Power Metals Intersects Spodumene in First 8 Holes at Case Lake

Power Metals Corp. (" Power Metals " or the " Company ") (TSXV: PWM) (FSE: OAA1) (OTCQB: PWRMF) is pleased to provide an update on our recently commenced drill program at the Company's 100% owned Case Lake Property.  The Company has completed an initial 8 drill holes on the Case Lake lithium property and has intersected substantial spodumene (lithium ore mineral) mineralization in every hole. A total of 4 drill holes (PWM-22-128 to 131) were completed for a total of 256 m on the West Joe Dyke. A total of 4 drill holes (PWM-22-132 to 135) were completed for a total of 435 m on the Main Dyke. The purpose of each drill hole was to infill on known mineralization to aid in a future resource estimate. These holes are part of Power Metals' fully-funded 5,000 meter 2022 summer drill program at Case Lake.

Johnathan More , Chairman & CEO of Power Metals, commented "Drilling continues at our Case Lake property as we eagerly await assay results for the initial 8 drill holes of the 2022 program.  Our visual interpretations of the drill core look spectacular and we will immediately release the assay results as soon as they are received.  We are extremely excited with the drilling to date as we will continue to expand our world-class lithium, cesium and tantalum discoveries on the West Joe and Main Dykes.  Additionally, we are continuing our geological mapping program of the additional 12 tonalite domes identified on the property."

West Joe Dyke drill holes PWM-22-128 to 131 are along section following the West Joe Dyke down dip. These holes intersected spodumene (Li) and lepidolite (Li):

  • 17.56- 24.40 m , interval 6.84 m , spodumene and lepidolite, PWM-22-128, spodumene is up to 9 x 3 cm in size (Figure 1)
  • 23.88- 25.84 m , interval 1.96 m , spodumene, PWM-22-129, spodumene is up to 5 x 2 cm in size
  • 36.51- 43.02 m , interval 6.51m , spodumene, PWM-22-129, including 0.7 m with about 20 volume % spodumene
  • 54.21- 57.18 m , interval 2.97 m , spodumene, PWM-22-130, including 0.29 m with about 25 volume % spodumene (Figure 2)
  • 61.83- 64.09 m , interval 2.26 m , spodumene, PWM-22-131, including 1.3 m with about 10-15 volume% spodumene

Purple lepidolite (Li) vein at 19.9 m, PWM-22-128, West Joe Dyke (CNW Group/POWER METALS CORP)

Figure 1 Purple lepidolite (Li) vein at 19.9 m , PWM-22-128, West Joe Dyke

White spodumene at 55 m in the top row and white coarse-grained cleavelandite in the second row, PWM-22-130, West Joe Dyke (CNW Group/POWER METALS CORP)

Figure 2 White spodumene at 55 m in the top row and white coarse-grained cleavelandite in the second row, PWM-22-130, West Joe Dyke

Main Dyke drill holes PWM-22-132 to135 intersected wide zones of spodumene pegmatite on the Main Dyke:

  • 2.05- 27.64 m , interval 25.59 m , PWM-22-132, including 9.5 m of 10 volume % spodumene
  • 37.42- 65.41 m , interval 27.99 m , PWM-22-133, including 6.6 m of 15 volume % spodumene
  • 19.65- 25.5 m , interval 5.85 m , PWM-22-134 with 15 volume % spodumene (Figure 3)
  • 25.5- 28.1 m , interval 2.6 m , PWM-22-134, quartz core with coarse-grained white spodumene (Figure 3)
  • 28.1- 36.2 m , interval 8.1 m , PWM-22-134, including 5.75 m of 25 volume % spodumene
  • 40.76- 48.37 m , interval 7.61 m , PWM-22-134, including 2.74 m of 25 volume % spodumene
  • 6.33- 32.53 m , interval 26.2 m , PWM-22-135, including 13.45 m of

Visual mineral estimates of spodumene content does not necessarily indicate Li 2 O % grade in assays.  Drill core samples from PWM-22-132 have been cut and submitted to SGS Cochrane lab for preparation and assay. Assays are pending and will be disclosed once received.

