Power Metallic: Advancing Nisk and Preparing for Key Milestones

Jun 11, 2026

Dear Shareholders and Investors,

Reaching out to share that Power Metallic over the past month has continued to advance the Nisk Project, which is strengthening Power Metallic’s financial position and expanding its exploration footprint.

Sharing below some of the key developments which are worth highlighting during this period were:

Financial Position: Power Metallic recently completed a C$28.2 million financing, providing capital to advance exploration and development activities at Nisk as well as ongoing work in Saudi Arabia. The financing included participation from Eric Sprott, who became a new shareholder of the Company.
- Power Metallic Announces Upsize of Brokered LIFE Offering Following Strong Investor Demand
Advancing Nisk: Work continues to support the Company’s planned initial NI 43-101 Mineral Resource Estimate, currently anticipated in late July 2026.
- Recent drill results, metallurgical work, and ongoing exploration activities continue to expand our understanding of the Nisk-Lion-Tiger system while supporting future resource growth.
- Independent analyst coverage released during the period highlighted the scale of the opportunity at Nisk and outlined several upcoming catalysts expected throughout the remainder of 2026.
Noble Capital Markets Research Update – Advancing Lion Resource Growth and Expanding District Exploration
Technology and Discovery: The Company recently partnered with Ideon Technologies to deploy muon tomography at Lion.
- The program is designed to assist in identifying deeper targets across the Nisk property and improve subsurface targeting beyond the reach of conventional exploration methods.
International Expansion: Power Metallic also announced a strategic alliance with Amaar Mining in Saudi Arabia, establishing a framework for future participation in mining licence opportunities within one of the world’s fastest-growing mining jurisdictions.

Some of the Key milestones anticipated over the coming months include:

Ongoing drill results from the Nisk Project
Completion of summer exploration and geophysical programs
Initial NI 43-101 Mineral Resource Estimate (anticipated late July 2026)
Advancement toward a Preliminary Economic Assessment targeted for December 2026

Thank you for your continued interest and support. We look forward to providing an update once these milestones are achieved.

Sincerely,

Terry Lynch
Managing Director & CEO
Power Metallic Mines Inc.

Any Questions or clarification you need, feel free to call or connect with Rick Timcke
+1 (250) 897-2340 [email protected]

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