Power Metallic Moves Lion From Discovery to a Defined Resource Containing 406 Million Pounds Copper Equivalent

<p></p><p>Power Metallic Mines has moved its Lion Zone from a high-grade discovery into a formally defined mineral resource. On September 8, 2026, the company announced an inaugural NI 43-101 Mineral Resource Estimate prepared by SGS Canada. Lion now contains approximately 4.75 million tonnes grading approximately 3.9% copper equivalent, representing approximately 406 million pounds of contained copper equivalent. More than 85% of the resource tonnes are classified as Indicated.</p><p>High-grade mineralization begins at surface, approximately 59% of the resource tonnes are contained within a conceptual open-pit shell, and the deposit remains open at depth. Power Metallic is now assessing engineering proposals for a Preliminary Economic Assessment while five drill rigs continue working across the broader Nisk property.</p><p><strong>WHAT YOU NEED TO KNOW</strong></p><ul><li><p><strong>406 Million Pounds CuEq:</strong> Lion contains 4.145 million tonnes Indicated at 3.86% CuEq and 601,000 tonnes Inferred at 4.01% CuEq, representing approximately 406 million pounds of contained copper equivalent.</p></li><li><p><strong>More Than 85% Indicated:</strong> More than 85% of Lion’s resource tonnes are classified as Indicated, providing a higher level of geological confidence than an Inferred resource.</p></li><li><p><strong>High Grade From Surface:</strong> Approximately 59% of the resource tonnes are within a conceptual open-pit shell grading 3.45% CuEq. The underground resource grades 4.71% CuEq in the Indicated category and 4.34% CuEq in the Inferred category.</p></li><li><p><strong>Strong Preliminary Metallurgy:</strong> Two locked-cycle tests completed by SGS Canada returned copper recoveries of 98.9% and 98.3%, producing copper concentrates grading 25.8% and 25.4%, respectively.</p></li><li><p><strong>Expansion Remains Open:</strong> The resource model extends beyond 600 metres vertically. Power Metallic reported that deeper holes drilled after the MRE cut-off intersected visible copper mineralization below the modelled zone, with assays pending.</p></li></ul><p><strong>WHY THE RESOURCE MATTERS</strong></p><p>Exploration results can demonstrate that mineralization is present, but a Mineral Resource Estimate begins to define how much may be present, at what grade and with what level of geological confidence.</p><p>That is the significance of Lion’s inaugural estimate.</p><p>CEO Terry Lynch described the objective as “raising the floor.” In practical terms, the MRE replaces part of the project’s geological uncertainty with independently prepared estimates of tonnage, grade and contained metal. The potential expansion beyond the current resource remains to be demonstrated through drilling and future resource updates.</p><p><strong>16 BILLIONAIRES</strong></p><p>During the interview, Lynch said 16 billionaires had joined Power Metallic’s shareholder register. He named Robert Friedland, Rob McEwen, Gina Rinehart and Eric Sprott among the prominent mining investors associated with the company.</p><p>Lynch also said that he and his family own approximately 14% to 15% of Power Metallic.</p><p>The involvement of experienced mining investors does not eliminate exploration, financing, permitting or development risk. It does, however, add a notable strategic dimension as the company advances Lion from resource definition toward economic evaluation.</p><p><strong>INVESTOR TAKEAWAY</strong></p><p>Power Metallic has delivered a significant technical milestone at Lion: approximately 406 million pounds of contained copper equivalent across 4.75 million tonnes grading approximately 3.9% CuEq, with more than 85% of the resource tonnes classified as Indicated.</p><p>The resource begins at surface, approximately 59% of its tonnes fall within a conceptual open-pit shell, preliminary locked-cycle testing returned copper recoveries above 98%, and the deposit remains open at depth.</p><p>Five rigs continue drilling across the Nisk property, deeper Lion a