Nisk Project

Power Metallic's flagship polymetallic nickel-copper-PGE-gold-silver project in the Eeyou Istchee James Bay Territory of Québec, comprising a large land position with about 20 kilometres of strike length. The company earned an 80% interest from Critical Elements Limited under staged options (first option to 50%, second option to 80%), with Critical retaining a 2% net smelter return on lithium products only (reducible to 1% for $2 million). An amended and updated NI 43-101 technical report and mineral resource estimate for the Nisk Project (Duncan Studd, Pierre-Luc Richard, Gordon Marrs, Jeffrey Cassoff; January 19, 2024) underpins the historic resource at Nisk Main; the detailed resource tabulation resides in that technical report. Since 2024 the company has made high-grade copper-platinum-palladium-gold polymetallic discoveries at the Lion Zone (formerly Wildcat) and the nearby Tiger Zone, with additional targets at Nisk East and ANT 1-4; recent drill highlights include 28 m of 4.28% CuEq and 22.66 m of 4.57% CuEq. Preliminary metallurgical testing by SGS Canada (initiated October 2025) is intended to support reporting of an updated NI 43-101 resource. Borehole electromagnetic surveys are central to ongoing discovery.