POWER METALS PROVIDES UPDATE ON CASE LAKE AND SETS STAGE FOR SUMMER WORK PROGRAM

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VANCOUVER, BC, May 29, 2024 /CNW/ - Power Metals Corp. ("Power Metals" or the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to provide an update on exploration at its 100% owned Case Lake property (the "Property") in northeastern Ontario. The Company has engaged Pioneer Exploration to conduct a low level, high resolution Magnetic Drone Survey at the southern portion of the Case Lake property.  The Company has also completed four (4) metallurgical drill holes into known high-grade zones of pollucite containing cesium at West Joe following on from positive results from SGS Lakefield on XRD (X-ray diffraction) analysis on 10 high-grade intervals that were previously reported by the Company between 2018-2022 that hosted high-grade cesium.

CESIUM MARKET

The worlds current cesium market appears to be non-transparent whilst being firmly dominated by China with only three pegmatite mines that have produced economic grade cesium from Tanco in Manitoba, Bakita in Zimbabwe, and Sinclair in Western Australia. Of these three known mines only Tanco in Manitoba, currently owned by Sinomine, is in operation. Current pricing on cesium and cesium chemicals remain very lucrative with this niche market being controlled by China.

Spot pricing from Shanghai Metals Market (https://www.metal.com/) currently has cesium valued above USD $2,650 per ounce whilst gold is just above USD $2,070 per ounce. Cesium has been identified as an incredibly rare and critical mineral in USA, Canada, Europe and Australia given its vast applications and incredibly short supply.

Cesium is currently utilized in several applications and predominantly cesium formate brines which assist in the drilling of high temperature and pressure oil and gas production wells. Other applications for cesium include infrared detectors, laser technology, optical and photoelectric cells, atomic clocks, data transmission of infrastructure for mobile networks, GPS, internet, and X-ray irradiation for cancer treatment.

Given the limited resources of global cesium and increasing demand, there appears to be a mid to long-term supply issue developing when the increasing demand from future markets are not being fulfilled.

MAGNETIC DRONE SURVEY

Power Metals is commencing its summer 2024 exploration field activities with a high-resolution Magnetic Drone Survey that is scheduled to commence in early June. The Company has engaged Pioneer Exploration, an Ottawa based company that specializes in drone geophysics to complete a total of 915 km survey lines that will be flown at 25-meter line spacing. The survey will cover target areas on the main Case Lake mineralization corridor that extends from Dome Nine in the east to West Joe in the west and will enable finer detection of pegmatite targets hosted at or near low magnetic signatures.