Latest Drilling Confirms Case Lake As A High-grade Cesium Hub

Major Highlights

• Phase II drilling at flagship Case Lake project confirms high-grade mineralization, with standout results in Cesium, Lithium and Tantalum
• Shallow, high-grade pollucite mineralization reveals exceptional concentrations, including 20.67% Cesium Oxide (Cs₂O)
• Exceptional Tantalum grades of up to 5328ppm recorded in drill hole PWM-24-217
• Phase III Program successfully underway, building on strategic momentum and delivering further exploration opportunities

VANCOUVER, Nov. 19, 2024 - Power Metals Corp. ("Power Metals" or the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce continued success from its 2024 Phase II drill program at the Company's 100%-owned Case Lake Project (CLP) in northeastern Ontario.

The latest results highlight a sustained trend of high-grade mineralization in cesium, lithium, and tantalum, further solidifying the project's robust resource potential. Targeted drilling at the West Joe Zone has confirmed additional high-grade cesium oxide (Cs₂O) and tantalum mineralization, with exceptional shallow intercepts reaching concentrations of up to 20.67% Cs₂O and 5328ppm Ta.

Assay results from the Case Lake Project continue to demonstrate the world-class nature of this asset, showcasing a high-grade, multi-element resource with significant upside. These results underscore the Case Lake Project's growing potential as a high-grade, multi-element deposit, including:

• Hole PWM-24-223: 4.30 meters averaging 8.38% Cs₂O in a pollucite-rich zone
• Hole PWM-24-224: 6.20 meters averaging 3.67% Cs₂O
• Hole PWM-24-225: 4.00 meters averaging 8.33% Cs₂O (refer to Figure 1-4 for further details)

The Case Lake Project continues to demonstrate its potential as a world-class asset, aligning closely with global critical minerals strategies and the growing demand for cesium in technical industries. Phase II drilling at the West Joe Zone has delivered exceptional results, highlighting significant high-grade mineralization:

WEST JOE HIGHLIGHTS:

• PWM-24-223: 8.45m at 1.96% Li₂O, 4.55% Cs₂O and 681 ppm Ta from 11.75m
  • Including 4.30m @ 2.09 % Li₂O, 8.38% Cs₂O and 1102 ppm Ta from 15.20m
  • Including 0.95m @ 1.83% Li₂O, 17.71% Cs₂O and 117 ppm Ta from 16.75m
• PWM-24-224: 6.20m @ 1.07% Li₂O, 3.67% Cs₂O and 339 ppm Ta from 19.60m
  • including 2.00m @ 1.74% Li₂O, 10.52% Cs₂O and 306 ppm Ta from 22.40m
  • including 0.60m @ 1.45% Li₂O, 20.67% Cs₂O and 7 ppm Ta from 22.40m
• PWM-24-225: 8.25m at 0.77% Li₂O, 4.18% Cs₂O and 344 ppm Ta from 6.50m
• • including 4.0m @ 1.02% Li₂O, 8.33% Cs₂O and 499 ppm Ta from 10.00m
  • including 1.0m @ 0.54% Li₂O, 20.04% Cs₂O and 481 ppm Ta from 10.00m

Haydn Daxter, Power Metals CEO commented:

"The recent assay results further reinforce the world-class potential of our Case Lake Project. As global demand for critical minerals drives advancements in technology, we are very pleased with the progress made to date and grateful for the Canadian Government's continued support in validating this project's significance. Commencing Phase III while awaiting final results from Phase II has only strengthened our confidence in the project's resource potential. We look forward to sharing the remaining results in the coming weeks as Phase III progresses towards completing our 2024 exploration program."

Johnathan More, Chairman and Founder of Power Metals, added,

"The high-grade cesium and tantalum discoveries at Case Lake during our 2024 Phase II program are an exciting milestone for the Company. With Phase III now in full swing, these results confirm the exceptional mineralization at West Joe and reinforce the Case Lake Project as a vital resource for critical minerals. The combination of high-grade cesium and tantalum intercepts with significant lithium values highlights the growing strategic importance of this project in meeting the rising global demand for advanced technologies."

PHASE II DRILLING

The current results from Phase II drilling produced strong mineralization with pollucite bearing high-grade cesium, spodumene, and tantalum (LCT) in holes PWM-24-217, and PWM-24-222/225 with the successful intersection of consistent high-grade mineralization. These intercepts further confirm the continuation of the West Joe mineralization trend both up and down dip of previously reported drillholes PWM-24-212, PWM-18-112, PWM-24-209, PWM-22-128, and PWM-24-200 (Figures 2-4). The strong mineralization zones in these drillholes are characterized by intercepts of 1.77% to 4.55% Cs₂O, 0.77% to 2.22% Li₂O, and 339 ppm to 962 ppm Ta in 6.20 to 8.45 meters thick pegmatites. The rich core of the mineralization is 3.52 meters thick and on average contains 7.12% Cs₂O, 1.82% Li₂O, and 865 ppm Ta. In addition to the strong cesium mineralization, PWM-24-217 hosts shallow (16.5 to 18 meters down hole) lithium and tantalum mineralization with individual high-grade samples running 3.01% to 4.57 % Li₂O and 1487 to 5328 ppm Ta. Similar shallow high-grade cesium mineralization was encountered at 10.00 to 23.80 meters down drillholes PWM-24-222/225 with multiple individual samples reporting 13.58 % Cs₂O on average.

Drillhole PWM-24-220 intersected strong lithium and tantalum mineralization that averages 1.15% Li₂O and 226 ppm Ta over three meters. Drillhole PWM-24-221 intersected strong lithium-tantalum and low-grade cesium mineralization that averages 1.31% Li₂O, 245 ppm Ta, 0.45% Cs₂O over 8.85 meters, further delineating LCT mineralization up dip of previously reported drillhole PWM-22-150.

