Mr. Haydn Daxter reports

POWER METALS ACQUIRES NEW GROUND SOUTH OF HEARST AS SUCCESSFUL DRILLING PROGRESSES AT CASE LAKE

Power Metals Corp. has staked the Pelletier project consisting of 337 mineral claims that account for total surface area of 7,000 hectares in northeastern Ontario, approximately 50 kilometres (km) south of Hearst. The Pelletier project is characterized by lithium-cesium-tantalum (LCT) prospective peraluminous S-type pegmatitic granites intruding into metasedimentary and amphibolite between the Quetico and Wawa subprovinces in Ontario, Canada.

Previous work completed by geologists from Ontario Geological Survey in the early 2003 reported that the Pelletier granitic pegmatite field is at least eight km (kilometres) by 20 km and contains evolved granitic pegmatites with anomalous rubidium, cesium and the potassium to rubidium ratio, indicating prospectivity of the region to host LCT pegmatites. The Pelletier property is located 30 km south of the Lowther pegmatite field where Brunswick Exploration conducted exploration drilling at the Decoy and Moskito pegmatites.

Case Lake winter 2024 drilling update

The 2024 winter drilling program at Case Lake with Major Drilling is progressing well with the first five holes completed at the Main Dyke for a total of 615 metres of the planned 4,000-metre program. Drilling is currently at Case Main zone to test depth and strike extensions to several known LCT mineralized trends that were previously drilled in 2017 to 2022 at the Main, East and West Joe dikes.

The current drilling has identified coarse spodumene mineralization between two-centimetre to 10-centimetre grain size, these zones displayed between 6 per cent to 15 per cent spodumene mineralization that occur in a series of stacked pegmatites at Main zone.

Drilling will move the West Joe later this week to test mineralization extensions to the high-grade cesium mineralization from 2017 to 2022. The first round of assays from drilling will be sent for analysis this month and results expected toward the end of April, these shall continue until the completion of the drill program.

Chief executive officer Case Lake site visit

Power Metals chief executive officer Haydn Daxter has completed a site visit at Case Lake with the company's vice-president of exploration, Amanuel Bein, to review the current winter drilling program at Case Lake with the 4,000-metre diamond drilling program.

The unique mineralization styles that have been identified at Case Lake with LCT pegmatite dikes at Case Main and high-grade cesium at West Joe shall form part of planning for the company's exploration strategy for the year ahead at Case Lake.

Case Lake has also displayed multiple known mineralized anomalies from field work conducted in 2023 that will be strategically tested throughout the year ahead by the Power Metals team.

Haydn Daxter, chief executive officer of Power Metals, commented: "It's a very exciting time for the company as we continue to develop our understanding of the mineralization trends at this unique project in Case Lake. Seeing the drill core firsthand and working with the team on the ground will allow the company to develop a clear exploration strategy for the year ahead as we look to unlock the potential in the property."

Johnathan More, chairman of Power Metals, commented: "We are very excited with the progress of drilling at Case Lake and expect to announce first round of assay results within four to six weeks. We are happy to add a new property to our portfolio and look forward to reviewing our 2024 exploration strategy at Case Lake and beyond which will enable us to maximize shareholder returns. We believe in the exploration upside at Case Lake, one of the few projects in the world that contain Cesium mineralization."

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 585 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 granitic 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 dome, collectively forming mineralization trend that extends for approximately 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.

Pelletier property

The Pelletier property is located 50 km south of Hearst, northeastern Ontario, close to a network of forestry roads. The property consists of 337 mineral claims that account for a total of 7,000 hectares in Franz, Roche, Scholfield and Talbot townships in the Porcupine mining division. The Pelletier project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near Archean terrane boundary between the Quetico and Wawa subprovinces.

Decelles property

The Decelles property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centres of Val d'Or and Rouyn-Noranda, approximately 600 km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59 per cent (Refer to press release announced on Aug. 24, 2023 ). The geology of Decelles property is part of the Archean Pontiac subprovince where S-type LCT prospective, pegmatite-bearing, granitic Decelles batholith intrudes into metasedimentary units of the Pontiac group. Spodumene and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property where discovery of high-grade lithium pegmatites was reported in 2022.

Mazerac property

The Mazerac property is located approximately 30 kilometres east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining centre of Val d'Or and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type LCT prospective, pegmatite-bearing, granites of Decelles batholith intrude into metasedimentary units of the Pontiac group. Spodumene and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite.

Scientific and technical disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Mr. 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.

Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects.

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