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POWER METALS CORPORATE UPDATE ON DECELLES AND MAZERAC PROJECTS IN QUEBEC, CANADA

Power Metals Corp. has filed a draft valuation report with the TSX Venture Exchange relating to its agreement with Winsome Resources Ltd. to acquire a 100-per-cent interest in the Decelles and Mazerac projects, located in Quebec, from Winsome in consideration for the issuance of 17.65 million common shares to Winsome and the granting of a 2-per-cent net smelter royalty on each project to the original vendor of the projects (all as originally announced on Dec. 16, 2023). Winsome Resources is a non-arm's-length party to the company under the policies of the exchange. The acquisition has not closed and remains subject to the final acceptance of the exchange.

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 in the 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 mineralization trend that extends for approximately 10 kilometres.

Power Metals has completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene-bearing LCT (lithium/cesium/tantalum) pegmatites at Case Lake. The company drilled a total of 23,706 metres of core between 2017 and 2024 at the property. The Case Lake property is owned 100 per cent by Power Metals Corp. 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 kilometres 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 subprovince 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 kilometres 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 the 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-bearing 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 the Decelles batholith intrude into metasedimentary units of the Pontiac group. Spodumene-bearing 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 Amanuel Bein, PGeo, vice-president of exploration for Power Metals, a qualified person under NI 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. Power Metals is committed to building an arsenal of projects in cesium, lithium, and high-growth specialty metals and minerals. Power Metals sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and critical mineral industries across North America.

We seek Safe Harbor.