Power Metallic reports New Lion drill intercepts of 36.42 Meters of 2.83% CuEqRec1 in Hole 26-116 including 6.00 Meters of 12.38% CuEqRec1 and Announces AGSM Meeting Results

About this update from Power Metallic Mines Inc.

TORONTO, July 15, 2026 /CNW/ - Power Metallic Mines Inc .  (the "Company" or "Power Metallic") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to provide final assay results from its Winter 2026 drill program and the voting results from its Annual General and Special Meeting (" AGSM ") held on June 30, 2026, in Toronto, Ontario.  Summary These assays from Power Metallic's winter 2026 drill program complete the 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 eastern 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 eastern 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-26-116 which intersected high-grade copper near surface with 36.42 m @ 2.83% CuEqRec 1 at 75m below surface, including semi-massive mineralization with 6.00 m @ 12.38% CuEqRec 1 . (Table 1 and Figure 1). Drill holes included in Figure 1 but not in the table of Lion results (Table 1) occur on the eastern side of Lion, delimiting the eastern edge for MRE resource modelling. These holes did intersect the favourable mineralized structure, but had low grade assays, including individual assays of up to 0.49 g/t Pt and 0.62 g/t Pd, as well as anomalous Cu and Au, defining the mineralized structure's location. Two holes also tested near surface between Lion and Tiger, again intersecting the mineralized structure with weak Cu, Pd results.

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