TORONTO , June 23, 2026 /PRNewswire/ - 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 Continue Reading Figure 1 – Lion Zone MRE Drill holes reported in this news release (CNW Group/Power Nickel Inc.) 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% CuEqRec 1 at 25m below surface, and PML-26-105 which intersected 5.26 m @ 8.45% CuEqRec 1 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. Table 1: Lion Results - Winter 2026 Hole From To Length Au Ag Cu Pd Pt Ni CuEq Rec 1 (m) (m) (m) 2 (g/t) (g/t ) ( %) (g/t) (g/t) ( %) ( %) PML-26-063 430.73 437.25 6.52 0.04 0.87 0.05 0.26 0.07 0.10 0.41 PML-26-105 172.22 174.10 1.88 0.13 10.44 0.37 - - - 0.56 and 177.00 185.00 8.00 0.16 6.31 0.24 0.18 - - 0.51 and 188.74 194.00 5.26 0.59 24.94 6.10 1.77 0.60 0.42 8.45 and 203.70 211.00 7.30 0.22 8.59 0.82 0.24 0.02 0.03 1.21 and 237.50 242.00 4.50 0.46 9.17 1.67 0.21 - 0.18 2.51 PML-26-106 45.00 52.00 7.00 0.03 3.76 1.92 1.12 0.02 0.21 2.84 Including 47.00 49.00 2.00 0.08 11.65 6.46 3.80 0.03 0.37 8.87 PML-26-114 21.00 25.16 4.16 0.30 13.28 0.42 0.03 - - 0.78 and 39.00 41.00 2.00 0.22 1.55 0.46 0.26 - - 0.77 and 52.00 57.40 5.40 0.20 4.01 0.45 0.43 0.02 0.02 0.86 Including 54.00 55.54 1.54 0.50 12.74 1.31 1.38 0.05 0.03 2.43 PML-26-115 27.00 40.30 13.30 0.45 21.65 1.68 3.28 0.98 0.04 3.98 Including 35.53 39.30 3.77 0.72 53.69 4.89 7.25 0.74 0.12 9.36 1 Copper Equivalent Rec Calculation (CuEqRec 1 ) CuEqRec represents CuEq calculated based on the following metal prices (USD) : 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and recovered grades based on recent locked-cycle metallurgical recoveries by SGS Canada Inc (see press release Jan 21, 2006). 2 Reported length is downhole distance; true width based on model projections is estimated as 85% of downhole length 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 technical disclosure contained in this news release. About Power Metallic Mines Inc. Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada's next polymetallic mine. On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins. Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs. Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arr