Intro

Terry Lynch, CEO of Power Metallic Mines (TSX.V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV), joins me for a comprehensive exploration update catching up on multiple news releases from their fully funded 100,000-meter drill program at the polymetallic NISK Project in Quebec.  We discuss recent drill results at the Lion Zone, pending results still at the assay lab, but also review 4 key regional exploration targets of interest for 2026 drilling.  Additionally we touch upon the successful metallurgical testing recovery results, and other value drivers in Chilean Metals spin-out, and upcoming work at the Jabal Baudan Exploration License in Saudi Arabia.

Infill and expansion drilling has continued to define the high-grade Lion Zone in preparation for a 2026 Mineral Resource Estimate (MRE). The infill drilling on the Lion zone has shown that the interpreted zone geometry has high repeatability raising the confidence level for future mineral resource estimates to an Indicated Resource classification. Internally the Lion Zone drilling continues to surprise with very high-grade holes.

Hole PML-26-049, the first hole of the 2026 winter drill campaign, was drilled to support the modelled interpretation of the Lion zone near surface. It resulted in the best copper intersection to date on the Lion Zone, intersecting massive to brecciated Cu sulphides over 16.55m @ 10.08% Cu (15.11% CuEqRec1). This hole greatly expands the zone near surface that may be amenable to early open pit extraction in a possible future mining operation.

The exploration team has an ongoing six-rig drill program focused on expanding the mineralized around the Lion Zone and at depth testing the potential “Elephant Zone,” and also at Lion West, at the Tiger Deep Zone.  Additionally, new polymetallic targets are being refined from surveys at the Hydro Fold-Hinge Zone, there will be more step-out drilling focused on to connecting more of the 5.5km corridor and “Gap Area” between Lion and NISK Main. 

• • There are still about 20,000+ meters of core being processed at the lab, and continued drilling that will keep going through April that should see a steady string of drill results coming back in over the next few months.
  • All the drilling data from the end of last year and this year will be added to prior results into a new resource update and then PEA later in the year.
  • Then 30,000+ additional meters that will be drilled throughout 2026, starting up again in the summer.

On January 19, 2026, Power Metallic Mines provided preliminary metallurgical results performed by SGS Canada Ltd at its laboratories based in Quebec City, QC, and Lakefield, ON, from representative samples of Lion zone mineralization sent over back in October 2025. An initial Lock Cycle Test within coarse grained chalcopyrite and cubanite returned a sulphide concentrate grading 25.8% Copper containing very high metal recoveries of Copper (98.9%), Palladium (93.9%), Platinum (96.8%), Gold (85.0%) and Silver (88.9%), exceeding Power Metallics most optimistic estimates for recovery prior to this test work. 

On Feb. 19, 2026, Chilean Metals Inc (TSX.V: CMCG) commenced trading. Chilean Metals was created through a spin-out from Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) in February 2025, At time of spin-out ownership was 50% Power Metallic and 50% the Power Metallic shareholders of record January 31 2025. The new Company was created with a focused exploration mandate and a project portfolio spanning two of the most geologically fertile mining belts in the Americas.

We also touched upon upcoming exploration at their 100% controlled Jabal Baudan Exploration License in Saudi Arabia: Power Metallic announced on June 16th that it was awarded the exploration license for the Jabal Baudan project in Saudi Arabia’s Jabal Sayid Mineralized Belt. This historic milestone positions Power Metallic as one of the few foreign companies with mining concessions in the Kingdom of Saudi Arabia, having secured a successful bid in this prestigious licensing process.

If you have any questions for Terry regarding Power Metallic Mines, then please email them into me at Shad@kereport.com.

* In full disclosure, Shad is a shareholder of Power Metallic Mines at the time of this recording, and may choose to buy or sell shares at any time.

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