Mr. Duncan Roy reports

POWER METALLIC MINES EXPANDS EXPLORATION ARSENAL WITH CUTTING-EDGE GEOPHYSICAL SURVEYS AT NISK PROJECT

Power Metallic Mines Inc. has expanded its summer 2026 exploration program at the Nisk project in Quebec. Building on the recent Muon tomography program launched on May 13, the company is deploying three advanced geophysical surveys to accelerate the hunt for deeper high-grade Ni-Cu-PGE (nickel-copper-platinum-group-element) mineralization. Power Metallic is planning an ambient noise tomography (ANT) survey on the Nisk Far West target, completing a gravity survey over the Lion area and completing a superconducting quantum magnetometer SQUIDs survey over the Lion area. These state-of-the-art techniques will sharpen targeting for the Lion zone extensions and new discoveries across the expanding property, leveraging Power Metallic's significant 2025 land acquisitions.

Field mapping and prospecting of the large Nisk land package will begin following the winter snow melt and run-off, identifying the sources for untested magnetic and EM targets identified in previous exploration surveys. And it should not be forgotten that over the next two quarters of 2026 Power Metallic will be completing more than 30,000 metres of exploration drilling across the enlarged Nisk land package. Mobilization for this drill program is currently under way.

A regional lake sediment survey will also be conducted this summer. This will identify potentially mineralized watersheds while also forming part of the environmental baseline studies that have been initiated in anticipation of future feasibility reports that will require environmental mitigation planning for any mine development.

SQUIDs survey: illuminating deep magnetic targets

As the search for the deeper extensions to Lion, and the search for additional Lions and large magmatic Ni-Cu deposits interpreted to be in the region of the Nisk property continues, more sophisticated exploration techniques are being used to model the deep earth. One approach is to utilize superconducting quantum magnetometer (SQUIDs) to illuminate deep magnetic targets that could host this mineralization. A survey over the Lion and Lion West areas by DIAS Geophysical began during the winter of 2026 and will be completed in the early summer. The expectation is that SQUIDs will better define magnetic targets associated with the Cu and Ni-Cu mineralization allowing more directed drilling for deeper targets.

Gravity survey: hunting high-density sulphide bodies

A large gravity survey is being conducted over an area containing Lion, Nisk and Nisk West. It is anticipated that this survey will identify and model high-density targets that could be associated with massive sulphide deposits. The survey is a continuation of a 2024 survey covering a much larger area as a result of the land acquisitions Power Metallic made in 2025 on the Nisk project, known as the hydro lands in past press releases. The surveys are being conducted by TMC Geophysique, who also carry out EM surveys for Power Metallic, including bore hole EM (BHEM) conducted on our exploration diamond drill holes.

Ambient noise tomography survey (ANT): 3-D imaging of ultramafic hosts

Following Power Metallics large land acquisition, a copper soil anomaly was identified as being proximal to interpreted ultramafic rocks that form the source for both the Nisk and Lion deposits. This area is east of the Nisk deposit (Nisk Far West target) along the interpreted extension of the Nisk horizon. During the winter of 2026 a reverse circulation overburden drill program was carried out on a portion of this target (assays pending) and a single diamond drill hole in the area identified ultramafic rocks.

To follow-up on this discovery, a large ANT survey was designed and a contract let to Caur Technologies in conjunction with field support from Geosig Inc. who will deploy the 200 sensors over a 14-kilometre-by-three-kilometre grid area. It is anticipated that the ANT survey will effectively model in three dimensions the dense ultramafic host for potential Cu-PGE and Ni-Cu zones. These areas will be subject to follow-up diamond drilling on top priority targets.

Qualified person

Joseph Campbell, PGeo, vice-president of 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-PGE, 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. (TSX-V: CRE). Following the June, 2025, purchase of 313 adjoining claims (approximately 167 square km) from Li-FT Power, the company now controls approximately 330 square km and roughly 50 km 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 were spun out from Power Metallic via 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 Said 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 massive volcanic sulphide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.

QA/QC (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 either HQ or 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 standards, duplicates and blanks into the sample stream with a stringent review of all results. QA/QC and data validation was 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 an ISO 9001 and 17025 certified and accredited laboratories. 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 g) and pulverize (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 UT7 -- Li up to 5 per cent, Rb up to 2 per cent method. Actlabs also undertake their own internal coarse and pulp duplicate analysis to ensure proper sample preparation and equipment calibration.

We seek Safe Harbor.