Abundant green spodumene in top core box and white and green spodumene in bottom box, last row is quartz core with coarse-grained spodumene, boxes 5 and 6, 20-29 m, PWM-22-134, Main Dyke. (CNW Group/POWER METALS CORP)

Figure 3 Abundant green spodumene in top core box and white and green spodumene in bottom box, last row is quartz core with coarse-grained spodumene, boxes 5 and 6, 20- 29 m , PWM-22-134, Main Dyke.

Drill holes PWM-22-132 to 135 also intersected the new spodumene dyke below the Main Dyke:

  • 56.02- 57.95 m , interval 1.93 m , PWM-22-132
  • 85.07- 85.8 m , interval 0.73 m , PWM-22-133
  • 47.14- 47.81 m , interval 0.67 m , PWM-22-135

Quality Control

The drill core was sampled so that 1 m of the Case Batholith tonalite host rock was sampled followed by 1 m long samples of the pegmatite dyke and 1 m of the Case Batholith. The sampling followed lithology boundaries so that only one lithology unit is within a sample, except for the Cochrane by Power Metals' geologists. The core will be prepared at SGS Garson and analyzed at SGS Burnaby, British Columbia which has ISO 17025 certification. Every 20 samples included one external quartz blank, one external lithium standard and one core duplicate. The ore grade Li 2 O% was prepared by sodium peroxide fusion with analysis by ICP-OES with a detection limit of 0.002 % Li 2 O.

Case Lake Property

Case Lake Property is located 80 km east of Cochrane , northeastern Ontario close to the Ontario - Quebec border. Case Lake Property consists of 585 cell claims in Steele, Case, Scapa, Pliny, Abbotsford and Challies townships, Larder Lake Mining Division. The Property is 10 km x 9.5 km in size with 14 identified tonalite domes. The Case Lake pegmatite swarm consists of six spodumene dykes: North, Main, South, East and Northeast Dykes on the Henry Dome and the West Joe Dyke on a new tonalite dome. The Case Lake Property is owned 100% by Power Metals Corp. A National Instrument 43-101 Technical Report has been prepared on Case Lake Property and filed on July 18, 2017 .

Qualified Person

Julie Selway , Ph.D., P.Geo. supervised the preparation of the scientific and technical disclosure in this news release. Dr. Selway is the VP of Exploration for Power Metals and the Qualified Person ("QP") as defined by National Instrument 43-101. Dr. Selway is supervising the exploration program at Case Lake. Dr. Selway completed a Ph.D. on granitic pegmatites in 1999 and worked for 3 years as a pegmatite geoscientist for the Ontario Geological Survey. Dr. Selway also has twenty-three scientific journal articles on pegmatites.

About Power Metals Corp.
Power Metals Corp. is a diversified Canadian mining company with a mandate to explore, develop and acquire high quality mining projects.  We are committed to building an arsenal of projects in both lithium and high-growth specialty metals and minerals. We see an unprecedented opportunity to supply the tremendous growth of the lithium battery and clean-technology industries. Learn more at www.powermetalscorp.com

ON BEHALF OF THE BOARD,

Johnathan More , Chairman & CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold in the United States , or to, or for the account or benefit of, a "U.S. person" (as defined in Regulation S of the U.S. Securities Act) unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information based on current expectations, including the use of funds raised under the Offering.  These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, Power Metals assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.

Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this press release. Actual results could differ materially from those currently anticipated due to several factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on www.sedar.com .

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The TSXV has neither reviewed nor approved the contents of this press release.

Power Metals Corp. Logo (CNW Group/POWER METALS CORP)

SOURCE POWER METALS CORP

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SQM REPORTS EARNINGS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023

-

Highlights

Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the twelve months ended December 31, 2023 , of US$2,012.7 million ( US$7.05 per ADR), a decrease of approximately 48.5% from US$3,906.3 million ( US$13.68 per ADR) for the twelve months ended December 31, 2022 .

