Member Posts > Power Metallic Mines (formerly Power Nickel Inc.) Secures C$50 Million to Accelerate Battery Metal Exploration
Power Metallic Mines Inc. has raised C$50 million in a private placement, reinforcing its commitment to accelerating nickel exploration at the Nisk Project in Quebec. With the surge in demand for battery metals, this investment supports expanded drilling programs and strategic mineral resource development.
Advancing Exploration with Multiple Drill Rigs
Power Metallic is deploying a multi-rig drilling strategy to enhance its resource base:
• Lion Zone: Continued drilling to refine high-grade nickel resource estimates.
• Tiger Zone: A second rig is targeting deposits 700 meters east.
• Western Lion Zone: A third drill rig is focused on expanding mineralized zones.
Funding Breakdown and Investor Details
• C$40M raised through Flow-Through Shares for direct exploration activities.
• C$10M raised through Hard Dollar Shares for corporate and operational purposes.
• Underwriters BMO Capital Markets and Hannam & Partners received a C$2.5M commission.
Investor Benefits and Future Outlook
• Québec investors receive an additional 20% tax credit.
• Federal tax deductions apply for flow-through expenditures.
• Final approval from the TSX Venture Exchange is pending.
• Securities are under a statutory hold period until June 28, 2025.
With this funding, Power Metallic is solidifying its position as a leading supplier of sustainable nickel resources, crucial for the transition to clean energy and EV battery production.

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