(MENAFN- Newsfile Corp) Vancouver, British Columbia--(Newsfile Corp. - October 8, 2025) - Powermax Minerals Inc. (CSE: PMAX) (" Powermax " or the " Company ") is pleased to announce today that it has completed the acquisition of a 100% interest in the Ogden Bear Lodge REE Project in Crook County, Wyoming (the " Property ") from 1357508 BC LTD. (" 1357508 ") via the purchase from 1357508 of all of the shares of its formerly wholly-owned subsidiary, Goldenears Exploration Corp., pursuant to the terms of a share purchase agreement dated September 23, 2025 (" Purchase Agreement "), as previously announced in the press release dated September 29, 2025. The consideration paid by the Company under the Purchase Agreement consists of 250,000 common shares of Powermax.

The Property is comprised of 22 federal unpatented lode mining claims totalling 184 hectares. The Property is strategically located in the Bear Lodge Mining District, located in Crook County in northeast Wyoming, an active mining region since the discovery of gold in 1875 near Warren Peak. Exploration activity in the district has historically targeted gold, rare earth elements (REEs), barium, copper, lead, zinc, manganese, niobium, tantalum, thorium, fluorine, and phosphate¹.

Figure 1: Property Location Map of the Ogden Bear Lodge REE Project

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Most notably within the Bear Lodge Mining District is the Bear Lodge Critical Rare Earth Project owned by Rare Element Resources Ltd. (the " RER Bear Lodge Project "). Rare Element Resources Ltd. has recently received a non-binding letter of interest from the Export-Import Bank of the United States for debt financing for the RER Bear Lodge Project for up to USD$553 million², which funds would support the permitting, engineering design, and construction of the RER Bear Lodge Project.

The Property shares its western border with the RER Bear Lodge Project.

Figure 2: Property Location Map Showing Active Mining Claims

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The Company will provide further updates as the permitting process advances and as exploration activities commence on the claims.

Afzaal Pirzada BSc., P.GEO., a Director to the Company, is the Qualified Person (as such term is defined in National Instrument 43-101), who has reviewed and approved the scientific and technical disclosure contained in this news release.

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