Power Metallic Mines (PNPN) Noble Capital Markets Virtual Equity Investor Conference summary

Lion resource and drilling

• Maiden Lion resource: 4.75 million tons, with more than 85% classified as indicated; MRE extends to 610m and reports roughly 3.9% copper equivalent.

• Two post-MRE deep intercepts included 5m at 5% copper equivalent and 5.7m at 14% copper equivalent, below the MRE depth.

• Drilling reached 900m, with mineralization reported; follow-up drilling to 1,200m planned, and management sees theoretical potential for resource expansion of 50%.

• Management said grades have increased with depth; Lion remains open in all directions, with Black Panther and other areas under exploration.

Metallurgy and Nisk

• SGS test results showed copper recovery of almost 99%, platinum and palladium in the mid-90% range, and gold and silver in the mid-80% range or higher.

• SGS was evaluating whether blending nickel-rich Nisk Main ore with copper-centric Lion ore could improve recoveries; results were expected in roughly seven weeks.

• If blending results are positive, further Nisk Main drilling is planned; management cited nearby tomography halos as potential expansion areas.

Development and infrastructure

• The Quebec project is adjacent to a major highway and power infrastructure, near Nemaska, with a regional airport and local Cree services.

• Management cited government tax credits and abatements covering 55% of facility construction costs; estimated facility cost is ~$200 million.

• Management estimated payback at about one year or less and IRR above 60%; formal project economics are expected with the PEA, planned for Q1 or H1 next year.

• Christopher Beal is expected to lead the internal PEA program and oversee mine-facility construction.