Power Metallic Mines said on October 5 that it had started a Preliminary Economic Assessment (PEA) for the Lion and Nisk Main deposits at its Nisk project in Quebec's Eeyou Istchee James Bay territory. It appointed BBA as lead engineering consultant. The study is intended to examine mining and processing options, infrastructure needs, capital and operating costs, and preliminary project economics. The company's schedule calls for mobilisation in late September, substantive engineering work from October and completion in the first half of 2027. That is a company target, not a completed technical result or an investment decision.

The assessment will use the September 8, 2026 mineral resource estimate as its main design basis. Power Metallic says Lion will be the principal focus of an initial development case, while the appropriate role for Nisk Main will be assessed in light of new metallurgical work by SGS expected before year-end. The company has not selected a preferred mine plan, plant configuration or production profile. BBA will integrate engineering and project economics; GeoVector will prepare geology, exploration, drilling and resource sections; and SGS will provide independent review and handle resource and metallurgical sections assigned to it. This allocation describes the planned study work; it does not mean an independent economic conclusion is already available.

The company says drilling at Lion Deeps, environmental baseline work and community engagement will continue alongside the assessment. The first environmental field season is running from May to October 2026, with another planned for summer 2027. Quebec-based ethos stratégie will support community engagement. Power Metallic says the PEA and related work are funded from existing cash resources. A PEA is an early-stage comparison of potential development options; it is not a feasibility study, permit, financing, construction decision or mineral reserve. Mineral resources are not automatically economically mineable. The measurable development announced so far is therefore the appointment of the study team and definition of its scope. No production forecast, cost estimate, return or construction outcome from the PEA has yet been reported.