- On the ground at PDAC in Toronto to advancing investor and strategic conversations to target
Case Lake’s next phase - Entering 2026 with momentum with Albemarle partnership in place, permitting advancing, and execution planning sharpening as we shift to delivery
- Final development of Impact Benefits Agreement (IBA) with Apitipi Anicinapek Nation (AAN)
- Using PDAC to identify portfolio growth and screen new Canadian opportunities (including other commodities) within disciplined framework
Dear Fellow Shareholders,
This week the Power Metals team is on the ground in Toronto for PDAC – the world’s leading mining and capital-markets conference.
PDAC is an important forum for us because it brings together the investors, strategic partners, government stakeholders and industry leaders who shape opportunities in our sector.
For Power Metals, it’s a chance to reinforce our momentum, expand relationships, and progress conversations that can directly support the next stage of growth at Case Lake – from development planning through to production readiness.
At the conference we’re also meeting with Albemarle at PDAC as part of our preparation for the production phase of the business. As outlined in our December release, our plan is to produce a cesium concentrate from Case Lake for sale to Albemarle. Importantly, this pathway is aligned with Western supply chain objectives, with no direct Chinese interest in the project.
Confidence in outlook for 2026
What that means is we’re heading into 2026 from a position of confidence. With the Albemarle partnership in place, permitting progressing well and technical work continuing to stack up, the focus has shifted from proving the opportunity to executing it.
A major priority during the past year has been removing risk across the areas that matter most – funding, processing, permitting and community engagement. Case Lake has moved from concept to a project with a credible path to production, supported by disciplined planning and a clear execution outlook. That work matters because the market is rewarding certainty – credible milestones, strong governance and bankable pathways, not just potential.
Strategy behind Albemarle partnership
The Albemarle partnership changed the trajectory for Power Metals. It delivered non-dilutive funding, global validation and the confidence to plan forward with greater certainty. It also reinforced the strategic value of Case Lake as a North American cesium asset – well timed, well supported, and increasingly viewed through a supply-chain lens.
First Nations engagement remains a priority
Alongside the technical and commercial work, we continue to prioritise respectful, consistent engagement with all First Nations in the region. It’s a core part of how we do business – and how we earn trust over the long term.
Strong relationships built on transparency are essential for responsible development, and they matter to local communities as much as they matter to our long-term success as a Company. Our focus is on maintaining open dialogue, listening closely, and ensuring we create shared value as Case Lake advances.
We also continue to emphasise capital efficiency. Our development approach is underpinned by a simple, dry and chemical-free processing pathway. This is a key enabler for efficient, capital-friendly development – reducing complexity and supporting an execution plan that is practical and scalable.
The recent signing or our Participation Agreement (PA) with AAN has seen constructive advancement of our IBA as we conclude this process to enable value for the local community and Power Metals for the next phase at Case Lake.
Looking ahead, 2026 represents the inflection year for the Company – the year where the work of the past 12 months converts into construction readiness and the foundations for first production. Our focus is straightforward: keep advancing permitting and technical workstreams, keep tightening the execution plan, and maintain strong stakeholder engagement as we move toward the build phase.
Scouting portfolio expansion across commodities
PDAC is also a key opportunity for broader value creation. Alongside progressing Case Lake conversations, we’re using the week to actively scout and assess new project opportunities across Canada that could strengthen our portfolio.
Case Lake remains our clear priority, but we’re screening assets that meet our bar for quality, scale and execution potential – including opportunities beyond cesium where we see strong fundamentals and strategic fit. The approach is disciplined: identifying projects we can genuinely advance, create value from, and that complement our long-term growth plan as we continue steering Case Lake toward production.
Thank you for your continued support.