Mr. Haydn Daxter reports

POWER METALS PROVIDES EXPLORATION UPDATE FROM ITS FLAGSHIP CASE LAKE PROJECT

Power Metals Corp. has provided an update on exploration activities at the 100-per-cent-owned Case Lake project in Northeastern Ontario.

Black Diamond Drilling has completed a total of 16 drill holes for 971 metres of the planned 2,000-metre program as part of 2024 phase 3 drilling at West Joe. The company anticipates the current exploration drilling program to be completed within the coming weeks as it concludes its exploration schedule for 2024 at the CLP. Assay results are expected to commence in late January and continue through February from SGS.

Pioneer Exploration has currently completed over 90 per cent of the planned 1,329-metre low-level, high-resolution drone magnetic survey across the southern area of the CLP. The survey is expected to be finalized in the coming week in the field with the team from Pioneer Exploration.

Phase 2 of the company's ore sorting testwork has arrived at Tomra in Germany with the 250-kilogram bulk sample due to commence X-ray transmission process in line with the preliminary testwork conducted at the Tomra facility in Australia. Results from the phase 2 bulk sample are expected in early 2025, with concentrate to be dispatched to SGS Lakefield for analysis.

The company has continued to advance its environmental studies at the CLP with continuing water sampling and the installation of hydrologic monitoring loggers to capture stream flow data along with water geochemistry analysis.

Haydn Daxter, chief executive officer of Power Metals, commented: "The company is incredibly pleased to see Black Diamond Drilling progressing well with phase 3 drilling with some impressive visual intercepts of high-grade cesium in pollucite. We anticipate drilling to be completed in the next two weeks prior to our end-of-year exploration shutdown.

"Additionally, we are extremely excited to commence our phase 2 ore sorting testwork in Germany with Tomra on our bulk sample and look forward to the production of a bulk high-grade concentrate.

"The company continues to derisk the Case Lake project with environmental studies and additional geophysical data as we strengthen exploration targeting and the world-class potential in meeting the demand for critical minerals and high-grade cesium oxide."

Johnathan More, chairman and founder of Power Metals, added: "The Flagship Case Lake project continues to advance across a number of facets to fast-track the production of high-grade cesium oxide as global demands continue to increase for the rare mineral. Commencement of our bulk sample analysis, in addition to a very promising-looking phase 3 drilling program, a magnetic drone survey and environmental studies, adds further weight to the company advancing the Case Lake project into 2025 to meet the demands on critical minerals on a global scale."

Phase 3 drilling

The company commenced phase 3 drilling at West Joe on Nov. 17 and has completed 13 diamond drill holes to date for 782 metres. Currently a total of 11 drill holes have been submitted to SGS with results anticipated to commence in late January. West Joe is a lithium-cesium-tantalum pegmatite system that has produced several high-grade cesium intercepts up to 22.47 per cent Cs2O (cesium oxide), and high-grade tantalum up to 5,328 parts per million (as reported, June 18 and Nov. 19, 2024).

Drill holes PWM-24-236 to PWM-24-249 intersected 5 to 25 per cent pollucite and 2 to 20 per cent spodumene, along with 1-per-cent-tantalite grains up to two millimetres in size within the drill core. Mineralization is currently between six and 10 metres thick in all drill holes completed, and commences from a shallow average of 10 metres downhole depth from surface. All pegmatite intervals intersected white and/or translucent pollucite mineralization, coarse spodumene, and millimetre-scale tantalite grains and veinlets.

Magnetic drone survey

The phase 2 drone magnetic survey is currently progressing on schedule with the company expecting the remaining area to be completed in the coming week across the southern area of the CLP. Once finalized, the new data set will be added to the completed phase 1 drone magnetic survey from earlier this year.

Subsequent to final quality assurance/quality control on the data, a review shall be conducted on the geophysical data, production of an updated structural model and drill hole targeting to encompass the recently submitted early exploration permit.

Phase 2 ore sorting

The company will commence its phase 2 ore sorting program with Tomra in Germany on the 250-kilogram bulk sample from West Joe drill core completed in 2024 drilling. The process will be aligned with the preliminary ore sorting program conducted in Tomra Australia with all material to be crushed before blending and passing to sorting with XRT. The concentrate is expected to be finalized within the next four weeks before being dispatched to SGS Lakefield in Canada for analysis.

Environmental studies

Continuing environmental monitoring programs continued at the CLP with Blue Heron Environmental and local stakeholders, as the company continues to advance its environmental baseline studies. This included field programs involving surface hydrologic studies with the installation of hydrologic monitoring loggers (stream flow) and additional collection of surface water samples from six stations across the project. Additional surface water sampling and the collection of stream flow data will be completed prior to the end of year.

Case Lake property

The Case Lake property is located 80 kilometres east of Cochrane in 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 kilometres by 9.5 kilometres 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 a mineralization trend that extends for approximately 10 km.

Power Metals have 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 22,231 metres of core between 2017 and 2024 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 filed on July 18, 2017.

Pelletier property

The Pelletier property is located 50 km south of Hearst in 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 the 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 km 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.

Pollucite and cesium

Pollucite is a rare mineral that hosts high-grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite. Currently, the Tanco mine in Manitoba, Canada, is the only operating cesium deposit and holds over 60 per cent of the known reserves globally.

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.

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 cesium, lithium, and high-growth specialty metals and minerals. It sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and critical mineral industries across North America.

We seek Safe Harbor.