Power Metallic raising $30 million from upsized financing
Power Metallic Mines Inc. [PNPN-TSXV, PNPNF-OTCBB, IVVI-Frankfurt] said it has pledged to increase the gross proceeds of the company’s previously announced private placement to $30 million from the earlier $25 million target.
The company said it plans to use the net proceeds from the offering to advance it flagship NISK polymetallic project in Quebec and its Jabul Baudan exploration license in Saudi Arabia.
Under the terms of the marketed offering, the company has agreed to sell up to 24 million shares priced at $1.25 each. Power Metallic has granted the underwriters the option to sell an additional 2.4 million shares in a move that could generate an additional $3.0 million. That option can be exercised in full or in part for up to 48 hours prior to closing, which is expected to occur on June 10, 2026.
Power Metallic shares were active on the news, easing 14.38% or 21 cents to $1.25. The shares trade in a 52-week range of $1.73 and 76 cents.
Power Metallic is a Canadian exploration company with a focus on advancing the Nisk Project Area (Nisk-Lion-Tiger), a high-grade copper-platinum group elements (PGE), nickel, gold and silver system towards Canada’s next polymetallic mine.
Back in February 2021, Power Metallic (then known as Chilean Metals) secured an option to earn up to an 80% interest in the NIsk project from Critical Elements Lithium Corp. [CRE-TSXV]. Following the June, 2025 purchase of 313 adjoining claims covering 167 square kilometres, the company now controls 333 square kilometres and roughly 50 kilometres of prospective basin margins.
Power Metals is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and exploring the enlarged land package via successive drill programs. Over the next two quarters, the company said it plans to complete 30,000 metres of exploration drilling across the enlarged Nisk land package.
Beyond the NIsk Project Area, Power Metallic indirectly has an interest in significant land packages in British Columbia and Chile via its 50% share ownership stake 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 holds a 100% interest in the Jabul Baudan exploration license in The Kingdom of Saudi Arabia’s Jabal Said 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 also known for its massive sulphide (VMS) deposits, including the world-class Jabal Sayid mine and promising Umm and Damad deposits.
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