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POWER METALS' WORLD-CLASS caesium RESULTS CONTINUE TO GROW AT CASE LAKE

Power Metals Corp. has released high-grade caesium and lithium results on the remainder of exploration drill hole assays from the winter 2024 drill program at its 100-per-cent-owned Case Lake property in Northeastern Ontario. Exploration drilling at the world-class West Joe prospect has continued to intersect shallow high-grade caesium mineralization up to 24.70 per cent (PWM24-198) hosted in pollucite. This is the highest-grade caesium intercept reported to date at West Joe and continues to add confidence to this unique prospect along with lithium intercepts of 2.00 metres at 3.55 per cent Li2O (lithium oxide) (PWM24-188) and 32.44 m at 1.40 per cent Li2O (PWM24-186). In addition, the assay results at the Main zone continues to deliver encouraging lithium intercepts with the following highlights:

Highlights

West Joe:

• PWM-24-201: 7.13 m at 1.21 per cent Li2O, 6.27 per cent Cs2O (caesium monoxide) and 348 ppm (parts per million) Ta (tantalum) from 14.15 m:
  • Including 5.00 m at 1.31 per cent Li2O, 8.81 per cent Cs2O and 265 ppm Ta from 15.00 m;
  • Including 1.00 m at 1.02 per cent Li2O, 19.40 per cent Cs2O and 108 ppm Ta from 17.00 m.
• PWM-24-198: 3.22 m at 1.76 per cent Li2O, 7.32 per cent Cs2O and 140 ppm Ta from 14.78 m:
  • Including 2.45 m at 2.27 per cent Li2O, 9.29 per cent Cs2O and 156 ppm Ta from 15.55 m;
  • Including 0.80 m at 0.36 per cent Li2O, 24.70 per cent Cs2O and nine ppm Ta from 16.20 m.
• PWM-24-199: 8.11 m at 1.42 per cent Li2O, 4.50 per cent Cs2O and 233 ppm Ta from 7.12 m:
  • Including 4.50 m at 1.42 per cent Li2O, 8.03 per cent Cs2O and 242 ppm Ta from 9.00 m;
  • Including 1.00 m at 1.25 per cent Li2O, 15.90 per cent Cs2O and 102 ppm Ta from 11.00 m.
• PWM-24-189: 8.70 m at 1.74 per cent Li2O, 4.98 per cent Cs2O and 782 ppm Ta from 14.25 m:
  • Including 5.00 m at 1.67 per cent Li2O, 8.59 per cent Cs2O and 1116 ppm Ta from 16.00 m;
  • Including 1.00 m at 2.20 per cent Li2O, 20.14 per cent Cs2O and 459 ppm Ta from 18.00 m.
• PWM-24-202: 7.74 m at 1.82 per cent Li2O, 2.07 per cent Cs2O and 534 ppm Ta from 8.60 m:
  • Including 5.00 m at 1.97 per cent Li2O, 3.13 per cent Cs2O and 670 ppm Ta from 10.00 m.
• PWM-24-191: 5.32 m at 1.01 per cent Li2O, 2.39 per cent Cs2O and 278 ppm Ta from 41.00 m:
  • Including 2.00 m at 0.61 per cent Li2O, 6.12 per cent Cs2O and 367 ppm Ta from 41.00 m.
• PWM-24-186: 32.44 m at 1.40 per cent Li2O, 0.58 per cent Cs2O and 248 ppm Ta from 10.41 m:
  • Including 1.20 m at 0.62 per cent Li2O, 8.13 per cent Cs2O and 575 ppm Ta from 39.80 m.
• PWM-24-188: 3.47 m at 2.74 per cent Li2O, 4.91 per cent Cs2O and 250 ppm Ta from 23.03 m:
  • Including 2.00 m at 3.55 per cent Li2O, 7.46 per cent Cs2O and 196 ppm Ta from 24.00 m.
• PWM-24-200: 3.00 m at 1.68 per cent Li2O, 3.83 per cent Cs2O and 1002 ppm Ta from 11.00 m:
  • Including 1.35 m at 2.34 per cent Li2O, 4.87 per cent Cs2O and 1474 ppm Ta from 12.65 m;
  • Including 0.75 m at 1.44 per cent Li2O, 6.55 per cent Cs2O and 2201 ppm Ta from 12.65 m.
• PWM-24-187: 6.32 m at 1.24 per cent Li2O, 0.07 per cent Cs2O and 157 ppm Ta from 13.28 m;
• PWM-24-193: 5.65 m at 1.66 per cent Li2O, 0.07 per cent Cs2O and 143 ppm Ta from 19.35 m;
• PWM-24-195: 3.53 m at 1.79 per cent Li2O, 0.03 per cent Cs2O and 387ppm Ta from 49.29 m.

Case Lake Main

• PWM-24-169: 4.00 m at 0.99 per cent Li2O and 186 ppm Ta from 54.0 m:
  • Including 1.10 m at 1.10 per cent Li2O, 1.03 per cent Cs2O and 213 ppm Ta from 56.90 m.
• PWM-24-170: 1.60 m at 1.17 per cent Li2O and 97 ppm Ta from 38.18 m.

2024 exploration drill program

Exploration results in this news release are the remainder of assays from the outstanding 29 drill holes completed at West Joe and Main zone from the company's winter drill program at Case Lake. A table of all collars, composites and prospects is displayed in the first attached table.

Haydn Daxter, Power Metals chief executive officer, commented: "The results to date from West Joe are incredibly exciting from our winter exploration drilling program that has delivered our highest caesium grades on the property. This unique and complex prospect not only displays world-class caesium with 24.70 per cent and also displayed lithium grades up to 3.55 per cent along with tantalum reported at 2,201 ppm from recent drilling. These results will continue to build on the potential at the property as we continue our metallurgical testwork and prepare for phase II of drilling this summer."

West Joe

The West Joe deposit is a unique, highly fractionated lithium, caesium, tantalum (LCT) pegmatite system that contains world-class high-grade caesium (Cs2O) mineralization hosted in pollucite, along with high-grade lithium and tantalum. It is characterized by two stacked pegmatites that are up to nine metres thick and extend for 100 metres along strike and open down plunge.

The 2024 winter drill program at West Joe intersected consistent high-grade caesium mineralization in majority of the holes drilled to define and delineate LCT mineralization at West Joe. Several holes that include PWM-24-189, 198, 199 and 201 intersected high-grade caesium in pollucite between 11.9 per cent to 24.7 per cent. The high-grade caesium is bound by consistent medium-grade caesium mineralization between 2 per cent to 9 per cent. In addition to the high-grade caesium and lithium mineralization, high-grade tantalum mineralization was intercepted above 500 ppm tantalum in multiple drill holes. PWM-24-186 was drilled to test consistency of LCT mineralization down dip and plunge of the main dike at West Joe and confirmed continuity and the widest mineralization at West Joe to date with 32.4 metres of 1.4 per cent Li2O, 0.58 per cent Cs2O and 248 ppm Ta.

Exploration drill holes have expanded mineralization along strike and down dip at West Joe intersecting high-grade caesium, lithium and tantalum in holes PWM-24-175, 176, 185, 187, 191 and 197, indicating an open mineralization system down plunge of West Joe. Additional stepout exploration holes drilled to the east and west of West Joe did not intersect significant mineralization, however, did intersect pegmatites that contain anomalous ore-grade tantalum mineralization above 100 ppm. Two samples from drill holes PWM-24-179 and 180 drilled 600 metres along strike to the east of West Joe reported 494 and 207 ppm tantalum, respectively.

Main zone

LCT pegmatite mineralization at Case Main is represented as a stacked pegmatite system that is part of three main dikes, historically referred as South, Main and North dikes. The high-grade LCT pegmatite system at Case Main is up to 35 metres thick and extends for more than 400 metres along strike. Mineralization continues to 100 metres vertical depth and remains open down plunge to the west and along strike to the east.

PWM-24-169 and 170 were drilled to extend historic caesium and lithium mineralization from drill hole PWM-17-49 that reported three metres of 1.61 per cent Li2O, 1.35 per cent Cs2O and 144 ppm Ta. PWM-24-169, drilled to the east at Main zone, intersected four metres of 0.99 per cent Li2O, 0.4 per cent Cs2O and 186 ppm of Ta, indicating open mineralization to the east of Main zone. The three-metre intercept of LCT mineralization in PWM-24-169 contains 1.1 metres of 1.1 per cent Li2O, 1.03 per cent Cs2O and 213 ppm of Ta, indicating the potential for caesium mineralization on the south side of the Main dike at Case Main.

Johnathan More, chairman of Power Metals, commented: "We are extremely pleased to see drill assays have added additional high-grade caesium, lithium and tantalum mineralization at West Joe to this world-class prospect along with producing consistent lithium results from Main zone. We look forward to our ongoing field activities and commencing our fully funded phase II drill program in summer at Case Lake."