Gross profit reached US$3,075.1 million (41.2% of revenues) for the twelve months ended December 31, 2023 , lower than US$5,736.6 million (53.6% of revenues) recorded for the twelve months ended December 31, 2022 . Revenues totaled US$7,467.5 million for the twelve months ended December 31, 2023 , representing a decrease of approximately 30.3% compared to US$10,710.6 million reported for the twelve months ended December 31, 2022 .

The Company also announced earnings for the fourth quarter of 2023 of US$203.2 million ( US$0.71 per share), a decrease of approximately 82.3% compared to US$1,151.0 million ( US$4.03 per share) for the fourth quarter of 2022. Gross profit for the fourth quarter of 2023 reached US$400.7 million , approximately 75.6% lower than the US$1,641.9 million reported for the fourth quarter 2022. Revenues totaled US$1,311.6 million for the fourth quarter of 2023, a decrease of approximately 58.1% compared to US$3,133.6 million for the fourth quarter of 2022.

SQM's Chief Executive Officer, Ricardo Ramos , stated: "Our fourth quarter 2023 results reflected record-high sales volumes in lithium business and increased sales volumes in iodine and potassium business lines when compared to the previous quarter and the same period last year. Despite a downturn in lithium market prices when compared to the previous year, our focus on operational efficiency and ability to successfully execute capacity expansion projects have facilitated notable production growth in lithium and iodine businesses over the past year. While we continue with our expansions in Chile and expect our lithium carbonate capacity to reach 210,000 metric tons during the first quarter of this year, we also celebrated first production of spodumene concentrate at our Mt. Holland operation site during the fourth quarter of 2023. In the iodine business, as a result of successful start-up of Pampa Blanca operation, record-high production volumes were achieved during the year, reconfirming SQM´s position as industry leader with ability to deliver growth ahead of competition."

He continued by saying: "As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials. However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance."

He finished by saying: "In December last year, we signed a Memorandum of Understanding with Codelco to jointly develop the Salar Futuro project and sustainably operate in the Salar de Atacama beyond 2030. Together with the communities, we are working on the definitive documentation in the upcoming months and will inform the market once this process is concluded. Last year, SQM was included into both DJSI World and Emerging Markets indices, several years ahead of our internal goal. This is the result of ongoing work and our commitments to increase the transparency and sustainability of our operations."

Total capital expenditure in 2023 was close to US$1.1 billion . For the period 2024-2025, total capex is expected to be approximately US$2.4 billion , including:

  • US$1.4 billion related to lithium capacity expansion projects in Chile , including US$130 million of maintenance.
  • US$700 million related to nitrates and iodine capacity expansion project in Chile , including US$160 million of maintenance.
  • US$340 million related to Mt. Holland lithium project in Australia and exploration projects.

The capex for 2024 is expected to be approximately US$1.3 billion , including maintenance.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Irina Axenova  / irina.axenova@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the implementation of the MoU and potential partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)

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The Board of Directors of Albemarle Corporation (NYSE: ALB) announces that it has declared a quarterly dividend of $0.40 per share. The dividend, which has an annualized rate of $1.60 is payable April 1, 2024 to shareholders of record at the close of business as of March 15, 2024 .

Albemarle Corp. Logo. (PRNewsFoto/Albemarle Corporation)

About Albemarle

Albemarle Corporation (NYSE: ALB) leads the world in transforming essential resources into critical ingredients for mobility, energy, connectivity, and health. We partner to pioneer new ways to move, power, connect and protect with people and planet in mind. A reliable and high-quality global supply of lithium and bromine allows us to deliver advanced solutions for our customers. Learn more about how the people of Albemarle are enabling a more resilient world at albemarle.com and on X (formerly known as Twitter) @AlbemarleCorp.

Albemarle regularly posts information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, Securities and Exchange Commission ("SEC") filings and other information regarding the company, its businesses and the markets it serves.

Forward-Looking Statements

Some of the information presented in this press release, including, without limitation, information related to future dividends and results, and all other information relating to matters that are not historical facts may constitute forward- looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed. Factors that could cause actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; adverse changes in liquidity or financial or operating performance; changes in the demand for our products or the end-user markets in which our products are sold and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q.  These forward-looking statements speak only as of the date of this press release. We assume no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.

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