Exploration holes PWM-24-215, 216, 219, 228, & 229 that tested structural and geophysical targets did not report significant mineralization. However, all holes intersected LCT pegmatites with anomalous lithium, cesium, and tantalum, confirming the exploration potential of the main structure at West Joe.

The remaining eight (8) drill holes to report from 2024 Phase II are expected in the coming weeks to complete this program, these holes are predominantly regional exploration holes to define the geological structures and lithologies around the broader mineralization zones at the CLP.

2024 PHASE III DRILLING

The Company commenced its 2024 Phase III drilling program over the weekend at the Case Lake Project (CLP) in collaboration with Black Diamond Drilling (Figure 5). Drilling is scheduled to continue through mid-December, focusing on the West Joe and Main Zone targets. Following the completion of this phase, all field activities will be temporarily shut down until early 2025. Sample dispatch to SGS Laboratories is expected to begin later this month and continue into December. Results from the Phase III program are anticipated in late January and will continue through February 2025.

Table 1 - Drill Collar Table (Bold Hole ID's reported in the announcement)

Sampling and QAQC Procedures

Samples were taken across every pegmatite and 1.5 meter into the barren host rock on either side of dykes. Sample lengths were around 1-metre NQ (48 mm) and HQ (64 mm) core diameter, though individual sample length was determined based on internal zoning of the dykes and the locations of their contacts. The sampled core was cut in half with one half being sent for analysis and the other half remaining in the box for reference. All core is stored at Power Metals core storage facility in Cochrane, Ontario. Each sample was put into its own plastic sample bag with a sample tag and closed with zip ties. About 15% of the samples submitted SGS Canada ("SGS") for analysis were QAQC samples that were inserted into the sample stream and consist of a high- and low-grade lithium, Tantalum, and Cesium standards, blank material, and duplicates. Samples were dropped at SGS Cochrane, in Ontario. Samples submitted to SGS were prepped, crushed, and pulverized in Sudbury and were subsequently sent to SGS Burnaby and SGS Lakefield for multi element analysis using sodium peroxide fusion ICP-AES/ICP-MS and borate fusion XRF. All cesium results above 1% were analyzed using 4-Acid digest AAS at SGS Lakefield.

Case Lake Property

The Case Lake Property is located 80 km east of Cochrane, northeastern Ontario close to the Ontario - Quebec border. The Property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake Mining Division. The Property is 10km by 9.5km in size with 14 granitic domes. The Case Lake pegmatite swarm consists of six spodumene dykes known as the North, Main, South, East and Northeast dykes on the Henry Dome, and the West Joe dyke on a new dome, collectively forming mineralization trend that extends for approximately 10km (Figure 6).

Power Metals have completed several exploration campaigns that have led to the discovery and expansion of new and historic spodumene bearing LCT pegmatites at Case Lake. The Company has drilled a total of 22,231 meters of core between 2017 and 2024 at the Property. The Case Lake Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has been prepared on Case Lake Property and filed on July 18, 2017 (Figure 6).

Pelletier Property

The Pelletier Property is located 50km south of Hearst, northeastern Ontario close to a network of forestry roads. The Property consists of 337 mineral claims that account for a total of 7000 hectares in Franz, Roche, Scholfield, and Talbot townships in the Porcupine mining division. The Pelletier Project is characterized by LCT prospective S-type pegmatitic granites intruding into metasedimentary and amphibolite of the Quetico at or near Archean terrane boundary between the Quetico and Wawa sub-provinces (Figure 6).

Decelles Property

The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centers of Val-dÓr and Rouyn-Noranda, approximately 600km from Montreal. Power Metals acquired the Decelles and Mazerac properties from Winsome Resources in 2023 in a deal that allowed Winsome to increase its stake to 19.59% (Refer to press release announced on August 24, 2023). The geology of Decelles property is part of the Archean Pontiac sub-province where S-type LCT prospective, pegmatite bearing, granitic Decelles Batholith intrudes into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite. The Decelles property is adjacent to Vision Lithium's Cadillac property where discovery of high-grade lithium pegmatites was reported in 2022 (Figure 6).

Mazerac Property

The Mazerac Property is located approximately 30 km east of Power Metals' Decelles property near well-established mining camps in the Abitibi region of Canada and is accessible by network of mining-grade forestry roads. The Mazerac property contains 259 claims that cover 14,700 hectares of LCT prospective ground near the mining center of Val-dÓr and Rouyn-Noranda. The regional geology of Mazerac is similar to Decelles where S-type LCT prospective, pegmatite bearing, granites of Decelles Batholith intrude into metasedimentary units of the Pontiac Group. Spodumene and Beryl bearing pegmatites have been reported historically within the Pontiac sub-province in association with S-type garnet-muscovite granite (Figure 6).

Pollucite and Cesium

Pollucite is a rare mineral that hosts high grade cesium and is associated with highly fractionated, rare element pegmatites. The main source of cesium known globally is pollucite (Cs,Na)₂(Al₂Si₄O₁₂)•2H₂O, (https://www.gov.mb.ca/iem/geo/industrial/pollucite.html). Currently the Tanco mine in Manitoba, Canada is the only operating cesium deposit and holds over 60% of the known reserves globally.

Scientific and Technical Disclosure

The scientific and technical disclosure included in this news release has been reviewed and approved by Amanuel Bein, P.Geo., Vice President of Exploration for Power Metals, a Qualified Person under National Instrument 43-101 Standards of Disclosure of Mineral Projects.

Power Metals

Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects. We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com.

ON BEHALF OF THE BOARD

Johnathan More, Chairman & Director

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No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered 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 state securities laws, and may not be offered or sold in the United States, or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com.

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.

SOURCE Power Metals Corp.