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Power Metallic Mines ($PNPN | $PNPNF): Maiden MRE & Exploration Updates

Investor TV Aug 10, 2026

Summary

Power Metallic's maiden MRE for Lion and Nisk slipped to end of August; management argues it implies $1B+ NPV against a ~$200M market cap.

Lion's roughly 5% Cu grade is an order of magnitude above the average operating copper mine, framing the project's unusual economics.

Management plans to skip PFS and move Lion straight from maiden MRE to feasibility, with a PEA follow-up targeted by mid-November 2026.

Muon-based geophysics is being deployed across the 5.5 km gap between Lion and Nisk to vector deeper drilling more cost-effectively.

Key points on Agnico Eagle Mines

  • Terry Lynch recommends Agnico Eagle as a senior gold producer he would buy for a conservative investor with cash in the bank.
  • Listed alongside Kinross as a senior gold name he says has never been cheaper and is the easiest trade in the sector.

Key points on First Majestic Silver

  • Terry Lynch recommends First Majestic as a senior silver producer he would buy for a conservative investor.
  • Paired with Pan American Silver in his list of cheap senior silver names as a reasonable way to play the metals.

Key points on Kinross Gold

  • Terry Lynch names Kinross among the senior gold producers he would buy at current prices.
  • Argues senior gold/silver names have never been cheaper as a way to get into real assets with a kicker.

Key points on Pan American Silver

  • Terry Lynch recommends Pan American Silver as a senior silver producer he would buy now.
  • Groups it with First Majestic as cheap senior silver names for buyers who want precious-metals exposure without juniors.

Key points on Troilus Mining Corp

  • Terry notes Troilus is 'just down the road' from Power Metallic's Lion Zone, framing the area as gold country.
  • Cited alongside the Eleanor deposit as evidence the property sits in a productive gold fairway with a secondary gold story.

Terry Lynch's takeaways

  • Top takeaway Guides to a maiden MRE by end of August 2026 with a >$1B NPV at ~$250M to build and a one-year payback, arguing the project should trade toward the top of the $200M-plus developer peer set at 0.36-1.0 PNAV.
  • Frames the deposit as ~5% Cu with ~96% recoveries from SGS's prior metallurgical work and calls it 'just the start' of an asymmetric story, noting historic analogs average 5x the current size and the smallest is roughly double.
  • Outlines ~100,000m of drilling from mid-2025 through end-2026 and 30,50k meters next year, with muon tomography to vector across the 5.5km gap, deeper drilling at Lion, and a PEA targeted by late October/mid-November.
  • Positions mining equities, and copper/PGM miners specifically, as the cheapest and most asymmetric way to play AI/copper demand, and expects a fall NASDAQ uplisting to draw macro US funds into quality names.
  • Notes the property has produced serious gold hits (e.g., 1.5m at 35 g/t) and a secondary gold fairway story on top of the polymetallic massive sulfide resource at Lion and Nisk Main.

Don Dorette's takeaways

  • Top takeaway Frames Power Metallic as a precious-metals play ahead of a copper play, saying gold and PGMs are already ~55% of the deposit and arguing precious-metals prices will outstrip copper over the next couple of years.
  • Highlights the muon tomography program drilled to ~800m as a near-term catalyst and points to 17 billionaires in the cap table, the cashed-up balance sheet and the August MRE as reasons the timing now works in the company's favor.

John Fenwick's takeaways

  • Top takeaway Highlights Power Metallic as one of three or four names (with Western Star and Rua) that held support through the March sell-off, flagging the chart as cheap with downside risk he sees as smaller than 20%.
  • Argues the post-March 5 drawdown left mining stocks asymmetric versus AI/tech names and notes macro US funds (Fidelity, Franklin, Blackstone) are moving down-cap into $200M-plus miners for exposure.