Power Metallic Mines upsizes LIFE offering to C$30 million

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, ON / ACCESS Newswire / May 29, 2026 / Power Metallic Mines Inc. (" Power Metallic " or the Company ") (TSXV:PNPN)(OTCBB:PNPNF)(Frankfurt:IVV1) is pleased to announce that as a result of strong investor demand, the Company and Red Cloud Securities Inc. (" Red Cloud ") have agreed to increase the maximum gross proceeds of the Company's previously announced "best efforts" private placement (the " Marketed Offering ") from C$25,000,000 to C$30,000,000. Pursuant to the upsized Marketed Offering, the Company has agreed to sell up to 24,000,000 common shares of the Company (the " Offered Shares ") at a price of C$1.25 per Offered Share (the " Offering Price "). Red Cloud is acting as lead agent and sole bookrunner on behalf of a syndicate of agents (collectively, the " Agents ") in connection with the Offering (as defined herein).

The Company also grants the Agents an option, exercisable in full or in part up to 48 hours prior to the closing of the Marketed Offering, to sell up to an additional 2,400,000 Offered Shares at the Offering Price for up to an additional C$3,000,000 in gross proceeds (the " Agents' Option "). The Marketed Offering and the issuance of securities upon exercise of the Agents' Option shall be collectively referred to as the " Offering ". 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).

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (" NI 45-106 "), the Offered Shares will be offered for sale to purchasers resident in all of the provinces and territories of Canada and 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 are expected to be immediately freely tradeable in accordance with applicable Canadian securities legislation if sold to purchasers resident in Canada. The Offered Shares may also be sold in the United States or to, or for the account or benefit of, U.S. persons, by way of private placement pursuant to the exemptions from the registration requirements provided for under the United States Securities Act of 1933, as amended (the " U.S. Securities Act "), and in jurisdictions outside of Canada and the United States on a private placement or equivalent basis, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction.

There is an amended and restated offering document (the " Amended Offering Document ") 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. Prospective investors should read this Amended Offering Document before making an investment decision. The Offering is anticipated to close on June 10, 2026, or such other date as the Company and Red Cloud may agree (the " Closing Date ").