Power Metallic

Canada’s breakthrough Poly Metallic Discovery. High-Grade Copper, PGM, Gold & Silver over a High-Grade Nickel Sulfide base.
$PNPN.V, $PNPNF

[Power Metallic @PowerMetallic]

A lot is happening at Power Metallic.

Our CEO @terrybali sits down for a candid 13-minute update on where the company stands and what's coming next.

On the agenda: 👇
🔹 Lion Deep exploration
🔹 Nisk–Lion metallurgy
🔹 Potential project expansion
🔹 Nasdaq uplisting progress
🔹 Financing strategy
🔹 Short interest & market pressure
🔹 Terry's personal commitment to Power Metallic

From what's happening underground to what's taking shape in the capital markets, Terry connects the dots on where the company stands and where it's headed.

Plenty to unpack in this one.

Watch the full update below. 🎥
$PNPN $PNPNF

[Power Metallic @PowerMetallic]

The Power Metallic story is entering a different phase.

The maiden MRE established the base.
Lion is still growing at depth.
The PEA is now putting real engineering around the economics.
And high grade continues to drive the development advantage.

Open pit first. Underground behind it. Exploration still running in parallel.

This conversation with our CEO @terrybali brings the whole Nisk story together - geology, scale, metallurgy, infrastructure and the path toward development.

The floor is getting stronger.

The ceiling is still wide open.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

6/6

High grade gets the attention.

Metallurgy is what helps turn it into economics.

Lion has delivered 98.9% copper recovery, with recoveries across the key metals described as exceptionally strong and a ~25% copper concentrate.

We’ve also discussed payables with Glencore and are using those inputs in our economic modeling.

That’s how a discovery starts becoming a development story.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

5/6

Lion Deep is starting to show what “ceiling still wide open” really means.

Drilling is already down around 900 - 950m, with ~150m step-outs pushing toward 1,050m and potentially 1,200m.

The maiden MRE gave the market a starting point.

Now the team is testing how much deeper the system can go.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

5/6

Lion Deep is starting to show what “ceiling still wide open” really means.

Drilling is already down around 900 - 950m, with ~150m step-outs pushing toward 1,050m and potentially 1,200m.

The maiden MRE gave the market a starting point.

Now the team is testing how much deeper the system can go.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

4/6

This is where the Lion story starts to look very different from a typical mine build.

Analysts are already modeling a sub-US$200M build with payback in a year or less.

High grade + open-pit potential could mean lower upfront capital, faster cash generation and a path to fund the underground from operations.

That’s a very different economic setup.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

Power Metallic controls about 330 square kilometres in Eeyou Istchee James Bay, Quebec, including roughly 50 kilometres of prospective basin margins.

The Lion resource published on 8 September comes from a shoot roughly 400 metres long at its widest and 290 metres at its narrowest, drilled to a 19 April cut-off.

Two zones on the property carry a mineral resource: Nisk and Lion. Tiger is a target under evaluation and is not a resource.

In June 2025 the company bought 313 adjoining claims, about 167 square kilometres, roughly doubling the land package. Most of that ground has not yet been drilled.

Five rigs are working on the property.

Full release: https://t.co/morHuGbcWX

[Power Metallic @PowerMetallic]

Locked-cycle testing by SGS Canada on Lion material produced a copper concentrate grading over 25% Cu.

Two tests were run: one on a blended composite representing run-of-mine feed, and one on the lower-grade disseminated material on its own. Copper recoveries were 98.9% and 98.3%. Both tests produced a single copper concentrate, with the platinum, palladium, gold, silver and nickel reporting into it.

The mineralogy explains why. The copper occurs as coarse-grained chalcopyrite and cubanite, and most of the platinum group minerals sit inside those copper sulphides or are attached to them.

Hydrometallurgical testing of the concentrate for a direct-to-metal route is in progress. Power Metallic has not completed a PEA or any other economic study.

Full release: https://t.co/morHuGbcWX

[Power Metallic @PowerMetallic]

New York this week.

Our CEO @terrybali has been meeting with investors as Power Metallic enters its next phase.

The maiden resource is established. The PEA is now underway. And Lion continues to be tested for additional scale.

The conversation is shifting from discovery to economics and development.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

S&P Global counts 115 copper discoveries sitting at prefeasibility, holding nearly 500 million tonnes of copper that has been found but is not advancing.

Everything in production today, across 98 operating discoveries, comes to about 670 million tonnes.

Grassroots exploration, the work that finds new deposits, has been losing share of the copper exploration budget for most of thirty years, and the amount of copper discovered each year has fallen with it.

Demand keeps rising with electrification, data centres, grid rebuilds and countries securing their own supply chains.

Lion was discovered in 2023.

Source: S&P Global, as of 4 August.

[Power Metallic @PowerMetallic]

Most of the world's platinum and palladium comes from two countries: South Africa and Russia.

South Africa's mines are old and deep, with falling grades, unreliable power, difficult labour relations and many operations nearing the end of their lives. Russian supply carries geopolitical risk.

Few new platinum and palladium projects are close to being built.

Lion carries both metals alongside its copper, and both are on the critical minerals lists of Quebec, Canada, the United States and the European Union.

Nisk began as a nickel project. The precious metals came with the copper, out of the same sulphide.

[Power Metallic @PowerMetallic]

4/6

This is where the Lion story starts to look very different from a typical mine build.

