Power Metallic Intersects 14% CuEq in Deep Lion Zone Hole at Nisk

Important Disclosures:

1. Power Metallic Mines Inc. is a billboard sponsor of Streetwise Reports. The company pays a monthly sponsorship fee of US$3,000–US$6,000 for banner advertising and an enhanced company profile page. Streetwise Reports’ editorial content is fully independent and is not influenced by sponsorship. 
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Power Metallic Mines Inc.
3. Cori Fisher wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Key Takeaways

• Power Metallic Mines reported 5.70 m grading 14% copper equivalent from deep drilling at the Lion Zone of its Nisk project in Quebec.
• The hole was drilled to a vertical depth of nearly 800 m, extending the Lion system about 150 m below the company's previous deepest reported hole.
• A second deep hole also returned copper sulphide mineralization, while a third deep hole encountered copper sulphide veinlets with assays pending.
• The company said the results provide additional evidence that the Lion mineralized system extends below the current Mineral Resource Estimate.
• Power Metallic's 2026 activities also include environmental baseline work and technical studies supporting preparation of the Environmental and Social Impact Assessment.

Deep Drilling Extends Lion Below Current Resource

On September 22, 2026, Power Metallic Mines Inc. (PNPN:TSXV; PNPNF:OTCQB; IVV1:FSE) reported initial assays from deep extension drilling at the Lion Zone of its Nisk polymetallic project in Quebec. The company said the drilling extends the Lion mineralized system below the current Mineral Resource Estimate (MRE), with the deepest reported results to date coming from hole PML-26-125. The highlight from the reported drilling was PML-26-125, which returned 5.70 m (meters) grading 14% copper equivalent (CuEq) at a vertical depth of nearly 800 m, including massive to semi-massive copper sulphides.

The result extends drilling approximately 150 m below the company's previous deepest reported hole and was targeted on the projected center of the Lion plunge. Hole PML-25-002, drilled at approximately 610 m vertical depth, previously returned 1.95 m grading 7.95% CuEq.

Power Metallic also reported results from two additional holes that tested the Lion system at depth. Hole PML-26-121a, drilled to a vertical depth of nearly 650 m on the western side of the projected Lion plunge, intersected disseminated to semi-massive copper sulphides. Hole PML-26-128 tested the eastern side of the interpreted plunge at nearly 900 m vertical depth and encountered disseminated and massive veinlets of copper sulphides, with assays pending.

Terry Lynch, CEO of Power Metallic, commented in the release: "We are in the unique position due to the high grade and near surface nature of our project to advance development of what the world needs in Critical Minerals, namely Copper and PGEs, but also continue our multifaceted exploration approach to allow the resource to grow substantially between now and the end of 2027. Today's results pushed us over 25% deeper than the deepest hole used in our recently announced MRE, and it did so with significantly higher grades. We have visibility down over 50% deeper, and visibly, it looks like we are still in the Lion Zone. As we have seen with the great hit Talon Metals Corp. (TLO:TSX) recently had, deposits can get thicker and richer at depth. The blessing in Lion is our mineralization starts at surface and extends down, making it very economic to mine and explore. We are excited to get back to exploration!"

The company said the summer 2026 drill program included exploration drilling on geological and electromagnetic targets, along with deeper drilling beneath the existing Lion MRE. The company believes that new drilling results provide additional evidence of mineralization continuing below the current resource model, while assays from PML-26-128 and other summer holes remain outstanding.

Power Metallic is a Canadian exploration company focused on high-grade polymetallic discoveries, with copper leading the way.

Copper Demand Growth Keeps Supply in Focus

Demand for copper is expected to increase as data-center construction, power-grid investment, electric vehicles, and defense applications expand. A 2026 study from S&P Global projected that global copper demand will rise from approximately 28 million metric tons in 2025 to 42 million metric tons by 2040, representing an increase of about 50%. The study identified core economic activity and energy source transitions as the largest reasons for additional demand, while AI data centers and defense represent emerging demand drivers.  

Supply growth remains a consideration as demand expands. In a separate January 2026 report, S&P Global argued that, without significant additions to global supply, the copper market could face a shortfall of approximately 10 million metric tons by 2040.

On September 9, 2026, Mark Reichman of Noble reiterated an "Outperform" rating and CA$2.65 target price.

The study projects that mined copper production could peak around 2030 before declining as existing mines age, while recycled copper would cover only part of the additional demand. The International Energy Agency also continues to track copper as a critical mineral, with its 2026 Critical Minerals Data Explorer providing updated projections for copper demand under multiple energy and technology scenarios.

U.S. trade policy has also affected copper markets and inventories. On April 2, 2026, the White House modified the Section 232 tariff regime for copper, among other metals, so that applicable duties would generally be assessed on the full customs value of covered products rather than only their metal content. The proclamation established additional duties ranging from 10% to 50%, depending on the product, its origin, and its treatment under the applicable provisions.

