Power Metallic Mines: Deep drilling confirms Lion Continuity below the Maiden Resource - GBC
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Power Metallic Mines: Deep drilling confirms Lion Continuity below the Maiden Resource - GBC

Lion’s maiden Mineral Resource Estimate (MRE) marks an important milestone for Power Metallic and strengthens its investment case. The estimate defines 4.145 million tonnes of Indicated resources at 3.86% copper equivalent (CuEq) and 0.601 million tonnes of Inferred resources at 4.01% CuEq, containing approximately 406 million pounds CuEq. Around 87% of the tonnage is classified as Indicated, providing encouraging geological confidence and a solid foundation for engineering studies.

We increase our valuation of Lion and Tiger to C$660 million from C$570 million, reflecting the defined resource and anticipated exploration and development progress. Our revised framework incorporates the 2 Power Metallic Mines Inc. Issuer-Sponsored Research | EU-Code of Conduct compliant Power Metallic Mines Inc. Research report (Update) updated share count and an assumed deduction for warrants and options. We maintain our BUY recommendation and C$3.00 target price, equivalent to approximately €1.86 at the assumed exchange rate. Further resource growth and favourable PEA results remain the principal opportunities to substantiate the assigned project values.
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