Mr. Terry Lynch reports

POWER METALLIC INTERCEPTS 17.45 METERS OF 9.47% CUEQREC IN HOLE 26-094 AND 39 METERS OF 5.66% CUEQREC IN HOLE 26-101 AT LION

Power Metallic Mines Inc. has provided additional assays from its winter 2026 drill program.

Lion zone MRE (mineral resource estimate) infill program

Drilling continued to define the high-grade Lion zone in preparation for a 2026 MRE. The infill drill holes in this release are for holes that cover approximately 200 metres of strike length from the middle core of the Lion zone (PML-26-094) to the western edge (PML-26-104), defining mineralization at a vertical depth of approximately 100 metres below surface. These holes will be important for future mineral resource estimates to an indicated resource classification, potentially for open-pit exploitation.

The 2026 winter drill campaign continues to support the modelled interpretation of the Lion zone based on earlier wider-spaced drilling and includes PML-26-094, which intersected the interpreted core of the Lion zone and adds further support to wide intersections of high-grade copper near surface with 17.45 metres at 9.47 per cent CuEqRec, including 6.30 metres at 17.91 per cent CuEqRec (Table 1).

Hole PML-26-101 tested the zone approximately 100 m east of PML-26-094 at a slightly deeper vertical depth and contained high grade over a very wide intersection with 39.00 metres at 5.66 per cent CuEqRec including 9.20 metres at 15.18 per cent CuEqRec . A farther 100 metres west, hole PML-26-104 tested the western edge of the Lion zone and intersected 7.40 metres at 1.07 per cent CuEqRec and confirmed the expected mineralization modelled from the wider-spaced earlier drilling in this area.

Power Metallic is expecting more assay results from the MRE drilling and the regional exploration in the coming days and weeks.

Exploratory drilling -- between Lion and Tiger

Drill holes PML-26-071, PML-26-074 and PML-26-078 were designed to test relatively shallow depths to explore for additional zones of mineralization between Lion and Tiger. While none of the holes hit sufficiently wide zones of mineralization, narrow zones included 0.8 metre at 0.33 per cent copper, 0.78 gram per tonne palladium and 0.35 gram per tonne platinum in hole PML-26-074, indicating the mineralizing structures are still present in the Lion to Tiger area.

"The heart of Lion continues to deliver impressive results. Both of these holes would have broken into our top six holes at the Lion zone. We continue to build towards what we believe will be a very positive mineral resource estimate in third quarter of this year," commented Terry Lynch, chief executive officer and director.

Qualified person

Joseph Campbell, PGeo, vice-president, exploration, at Power Metallic, is the qualified person who has reviewed and approved the technical disclosure contained in this news release.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk project area (Nisk-Lion-Tiger) -- a high-grade copper/platinum group element, nickel, gold and silver system -- toward Canada's next polymetallic mine.

On Feb. 1, 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80 per cent of the Nisk project from Critical Elements Lithium Corp. Following the June, 2025, purchase of 313 adjoining claims (approximately 167 square kilometres) from Li-FT Power, the company now controls approximately 330 square kilometres and roughly 50 kilometres of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk project area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50-per-cent share ownership position in Chilean Metals Inc., which was spun out from Power Metallic through a plan of arrangement on Feb. 3, 2025.

It also owns 100 per cent of Power Metallic Arabia, which owns 100-per-cent interest in the Jabul Baudan exploration licence in the Kingdom of Saudi Arabia's Jabal Sayid belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper, gold and zinc mineralization. The region is known for its volcogenic massive sulphide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

Quality assurance/quality control and sampling

GeoVector Management Inc. is the consulting company retained to perform the actual drilling program, which includes core logging and sampling of the drill core.

All core in this news release is NQ-sized core. Drill core is refitted and measured. Geotech on core includes photographs (wet and dry), rock quality index, magnetic susceptibility, conductivity and recovery estimates. Core is logged for lithology, mineralogy and structural features, and sample intervals are delineated and tagged.

Sampled core is mechanically sawn, and half-core is retained for future reference. GeoVector's QA/QC program includes regular insertion of CRM (certified reference material) standards, duplicates and blanks into the sample stream with a stringent review of all results. QA/QC and data validation were performed, and no material errors were observed.

All samples were submitted to and analyzed at Activation Laboratories Ltd., a commercial laboratory independent of Power Metallic with no interest in the project. Actlabs is certified and accredited under ISO 9001 and ISO 17025. Samples submitted through Actlabs are run through standard preparation methods and analyzed using RX-1 (dry, crush (less than seven kilograms) up to 80 per cent passing two millimetres, riffle split (250 grams) and pulverized (mild steel) to 95 per cent passing 105 micrometres) preparation methods, and using 1F2 (ICP-OES) and 1C-OES four-acid near-total digestion plus gold-platinum-palladium analysis and eight-peroxide ICP-OES for regular and over-detection-limit analysis. Pegmatite samples are analyzed using the UT7 method (lithium up to 5 per cent and rubidium up to 2 per cent). Actlabs also undertakes its own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

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