Powermax Minerals Announces Rights Offering

(CSE:PMAX) (OTCQB:PWMXF) (FSE:T23) Powermax Minerals Inc. has announced a rights offering to raise gross proceeds of up to $435,098.43. The company will issue 43,509,843 rights to shareholders of record as of October 15, 2026, on the basis of one right for each common share held. Each right entitles the holder to subscribe for one common share at a subscription price of $0.01 per share. Upon completion of the rights offering and assuming all rights are exercised, Powermax will have 87,019,686 shares outstanding on a pre-consolidation basis, with the shares issued under the rights offering representing 50% of the total. Powermax has entered into a standby guaranty agreement dated October 8, 2026, with 1357508 B.C. Ltd. and Bosom Holding Inc., under which the standby guarantors have agreed to fully guarantee the rights offering for an aggregate price of $435,098.43, subject to a 9.99% beneficial ownership limitation for each guarantor. The standby guarantors currently hold 55,000 shares, representing 0.12% of the company's total issued and outstanding shares. If the standby guarantors acquire all shares under the standby guaranty and their basic subscription privilege, they will hold 43,509,843 shares. As consideration for the standby guaranty, Powermax will pay a standby fee equal to 5% of the total amount of the standby guaranty and will issue non-transferable bonus share purchase warrants to the standby guarantors, entitling them to purchase up to 4,350,984 shares (10% of the total number of shares committed to purchase) at a price of $0.20 per share for three years from the expiry date. The rights offering will expire at 4:00 p.m. (Vancouver time) on November 9, 2026, after which unexercised rights will be void. Shareholders who fully exercise their rights will be entitled to subscribe for additional shares, if available, as a result of unexercised rights prior to the expiry time, subject to limitations in the company's rights offering circular dated October 15, 2026. The company expects to close the rights offering on or before November 17, 2026. The rights will be offered to shareholders resident in all provinces and territories of Canada (except Quebec) and all jurisdictions outside Canada and the United States that provide a substantially similar prospectus exemption. The proceeds of the rights offering are expected to be used for exploration expenditures and mineral claim management expenses for the company's Canadian projects and general and administrative expenses. Powermax intends to complete a consolidation of its issued and outstanding shares following the closing of the rights offering, on the basis of one post-consolidation share for up to six pre-consolidation shares, or such lesser amount as determined by the company. No fractional shares will be issued pursuant to the consolidation. Powermax holds an option to acquire the Cameron REE Project in British Columbia and has interests in the Atikokan, Hopkins, and Pinard REE properties in Ontario. The company also owns a 100% interest in the Ogden Bear Lodge REE Project in Crook County, Wyoming.

Powermax Minerals to Option Melba North Rare Earth Claims Adjacent to Hopkins Project

(CSE:PMAX) (OTCQB:PWMXF) (FSE:T23) Powermax Minerals Inc. has entered into a three-year option agreement with Gravel Ridge Resources Ltd. and 1544230 Ontario Inc. to acquire a 100% interest in the Melba North property, which consists of 10 unpatented mining claims comprising 160 cells over approximately 3,360 hectares in northern Ontario, adjacent to Powermax's Hopkins REE property. The option is subject to a 1.5% net smelter returns royalty (NSR Royalty) in favour of the Optionors and to applicable exchange approval. The Melba North property is located in the Clay-Howells townships area of northern Ontario and overlies rocks of the Clay-Howells Alkalic Rock Complex. The option terms require cash payments of C$14,000 on signing, C$18,000 on the first anniversary, C$24,000 on the second anniversary, and C$30,000 on the third anniversary, for a total cash consideration of C$86,000. In addition, 400,000 common shares are issuable within seven business days after receipt of applicable exchange approval. The 1.5% NSR Royalty is payable upon exercise of the option, and Powermax may repurchase 0.5% of the royalty for C$500,000, reducing it to 1.0%. A November 2025 assessment work report by Laurentia Exploration Inc. for Argyle Resources Corp. documents seven heli-portable BTW size diamond drill holes totaling 1,983 metres on the Clay-Howells claims, including claims listed in the North Melba option schedule. Selected historical assay highlights include: CH-25-02 intersected 3.05 m grading 0.33% TREO from 144.95 m to 148.00 m, within a broader 16.55 m interval grading 0.16% TREO from 135.00 m to 151.55 m; CH-25-04 intersected 15.00 m grading 0.28% TREO from 163.50 m to 178.50 m, including 7.65 m grading 0.34% TREO from 163.50 m to 171.15 m; CH-25-06 intersected 24.50 m grading 0.17% TREO from 12.00 m to 36.50 m, including 1.50 m grading 0.40% TREO, and a separate 10.50 m interval grading 0.23% TREO from 87.00 m to 97.50 m, including 3.70 m grading 0.45% TREO. Across the selected samples, 49 returned more than 0.17% TREO, 20 above 0.30% TREO, and six above 0.50% TREO, with the highest reported sample interval being 0.76% TREO over 0.60 m. TREO is reported as the sum of rare earth element oxides. The 2025 report lists Permit No. PR-25-000130, issued September 2, 2025; Powermax will confirm the permit remains valid and covers the planned work before mobilization. Paul Gorman, Chief Executive Officer of Powermax, stated that Melba North adds an important land position beside Hopkins and allows evaluation of the two areas within a coordinated exploration framework. Powermax intends to include Melba North in its current Hopkins-area work, integrating the historical drill database with mapping, sampling, and geophysical data to refine targets and assess follow-up drilling. Afzaal Pirzada, P.Geo., a Director of the Company and a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

