# Power Metallic Defines High-Grade Maiden Resource at Lion Averaging ~3.9% CuEq, with >85% Indicated and Significant Expansion Potential Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9 Original source: https://www.newswire.ca/news-releases/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-with-gt-85-indicated-and-significant-expansion-potential-898624878.html Publisher: cnw Original announcement: 2026-09-11T23:57:46.640Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Power Metallic Mines Inc. - Ticker: PNPN - Exchange: Unavailable - Region: Québec - Primary commodity: Copper - Secondary commodities: Nickel, Cobalt, Platinum, Palladium, Gold, Silver - Document categories: Resource update, Metallurgy - Extracted: 2026-09-12 00:27:10 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Power Metallic Mines Inc. announced a maiden Mineral Resource Estimate for its Lion Zone, averaging ~3.9% CuEq with over 85% in the Indicated category, alongside an updated resource for the Nisk Main deposit. Locked-cycle metallurgical test work on Lion mineralization returned high recoveries for copper and other polymetallic elements, producing high-grade concentrates. The company highlights the project's critical minerals status and significant expansion potential, with ongoing drilling targeting extensions at depth. Reasoning: The announcement details a high-grade maiden resource for the Lion Zone with a very high proportion of Indicated material, indicating strong geological confidence. Excellent metallurgical recoveries from locked-cycle tests further de-risk the project. The critical minerals status and expansion potential add significant value, making this a highly positive and material update for the company. - Positive factor: Maiden resource for Lion Zone with high-grade CuEq - Positive factor: High percentage of Indicated resource \(>85%\) for Lion Zone - Positive factor: High metallurgical recoveries for copper and other metals from locked-cycle tests - Positive factor: Project metals are on critical minerals lists, potentially qualifying for government incentives - Positive factor: Resource starts at surface and remains open for expansion - Negative factor: Nisk resource update details not provided for comparison to prior estimate Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 63 ## Classification and evidence **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable. Why it applies: The document explicitly states 'inaugural mineral resource for the Lion Zone'. Evidence · text > inaugural mineral resource for the Lion Zone **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: Over 85% of the initial Lion resource is classified as Indicated, indicating reasonable geological confidence. Evidence · text > Over 85% of the initial Lion resource is classified as Indicated **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: Copper recovery is reported at 98.9% for LCT1 and 98.3% for LG2, which is exceptional for flotation. Evidence · table > 98.9 Context: 3.42 % **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: Locked-cycle flotation tests were completed, which are considered advanced bench-scale tests simulating continuous operation. Evidence · text > Two locked-cycle flotation tests have been completed **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Marc-Antoine Laporte, P.Geo., of SGS Canada Inc., is named as the independent Qualified Person responsible for the MRE. Evidence · text > Marc-Antoine Laporte, P.Geo., of SGS Canada Inc., is the independent Qualified Person responsible for the MRE **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The MRE was prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Evidence · text > The MRE was prepared by SGS Canada Inc. \("SGS"\) in accordance with National Instrument 43-101 **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: Cut-off grades for both open pit and underground mining methods are clearly stated for both Lion and Nisk deposits. Evidence · text > at a cut-off grade of 0.35% CuEq for the open pit MRE and 0.90% CuEq for the underground MRE **Metal Equivalent Opaque** Polarity: negative Story-specific tag Definition: Metal equivalent grade reported without disclosing the price, recovery, or payability assumptions used. Requires an actual metal equivalent grade; a combined elemental basket such as PGE is not a metal equivalent. Why it applies: The document provides the metal prices and a general recovery grade of 80% for all commodities used in the CuEqRec calculation, but not for the NiEq and CuEq in the MRE tables. Evidence · text > CuEqRec in the referenced Power Metallic news releases represents CuEq calculated based on the following metal prices \(USD\): 2,360.15 $/oz Au, 27.98 $/oz Ag, 1,215.00 $/oz Pd, 1000.00 $/oz Pt, 4.00 $/lb Cu, 10.00 $/lb Ni and 22.50 $/lb Co., and a recovery grade of 80% for all commodities, consistent with comparable peers. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) ## Extracted facts Stored fact records: 63. Some facts used in scoring do not have a stored record. ## Resource Estimates (56) ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-0) Lion · nickel #### Identity - Project: Lion - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 5.01 - Grade Unit: % - Contained Metal: 126.74 - Contained Unit: mlb - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Lion Zone open pit Indicated resource provides a combined value for the polymetallic mineralization. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Nickel equivalent grade provides a combined value metric Evidence · table > 5.01 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-1) Lion · copper #### Identity - Project: Lion - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 90.04 - Grade Unit: % - Contained Metal: 211.24 - Contained Unit: mlb - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This high copper equivalent grade for the Lion Zone open pit Indicated resource is a key positive highlight of the maiden estimate. - Positive factor: High copper equivalent grade for an open pit resource - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Significant contained copper equivalent metal Evidence · table > 90.04 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-2) Lion · cobalt #### Identity - Project: Lion - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 0.22 - Contained Unit: mlb - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is a low-grade cobalt component of the Lion Zone open pit Indicated resource, but contributes to the polymetallic nature and critical mineral status. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Cobalt is a critical mineral Evidence · table > 0.22 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-3) Lion · platinum #### Identity - Project: Lion - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 76000 - Grade Unit: g/t - Contained Metal: 76000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This platinum grade contributes to the polymetallic nature of the Lion Zone open pit Indicated resource. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Platinum is a critical mineral and precious metal Evidence · table > 76,000 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-4) Lion · palladium #### Identity - Project: Lion - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 210000 - Grade Unit: g/t - Contained Metal: 210000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This palladium grade is a valuable component of the Lion Zone open pit Indicated resource, enhancing its polymetallic profile. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Palladium is a critical mineral and precious metal Evidence · table > 210,000 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-5) Lion · gold #### Identity - Project: Lion - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 37000 - Grade Unit: g/t - Contained Metal: 37000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This gold grade contributes to the polymetallic nature of the Lion Zone open pit Indicated resource. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Gold is a valuable precious metal Evidence · table > 37,000 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-6) Lion · silver #### Identity - Project: Lion - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:346d36495a58947681b5 #### Resource Data - Category: indicated - Tonnes: 2782000 - Grade: 1042000 - Grade Unit: g/t - Contained Metal: 1042000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 211.24 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This silver grade contributes to the polymetallic nature of the Lion Zone open pit Indicated resource. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Silver is a valuable precious metal and critical mineral in the US Evidence · table > 1,042,000 Context: 2,782,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-7) Lion · nickel #### Identity - Project: Lion - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.16 - Grade Unit: % - Contained Metal: 3.12 - Contained Unit: mlb - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Lion Zone open pit Inferred resource indicates potential but with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage Evidence · table > 0.16 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-8) Lion · copper #### Identity - Project: Lion - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 2.41 - Grade Unit: % - Contained Metal: 5.19 - Contained Unit: mlb - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This copper equivalent grade for the Lion Zone open pit Inferred resource indicates potential but with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Good copper equivalent grade for an open pit setting - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage Evidence · table > 2.41 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-9) Lion · cobalt #### Identity - Project: Lion - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 0.01 - Grade Unit: % - Contained Metal: 0.01 - Contained Unit: mlb - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is a low-grade cobalt component of the Lion Zone open pit Inferred resource, with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Cobalt is a critical mineral - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage and low grade Evidence · table > 0.01 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-10) Lion · platinum #### Identity - Project: Lion - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 1000 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This platinum grade is part of the Lion Zone open pit Inferred resource, with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Platinum is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage Evidence · table > 1,000 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-11) Lion · palladium #### Identity - Project: Lion - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 4000 - Grade Unit: g/t - Contained Metal: 4000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This palladium grade is part of the Lion Zone open pit Inferred resource, with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Palladium is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage Evidence · table > 4,000 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-12) Lion · gold #### Identity - Project: Lion - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 1000 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This gold grade is part of the Lion Zone open pit Inferred resource, with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Gold is a valuable precious metal - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage Evidence · table > 1,000 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-13) Lion · silver #### Identity - Project: Lion - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:0193dbada1c03bfe605c #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 31000 - Grade Unit: g/t - Contained Metal: 31000 - Contained Unit: oz - Cutoff Grade: 0.35 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 5.19 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This silver grade is part of the Lion Zone open pit Inferred resource, with lower confidence and small scale. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Silver is a valuable precious metal and critical mineral in the US - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Relatively small tonnage Evidence · table > 31,000 Context: 100,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-14) Lion · nickel #### Identity - Project: Lion - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 3.98 - Grade Unit: % - Contained Metal: 84.94 - Contained Unit: mlb - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Lion Zone underground Indicated resource provides a combined value for the polymetallic mineralization. