Power Metallic Mines has moved its Lion Zone from a high-grade discovery into a formally defined mineral resource. On September 8, 2026, the company announced an inaugural NI 43-101 Mineral Resource Estimate prepared by SGS Canada. Lion now contains approximately 4.75 million tonnes grading approximately 3.9% copper equivalent, representing approximately 406 million pounds of contained copper equivalent. More than 85% of the resource tonnes are classified as Indicated.
High-grade mineralization begins at surface, approximately 59% of the resource tonnes are contained within a conceptual open-pit shell, and the deposit remains open at depth. Power Metallic is now assessing engineering proposals for a Preliminary Economic Assessment while five drill rigs continue working across the broader Nisk property.
For investors, this represents an important transition. Lion is no longer defined solely by individual drill results. It now has independently prepared estimates of tonnage, grade, contained metal and geological confidence that can support the next stage of technical evaluation.
WHAT YOU NEED TO KNOW
- 406 Million Pounds CuEq: Lion contains 4.145 million tonnes Indicated at 3.86% CuEq and 601,000 tonnes Inferred at 4.01% CuEq, representing approximately 406 million pounds of contained copper equivalent.
- More Than 85% Indicated: More than 85% of Lion’s resource tonnes are classified as Indicated, providing a higher level of geological confidence than an Inferred resource.
- High Grade From Surface: Approximately 59% of the resource tonnes are within a conceptual open-pit shell grading 3.45% CuEq. The underground resource grades 4.71% CuEq in the Indicated category and 4.34% CuEq in the Inferred category.
- Strong Preliminary Metallurgy: Two locked-cycle tests completed by SGS Canada returned copper recoveries of 98.9% and 98.3%, producing copper concentrates grading 25.8% and 25.4%, respectively.
- Expansion Remains Open: The resource model extends beyond 600 metres vertically. Power Metallic reported that deeper holes drilled after the MRE cut-off intersected visible copper mineralization below the modelled zone, with assays pending.
WHY THE RESOURCE MATTERS
Exploration results can demonstrate that mineralization is present, but a Mineral Resource Estimate begins to define how much may be present, at what grade and with what level of geological confidence.
That is the significance of Lion’s inaugural estimate.
SGS Canada has now defined approximately 406 million pounds of contained copper equivalent, with most of the resource classified as Indicated. The estimate also outlines a potential development framework consisting of near-surface material within a conceptual open-pit shell and higher-grade material that may be considered for underground extraction.
CEO Terry Lynch described the objective as “raising the floor.” In practical terms, the MRE replaces part of the project’s geological uncertainty with independently prepared estimates of tonnage, grade and contained metal. The potential expansion beyond the current resource remains to be demonstrated through drilling and future resource updates.
Power Metallic is assessing proposals from engineering firms for a PEA. The study is expected to examine an initial open-pit concept followed by underground mining at Lion, along with the potential incorporation of material from the existing Nisk resource.
16 BILLIONAIRES
During the interview, Lynch said 16 billionaires had joined Power Metallic’s shareholder register. He named Robert Friedland, Rob McEwen, Gina Rinehart and Eric Sprott among the prominent mining investors associated with the company.
Lynch also said that he and his family own approximately 14% to 15% of Power Metallic.
The involvement of experienced mining investors does not eliminate exploration, financing, permitting or development risk. It does, however, add a notable strategic dimension as the company advances Lion from resource definition toward economic evaluation.
INVESTOR TAKEAWAY
Power Metallic has delivered a significant technical milestone at Lion: approximately 406 million pounds of contained copper equivalent across 4.75 million tonnes grading approximately 3.9% CuEq, with more than 85% of the resource tonnes classified as Indicated.
The resource begins at surface, approximately 59% of its tonnes fall within a conceptual open-pit shell, preliminary locked-cycle testing returned copper recoveries above 98%, and the deposit remains open at depth.
Five rigs continue drilling across the Nisk property, deeper Lion assays are pending, and the company is assessing engineering proposals for a PEA evaluating potential development scenarios involving Lion and Nisk.
Lion remains a mineral resource, not a mineral reserve, and does not have demonstrated economic viability. What Power Metallic now has is an independently prepared, high-grade resource that provides a formal technical foundation for expansion drilling, engineering studies and potential government and strategic-partner discussions.
The current resource defines what has been established. The drilling now underway will test how much larger Lion could become.
Last modified: September 10, 2026
