Junior Explorer Closes $28 Million Raise to Advance Its Flagship Polymetallic Project

Sponsored:

Wednesday, June 10, 2026

Raising capital remains one of the biggest hurdles for junior mining companies. Even promising discoveries can struggle to advance without access to funding, particularly as exploration programs become larger and more expensive. When a company closes a sizable financing and attracts participation from one of the sector's most respected investors, the market often views it as validation of both the project and the team behind it.

Shares of Power Metallic Mines Inc. (TSX-V: PNPN) (OTCQB: PNPNF) are moving higher Wednesday after the company announced the closing of a brokered private placement that generated gross proceeds of approximately C$28.2 million and brought legendary mining investor Eric Sprott onto its shareholder register.

Power Metallic completed the offering through the sale of 22,583,000 common shares at a price of C$1.25 per share. The financing included a lead order from Sprott, who acquired 1,600,000 shares through a corporation he owns and controls for total consideration of C$2 million. Red Cloud Securities acted as lead agent and sole bookrunner on behalf of a syndicate that also included Titan Partners Group, Roth Canada, and Taylor Collison.

The company plans to use the proceeds to advance its flagship NISK Project in Québec and its Jabul Baudan exploration license in Saudi Arabia, while also supporting working capital and general corporate initiatives. Shares issued to Canadian investors are immediately freely tradeable under applicable securities regulations, with the financing remaining subject to final approval from the TSX Venture Exchange.

Power Metallic is focused on advancing the Nisk Project Area, a high-grade copper, platinum group element, nickel, gold, and silver system that management is working to develop into Canada's next polymetallic mine. The project has expanded significantly in recent years. Following the acquisition of 313 adjoining claims from Li-FT Power in June 2025, the company now controls approximately 330 square kilometres of prospective ground and roughly 50 kilometres of basin margins.

Exploration efforts continue across multiple targets within the district. The company is expanding mineralization at the Nisk and Lion discovery zones, evaluating the Tiger target, and testing the broader land package through ongoing drill programs designed to define additional mineralized zones.

Beyond Québec, Power Metallic maintains exposure to additional exploration opportunities through its ownership interests in British Columbia and Chile via its 50% stake in Chilean Metals Inc. The company also owns Power Metallic Arabia, which controls the Jabul Baudan exploration license covering more than 200 square kilometres in Saudi Arabia's Jabal Said Belt, a region known for volcanic massive sulfide deposits and home to the world-class Jabal Sayid mine.

With more than C$28 million in fresh capital and one of the mining sector's most recognizable investors joining the shareholder base, Power Metallic appears well funded to continue advancing multiple exploration programs while pursuing further growth across its expanding project portfolio.

Shares of PNPN are up 8.3% to C$1.17 in Wednesday trading, while PNPNF is ahead 5.8% to $0.8422.

Sponsored: