program that has identified new spodumene-bearing pegmatites in the property (see news releases dated May 15, June 8 and Sept. 13, 2023). In addition, the company was able to initiate metallurgical test work in collaboration with SGS Canada on lithium-tantalum-cesium (LCT) pegmatite samples from the Main, North and West Joe dikes at Case Lake (see news release dated Oct. 19, 2023). The company is pleased to announce that it has successfully finalized its 2023 field exploration program and is in the process of procuring exploration service personnel for its winter 2024 exploration drill program which is planned to start in January of 2024.

Johnathan More, chairman of Power Metals, commented: "We are very happy with the completion of our 2023 exploration activities at Case Lake. Our team has been able to complete the target generation process and identified several untested target areas. We look forward to drill testing the targets as we prepare to launch an exploration drill program in the new year."

Two thousand twenty-three key exploration highlights:

• Power Metals acquired high-resolution airborne magnetic and lidar (light detection and ranging) data at Case Lake in spring of 2023, and completed compilation of property-scale linear features that identified regional structures that control emplacement and distribution of LCT pegmatites at Case Lake.
• Field exploration activities focused on prospecting, sampling and mapping during the 2023 field exploration program identified several new pegmatites in the property, including spodumene-bearing LCT pegmatites in and around Dome Nine.
• The company engaged SGS Canada to conduct metallurgical testing on mineralized pegmatite samples from Case Lake. Phase 1 sampling program for metallurgical studies was completed in fall of 2023, whereas samples collected in winter of 2024 will be part of phase 2 sampling.
• Compilation of historical and recent exploration data, and detailed target generation process identified eight high-priority target areas that have not been tested by drilling.

Case Lake property

The Case Lake property is located 80 kilometres 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 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.

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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