Analysts are already modeling a sub-US$200M build with payback in a year or less.

High grade + open-pit potential could mean lower upfront capital, faster cash generation and a path to fund the underground from operations.

That’s a very different economic setup.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

3/6

The maiden MRE stopped counting on April 19.

Lion didn’t.

Since then, deeper drilling has pushed the system from roughly 600m to more than 900m, with additional meters still being added ahead of the PEA.

That’s the point.

The MRE defined the starting base.
It did not define the limit.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

Five metals in the Nisk Project resource appear on the critical minerals lists of Quebec, Canada, the United States and the European Union: copper, nickel, cobalt, platinum and palladium. Silver is also on the US list.

Several federal and Quebec programs support projects like this one:

• Canada's refundable tax credit worth 30% of the capital cost of eligible new equipment for extracting and processing copper, nickel and cobalt

• Quebec's refundable credit of up to 45% on exploration and development spending for critical and strategic minerals

• A ten-year tax holiday for large investment projects in Quebec, and a 2.5 billion dollar fund for the sector

Power Metallic is evaluating these programs. Eligibility is decided by each program, and none is guaranteed.

Full release: https://t.co/morHuGaF7p

[Power Metallic @PowerMetallic]

Power Metallic Commences Preliminary Economic Assessment of the Nisk Project

https://t.co/8V2GUj5zOM

[Power Metallic @PowerMetallic]

Lion sits 9.1 kilometres from Poste Albanel, a Hydro-Québec substation on the 735 kV system that carries power from the La Grande complex to southern Quebec. The Nisk deposit is about 4 kilometres from it.

The property is on the Route du Nord, an all-season road. Nemiscau airport, with scheduled flights, is about 30 kilometres away. A camp on the same road, run by the Cree Construction and Development Company, provides beds, food and fuel. Nemaska is 51 kilometres by road.

Lion starts at surface, next to a road and a transmission line, in a province that has made critical minerals projects a priority when it allocates power.

Full release: https://t.co/morHuGbcWX

[Power Metallic @PowerMetallic]

3/6

The maiden MRE stopped counting on April 19.

Lion didn’t.

Since then, deeper drilling has pushed the system from roughly 600m to more than 900m, with additional meters still being added ahead of the PEA.

That’s the point.

The MRE defined the starting base.
It did not define the limit.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

2/6

The market has the first resource number.

Now comes the part that can change the scale conversation.

Drilling has continued since June, with roughly 30,000+ additional meters expected to feed into the next resource work ahead of the PEA.

The floor is established.

Now the team is working to raise it.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

Chris Beal is Power Metallic's VP of Operations.

He is a mining engineer with open-pit and underground base metals experience in Canada and Australia, followed by corporate finance, transactions and mine technology. He is leading the engineering work.

On the 8 September webinar he was asked whether electric and automated mining would be considered in the economic study.

Electric equipment: yes. Power in this part of Quebec comes almost entirely from hydroelectric, and electric equipment removes diesel fumes underground.

Automation: yes. For a smaller operation it means a limited crew on site and access to skilled operators remotely.

Technology goes in where it adds something. The priority is producing reliably.

[Power Metallic @PowerMetallic]

Why are the metal prices in the Lion resource estimate conservative?

Power Metallic did not set them.

SGS, the independent firm that prepared the estimate, chose the price deck. It uses a floating average over time, and the same prices it applies to comparable Sudbury deposits it works on.

The company's input is the geology: the shape of the ore body, the widths and the grades.

Conservative prices give a smaller number today, and a number that holds up when investors run it through their own models.

Joe Campbell answered this question on the 8 September webinar.

Full release: https://t.co/morHuGbcWX

[Power Metallic @PowerMetallic]

2/6

The market has the first resource number.

Now comes the part that can change the scale conversation.

Drilling has continued since June, with roughly 30,000+ additional meters expected to feed into the next resource work ahead of the PEA.

The floor is established.

Now the team is working to raise it.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

The maiden MRE established the floor.

Now the focus shifts to what high grade can unlock.

A strong open-pit component has the potential to generate early cash flow, help fund underground development and keep exploration moving across Nisk.

And we’ve only scratched ~2–3% of the overall area.

High grades change the economics.
The ceiling is still being defined.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

The Lion resource estimate includes drilling up to 19 April 2026.

Since then, Power Metallic has been testing the Lion shoot below 600 metres with deep step-out holes. Five rigs are active.

The first deep result was released on 22 September. Hole PML-26-125 intersected 5.70 metres of 14.00% CuEqRec at around 800 metres vertical depth, 25% deeper than the deepest hole used in the estimate.

Drilling completed after the cut-off will feed future resource updates and the preliminary economic assessment. More assays from the Lion deep drilling are expected in the weeks to come.

Lion remains open at depth.

Full release: https://t.co/IHfUdHLfcT

[Power Metallic @PowerMetallic]

The maiden MRE established the floor.

Now the focus shifts to what high grade can unlock.

A strong open-pit component has the potential to generate early cash flow, help fund underground development and keep exploration moving across Nisk.

And we’ve only scratched ~2–3% of the overall area.

High grades change the economics.
The ceiling is still being defined.

$PNPN $PNPNF

[Power Metallic @PowerMetallic]

Power Metallic unveils the first Lion Zone resource.

The headline numbers in under two minutes:

https://t.co/srLCdDBlpH