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CORPORATE UPDATE:

The Company is nearing completion of our Maiden Resource Estimate (MRE) for the Case Lake Project and eagerly anticipate completion in the coming weeks. Additionally, we have continued to receive strong interest from a diverse group of international strategic investors, whilst conducting multiple site visit requests and ongoing discussions around potential partnerships.

PHASE II BULK SAMPLE

The Company has received continued high-grade concentrate assay results from the pollucite material that was produced via XRT ore sorting from our Phase II test work in Germany. The concentrates were produced from a 254kg bulk sample (Table 1) derived from drill holes PWM-24-203 to PWM-24-206, PWM-24-222 to PWM-24-225, and PWM-24-227 (Table 2) (Refer to press releases announced November 19 and December 03, 2024). Mineralized intervals were selected from all reported drill holes and produced 67 quarter-split and half-half split HQ core samples with average grades of 4.03% Cs₂O, 1.31% Li₂O, and 475ppm Ta over a 5.83-meter interval (Table 2).

Table 1 - Summary of Assay Results for Phase II Ore Sorting Products - Weighted by Sample Weight in Kg

As with the Phase I ore sorting test work, the Company conducted X-ray Transmission (XRT) based ore sorting technology to produce all metallurgical samples for Phase II, crushed and blended forming a bulk metallurgical sample, that was subsequently divided into two sample subsets (+12-25mm and +6-12mm) and a fines material (sub 6mm) based on size fraction of ore particles.

The primary and secondary XRT analysis utilised 254 kg of material from 67 drill core samples that were crushed, screened at 6 to 25 mm, and sorted with two stages of XRT testing. The feed grade for the 67 samples based on assay composites for Phase I and II metallurgical drill holes 4.03% Cs₂O, 1.31% Li₂O, and 475ppm Ta over a 5.83-meter (Table 2).

Table 2 - Summary of Assay Composites for All Samples Used in Phase II Ore Sorting - Weighted by Core Length in meters

The primary XRT analysis produced two very high-density and grade concentrates of 21.80 kg's and 6.10 kg's (Sample 24-037-A01P and 24-037-B01P) with 25.30% Cs₂O, 79 ppm Ta, 0.50% Li₂O and 25.60% Cs₂O, 51 ppm Ta, 0.30% Li₂O. (Table 3)

Table 3 - Summary of Assay Results for Phase II Ore Sorting Concentrate Products from Primary Runs - Weighted by Sample Weight in Kg

The ejected mass of 12.40 kg's and 1.70 kg's of product from the primary analysis was resorted with XRT and produced two secondary concentrates (Sample 24-037-A02P and 24-037-B02P) with 4.70% Cs₂O, 1030 ppm Ta, 1.70% Li₂O, and 8.20% Cs₂O, 3500 ppm Ta, 0.95% Li₂O.

Table 4 - Summary of Assay Results for Ore Sorting Concentrate Products from Primary and Secondary Runs - Weighted by Sample Weight in Kg

The results of Phase I and II XRT ore sorting study has demonstrated very achievable production of high-grade pollucite concentrates, Phase II Samples 24-037-A01P, 24-037-A02P, 24-037-B01P and 24-037-B02P represented on average 18.57% Cs₂O, 494 ppm Ta, and 0.84% Li₂O (Table 1-4).

METALLURGICAL HOLES:

Phase I and II metallurgical drilling consisted of 9 (nine) HQ (63.5mm) diamond drill holes at West Joe. Drilling consisted of shallow targets to provide a consistent ore sorting and mineral separation on the West Joe Project. Targeting high grade cesium oxide through to the Company's proposed cut-off grades at the lower end of mineralization. Phase II ore sorting and the separation of cesium oxide material from the metallurgical holes also included high-grade spodumene and tantalum (Table 5) which has the capacity to develop additional streams of income alongside the cesium oxide production. Cesium oxide concentrate is currently with SGS Lakefield for analysis to produce product grades.

Table 5 - Summary of Assay Composites from HQ Metallurgical Holes (previously reported)

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 (47.6 mm) and HQ (63.5 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. Assay results for products of ore sorting samples were analyzed at SGS Lakefield using sodium peroxide fusion ICP-OES for Lithium, sodium peroxide fusion ICP-MS, and borate fusion XRF for Cesium.

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 586 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 1).

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 23,976 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 1).

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 1).

Decelles Property

The Decelles Property contains 669 claims, covering 38,404 hectares of LCT prospective ground near the mining centres 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 transaction remains subject to TSXV approval. 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 1).

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 centre 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 1)

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 Corp (TSX-V: PWM)

Power Metals Corp (TSX-V: PWM) is a Canadian exploration company focused on developing high-quality critical mineral projects.

Its flagship Case Lake Property in Ontario – 100 per cent owned by Power Metals - is a high-grade cesium, lithium and tantalum asset, poised to become one of only four cesium mines globally.

Beyond Case Lake, the Company's portfolio includes the Pelletier Property in Ontario and the Decelles and Mazerac Properties near Val-D'Or, Québec. Together, these assets cover 1,265 claims spanning more than 600km² of lithium-cesium-tantalum (LCT) prospective ground.

As global demand for critical minerals continues to grow global, and particularly in North America, Power Metals is strategically advancing its projects to support the continent's growing supply needs.

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 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.

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