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Nickel equivalent grade provides a combined value metric Evidence · table > 3.98 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-15) Lion · copper #### Identity - Project: Lion - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 63.03 - Grade Unit: % - Contained Metal: 141.57 - Contained Unit: mlb - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This high copper equivalent grade for the Lion Zone underground Indicated resource is a key positive highlight of the maiden estimate. - Positive factor: High copper equivalent grade for an underground resource - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Significant contained copper equivalent metal Evidence · table > 63.03 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-16) Lion · cobalt #### Identity - Project: Lion - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 0.21 - Grade Unit: % - Contained Metal: 0.21 - Contained Unit: mlb - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is a low-grade cobalt component of the Lion Zone underground Indicated resource, but contributes to the polymetallic nature and critical mineral status. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Cobalt is a critical mineral Evidence · table > 0.21 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-17) Lion · platinum #### Identity - Project: Lion - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 38000 - Grade Unit: g/t - Contained Metal: 38000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This platinum grade contributes to the polymetallic nature of the Lion Zone underground Indicated resource. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Platinum is a critical mineral and precious metal Evidence · table > 38,000 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-18) Lion · palladium #### Identity - Project: Lion - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 138000 - Grade Unit: g/t - Contained Metal: 138000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This palladium grade is a valuable component of the Lion Zone underground Indicated resource, enhancing its polymetallic profile. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Palladium is a critical mineral and precious metal Evidence · table > 138,000 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-19) Lion · gold #### Identity - Project: Lion - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 27000 - Grade Unit: g/t - Contained Metal: 27000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This gold grade contributes to the polymetallic nature of the Lion Zone underground Indicated resource. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Gold is a valuable precious metal Evidence · table > 27,000 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-20) Lion · silver #### Identity - Project: Lion - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:89332bb0d0da1a87f169 #### Resource Data - Category: indicated - Tonnes: 1363000 - Grade: 585000 - Grade Unit: g/t - Contained Metal: 585000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 141.57 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This silver grade contributes to the polymetallic nature of the Lion Zone underground Indicated resource. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High confidence category \(Indicated\) - Positive factor: Silver is a valuable precious metal and critical mineral in the US Evidence · table > 585,000 Context: 1,363,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-21) Lion · nickel #### Identity - Project: Lion - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 1.51 - Grade Unit: % - Contained Metal: 28.77 - Contained Unit: mlb - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Lion Zone underground Inferred resource indicates potential but with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 1.51 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-22) Lion · copper #### Identity - Project: Lion - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 22.02 - Grade Unit: % - Contained Metal: 47.95 - Contained Unit: mlb - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This high copper equivalent grade for the Lion Zone underground Inferred resource indicates potential but with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: High copper equivalent grade for an underground setting - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 22.02 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-23) Lion · cobalt #### Identity - Project: Lion - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 0.08 - Grade Unit: % - Contained Metal: 0.08 - Contained Unit: mlb - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is a low-grade cobalt component of the Lion Zone underground Inferred resource, with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Cobalt is a critical mineral - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Low grade Evidence · table > 0.08 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-24) Lion · platinum #### Identity - Project: Lion - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 10000 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This platinum grade is part of the Lion Zone underground Inferred resource, with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Platinum is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 10,000 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-25) Lion · palladium #### Identity - Project: Lion - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 51000 - Grade Unit: g/t - Contained Metal: 51000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This palladium grade is a valuable component of the Lion Zone underground Inferred resource, but with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Palladium is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 51,000 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-26) Lion · gold #### Identity - Project: Lion - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 7000 - Grade Unit: g/t - Contained Metal: 7000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This gold grade is part of the Lion Zone underground Inferred resource, with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Gold is a valuable precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 7,000 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-27) Lion · silver #### Identity - Project: Lion - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:c8e97bbbdcf8f303ae1f #### Resource Data - Category: inferred - Tonnes: 501000 - Grade: 210000 - Grade Unit: g/t - Contained Metal: 210000 - Contained Unit: oz - Cutoff Grade: 0.9 - Cutoff Unit: % CuEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 47.95 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This silver grade is part