Power Metallic Closes on Li-FT Power Land Acquisition TORONTO ,
Power Metallic Closes on Li-FT Power Land
Acquisition
TORONTO
,
July 14, 2025
/CNW/ -
Power Metallic Mines Inc
.
(the "Company" or "Power Metallic")
(TSXV:
PNPN) (OTCBB: PNPNF) (Frankfurt: IVV)
Power Metallic
is pleased to announce it has closed on the definitive
agreement dated June 9, 2025 to acquire a 100% interest in 313 mineral claims totalling 167 km² from
Li-FT
Power Ltd.
("
Li-FT
") (TSXV: LIFT) (OTCQX: LIFFF) (FRA: WS0). The claims adjoin the Company's 45.86km²
Nisk property, where exploration is expanding the high–grade Lion Cu–PGE discovery and the Nisk Cu–Ni-PGE-
Co deposit. Power Metallic currently holds ~212.86 km² of land in the Nisk camp, securing approximately 20 km
of strike on the northern basin margin and 30 km on the southern margin that envelope the Nisk, Lion, and Tiger
discoveries (Figure 1 map of regional play with new property, showing relative size with original Nisk property).
Figure 1: New land package overlain on basin geology (CNW Group/Power Metallic Mines Inc.)
Purchase Agreement Terms
With the closing conditions met, including final TSX Venture Exchange approval received, Power Metallic has
advanced a $700,000 cash payment to Li-FT and issued 6,000,000 common shares of the Company (the
"
Shares
"). All the Shares have a statutory hold period of four months and a day from issuance in accordance
with Canadian securities laws. 3,000,000 of the 6,000,000 Shares also bear a 12 month hold and restriction from
transfer. Additionally, Li-FT retains a 0.5% NSR on all acquired claims under a royalty agreement between Li-FT
and the Company effective the closing date. Certain of the claims also retain certain underlying royalties and in
some cases buy back rights that were contained in previous agreements between Li-FT and prior property
vendors.
Qualified Person
Joseph Campbell
, P.Geo, VP Exploration at Power Metallic, is the qualified person who has reviewed and
approved the technical disclosure contained in this news release.
Administrative Updates
The Company has appointed MNP LLP, Chartered Professional Accountants, as its new auditor. In alignment
with its ongoing growth and strategic objectives, the Company elected to engage a PCAOB-registered mid-tier
audit firm to support potential listings on senior stock exchanges.
For the Company's recently completed Q2 ended
June 30, 2025
, for its interim financial statements (when filed),
it will add a comparative figures note as it relates to investor relations expenses in prior periods: "Certain
comparative figures have been reclassified to conform with the current year's presentation. Amounts from
Investor relations have been reclassified to Shareholder Communications, Listing fees, and Advisory and
Business development. This reclassification should provide greater clarity to investors regarding the breakdown
of the Company's expenditures. The reclassification of comparative figures had no impact on the
June 30, 2024
,
December 31, 2024
and 2023 statement of financial position or statement of changes in shareholders' (deficit)
equity." For the FYE
December 31, 2023
, the total investor relations expense of
$3,181,461
is reclassified as
$497,134
to Shareholder Communications,
$33,372
to Listing Fees,
$1,784,661
to Advisory and Business
Development, and
$866,294
retained as Investor Relations to provide greater clarity on the nature of the
expenses.
About Power Metallic Mines Inc.
Power Metallic is a Canadian exploration company focused on advancing the Nisk Project Area (Nisk–Lion–Tiger)
—a high–grade Copper–PGE, Nickel, gold and silver system—toward Canada's next polymetallic mine.
On
1 February 2021
, Power Metallic (then Chilean Metals) secured an option to earn up to 80% of the Nisk
project from Critical Elements Lithium Corp. (TSX–V: CRE). Following the
June 2025
purchase of 313 adjoining
claims (~167 km²) from Li–FT Power, the Company now controls ~212.86 km² and roughly 50 km of prospective
basin margins.
Power Metallic is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and
exploring the enlarged land package through successive drill programs.
Beyond the Nisk Project Area, Power Metallic indirectly has an interest in significant land packages in
British
Columbia
and Chile, by its 50% share ownership position in Chilean Metals Inc., which were spun out from Power
Metallic via a plan of arrangement on February 3, 2025.
It also owns 100% of Power Metallic Arabia which owns 100% interest in the Jabul Baudan exploration license in
The Kingdom of
Saudi Arabia's
JabalSaid Belt. The property encompasses over 200 square kilometres in an area
recognized for its high prospectivity for copper gold and zinc mineralization. The region is known for its massive
volcanic sulfide (VMS) deposits, including the world-class
Jabal Sayid
mine and the promising Umm and Damad
deposit.
For further information, readers are encouraged to contact:
Power Metallic Mines Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy
or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This message contains certain statements that may be deemed "forward-looking statements" concerning the
Company within the meaning of applicable securities laws. Forward-looking statements are statements that are
not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates,"
"believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity," "possible" and similar
expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company
believes the expectations expressed in such forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual
results or realities may differ materially from those in the forward-looking statements. Such material risks and
uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise
sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and
exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects;
changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and
mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of
mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain
the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain
such licenses and approvals in a timely fashion relative to the Company's plans and business objectives for the
applicable project; the general ability of the Company to monetize its mineral resources; and changes in
environmental and other laws or regulations that could have an impact on the Company's operations, compliance
with environmental laws and regulations, dependence on key management personnel and general competition in
the mining industry.
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For further information:
For further information on Power Metallic Mines Inc., please contact: Duncan Roy, VP
Investor Relations, 416-580-3862, [email protected]
CO: Power Metallic Mines Inc.
CNW 03:00e 14-JUL-25