Power Metallic Mines Inc. said on September 8, 2026, that it has completed a maiden mineral resource estimate for the Lion zone at its Nisk project in Eeyou Istchee James Bay, Québec. The company trades on the TSX Venture Exchange under PNPN, on the OTCBB under PNPNF and in Frankfurt under IVV1. The Lion zone was discovered in 2023. The estimate is effective June 19, 2026, and uses drill data through April 19, 2026.
The resource comprises 4,145,000 tonnes in the indicated category at 3.86% copper-equivalent, and 601,000 tonnes in the inferred category at 4.01% copper-equivalent. The total is approximately 4.75 million tonnes grading about 3.9% copper-equivalent and contains about 406 million pounds of contained copper-equivalent. More than 85% of the tonnes are classified as indicated. The indicated grade includes 1.68% copper, 2.61 grams per tonne palladium, 0.85 grams per tonne platinum, 0.49 grams per tonne gold, 12.21 grams per tonne silver and 0.10% nickel. The inferred grade includes 1.84% copper, 2.86 grams per tonne palladium, 0.59 grams per tonne platinum, 0.41 grams per tonne gold, 12.47 grams per tonne silver and 0.13% nickel.
The company said the deposit begins at surface and is modelled as a steeply plunging shoot extending to about 675 metres down-dip, or more than 600 metres vertical depth. The modelled shoot is about 400 metres along strike at its widest and 290 metres at its narrowest, with subparallel lenses 2 to 15 metres thick inside a package up to 50 metres thick dipping about 65 degrees to the north-northwest. About 59% of the tonnes are within the open-pit resource. Cut-off grades are 0.35% copper-equivalent for the open-pit estimate and 0.90% copper-equivalent for the underground estimate. For the Nisk deposit, the company cited cut-offs of 0.30% nickel-equivalent for open pit and 0.80% nickel-equivalent for underground.
The copper-equivalent calculation used gold at $2,360.15 per ounce, silver at $27.98 per ounce, palladium at $1,215 per ounce, platinum at $1,000 per ounce, copper at $4.00 per pound, nickel at $10 per pound and cobalt at $22.50 per pound, with an 80% recovery assumption for all commodities. The company also cited copper recovery above 98% and a copper concentrate grade above 25%. Earlier metallurgical mineralogical work was reported on July 23, 2025, with metallurgical test work reported on January 19, 2026, and May 26, 2026. Hole PML-25-002 intersected 1.95 metres at 7.95% copper-equivalent recoverable at about 610 metres vertical depth.
Power Metallic said it controls about 330 square kilometres and roughly 50 kilometres of prospective basin margins after purchasing 313 claims covering about 167 square kilometres from Li-FT Power in June 2025. The company secured an option from Critical Elements Lithium Corp. on February 1, 2021, and Critical Elements owns 20% of the Nisk project. Power Metallic was spun out of Chilean Metals Inc. through a plan of arrangement on February 3, 2025.
The project is located about 280 kilometres north-northwest of Chibougamau and about 425 kilometres northeast of Matagami. Hydro-Québec's Albanel substation is about 4 kilometres from Nisk Main and about 9.1 kilometres from the Lion zone. Nemiscau airport, with a 1,524-metre gravel runway, is about 30 kilometres west along Route du Nord, and the Cree community of Nemaska is about 51 kilometres by road.
The company cited infrastructure and government support as part of the project context. Québec's 2026-2027 budget allocates $19.4 million over two years for Billy-Diamond Highway maintenance. The Matagami rail transshipment yard upgrade was co-funded at $9.2 million in 2025 by Société du Plan Nord and Nemaska Lithium. Canada's Clean Technology Manufacturing investment tax credit provides a 30% refundable credit through 2031 for eligible new machinery and equipment used in critical-minerals extraction or processing, subject to a condition that at least 50% of expected commercial output value comes from qualifying materials. Québec industrial power allocations of 5 megawatts or more require ministerial authorization.
The company said an environmental baseline survey program began in January 2026, with a first field season from May to October 2026, a second field season planned for summer 2027 and completion scheduled for 2027. A desktop study for the baseline survey was completed in April 2025. Québec released its Critical and Strategic Minerals Strategy in January 2026, and federal amendments related to Bill C-15 received Royal Assent on March 26, 2026.
CEO Terry Lynch said the inaugural Lion resource confirms a high-grade polymetallic deposit and that the company's focus is now on demonstrating scale. He said federal and Québec incentive programs may be available to the company and that the surface mineralization, road access and nearby power infrastructure could support development with a relatively modest initial footprint and capital requirement. Lynch said the exploration question is how deep the Lion shoot extends and where the nickel-rich sulphide may be located, adding that assays from the summer 2026 program and Lion Deep drilling are expected by the end of September 2026.
VP Exploration Joe Campbell described Lion as a fractionated copper- and precious-metal-rich shoot within a magmatic sulphide system. He said the deposit's advantage is that it begins at surface and is modelled continuously to more than 600 metres vertical depth, remains open at depth, and the company has prioritized deep step-out drilling and borehole electromagnetic work since the April 19, 2026, drill-data cut-off.
The company scheduled a webinar for September 8, 2026, at 12 noon Eastern. It said it will file a National Instrument 43-101 technical report within 45 days of the news release and expects an advisory on its Nasdaq application in October, with a share-price threshold of $4 referenced for the ADR application.