of the Lion Zone underground Inferred resource, with lower confidence. - Positive factor: Part of a maiden resource for the Lion Zone - Positive factor: Silver is a valuable precious metal and critical mineral in the US - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 210,000 Context: 501,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-28) Nisk · nickel #### Identity - Project: Nisk - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 0.6 - Grade Unit: % - Contained Metal: 13.49 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 1.01 - Metal Eq. Unit: % NiEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Nisk open pit Indicated resource provides a combined value for the polymetallic mineralization. - Positive factor: High confidence category \(Indicated\) - Positive factor: Nickel equivalent grade provides a combined value metric Evidence · table > 0.60 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-29) Nisk · copper #### Identity - Project: Nisk - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 0.35 - Grade Unit: % - Contained Metal: 22.47 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 1.68 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This copper equivalent grade for the Nisk open pit Indicated resource provides a combined value for the polymetallic mineralization. - Positive factor: High confidence category \(Indicated\) - Positive factor: Copper equivalent grade provides a combined value metric Evidence · table > 0.35 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-30) Nisk · cobalt #### Identity - Project: Nisk - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 0.039 - Grade Unit: % - Contained Metal: 0.53 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated cobalt resource for the Nisk open pit, contributing to the overall polymetallic resource and critical mineral status. - Positive factor: High confidence category \(Indicated\) - Positive factor: Cobalt is a critical mineral Evidence · table > 0.039 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-31) Nisk · platinum #### Identity - Project: Nisk - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 0.08 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated platinum resource for the Nisk open pit, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Platinum is a critical mineral and precious metal Evidence · table > 0.08 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-32) Nisk · palladium #### Identity - Project: Nisk - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 0.49 - Grade Unit: g/t - Contained Metal: 10000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated palladium resource for the Nisk open pit, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Palladium is a critical mineral and precious metal Evidence · table > 0.49 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-33) Nisk · gold #### Identity - Project: Nisk - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 1000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated gold resource for the Nisk open pit, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Gold is a valuable precious metal Evidence · table > 0.03 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-34) Nisk · silver #### Identity - Project: Nisk - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:ab5753c5b51416960f6e #### Resource Data - Category: indicated - Tonnes: 607000 - Grade: 2.19 - Grade Unit: g/t - Contained Metal: 43000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated silver resource for the Nisk open pit, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Silver is a valuable precious metal and critical mineral in the US Evidence · table > 2.19 Context: 607,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-35) Nisk · nickel #### Identity - Project: Nisk - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 0.54 - Grade Unit: % - Contained Metal: 3.99 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 0.86 - Metal Eq. Unit: % NiEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Nisk open pit Inferred resource indicates potential but with lower confidence. - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.54 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-36) Nisk · copper #### Identity - Project: Nisk - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 0.22 - Grade Unit: % - Contained Metal: 6.66 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 1.44 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This copper equivalent grade for the Nisk open pit Inferred resource indicates potential but with lower confidence. - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.22 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-37) Nisk · cobalt #### Identity - Project: Nisk - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 0.035 - Grade Unit: % - Contained Metal: 0.16 - Contained Unit: mlb - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred cobalt resource for the Nisk open pit, indicating potential but with lower confidence. - Positive factor: Cobalt is a critical mineral - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.035 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-38) Nisk · platinum #### Identity - Project: Nisk - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 0.07 - Grade Unit: g/t - Contained Metal: 500 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred platinum resource for the Nisk open pit, indicating potential but with lower confidence. - Positive factor: Platinum is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.07 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-39) Nisk · palladium #### Identity - Project: Nisk - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 0.48 - Grade Unit: g/t - Contained Metal: 3000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred palladium resource for the Nisk open pit, indicating potential but with lower confidence. - Positive factor: Palladium is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.48 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-40) Nisk · gold #### Identity - Project: Nisk - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 200 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred gold resource for the Nisk open pit, indicating potential but with lower confidence and low grade. - Positive factor: Gold is a valuable precious metal - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Low grade Evidence · table > 0.03 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-41) Nisk · silver #### Identity - Project: Nisk - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:e64c7066e67d75ff10af #### Resource Data - Category: inferred - Tonnes: 210000 - Grade: 2.04 - Grade Unit: g/t - Contained Metal: 14000 - Contained Unit: oz - Cutoff Grade: 0.3 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred silver resource for the Nisk open pit, indicating potential but with lower confidence. - Positive factor: Silver is a valuable precious metal and critical mineral in the US - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 2.04 Context: 210,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-42) Nisk · nickel #### Identity - Project: Nisk - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 0.96 - Grade Unit: % - Contained Metal: 76.13 - Contained Unit: mlb - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 1.65 - Metal Eq. Unit: % NiEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Nisk underground Indicated resource provides a combined value for the polymetallic mineralization. - Positive factor: High confidence category \(Indicated\) - Positive factor: Nickel equivalent grade provides a combined value metric Evidence · table > 0.96 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-43) Nisk · copper #### Identity - Project: Nisk - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 0.53 - Grade Unit: % - Contained Metal: 126.89 - Contained Unit: mlb - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 2.75 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This copper equivalent grade for the Nisk underground Indicated resource provides a combined value for the polymetallic mineralization. - Positive factor: High confidence category \(Indicated\) - Positive factor: Copper equivalent grade provides a combined value metric Evidence · table > 0.53 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-44) Nisk · cobalt #### Identity - Project: Nisk - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 0.061 - Grade Unit: % - Contained Metal: 2.83 - Contained Unit: mlb - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated cobalt resource for the Nisk underground, contributing to the overall polymetallic resource and critical mineral status. - Positive factor: High confidence category \(Indicated\) - Positive factor: Cobalt is a critical mineral Evidence · table > 0.061 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-45) Nisk · platinum #### Identity - Project: Nisk - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 0.21 - Grade Unit: g/t - Contained Metal: 14000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated platinum resource for the Nisk underground, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Platinum is a critical mineral and precious metal Evidence · table > 0.21 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-46) Nisk · palladium #### Identity - Project: Nisk - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 0.91 - Grade Unit: g/t - Contained Metal: 61000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated palladium resource for the Nisk underground, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Palladium is a critical mineral and precious metal Evidence · table > 0.91 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-47) Nisk · gold #### Identity - Project: Nisk - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 0.04 - Grade Unit: g/t - Contained Metal: 3000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated gold resource for the Nisk underground, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Gold is a valuable precious metal Evidence · table > 0.04 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-48) Nisk · silver #### Identity - Project: Nisk - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:9436bacbc7cb3c202064 #### Resource Data - Category: indicated - Tonnes: 2096000 - Grade: 2 - Grade Unit: g/t - Contained Metal: 135000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Indicated silver resource for the Nisk underground, contributing to the overall polymetallic resource. - Positive factor: High confidence category \(Indicated\) - Positive factor: Silver is a valuable precious metal and critical mineral in the US Evidence · table > 2.00 Context: 2,096,000 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-49) Nisk · nickel #### Identity - Project: Nisk - Commodity: nickel - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 0.98 - Grade Unit: % - Contained Metal: 69.06 - Contained Unit: mlb - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 1.73 - Metal Eq. Unit: % NiEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This nickel equivalent grade for the Nisk underground Inferred resource indicates potential but with lower confidence. - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.98 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-50) Nisk · copper #### Identity - Project: Nisk - Commodity: copper - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 0.57 - Grade Unit: % - Contained Metal: 115.09 - Contained Unit: mlb - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Metal Eq. Grade: 2.89 - Metal Eq. Unit: % CuEq - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This copper equivalent grade for the Nisk underground Inferred resource indicates potential but with lower confidence. - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.57 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-51) Nisk · cobalt #### Identity - Project: Nisk - Commodity: cobalt - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 0.063 - Grade Unit: % - Contained Metal: 2.5 - Contained Unit: mlb - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred cobalt resource for the Nisk underground, indicating potential but with lower confidence. - Positive factor: Cobalt is a critical mineral - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.063 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-52) Nisk · platinum #### Identity - Project: Nisk - Commodity: platinum - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 0.26 - Grade Unit: g/t - Contained Metal: 15000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred platinum resource for the Nisk underground, indicating potential but with lower confidence. - Positive factor: Platinum is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 0.26 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-53) Nisk · palladium #### Identity - Project: Nisk - Commodity: palladium - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 1.05 - Grade Unit: g/t - Contained Metal: 61000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred palladium resource for the Nisk underground, indicating potential but with lower confidence. - Positive factor: Palladium is a critical mineral and precious metal - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 1.05 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-54) Nisk · gold #### Identity - Project: Nisk - Commodity: gold - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 0.03 - Grade Unit: g/t - Contained Metal: 2000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred gold resource for the Nisk underground, indicating potential but with lower confidence and low grade. - Positive factor: Gold is a valuable precious metal - Negative factor: Lower confidence category \(Inferred\) - Negative factor: Low grade Evidence · table > 0.03 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-resource-facts-55) Nisk · silver #### Identity - Project: Nisk - Commodity: silver - Ticker: PNPN #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Marc-Antoine Laporte - Resource group id: resource:98733ac67af2b1eaac98 #### Resource Data - Category: inferred - Tonnes: 1806000 - Grade: 1.57 - Grade Unit: g/t - Contained Metal: 91000 - Contained Unit: oz - Cutoff Grade: 0.8 - Cutoff Unit: % NiEq #### Prior Estimate - Resource Date: 2026-06-19 #### Metal Equivalent - Assumptions Disclosed: Yes #### Lab - Laboratory: SGS Canada Inc. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: This is an Inferred silver resource for the Nisk underground, indicating potential but with lower confidence. - Positive factor: Silver is a valuable precious metal and critical mineral in the US - Negative factor: Lower confidence category \(Inferred\) Evidence · table > 1.57 Context: 1,806,000 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 ## Metallurgical Results (7) ### Fact 1 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-56) Lion · copper #### Identity - Project: Lion - Commodity: copper - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 98.5 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The high copper recovery applied in the MRE reflects strong metallurgical test results and provides confidence in the economic viability of the resource. - Positive factor: Exceptional copper recovery applied in MRE - Positive factor: High confidence in metallurgical assumptions for resource modeling Evidence · table > 98.5 % Context: Cu #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 98.5% is at or above the exceptional band \(92%\) ### Fact 2 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-57) Lion · nickel #### Identity - Project: Lion - Commodity: nickel - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 63 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The nickel recovery applied in the MRE is moderate, reflecting the lower recoveries observed in test work compared to copper and PGEs. - Positive factor: Recovery applied in MRE for nickel Evidence · table > 63 % Context: Ni #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 63% is below the weak band \(75%\) ### Fact 3 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-58) Lion · palladium #### Identity - Project: Lion - Commodity: palladium - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 92 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The high palladium recovery applied in the MRE reflects strong metallurgical test results and provides confidence in the economic viability of the resource. - Positive factor: Exceptional palladium recovery applied in MRE - Positive factor: High confidence in metallurgical assumptions for resource modeling Evidence · table > 92 % Context: Pd #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ### Fact 4 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-59) Lion · platinum #### Identity - Project: Lion - Commodity: platinum - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 90 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The high platinum recovery applied in the MRE reflects strong metallurgical test results and provides confidence in the economic viability of the resource. - Positive factor: Exceptional platinum recovery applied in MRE - Positive factor: High confidence in metallurgical assumptions for resource modeling Evidence · table > 90 % Context: Pt #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ### Fact 5 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-60) Lion · gold #### Identity - Project: Lion - Commodity: gold - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 84 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The good gold recovery applied in the MRE reflects positive metallurgical test results and supports the economic viability of the resource. - Positive factor: Good gold recovery applied in MRE - Positive factor: Confidence in metallurgical assumptions for resource modeling Evidence · table > 84 % Context: Au #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ### Fact 6 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-61) Lion · silver #### Identity - Project: Lion - Commodity: silver - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 82 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The good silver recovery applied in the MRE reflects positive metallurgical test results and supports the economic viability of the resource. - Positive factor: Good silver recovery applied in MRE - Positive factor: Confidence in metallurgical assumptions for resource modeling Evidence · table > 82 % Context: Ag #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ### Fact 7 [Link to this fact](https://atlas-extractions.minestarters.com/news/power-metallic-defines-high-grade-maiden-resource-at-lion-averaging-3-9-cueq-wit--e535800e-ac8e-4830-9ce1-5cb1b9dc9ab9#fact-metallurgical-facts-62) Lion · cobalt #### Identity - Project: Lion - Commodity: cobalt - Ticker: PNPN #### Test Work - Program Status: detailed #### Recovery - Recovery: 70 % - Recovery Basis: theoretical #### Lab - Laboratory: SGS - Consultant: SGS #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-11T00:00:00.000Z Reasoning: The cobalt recovery applied in the MRE is good, contributing to the overall polymetallic value of the resource. - Positive factor: Recovery applied in MRE for cobalt - Positive factor: Cobalt is a critical mineral Evidence · table > 70 % Context: Co #### Tags used in scoring **Theoretical Recovery Only** Polarity: negative Definition: Only theoretical or liberation-derived recovery reported, with no actual test result. Why it applies: recovery\_basis is theoretical ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.