From the CEO’s desk
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