From the CEO’s desk
Letter from the CEO
February 12, 2025
While 2024 was a pivotal year for exploration at Power Metals, 2025 will be transformational as we prepare to define a resource at our Case Lake Project.
Our team has put the foot on the pedal in recent weeks, as we prepare the data and information required to deliver our maiden Mineral Resource Estimate for this world-class project.
Supporting us in this endeavour is Canaccord Genuity Corp, who will work with us to provide advice, while also evaluating our current operations and investigating future opportunities for us to grow.
The expertise from this firm will prove to be invaluable over coming months as we manage increasing attention from global strategic investors and major energy companies.
This intensified focus on our work is undoubtedly related to our extensive exploration efforts throughout 2024, including drilling, air surveys, ground surveys, and environmental studies.
Our Phase III drilling campaign, which wrapped up just before Christmas, returned assays containing up to 20.40% cesium oxide and 5,262ppm tantalum from the West Joe prospect.
We also successfully achieved a very high-grade concentrate of 19.97% cesium oxide from ore sorting late last year, reinforcing Case Lake’s potential as the highest-grade cesium mine in the world.
The succession of positive results has only further enhanced our confidence in the high quality and high-grade nature of Case Lake and will significantly add to the data required to develop our maiden MRE.
We won’t be slowing down exploration any time soon – our team recently met to outline the next 12 months of exploration at Case Lake, including prioritising the most valuable targets for field work.
With the recent granting of a newly issued exploration permit by the Ontario Ministry of Mines, our exploration team will be able to unlock new opportunities across the project area.
This will begin with our upcoming winter drilling program which will focus on some of the new cesium targets we uncovered in late 2024.
We expect this program to begin following the PDAC Convention in Toronto next month, where we will be exhibiting, along with our strategic partner and cornerstone investor Winsome Resources.
I’m looking forward to meeting with local shareholders during the event and I have no doubt much of the conversation will revolve around the uptick in demand for critical minerals, as well as the tariffs set to be imposed by U.S. President Donald Trump.
There has been a fair bit of heat in the trade war conversation to date, as individual countries determine what each tariff means for them.
At Power Metals, we will continue to monitor the situation and the world’s response, but we remain confident in the growing demand for cesium, particularly by Canada and the United States.
We have been working closely with authorities from both nations, who understand the importance of Case Lake and have reaffirmed their need for a consistent supply of cesium, which is escalating in rank as a critical mineral.
The good news is that Power Metals is in a strong position to provide this supply from our world-class asset – only the fourth cesium deposit in existence - to the markets that need it.
Cesium is a rare yet vital component for materials across a variety of industries including oil and gas drilling, medical, electronics, aerospace, and even renewable energy technology like solar cells.
This versatility of application presents significant and valuable opportunities for Power Metals as we edge closer towards delivering a resource to the global market.
I look forward to providing further updates as we progress through what will rapidly become an exciting era for the Company.
Haydn Daxter
CEO
November 22, 2024
Welcome to the first dedicated shareholder update from Power Metals Corp. Thank you for your ongoing support as we work to expand our cesium project in Ontario.
Over the past 12 months, the team has focused on driving results through multiple exploration programs at our Case Lake Project.
On behalf of the team, I’m proud to report that we’ve completed over 6500 meters of drilling this year, yielding exceptional high-grade results, including up to 22.58% cesium, and 5328 ppm tantalum near surface during our recent summer campaign.
The latest results highlight a sustained trend of high-grade mineralization in cesium, lithium, and tantalum, further solidifying the project’s robust resource potential.
Assay results from the Case Lake Project continue to demonstrate the world-class nature of this asset, showcasing a high-grade, multi-element resource with significant upside.
These positive outcomes have encouraged us to move forward with our Phase III program, aiming to complete 2,000 meters of drilling at West Joe and Main Zone by the end of the year.
This significant milestone marks a pivotal step in advancing our exploration efforts, with Phase III now underway and a local First Nations operator, Black Diamond Drilling, already mobilizing a rig to the site earlier this month, with results expected in early 2025.
What excites us most about Case Lake is the presence of high-grade cesium - a rare and versatile element used in aerospace, cancer treatments, and atomic clocks. With only four cesium projects worldwide, Case Lake is starting to gain significant attention with some major energy companies as the commodity’s market presence grows.
One key advantage of Case Lake is its favourable location. Ontario supports economic growth through mining, benefiting local communities and businesses.
We prioritize building relationships with nearby communities by offering training and employment opportunities for First Nations people and collaborating closely with local stakeholders.
Recent site visits, including hosting Winsome Resources’ Managing Director Chris Evans, have reinforced industry recognition of Case Lake’s potential to deliver market value.
The project’s strategic significance has been bolstered by its designation as a critical mineral by the US and Canadian governments, with Ontario also granting Power Metals up to $200,000 in funding through the Ontario Junior Exploration Program.
To further strengthen our capabilities, we formed a Cesium Advisory Committee led by industry expert Dr. Nigel Brand, whose extensive experience includes the development of the Sinclair Cesium Mine in Western Australia. Dr. Brand’s insights will support us as we continue evaluating Case Lake’s potential.
During the holiday period, we will focus on assessing results from our Phase III campaign to further solidify the project’s promise. Our mission remains to develop and commence production at Case Lake by 2026.
While significant work lies ahead, our team is hard at work, both in Ontario and globally, to secure capital and maximize shareholder value.
Thank you for your continued support of our vision to develop one of the world’s largest cesium projects. We look forward to sharing further updates as we progress this remarkable project.
From the entire team at Power Metals Corp., we wish you a safe and happy festive season.
Haydn Daxter
Chief Executive Officer
