Power Metals' World-class Cesium Results Continue To Grow At Case Lake

VANCOUVER, June 18, 2024 - Power Metals Corp. ("Power Metals" or the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to report high-grade cesium and lithium results on the remainder of exploration drillhole assays from the winter 2024 drill program (the "Program") at its 100% owned Case Lake property (the "Property") in northeastern Ontario. Exploration drilling at the world-class West Joe Prospect has continued to intersect shallow high grade cesium mineralization up to 24.70% (PWM24-198) hosted in pollucite. This is the highest-grade cesium intercept reported to date at West Joe and continues to add confidence to this unique prospect along with lithium intercepts of 2.00 m at 3.55% Li₂O (PWM24-188) and 32.44 m at 1.40% Li₂O (PWM24-186). In addition, the assay results at the Main Zone continues to deliver encouraging lithium intercepts with the following highlights:

HIGHLIGHTS

WEST JOE:

• PWM-24-201: 7.13 m at 1.21% Li₂O, 6.27% Cs₂O and 348 ppm Ta from 14.15 m
  • Including 5.00 m @ 1.31% Li₂O, 8.81% Cs₂O and 265 ppm Ta from 15.00 m
  • Including 1.00 m @ 1.02% Li₂O, 19.40% Cs₂O and 108 ppm Ta from 17.00 m

• PWM-24-198: 3.22 m at 1.76% Li₂O, 7.32% Cs₂O and 140 ppm Ta from 14.78 m

• • Including 2.45 m @ 2.27% Li₂O, 9.29% Cs₂O and 156 ppm Ta from 15.55 m
  • Including 0.80 m @ 0.36% Li₂O, 24.70% Cs₂O and 9 ppm Ta from 16.20 m

• PWM-24-199: 8.11 m at 1.42% Li₂O, 4.50% Cs₂O and 233 ppm Ta from 7.12 m

• • Including 4.50 m @ 1.42% Li₂O, 8.03% Cs₂O and 242 ppm Ta from 9.00 m
  • Including 1.00 m @ 1.25% Li₂O, 15.90% Cs₂O and 102 ppm Ta from 11.00 m

• PWM-24-189: 8.70 m at 1.74% Li₂O, 4.98% Cs₂O and 782 ppm Ta from 14.25 m

• • Including 5.00 m @ 1.67% Li₂O, 8.59% Cs₂O and 1116 ppm Ta from 16.00 m
  • Including 1.00 m @ 2.20% Li₂O, 20.14% Cs₂O and 459 ppm Ta from 18.00 m

• PWM-24-202: 7.74 m at 1.82% Li₂O, 2.07% Cs₂O and 534 ppm Ta from 8.60 m

• • Including 5.00 m @ 1.97% Li₂O, 3.13% Cs₂O and 670 ppm Ta from 10.00 m

• PWM-24-191: 5.32 m at 1.01% Li₂O, 2.39% Cs₂O and 278 ppm Ta from 41.00 m

• • Including 2.00 m @ 0.61 % Li₂O, 6.12% Cs₂O and 367 ppm Ta from 41.00 m

• PWM-24-186: 32.44 m at 1.40% Li₂O, 0.58% Cs₂O and 248 ppm Ta from 10.41 m

• • Including 1.20 m @ 0.62% Li₂O, 8.13% Cs₂O and 575 ppm Ta from 39.80 m

• PWM-24-188: 3.47 m at 2.74% Li₂O, 4.91% Cs₂O and 250 ppm Ta from 23.03 m

• • Including 2.00 m @ 3.55% Li₂O, 7.46% Cs₂O and 196 ppm Ta from 24.00 m

• PWM-24-200: 3.00 m at 1.68% Li₂O, 3.83% Cs₂O and 1002 ppm Ta from 11.00 m

• • Including 1.35 m @ 2.34% Li₂O, 4.87% Cs₂O and 1474 ppm Ta from 12.65 m
  • Including 0.75 m @ 1.44% Li₂O, 6.55% Cs₂O and 2201 ppm Ta from 12.65 m

• PWM-24-187: 6.32 m at 1.24% Li₂O, 0.07% Cs₂O and 157 ppm Ta from 13.28 m
• PWM-24-193: 5.65 m at 1.66% Li₂O, 0.07% Cs₂O and 143 ppm Ta from 19.35 m
• PWM-24-195: 3.53 m at 1.79% Li₂O, 0.03% Cs₂O and 387ppm Ta from 49.29 m

CASE LAKE MAIN:

• PWM-24-169: 4.00 m at 0.99% Li₂O and 186 ppm Ta from 54.0 m

• • Including 1.10 m @ 1.10 % Li₂O, 1.03% Cs₂O and 213 ppm Ta from 56.90 m

• PWM-24-170: 1.60 m at 1.17% Li₂O and 97 ppm Ta from 38.18 m

2024 EXPLORATION DRILL PROGRAM

Exploration results in this news release are the remainder of assays from the outstanding 29 drill holes completed at West Joe and Main Zone from the Company's winter drill program at Case Lake. A table of all collars, composites, and prospects is displayed in Table 1.

