Power Metallic Mines Inc. has established an inaugural National Instrument 43-101 compliant mineral resource estimate for the Lion Zone at its Nisk Project in Québec, replacing previous reliance on non-compliant historical estimates.

The updated estimate, prepared by SGS Canada Inc. with an effective date of June 19, 2026, incorporates drilling completed up to April 19, 2026. The maiden resource comprises an Indicated resource of 4,145,000 tonnes grading 3.86% copper equivalent—containing approximately 406 million pounds of copper equivalent—and an Inferred resource of 601,000 tonnes grading 4.01% copper equivalent. More than 85% of the initial Lion resource sits in the Indicated category, with over 59% contained within an open-pit model starting at surface. The update also restates the existing Nisk Main deposit.

Power Metallic controls approximately 330 square kilometres and 50 kilometres of prospective basin margins at Nisk, following the purchase of 313 adjoining claims covering roughly 167 square kilometres from Li-FT Power in June 2025.

“This inaugural Lion resource confirms what the drilling has been telling us: Lion is a high-grade polymetallic deposit. Approximately 4.75 million tonnes grading close to 4% CuEq has been defined, containing approximately 406 million pounds of CuEq, with more than 85% of the resource already in the Indicated category.”

— Terry Lynch, CEO of Power Metallic

The company is assessing proposals from engineering firms to complete a Preliminary Economic Assessment evaluating the development potential of Lion, including the integration of the Nisk resource. Five drill rigs remain active targeting extensions at depth and along strike.

“The Federal and Québec governments have put a number of incentive programs in place for critical-minerals projects, and we believe the Company may qualify for several of them. Combining these potential incentives with the high-grade mineralisation from surface and our location next to existing road and major power infrastructure, Lion has the potential to be developed with a relatively modest initial footprint and capital requirement.”

— Terry Lynch, CEO of Power Metallic

Assay results from ongoing drilling are expected starting in September 2026, and the technical report supporting the estimate will be filed on SEDAR+ within 45 days of the September 8, 2026 release.

Read the full announcement: Power Metallic Defines High-Grade Maiden Resource at Lion Averaging ~3.9% CuEq, with >85% Indicated and Significant Expansion Potential