Impact: Slightly Positive
This week, Power Metallic (PNPN) reported drill results from the Lion zone within its 100%-owned Nisk Cu-Ni-PGE project in Québec, provided results from a Locked-Cycle metallurgical test on a lower-grade disseminated material, and detailed its exploration plans across the 212.9km2 land package. This includes three geophysical surveys, regional mapping, lake sediment work, and 30,000m of regional drilling as part of its 100,000m 2026 campaign (six rigs turning). SGS Canada Inc. (Private) has been engaged to deliver the maiden Lion MRE and updated Nisk Ni-Cu-Pd MRE by the end of Jul/26, with a PEA to follow. We believe Cu recoveries on the lower-grade composite essentially matched the higher-grade blend, giving PNPN material latitude to lower cut-off grades and include disseminated material in the upcoming Lion MRE. The Lion drill results are consistent with the high-grade open pit development concept. The broader exploration push aligns with our expectation that a parent nickel deposit remains undiscovered within the Nisk corridor.