Power Metallic Mines drill results strengthen Lion Zone confidence ahead of July MRE, says Hannam & Partners
Power Metallic Mines Inc (TSX-V:PNPN, FRA:IVV1, OTCQB:PNPNF) continues to advance its Lion Zone discovery at the Nisk project in Québec, with recent drilling further refining the geometry of the deposit and strengthening confidence ahead of a maiden Mineral Resource Estimate (MRE) expected at the end of July, according to analysts at Hannam & Partners.
The broker highlighted new infill results from the Winter 2026 program as supporting both grade continuity and near-surface mineralization along the western margin of the Lion Zone.
Key intercepts include 13.3 metres at 3.98% copper equivalent from 25 metres below surface (PML-26-115), including 3.8 metres at 9.36%, as well as 5.26 metres at 8.45% copper equivalent (PML-26-105) at approximately 140 metres depth.
Hannam & Partners said the latest drilling adds to a growing body of high-grade shallow intercepts at Lion, reinforcing confidence in the deposit’s continuity and geometry ahead of resource definition.
The firm noted that the results contribute to an improving dataset that supports the potential delineation of an initial starter pit, given the combination of shallow mineralization, strong grades and previously reported metallurgical recoveries.
The analyst also pointed to earlier 2026 drill results that have consistently demonstrated high-grade continuity across the system, including intercepts such as 16.6 metres at 15.11% copper equivalent, 22 metres at 11.5% copper equivalent, and 39 metres at 5.66% copper equivalent over roughly 200 metres of strike. Hannam & Partners said this combination of grade, width and continuity supports the potential for an Indicated resource classification in the upcoming MRE.
In addition, the broker noted deeper mineralization extending to around 600 metres vertical depth, indicating system scale beyond the near-surface high-grade zones.
Near-term catalysts highlighted include remaining Winter 2026 assay results, the expected July MRE, and a preliminary economic assessment (PEA) anticipated in the second half of 2026.
Hannam & Partners maintained its valuation framework for Power Metallic, including a target price of C$2.38 per share, implying 131% upside, based on a provisional resource estimate at Lion and a discounted cash flow assessment of the broader Nisk project.
The firm said further upside could emerge as the company advances through resource definition and economic studies.
