Power Metallic Mines Inc. (TSX-V: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV1) is pleased to announce the closing of its previously announced “best efforts” private placement for aggregate gross proceeds of C$28,228,750, which includes a lead order from Eric Sprott. Pursuant to the Offering, the Company sold 22,583,000 common shares of the Company at a price of C$1.25 per Offered Share. Red Cloud Securities Inc. acted as lead agent and sole bookrunner on behalf of a syndicate of agents that included Titan Partners Group LLC, Roth Canada, Inc. and Taylor Collison Limited in connection with the Offering.

Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially owned and controlled by him, acquired 1,600,000 Offered Shares under the Offering for total consideration of C$2,000,000.

The Company intends to use the net proceeds from the Offering for the advancement of the

Company’s flagship NISK Project in Québec and its Jabul Baudan exploration license in Saudi Arabia, as well as for general working capital and corporate purposes, as is more fully described in the Amended Offering Document (as defined herein).

In accordance with National Instrument 45-106 – Prospectus Exemptions, the

Offered Shares were issued pursuant to the listed issuer financing exemption under Part 5A of

NI 45-106, as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption. The Offered Shares issued to Canadian purchasers are immediately freely tradeable in accordance with applicable Canadian securities legislation.

There is an amended and restated offering document dated June 4, 2026 related to the Offering that can be accessed under the Company’s profile on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.powermetallic.com.

As consideration for their services, the Agents received an aggregate cash fee of C$1,443,225.

The closing of the Offering remains subject to the final approval of the TSX Venture Exchange.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or U.S. persons, absent registration under the U.S. Securities Act and all applicable U.S. state securities laws or in compliance with an exemption therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Power Metallic Mines Inc.

Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)–a high–grade Copper–PGE, Nickel, gold and silver system–toward Canada’s next polymetallic mine.

On 1 February 2021, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the June 2025 purchase of 313 adjoining claims (~167 km²) from Li–FT Power, the Company now controls ~330 km² and roughly 50 km of prospective basin margins.

Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package through successive drill programs.

Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power Metallic via a plan of arrangement on February 3, 2025.

It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in The Kingdon of Saudi Arabia’s Jabal Said Belt. The property encompasses over 200 square kilometres in an area recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive volcanic sulfide (VMS) deposits, including the world-class Jabal Sayid mine and the promising Umm and Damad deposit.