The tariff changes have contributed to unusual flows of copper into the United States. Reuters reported in August 2026 that U.S. copper imports had reached 885,000 metric tons during the first half of 2026, while COMEX inventories had climbed to a record 675,185 tons as traders responded to the prospect of future tariffs on refined copper. At the same time, copper prices on the London Metal Exchange approached record levels, illustrating how U.S. tariff expectations have affected the distribution of available metal even as the broader global market remained sensitive to supply disruptions and demand growth.

U.S. copper supply remains an important consideration for the domestic market. The U.S. Geological Survey's 2026 Mineral Commodity Summaries estimated U.S. mine production at approximately 1 million metric tons in 2025, down from 1.05 million metric tons in 2024, while refined copper production was estimated at 850,000 metric tons. The USGS also added copper to the U.S. critical minerals list in 2025.

Power Metallic's Nisk Resource Grabs Analysts' Attention

On September 9, 2026, Mark Reichman of Noble reiterated an "Outperform" rating and CA$2.65 target price. According to Reichman, "The maiden MRE significantly de-risks Lion by establishing a high-grade resource of approximately 4.75 million tonnes at 3.9% CuEq, with more than 85% classified as Indicated. Strong metallurgy, near-surface mineralization, and existing infrastructure further strengthen the project's development profile."

Then, on September 11, 2026, Mike Niehuser of Roth provided an update on the company, maintaining a "Buy" rating and CA$3.00 price target. He wrote, "We believe that the updated MRE on the Nisk Main deposit, including the maiden Lion Zone estimate, was completed at a higher level of confidence than our speculation at the time of our initiation of research coverage . . . the MRE sets a baseline for a low operating and capital cost starter mine scenario."

Finally, on September 22, 2026, Roger Bell of Hannam & Partners reiterated a "Buy" rating and price target of CA$2.70, implying a 116% upside. Bell wrote, "Our upside case assumes continued resource growth at Lion to 10.4Mt @ 5.1% CuEq, increasing throughput to 1Mtpa and average CuEq production to ~40ktpa, for an NPV6% of US$840m. Both scenarios assume an initial ~3Mt open pit before transitioning underground, with Nisk ore subsequently processed through the same plant."

Power Metallic Advances Exploration and Environmental Work

According to Power Metallic's investor presentation, the company began a two-year environmental baseline survey program in January 2026. The first field season is being conducted from May to October 2026, with a second planned for summer 2027. This program has been designed to cover a broader area than the company currently expects, and its scope will continue to be reviewed as survey results are received and the project design evolves.

"The currently defined program is scheduled for completion in 2027 and is progressing in parallel with the technical studies to support preparation of the Environmental and Social Impact Assessment," stated the release.

With the updated Technical Report, Power Metallic will be able to submit the last requirement in its Nasdaq application process. The company is applying for an American Depositary Receipt (ADR) on Nasdaq and expects to provide an update on its application in October.

Ownership & Share Information¹

Power Metallic Mines Inc. has a market cap of CA$326.67 million, with approximately 259.16 million shares issued and outstanding. The company's 52-week range is CA$0.76-CA$1.73.

Institutions own 14% of shares, while Management & Insiders own 19.5%. Strategic Investors own 7.5% of shares, and the remaining 59% are held by Retail.

Frequently Asked Questions

Q: What is Power Metallic Mines?

A: Power Metallic Mines is a Canadian exploration company focused on high-grade polymetallic mineral discoveries, with copper as a primary focus.

Q: What is the Nisk project?

A: Nisk is Power Metallic's polymetallic exploration project in Quebec. The project includes the Lion Zone, where the company is conducting exploration drilling to expand its understanding of the mineralized system.

Q: What did Power Metallic report from the latest drilling?

A: Hole PML-26-125 returned 5.70 m grading 14% CuEq at a vertical depth of nearly 800 m. The interval included massive to semi-massive copper sulphides.

Q: What is copper equivalent, or CuEq?

A: Copper equivalent is a way of expressing the combined value of multiple metals as an equivalent amount of copper. It allows polymetallic drill results to be presented using a single grade that reflects the estimated contribution of the other metals.

Q: How deep was the latest Lion Zone drilling?

A: Hole PML-26-125 reached a vertical depth of nearly 800 m. Power Metallic said this extends drilling about 150 m below its previous deepest reported hole in the Lion Zone.

Q: What did the previous deep Lion Zone hole return?

A: Hole PML-25-002, drilled at approximately 610 m vertical depth, previously returned 1.95 m grading 7.95% CuEq.

Q: Did other holes encounter mineralization?

A: Yes. Hole PML-26-121a, drilled to nearly 650 m vertical depth, intersected disseminated to semi-massive copper sulphides. Hole PML-26-128, drilled to nearly 900 m vertical depth, encountered disseminated and massive veinlets of copper sulphides, with assays pending.

Q: What does it mean that the Lion mineralization extends below the current MRE?

A: It means the new drilling is testing and encountering mineralization at depths below the area included in the current Mineral Resource Estimate. Additional drilling and assay results would be needed to determine whether this mineralization could support a future resource expansion.

Q: What is a Mineral Resource Estimate?

A: A Mineral Resource Estimate, or MRE, is a technical estimate of the quantity and grade of mineralization within a defined deposit. Additional drilling and geological information can be used to update an MRE over time.