Powermax Minerals Commenced 2026 Exploration Work at the Cameron Rare Earth Element Project, British Columbia

(CSE: PMAX) (OTCQB: PWMXF) Powermax Minerals Inc. announced the commencement of its 2026 exploration program at the Company's 100%-owned Cameron Rare Earth Element ("REE") Project, located near Revelstoke, British Columbia. The three-week field program is designed to follow up on previous stream sediment, soil and rock geochemical surveys and will focus on refining and prioritizing rare earth element exploration targets for future trenching and drill evaluation. The program will include detailed geological mapping and prospecting, selective rock sampling, infill soil sampling, additional stream sediment sampling, and ground radiometric surveys using a handheld gamma-ray spectrometer. The work will integrate geological, geochemical and radiometric datasets into a comprehensive target ranking model to support future trenching and first-pass drill planning. Previous exploration identified multiple rare earth element anomalies from stream sediment, soil and selective rock sampling across several target areas on the Cameron Property. The program is expected to take approximately three weeks to complete and will be conducted by an experienced exploration team using road-supported access supplemented by limited helicopter support where necessary. The company projects that the results of this program will guide the next phase of exploration.

Powermax Minerals Commences Airborne Geophysical Surveys and Field Exploration Programs at Pinard and Hopkins REE Properties, Ontario

(CSE:PMAX) Powermax Minerals Inc. announced the commencement of high-resolution helicopter-borne geophysical surveys and field exploration programs at its Pinard and Hopkins rare earth element ("REE") properties, located in Ontario. The planned airborne survey at the Pinard REE Property comprises approximately 1,319 line-kilometres, including approximately 1,145 line-kilometres of traverse lines and 174 line-kilometres of tie lines. Traverse lines at Pinard are planned at a nominal spacing of 50 metres, with tie lines at approximately 350 metres spacing. At the Hopkins REE Property, the planned airborne survey comprises approximately 1,623 line-kilometres, including approximately 1,409 line-kilometres of traverse lines and 214 line-kilometres of tie lines, with similar line spacings. The airborne surveys are being completed by Geo Data Solutions GDS Inc. ("GDS") using an Astar 350D helicopter or equivalent aircraft equipped with magnetic, radiometric spectrometric and VLF-EM systems. The Company holds options to acquire the Cameron REE Property in British Columbia and the Atikokan, Pinard and Hopkins REE properties in Ontario, and owns a 100% interest in the Ogden Bear Lodge REE project in Crook County, Wyoming. The company expects to provide further updates as the airborne surveys and field programs progress and as data compilation, interpretation and analytical results become available.

Powermax Minerals Identifies Priority Rare Earth Element Targets at the Hopkins REE Project, Ontario

(CSE:PMAX) Powermax Minerals Inc. announced that it has received a desktop study for its Hopkins Rare Earth Element ("REE") Project located in the Cochrane District of northeastern Ontario. The desktop study evaluated publicly available geological, geophysical, geochemical and historical exploration datasets to assess REE prospectivity and establish priorities for future field programs on the Hopkins REE tenements. The Hopkins REE Project comprises 13 mineral claims organized into two claim blocks covering approximately 6,145 hectares, with Block A consisting of 11 contiguous claims covering approximately 5,479 hectares and Block B consisting of two claims covering approximately 666 hectares. The Project is located approximately 45 kilometres north-northeast of Kapuskasing, within the Porcupine Mining Division. The study identifies Block A as Priority #1 and Block B as Priority #2 for follow-up REE exploration, with Block A hosting five priority target areas (A1 through A5) and Block B containing two target zones (B1 and B2). The company projects a phased exploration program, subject to funding, access, permitting, seasonal conditions and final program design, including airborne magnetic, VLF and radiometric surveys, geological mapping, prospecting, targeted rock sampling, soil geochemistry, ground verification, and potentially trenching or drill testing. The desktop study was prepared for Powermax by Shahab Tavakoli, P.Geo., Geophysicist and Geospatial Data Scientist, and reviewed and approved by Afzaal Pirzada, P.Geo., a Director of the Company and a "Qualified Person" as defined by National Instrument 43-101.

Powermax Minerals Announces Option to Acquire the Hopkins Rare Earths Project, located in the Clay Howell Complex, Northern Ontario

Powermax Minerals Inc. (CSE: PMAX, OTCQB: PWMXF) announced it has entered into an option agreement to acquire a 100% interest in the Hopkins Rare Earths project in northern Ontario, subject to a 2% net smelter returns royalty. The property covers approximately 5,900 hectares and consists of thirteen multicell mining claims. The acquisition involves staged cash payments totaling $25,000 and minimum work commitments of $450,000 over three years. The company may reduce the NSR to 1.0% by making a $1,000,000 payment to the optionors. The transaction is a related party transaction and remains subject to customary closing conditions and regulatory approvals.