Power Metallic reports New Lion drill intercepts of 13.30 Meters of 3.98% CuEqRec¹ in Hole 26-115 and 5.26 Meters of 8.45% CuEqRec¹ in Hole 26-105 at Lion

About this update from Power Metallic Mines Inc.

TORONTO, June 23, 2026 /CNW/ - Power Metallic Mines Inc. (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide additional assay results from its Winter 2026 drill program. Summary These additional assays from Power Metallic's winter 2026 drill program is nearing the completion of winter drill results to be used for the initial NI-43-101 Mineral Resource Estimate (MRE) on Lion. Completion and reporting of the MRE estimates on Lion and the Nisk deposit is scheduled for the end of July. This MRE will form the basis for a Preliminary Economic Assessment (PEA) to begin immediately following the completion of the MRE. Lion Zone MRE In-fill program This news release includes drill holes defining the western side of the Lion Zone close to surface (Figure 1). All holes are in preparation for the 2026 Mineral Resource Estimate (MRE). The infill drill holes in this release were drilled to delimit the western side of Lion to increase the confidence of modelling the zone, particularly within the range of a potential future open pit. In-fill drill holes in the shallow central parts of the deposit continue to report good near surface grades as evidenced by PML-26-115 which intersected high-grade copper near surface with 13.30 m @ 3.98% CuEqRec1 at 25m below surface, and PML-26-105 which intersected 5.26 m @ 8.45% CuEqRec1 at approximately 140m below surface (Table 1 and Figure 1). Drill holes included in Figure 1 but not in the table of Lion results (Table 1) occur on the western side of Lion, delimiting the western edge for MRE resource modelling. These holes did intersect the favourable mineralized structure, but had low grade assays, including individual assays of up to 0.57% Cu and 1.22 g/t Pd. The fact that these holes are within a few 10s of meters of very high grade intersections is important for the continuing exploration in the Lion area. Understanding that good structure with low grade mineralization in exploratory drilling could indicating potential proximity to higher grades will help vector current and future drilling programs. Power Metallic is expecting more assay results from the MRE drilling and regional exploration in the weeks to come. Qualified Person Joseph Campbell, P. Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and approved the techni...

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