Power Metallic: The Lion story just got deeper

Power Metallic is a Canadian junior exploration company focused on developing the NISK polymetallic deposit into a carbon-neutral and reliable source of critical minerals.

Dear Investors,

A few days ago, with the release of our MRE (Mineral Resource Estimate), we told you that our first resource was a starting point, not the end of the Lion story. Today, we have the first results from the deep drilling that is testing what comes next.

And the results are encouraging.

Hole PML-26-125 has extended Lion more than 25% deeper than the deepest drilling used in our recent MRE, returning 5.70 metres at 14.00% CuEqRec, including 2.15 metres at 24.62% CuEqRec.

This is the deepest assay result we have reported from Lion to date, at nearly 800 metres vertical depth.

To put that in context, our previous deepest hole into the core of the Lion shoot returned 1.95 metres at 7.95% CuEqRec at roughly 610 metres. Hole 125 went nearly 200 metres deeper and came back wider and higher grade.

But for us, the grade is only part of the story.

The important question after the MRE was whether the mineralization continued below the resource model. It does.

An earlier deep hole, PML-26-121a, tested the western side of the Lion plunge at nearly 650 metres vertical depth and returned 7.70 metres at 3.28% CuEqRec, including 1.70 metres at 11.93% CuEqRec.

And a third hole, PML-26-128, has now tested the eastern side of the Lion plunge at nearly 900 metres vertical depth. We can see disseminated and massive veinlets of copper sulphides in the core, which is what mineralization looks like before the assays confirm it. Those assays are still pending.

Three deep holes are now giving us visibility well below the resource we just announced.

The significance is that none of this drilling was included in the MRE. The resource was based on drilling completed through April 19. Since then, we have been drilling deeper and testing the system beyond the limits of that model.

Today’s results are our first look at what that deeper system may contain. This is exactly why we kept drilling.

We have an independently defined, high-grade resource at Lion that gives us a foundation for development. At the same time, we are now seeing that the system continues substantially deeper than the resource model, with more assays still to come. As the recent great hit at Talon Metals showed, deposits can get thicker and richer at depth.

We currently have visibility more than 50% deeper than the drilling used in the MRE, and visually we continue to see evidence that we are still in the Lion Zone.

The blessing at Lion is that our mineralization starts at the surface and extends down, which makes it very economical to mine and to explore. So we have two things happening at the same time. We can advance what we have already defined, while continuing to explore how much larger the system could become.

There are more results coming from the deep Lion drilling and our regional exploration program in the weeks ahead. We are excited to get back to exploration.

Read the full news release for the complete results and drill details

Thank you for being part of the journey. There is still a lot more to drill.

Learn More About Power Metallic:
Projects      |      Corporate Presentation      |      News

Sincerely,
Terry Lynch
Chief Executive Officer
Power Metallic Mines Inc.

─────────────────────────────────────────────
If you would like to learn more or discuss Power Metallic further, simply reply to this email and our IR team will be pleased to get in touch.
─────────────────────────────────────────────

¹ CuEqRec represents copper equivalent calculated on recovered grades using the following metal prices (USD): $2,360.15/oz Au, $27.98/oz Ag, $1,215.00/oz Pd, $1,000.00/oz Pt, $4.00/lb Cu, $10.00/lb Ni and $22.50/lb Co, with recoveries based on recent locked cycle metallurgical test work by SGS Canada Inc. Reported lengths are downhole distances. True width is estimated at approximately 85% of downhole length based on model projections.

Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure in the news release referenced above.

This message contains forward looking statements, including statements regarding future drilling, assay results, and the potential size of the Lion deposit. Such statements are not guarantees of future performance and actual results may differ materially. Readers should refer to the Cautionary Note Regarding Forward Looking Statements in the full news release. Mineral resources are not mineral reserves and do not have demonstrated economic viability.