By Renee Jean
Cowboy State Daily, Cheyenne, Wyoming
Wednesday, January 21, 2026
Wyoming’s historic $10 million gold purchase required by 2025 legislation has happened with little fanfare.
There were no public announcements or press releases at the time. There was just a brief mention of the December purchase during a Jan. 9 Joint Appropriations Committee hearing.
... Dispatch continues below ...
... ADVERTISEMENT ...
Power Metallic Reports Lion Zone Recoveries of 98.9% Copper,
93.9% Palladium, 96.8% Platinum, 85% Gold, and 88.9% Silver
Company Announcement
via Pro.CEO.CA
Monday, January 19, 2026
TORONTO -- Power Metallic Mines Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) provides preliminary metallurgical results performed by SGS Canada Ltd1 at its laboratories based in Quebec City, Quebec, and Lakefield, Ontario, from representative samples of Lion Zone mineralization.
An initial Lock Cycle Test returned a sulphide concentrate grading 25.8% copper containing very high metal recoveries of copper (98.9%), palladium (93.9%), platinum (96.8%), gold (85.0%), and silver (88.9%), exceeding Power Metallic's most optimistic estimates for recovery prior to this test work.
As previously reported, the copper mineralization at Lion is contained within coarse grained chalcopyrite and cubanite and copper was expected to respond well to conventional sulphide concentration methods. These initial metallurgical tests were designed to determine the recovery potential of the platinum group metals, gold, silver, and nickel. ...
... For the remainder of the announcement:
https://pro.ceo.ca/@newswire/power-metallic-reports-lion-zone-recoveries-of-989 [1]
Rep. John Bear, R-Gillette, asked the Wyoming treasurer's office for an update on whether the purchase had been made during the hearings.
Deputy Director Dawn Williams confirmed that the treasurer's office had indeed purchased the gold on Dec. 19. In all, Williams said, the purchase totaled 2,312 ounces of gold at $4,337.60 per ounce.
Williams added that the gold now is housed at the Wyoming Reserve, a high-security vault in Casper focused on secure storage of precious metals.
The CEO of the Wyoming Reserve is Josh Phair, who is also CEO of Scottsdale Mint, which fabricates gold and silver coins, bars, and bullion for central banks and Fortune 500 companies, as well as other countries and customers.
Wyoming's newly purchased gold is worth $400,000 more now than when it was acquired a month ago, and state Sen. Bob Ide, R-Casper, isn't being quiet about that. To him, that meteoric rise in value is exactly the point behind the Wyoming Gold Act, which he sponsored during last year's legislative session. ...
... For the remainder of the report:
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