Interview with Terry Lynch, CEO, Power Metallic
Our previous interview: https://www.cruxinvestor.com/posts/power-metallic-tsxvpnpn-undervalued-investment-series-with-terry-lynch-9869
Recording date: 9th September 2026
Power Metallic's September 8 release of an inaugural Mineral Resource Estimate (MRE) for the Lion Zone gives investors their first NI 43-101-compliant number for a deposit that has been the market's main reason to own the stock since 2023. The headline: 4.145 million tonnes Indicated at 3.86% CuEq and 0.601 million tonnes Inferred at 4.01% CuEq, for a combined 4.75 million tonnes at roughly 3.9% CuEq.
First, classification: more than 85% of the maiden resource sits in the Indicated category, materially de-risking conversion to reserve relative to a typical maiden estimate, which more often skews Inferred. Second, geometry: the deposit starts at surface and roughly 59% of tonnes sit within an open-pit shell, which analysts cited by CEO Terry Lynch believe could be built for under $200 million with payback inside a year, an unusually capital-light profile for a project of this grade. Third, metallurgy: locked-cycle testing has already returned copper recoveries above 98% and a concentrate grading more than 25% Cu, reducing processing-route uncertainty that often lingers for years on polymetallic deposits.
Nickel recoveries at the adjacent Nisk Main deposit remain a modest 70% in the current MRE, with a co-mingled processing test aimed at lifting that toward 80% still pending results. And the company's Nasdaq ADR ambitions add a near-term financing event which the management has flagged a required $15 million raise tied to the planned late-October to early-November listing.
Step-out drilling beneath the Lion zone has already pushed mineralisation from roughly 600 metres to more than 900 metres vertical depth, and assay results from that programme are due by the end of September. Management frames the maiden resource represents a floor established by drill-verified data rather than a ceiling on the deposit's ultimate size and will be tested directly by those results and by additional step-outs planned through November, which the company expects will add a further 35,000-40,000 metres of drilling to the resource base ahead of the PEA.
Longer term, the investment case rests partly on a district thesis drawing comparisons to Norilsk-style orthomagmatic camps, where mineralisation typically occurs as multiple deposits spread across a wider land package rather than a single ore body, a thesis management says is supported by having explored only 2-3% of its ~330 km² land position as exploration upside.
Learn more: https://www.cruxinvestor.com/companies/power-metallic
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