Mr. Johnathan More reports

ORE SORTING TEST WORK SUCCESSFULLY PRODUCES HIGH-GRADE CESIUM OXIDE

Power Metals Corp.'s initial testwork on ore sorting has been successfully completed with Tomra (Sydney, Australia) and has produced a high-grade cesium oxide product in preparation for chemical production testwork. Metallurgical holes utilized for the ore sorting were drilled earlier this year as part of the summer 2024 drill program at the company's 100-per-cent-owned Case Lake project (CLP) in Northeastern Ontario. Phase I of metallurgical drilling at West Joe was conducted on four drill holes to target intercept shallow styles of mineralization between 1.65 per cent Cs2O (cesium oxide) through 18.55 per cent Cs2O hosted in pollucite. Along with cesium these holes included known spodumene mineralization zones up to 3.08 per cent Li2O (lithium oxide) and exceptionally high-grade tantalum mineralization zones up to 3,236 ppm (parts per million) at the CLP (Table 1).

The company also expects to announce several assay results in the coming weeks from its phase II 2024 drilling program at Case Lake. Additionally, the cesium advisory committee anticipates an update in the very near future on the company's next steps in development of the CLP.

Haydn Daxter, Power Metals chief executive officer, commented: "The work at Tomra is a critical step to allow us to add more confidence to the project and production of cesium oxide. The company will move into phase II of its metallurgical testwork with SGS along with preparing for 2024 phase III drilling at Case Lake. The ongoing support from the Ontario government is incredibly pleasing as we advance our critical minerals project in Ontario."

Tomra ore sorting

The company has conducted a two-stage process on ore sorting on the 60 kilograms of test material. Successful separation resulting in a high-grade cesium oxide was achieved and will form the basis of mining studies moving into the production of cesium oxide and metallurgical testwork on chemical production with SGS Lakefield. Core samples were crushed and screened at eight millimetres to 32 mm, sorted with two stages of sorting conducted:

• Test 1: ejected very high density/grade concentrate;
• Test 2: was run on the waste from test 1 and ejected all minor high-density inclusions for recovery;
• Test 3: was conducted on the less than 12.5-millimetre material that was screened at six mm.

Mettalurgical holes

Phase I of metallurgical drilling consisted of four HQ (63.5 mm) diamond drill holes into known mineralization zones at West Joe. Drilling consisted of shallow targets to provide a series of ore sorting and mineral separation on the unique West Joe project. Targeting cesium oxide of a high-grade nature through to the company's proposed cut-off grade at the lower end of the scale. In conjunction to the ore sorting and separation of cesium oxide material the metallurgical holes also included high-grade spodumene and tantalum, which could provide additional streams of income alongside the cesium oxide production. Cesium oxide concentrate will now be shipped to SGS Lakefield for analysis to produce product grades.

Johnathan More, chairman and founder of Power Metals, commented: "I was very honored to meet with the Hon. George Pirie, the Minister of Mines, Ontario, at his offices in Toronto last week. The level of support from the Ontario government has been exemplary for the company and critical mineral projects. I am incredibly excited for both the immediate and long-term future of Power Metals. We are eagerly awaiting more exciting assays from the lab as well as identifying potential strategic relationships to assist us on our journey."

Canadian government

The company's chairman recently met Hon. George Pirie, Minister of Mines, Ontario, along with representatives from DRA Global to discuss the Case Lake project and the development of critical mineral projects in Ontario. With the recent distribution of the government's 2024 "critical minerals strategy" the Case Lake project is well positioned to be one of only several critical mineral projects in Ontario that can advance at a rapid rate into production. The company continues to develop a strong relationship with the Ontario government that is very supportive of the company's critical minerals project and would see Ontario host the world's fourth cesium deposit.

Case Lake property

The Case Lake property is located 80 kilometres 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 22,231 metres of core between 2017 and 2024 at the property. The Case Lake property is owned 100 per cent by Power Metals. 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 d'Or 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 the 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 center 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 cesium

Pollucite is ac rare mineral that hosts high grade cesium and is associated with highly fractionated, rare-element pegmatites. The main source of cesium known globally is pollucite (Cs,Na)(Al2Si4O12) * H2O (water). Currently the Tanco mine in Manitoba, Canada, holds over 60 per cent of the known reserves globally. Sinomine (China) and Albemarle (United States) are the only two companies producing consistent cesium chemicals.

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.

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.