Mr. Johnathan More reports

UPDATE ON CASE LAKE AS FIELD PROGRAMS RESUME

Power Metals Corp. has provided an update on activities under way at the company's Case Lake project in Ontario, Canada.

Major highlights

• Groundwater well drilling completed and surface hydrology analysis continuing at West Joe dike;
• Environmental geochemistry sampling program completed;
• Biological field studies program completed;
• Continuing engagement with the Ontario Ministry to fast track permitting.

Hydrology and environmental programs

Power Metals has remobilized field teams to complete environmental drilling of hydrogeological flow wells and groundwater monitoring wells at West Joe. The program, which commenced in late November, is expected be completed in coming weeks with a total of 11 groundwater wells drilled at West Joe. Well monitoring is expected to be operational by the end of the month with the company's environmental team Blue Heron Environmental.

The company has also recommenced its monthly surface hydrology analysis program across six locations and two flow monitoring locations for 2026. This program started in late 2024 with all monitoring and data collection conducted in conjunction with traditional landowners.

Environmental geochemistry analysis was conducted on a total of 69 rock samples for acid mine drainage and trace metals from waste rock within and surrounding the West Joe pit shell. Samples have been dispatched to the laboratory for analysis and results will start returning in February, 2026.

The company's biological analysis program on local flora and fauna species across the entire Case Lake project area has concluded with the final report received from environmental consultants in late 2025. Currently no major flora or fauna risks have been identified, which opens the path to implementing environmental mitigation plans that continue to fast-track permitting for the project.

Permitting pathway

Permitting required for various other aspects of the project continue to be at the forefront for the company and are progressing through interface with both government and industry bodies. The company has continued discussions for advancing it is One Process One Permit (1P1P) application with the Ontario Ministry in parallel to baseline studies and permit applications.

Mining operations at Case Lake remain on track to commence this year with the company's downstream partner Albermarle (New York Stock Exchange: ALB) prepared commence commercial production of cesium oxide in 2026.

This mining, processing and production sequence will represent the first new generation of cesium operations to support an integrated North American supply chain.

Haydn Daxter, chief executive officer and director of Power Metals, commented:

"Power Metals has a big year ahead and we are working our way through required studies, data collection and analyses to keep mining, processing, and commercial cesium oxide production on track in 2026.

"This includes ongoing engagement with government, industry bodies and working closely with our traditional landowner partners to identify required permitting areas.

"We're highly supportive of the Ontario government's provincial One Process One Permit framework to help streamline and accelerate permitting that will ultimately allow development and operations at Case Lake."

Johnathan More, chairman of Power Metals, commented:

"Securing an offtake agreement with Albermarle in late 2025 and now completing a range of hydrology and environmental studies gives us great momentum entering 2026.

"We look forward to creating a new integrated North American cesium supply chain as we work with our partners to get the low-capital, high-value Case Lake project into development and production, as well as ramping up further targeted exploration work early this year."

Case Lake property

The Case Lake property is located 80 km east of Cochrane in Northeastern Ontario, near the Ontario-Quebec border. It comprises 586 cell claims across Steele, Case, Scapa, Pliny, Abbotsford and Challies townships within the Larder Lake mining division. The property is 10 kilometres by 9.5 kilometres 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 has completed several exploration campaigns leading to the discovery and expansion of new and historic spodumene-bearing LCT pegmatites at Case Lake. The company has drilled a total of 23,976 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.

Decelles property

The Decelles property contains 247 claims, covering 14,229 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 increased Winsome equity stake in the company (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 115 claims that cover 6,653 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 cesium

Pollucite is a 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. Currently there is no operational mining of high-grade cesium from pollucite occurring globally.

Scientific and technical disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, MSc, PGeo, vice-president of exploration for Power Metals, a qualified person under National Instrument 43-101 -- Standards of Disclosure of Mineral Projects (NI 43-101) and a member in good standing with Association of Professional Geoscientists of Ontario (3524).

About Power Metals Corp.

Power Metals is a Canadian exploration company focused on developing high-quality critical mineral projects. Its flagship Case Lake property in Ontario -- 100 per cent owned by Power Metals -- is a high-grade cesium, lithium and tantalum asset.

Beyond Case Lake, the company's portfolio includes the Decelles and Mazerac properties near Val d'Or, Que. Together, these assets cover 947 claims spanning more than 330 square kilometres of lithium-cesium-tantalum (LCT) prospective ground. As global demand for critical minerals continues to grow global, and particularly in North America, Power Metals is strategically advancing its projects to support the continent's growing supply needs.

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