Power Metallic Mines Announces Closing of Brokered LIFE Offering for Gross Proceeds of C$28.2 Million and Welcomes Eric Sprott as a New Shareholder

About this update from Power Metallic Mines Inc.

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, June 10, 2026 /CNW/ - Power Metallic Mines Inc. ("Power Metallic" or the Company") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce the closing of its previously announced "best efforts" private placement (the "Offering") for aggregate gross proceeds of C$28,228,750, which includes a lead order from Eric Sprott. Pursuant to the Offering, the Company sold 22,583,000 common shares of the Company (the "Offered Shares") at a price of C$1.25 per Offered Share (the "Offering Price"). Red Cloud Securities Inc. ("Red Cloud") acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Titan Partners Group LLC, Roth Canada, Inc. and Taylor Collison Limited (collectively, the "Agents") in connection with the Offering. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned and controlled by him, acquired 1,600,000 Offered Shares under the Offering for total consideration of C$2,000,000. The Company intends to use the net proceeds from the Offering for the advancement of the Company's flagship NISK Project in Québec and its Jabul Baudan exploration license in Saudi Arabia, as well as for general working capital and corporate purposes, as is more fully described in the Amended Offering Document (as defined herein). In accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Offered Shares were issued pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The Offered Shares issued to Canadian purchasers are immediately freely tradeable in accordance with applicable Canadian securities legislation. There is an amended and restated offering document (the "Amended Offering Document") dated June 4, 2026 related to the Offering that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.powermetallic.com. As consideration for their services, the Agents received an aggregate cash fee of C$1,443,225. The closing of the Offering remains subject to the final...

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