Sampling and QA/QC procedures

Samples were taken across every pegmatite and 1.5 metre into the barren host rock on either side of dikes. Sample lengths were around one-metre NQ core diameter (48 millimetres), though individual sample length, was determined based on internal zoning of the dikes and the locations of their contacts. The sampled core was cut in half with one-half being sent for analysis and the other half remaining in the box for reference. All core is stored at Power Metals core storage facility in Cochrane, Ont. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About 15 per cent of the samples submitted to Activation Laboratories Ltd. and SGS Canada (SGS) for analysis were QA/QC samples that were inserted into the sample stream and consist of a high- and low-grade lithium, tantalum and caesium standards, blank material, and duplicates. Samples were dropped at either Actlabs Timmins or SGS Cochrane in Ontario. Samples submitted to Actlabs were prepped, crushed and pulverized in Timmins and were subsequently sent to Actlabs geochemistry laboratory in Ancaster, Ont., for multielement analysis using sodium peroxide fusion ICP-OES/ICP-MS and borate fusion ICP-MS. Samples submitted to SGS were prepped, crushed and pulverized in Sudbury and were subsequently sent to SGS Burnaby and SGS Lakefield for multielement analysis using sodium peroxide fusion ICP-AES/ICP-MS and borate fusion XRF. All caesium results above 1 per cent were analyzed using four-acid digest AAS at SGS Lakefield.

Actlabs and SGS Canada are independent of the company.

Further to the company's news release dated March 28, 2024, the company announces that the stock options granted to Outside-The-Box will have an expiry date of March 27, 2026. Otherwise, subject to TSX Venture Exchange approval, all other terms of the options as announced on March 28, 2024, remain in full force and effect.

Pursuant to the press release dated Aug. 24, 2023, the company is continuing to prepare the necessary documents to receive final TSX Venture Exchange approval for the acquisition of the properties, including the preparation of a technical report.

Case Lake property

The Case Lake property is located 80 km east of Cochrane, Northeastern Ontario, close to the Ontario-Quebec border. The property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake mining division. The property is 10 km by 9.5 km in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dikes known as the North, Main, South, East and Northeast dikes on the Henry Dome, and the West Joe dike on a new dome, collectively forming mineralization trend that extends for approximately 10 km.

Power Metals have completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene-bearing LCT pegmatites at Case Lake. The company has drilled a total of 19,607 metres of core between 2017 and 2024 at the property. The Case Lake property is owned 100 per cent by Power Metals Corp. A National Instrument 43-101 technical report has been prepared on Case Lake property and filed on July 18, 2017.

Pelletier property

The Pelletier property is located 50 km south of Hearst, Northeastern Ontario, close to a network of forestry roads. The property consists of 337 mineral claims that account for a total of 7,000 hectares in Franz, Roche, Scholfield and Talbot townships in the Porcupine mining division. The Pelletier project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near Archean terrane boundary between the Quetico and Wawa subprovinces.

Decelles property

The Decelles property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centres of Val dOr and Rouyn-Noranda, approximately 600 km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59 per cent (refer to press release announced on Aug. 24, 2023). The geology of Decelles property is part of the Archean Pontiac subprovince where S-type LCT prospective, pegmatite-bearing, granitic Decelles batholith intrudes into metasedimentary units of the Pontiac group. Spodumene and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property where discovery of high-grade lithium pegmatites was reported in 2022.

Mazerac property

The Mazerac property is located approximately 30 km east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining centre of Val d'Or and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type LCT prospective, pegmatite-bearing, granites of Decelles batholith intrude into metasedimentary units of the Pontiac group. Spodumene and beryl-bearing pegmatites have been reported historically within the Pontiac subprovince in association with S-type garnet-muscovite granite.

Pollucite and caesium

Pollucite is a rare mineral that hosts high-grade caesium and is associated with highly fractionated, compact and rare-element pegmatites. The main source of caesium known globally is pollucite. Currently the Tanco mine in Manitoba, Canada, is the only operating caesium deposit and holds over 60 per cent of the known reserves globally.

Scientific and technical disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, PGeo, vice-president of exploration for Power Metals, a qualified person under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects. Exploration data were collected and verified following the guidelines outlined in CIM's Mineral Exploration Best Practice Guidelines.

About Power Metals Corp.

Power Metals is a diversified Canadian mining company with a mandate to explore, develop and acquire high-quality mining projects. The company is committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. The company sees an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries.

We seek Safe Harbor.