NISK — not just a mine.
A district to be discovered.
Start with the story. Stay for the detail. The full drill data is one tab deeper — jump to it if that's what you came for.
Three discoveries. One address.
NISK began as a nickel deposit. Then the final hole of the winter 2023 program, 5.5 km to the northeast, hit something richer — and the project became a polymetallic district hunt. Deposits of this family (orthomagmatic — think Norilsk, Voisey's Bay) rarely come alone. Power Metallic holds 80% of the core Nisk claims, acquired from Critical Elements Lithium in April 2024, and controls a ~330 km² district with roughly 50 km of prospective basin margins.
Albanel substation (735 kV Hydro-Québec grid): ~4 km from Nisk Main, ~9.1 km from Lion. Route du Nord: all-season access. Nemiscau airport: ~30 km west. Grid allocations of 5 MW or more require Quebec ministerial authorization — proximity is the setting, connection is the work ahead.
What the drills have proven.
| HOLE | INTERVAL | CU % | PD G/T | PT G/T | AU G/T | AG G/T | NI % | CuEq | AUEQ |
|---|---|---|---|---|---|---|---|---|---|
| PML-26-101 | 39.0 m | 1.89 | 3.51 | 3.34 | 1.0 | 16.3 | 0.13 | 5.6% | 6.46 |
| PN-24-047 | 14.4 m | 8.17 | 6.30 | 8.40 | 0.6 | 69.1 | 0.60 | 15.8% | 18.38 |
| PN-24-070 | 32.0 m | 3.62 | 8.10 | 2.50 | 0.5 | 20.9 | 0.20 | 8.7% | 10.09 |
| PML-26-049 | 16.55 m | 10.08 | 5.54 | 1.13 | 1.6 | 47.4 | 0.42 | 15.1% | 17.54 |
| PML-26-095 | 24.5 m | 4.43 | 4.30 | 4.60 | 2.6 | 21.1 | 0.25 | 10.4% | 12.02 |
| Average (length-weighted) | 25.3 m | 4.60 | 5.40 | 3.70 | 1.2 | 28.5 | 0.30 | 9.7% | 11.26 |
Two locked-cycle tests. One copper concentrate — carrying the palladium, platinum, gold and silver.
SGS Canada tested a blended composite representative of run-of-mine feed (LCT1) and a low-grade, disseminated composite (LG2). Both produced a copper concentrate above 25%.
| PRELIMINARY TEST | CU IN FEED | CU IN CONCENTRATE | CU RECOVERY |
|---|---|---|---|
| LCT1 — blended composite | 3.42% | 25.8% | 98.9% |
| LG2 — low-grade disseminated composite | 0.62% | 25.4% | 98.3% |
Low-grade feed. Still a high-grade concentrate. The LG2 result supports including Lion's lower-grade disseminated material in the resource.
LCT1 LOCKED-CYCLE RECOVERIES
Preliminary laboratory results, not commercial plant performance or smelter terms. The Lion MRE applies 98.5% copper recovery; other metal and Nisk Main assumptions differ — see Mineral resources in the data room below.
The single concentrate also carries the nickel. Hydrometallurgical testing is evaluating a direct-to-metal route for Lion concentrates.
A low-grade copper mine has to move a mountain to make a tonne of metal, and it pays for that mountain up front. Lion is the opposite shape: high-grade mineralization that begins at surface, modelled continuously to more than 600 m, with a 735 kV substation and an all-season road next door, in a province that lists copper, nickel, cobalt, platinum and palladium as critical minerals. That is the recipe for a first mine with a modest footprint and modest capital — and the PEA, targeted for the first half of 2027, is where that argument gets its numbers.
"Combine this with High-grade mineralization from surface, our location next to existing road and power infrastructure, lets us design a project with a modest initial footprint and capital requirement."
The PEA will evaluate an initial open pit followed by underground mining at Lion, with processing options including potential Nisk Main feed. No economic study has been completed; capital cost, operating economics and mine design are the study's job, not this page's.
Since the April 19 resource cut-off the priority has been the shoot below 600 m: deep step-outs and wedge holes from existing collars, followed by borehole EM from the deepest holes.
19,000 m assigned across six targets, 10,000 m reserved to follow success, and the balance into the new year:
The 2026 mineral resource statement, plus every assay interval, collar and survey from the NISK program, searchable and downloadable in full.
Open the data roomMineral resources — Lion and Nisk Main, 2026
Independent estimate by SGS Canada, effective June 19, 2026, using drilling completed to April 19, 2026. Figures are project totals; Power Metallic holds an 80% interest. Reproduced from the Company's news release of September 8, 2026.
Lion Deposit — cut-off 0.35% CuEq (open pit) / 0.90% CuEq (underground)
| MINING METHOD | CLASS | TONNES | NI % | CU % | CO % | PT G/T | PD G/T | AU G/T | AG G/T | NIEQ % | CUEQ % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Open pit | Indicated | 2,782,000 | 0.08 | 1.47 | 0.004 | 0.84 | 2.35 | 0.42 | 11.65 | 2.07 | 3.45 |
| Inferred | 100,000 | 0.07 | 1.09 | 0.004 | 0.43 | 1.31 | 0.31 | 9.63 | 1.41 | 2.36 | |
| Underground | Indicated | 1,363,000 | 0.13 | 2.10 | 0.007 | 0.87 | 3.15 | 0.62 | 13.35 | 2.83 | 4.71 |
| Inferred | 501,000 | 0.14 | 1.99 | 0.007 | 0.62 | 3.17 | 0.43 | 13.04 | 2.60 | 4.34 |
Lion totals: 4.145 Mt Indicated at 3.86% CuEq (1.68% Cu, 2.61 g/t Pd, 0.85 g/t Pt, 0.49 g/t Au, 12.21 g/t Ag, 0.10% Ni); 0.601 Mt Inferred at 4.01% CuEq (1.84% Cu, 2.86 g/t Pd, 0.59 g/t Pt, 0.41 g/t Au, 12.47 g/t Ag, 0.13% Ni). Over 85% of the Lion resource is classified as Indicated.
Contained metal, Indicated (in situ): open pit 90.04 Mlb Cu, 210,000 oz Pd; underground 63.03 Mlb Cu, 138,000 oz Pd — before mining dilution, losses, recovery and payability. Not production, revenue or a valuation. Inferred material excluded.
Nisk Deposit — cut-off 0.30% NiEq (open pit) / 0.80% NiEq (underground)
| MINING METHOD | CLASS | TONNES | NI % | CU % | CO % | PT G/T | PD G/T | AU G/T | AG G/T | NIEQ %* | CUEQ %* |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Open pit | Indicated | 607,000 | 0.60 | 0.35 | 0.039 | 0.08 | 0.49 | 0.03 | 2.19 | 1.01 | 1.68 |
| Inferred | 210,000 | 0.54 | 0.22 | 0.035 | 0.07 | 0.48 | 0.03 | 2.04 | 0.86 | 1.44 | |
| Underground | Indicated | 2,096,000 | 0.96 | 0.53 | 0.061 | 0.21 | 0.91 | 0.04 | 2.00 | 1.65 | 2.75 |
| Inferred | 1,806,000 | 0.98 | 0.57 | 0.063 | 0.26 | 1.05 | 0.03 | 1.57 | 1.73 | 2.89 |
Nisk Main totals: 2.703 Mt Indicated; 2.016 Mt Inferred. *Nisk NiEq and CuEq are exclusive of gold and silver and use different recoveries from Lion; no blended deposit grade is shown.
Basis of the estimate
Prepared under NI 43-101 and CIM Definition Standards (2014). Marc-Antoine Laporte, M.Sc., P.Geo., of SGS Canada Inc. is the independent Qualified Person responsible for the Nisk and Lion Mineral Resource Estimates. Grades were estimated by inverse distance squared interpolation from capped composites within 3D resource domains built in Leapfrog Geo; the mineral resource is presented undiluted and in situ, constrained by a 3D grade control resource model, and is considered to have reasonable prospects for eventual economic extraction.
Cut-offs: Lion 0.35% CuEq open pit / 0.90% CuEq underground; Nisk 0.30% NiEq / 0.80% NiEq. Metal prices (US$): Ni $8.00/lb, Cu $4.80/lb, Co $15.00/lb, Pt $1,400/oz, Pd $1,200/oz, Au $3,600/oz, Ag $38/oz. Recoveries — Lion: Ni 63%, Cu 98.5%, Co 70%, Pt 90%, Pd 92%, Au 84%, Ag 82%; Nisk: Ni 70%, Cu 44%, Co 79%, Pt 27%, Pd 67% (Au and Ag not considered). Open-pit and underground labels describe the constraints used to report resources, not an adopted mining sequence. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. The estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues. A technical report prepared in accordance with NI 43-101 in support of the MRE will be filed on SEDAR+ within 45 days of the September 8, 2026 news release.
Historical — 2023 Nisk Main estimate (superseded)
The November 2023 estimate for Nisk Main (in excess of 5.4 Mt Indicated at 1.05% NiEq and 1.8 Mt Inferred at 1.35% NiEq, at its own cut-offs and price assumptions) is superseded by the June 19, 2026 estimate above and is retained for reference only. See the 2023 news release and the 2023 technical report under Reports.
Published drill tables
Collar, survey and multi-element assay tables for Nisk Main, Lion, Tiger and the ANT targets — the same published datasets as the full explorer. Download the files here, or open the explorer to read every row in the browser.
Assays list interval grades for Ni, Cu, Pt, Pd, Co, Au and Ag. Collars list hole location, elevation, length, year and type. Surveys list downhole distance, azimuth and dip.
Excel workbook as published — data updated on June 9, 2025. Core tables and downloads remain available without JavaScript.
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Where is this all headed?
“In February we made the call to concentrate the winter program on delineating the near-surface portion of Lion, so that this estimate could support the engineering studies ahead. The Indicated resource reported today does that. It also puts a substantial floor under the project while leaving the ceiling open: the estimate uses drilling completed to April 19, 2026, and, as the long section in this release shows, the resource model ends where that drilling ended.”
The model ends. The exploration doesn't.
Lion is open at depth, and the CEO has put the next question plainly: how deep does Lion go, and where did the nickel go? The company's working model is a magmatic sulphide system in which nickel-rich sulphide crystallises first and the copper-and-precious-metal liquid travels furthest — Lion being that far-travelled end-member, with the nickel-rich source still to be found. That is an exploration thesis, not a second deposit; it is also exactly what five rigs, deep step-outs and borehole EM are now testing. Drilling since the resource cut-off will be brought into future resource updates and the PEA to the extent practicable.
A PEA targeted for the first half of 2027, with a feasibility study to follow. See the calendar and the capital behind it.