Haydn Daxter, Power Metals CEO commented "The results to date from West Joe are incredibly exciting from our winter exploration drilling program that has delivered our highest cesium grades on the property. This unique and complex prospect not only displays world class cesium with 24.70% and also displayed lithium grades up to 3.55% along with tantalum reported at 2201 ppm from recent drilling. These results will continue to build on the potential at the property as we continue our metallurgical test work and prepare for Phase II of drilling this summer".

WEST JOE

The West Joe deposit is a unique, highly fractionated lithium, cesium, tantalum (LCT) pegmatite system that contains world-class high-grade cesium (Cs₂O) mineralization hosted in pollucite, along with high-grade lithium and tantalum (Figure 1). It is characterized by two stacked pegmatites that are up to 9 meters thick and extend for 100 meters along strike and open down plunge.

The 2024 winter drill program at West Joe intersected consistent high-grade cesium mineralization in majority of the holes drilled to define and delineate LCT mineralization at West Joe. Several holes that include PWM-24-189, 198, 199, and 201 intersected high-grade cesium in pollucite between 11.9% to 24.7%. The high-grade cesium is bound by consistent medium-grade cesium mineralization between 2% to 9% (Figures 1-3, Table 1). In addition to the high-grade cesium and lithium mineralization, high-grade tantalum mineralization was intercepted above 500 ppm tantalum in multiple drillholes (Table 1). PWM-24-186 was drilled to test consistency of LCT mineralization down dip and plunge of the main dyke at West Joe and confirmed continuity and the widest mineralization at West Joe to date with 32.4 meters of 1.4% Li₂O, 0.58% Cs₂O, and 248 ppm Ta.

Exploration drill holes have expanded mineralization along-strike and down-dip at West Joe intersecting high-grade cesium, lithium, and tantalum in holes PWM-24-175, 176, 185, 187, 191, and 197, indicating an open mineralization system down plunge of West Joe (Figures 1-3, Table 1). Additional step-out exploration holes drilled to the east and west of West Joe did not intersect significant mineralization, however, did intersect pegmatites that contain anomalous ore-grade tantalum mineralization above 100 ppm. Two samples from drill holes PWM-24-179 and 180 drilled 600 meters along strike to the east of West Joe reported 494 and 207 ppm tantalum respectively.

MAIN ZONE

LCT pegmatite mineralization at Case Main is represented as a stacked pegmatite system that is part of three main dykes, historically referred as South, Main, and North dykes (Figure 4). The high grade LCT pegmatite system at Case Main is up to 35 meters thick and extends for more than 400 meters along strike. Mineralization continues to 100 meters vertical depth and remains open down plunge to the west and along strike to the east.

PWM-24-169 and 170 were drilled to extend historic cesium and lithium mineralization from drill hole PWM-17-49 that reported 3 meters of 1.61% Li₂O, 1.35% Cs₂O, and 144 ppm Ta. PWM-24-169, drilled to the east at Main Zone intersected 4 meters of 0.99% Li2O, 0.4% Cs₂O, and 186 ppm of Ta, indicating open mineralization to the east of Main Zone (Figure 4, Table 1). The 3 meter intercept of LCT mineralization in PWM-24-169 contains 1.1 meters of 1.1% Li₂O, 1.03% Cs₂O, and 213 ppm of Ta, indicating the potential for cesium mineralization on the south side of the Main dyke at Case Main.

Johnathan More, Chairman of Power Metals commented "We are extremely pleased to see drill assays have added additional high-grade cesium, lithium, and tantalum mineralization at West Joe to this world-class prospect along with producing consistent lithium results from Main Zone. We look forward to our ongoing field activities and commencing our fully funded Phase II drill program in summer at Case Lake."

Table 1 - Summary of Assay Results in Drillholes Reported in this Press Release

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 core diameter (48 mm), 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 to Activation Laboratories Ltd. ("Actlabs") and 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 either Actlabs Timmins or SGS Cochrane, in Ontario. Samples submitted to Actlabs were prepped, crushed and pulverized in Timmins and were subsequently sent to Actlabs geochemistry laboratory in Ancaster, Ontario for multi element analysis using sodium peroxide fusion ICP-OES/ICP-MS and borate fusion ICP-MS. 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.

Actlabs and SGS Canada are independent of the Company.

Further to the Company's news release dated March 28, 2024, the Company announces that the stock options granted to Outside-The-Box will have an expiry date of March 27, 2026. Otherwise, subject to TSX Venture Exchange approval, all other terms of the options as announced on March 28, 2024, remain in full force and effect.

Pursuant to the press release dated August 24, 2023, the Company is continuing to prepare the necessary documents to receive final TSXV approval for the acquisition of the properties, including the preparation of a technical report.

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 5).

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 19,607 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.

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 5).

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 5).

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 5).

Pollucite and Cesium

Pollucite is a rare mineral that hosts high grade cesium and is associated with highly fractionated, compact, and 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. Exploration data was collected and verified following the guidelines outlined in CIM's Mineral Exploration Best Practice Guidelines.

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

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

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 onwww.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.