Mr. Duncan Roy reports

POWER METALLIC PROVIDES NISK UPDATE

Power Metallic Mines Inc. learned late last week that its anticipated 2026 mineral resource estimate (MRE) release on the combined Nisk and Lion discoveries will be postponed until the end of August. The consulting engineering firm engaged for the work has the information needed from the company but concurrent workloads in multiple projects have delayed staff availability to finalize the MRE.

Power Metallic continues to have five rigs exploring on the project and expects to be providing assays from the continuing summer program in September and throughout the fall. It also anticipates the results of the Squid survey and early results of the muon geophysical program to begin to be adopted into the fall exploration program after the moose break, which occurs from Sept. 15 to Oct. 15, 2026.

Corporately, Power Metallic is continuing to move its Nasdaq application forward after shareholders approved certain charter documents updates at its annual general meeting of shareholders on June 30, 2026.

Power Metallic announces that it has awarded 11.3 million incentive stock options under the company's stock option plan to directors, officers and consultants at an exercise price of $1.25 per common share for terms of two to five years (depending on the particular grant). It has also awarded 650,000 deferred share units (DSUs) to the company's directors. All DSUs recorded in a participant's notional account are earned as of the grant date and will be settled on the DSU termination date, being the day that the DSU participant ceases to be a director of the company for any reason, subject to applicable TSX Venture Exchange policies.

Additionally, the company announces Red Cloud Securities Inc. has been engaged for a number of years to provide market stabilization and liquidity services to the company. Red Cloud is a Toronto-based financial services company that provides assistance to mineral exploration and mining companies in accessing capital markets and enhancing their corporate profile. Red Cloud will trade shares of the company for the purposes of maintaining a reasonable market and improving the liquidity of the company's common shares. Under the agreement, the company pays Red Cloud $7,000 per month during the term, payable quarterly in advance. The term of engagement is continuing and may be terminated by either party on 30 days of prior written notice. The company and Red Cloud have an arm's-length relationship, but Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of Power Metallic. The agreement is principally for the purposes of maintaining market stability and liquidity for the company's common shares. The agreement is subject to the company's filing requirements with TSX Venture Exchange. Red Cloud commenced its engagement with the company in July, 2026.

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 a 100-per-cent interest in the Jabul Baudan exploration licence in the Kingdom of Saudi Arabia's Jabal Saiyd 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 deposits.

We seek Safe Harbor.