Powermax Minerals Expands Atikokan Rare Earth Project with Additional Claims in Northwestern Ontario

Powermax Minerals Inc. (CSE: PMAX) (OTCQB: PWMXF), a Canadian mineral exploration company, is expanding the footprint of its Atikokan Rare Earth Project in northwestern Ontario, adding two contiguous mining claims that management says capture extensions of high-priority exploration targets identified in recent geophysical work (https://ibn.fm/2cnc3). The company announced on February 6, 2026, that it has acquired a 100% interest in the additional claims under a property purchase agreement dated January 30, 2026. The claims adjoin Blocks B and C along the northern boundary of the Atikokan Project in the Wabigoon Subprovince of the Superior Province, a geologically prospective region.

The two additional claims extend high-priority exploration targets identified in a 2025 airborne geophysical survey. Integrated magnetic, radiometric and geochemical data suggest a phosphate-rich NYF-type rare earth element mineral system. The acquisition cost was $3,000, subject to a back-in right if option conditions are not met by August 31, 2028. The exploration targets discussed are conceptual, and there is currently not enough data to confirm a mineral resource. Further exploration may not yield successful results.

The move comes amid rising global demand for rare earth elements and Western efforts to diversify supply chains away from China. Rare earth elements are critical components in various high-tech applications, including electric vehicles, renewable energy technologies, and defense systems. The expansion of the Atikokan Project represents a strategic step in developing domestic sources of these materials within North America. The latest news and updates relating to PWMXF are available in the company’s newsroom at https://ibn.fm/PWMXF.

The Atikokan Project's location in northwestern Ontario places it within a region known for its mineral potential, particularly for rare earth elements. The Wabigoon Subprovince has been the focus of increasing exploration activity as companies seek to capitalize on the growing demand for critical minerals. This expansion by Powermax Minerals highlights the ongoing interest in developing new sources of rare earth elements outside of dominant producing regions. The company's efforts align with broader industry trends aimed at securing supply chains for essential materials used in modern technologies.