Final answer:
The Philosopher's Stone has the power of Transmutation, enabling it to transform base metals into precious ones like gold, aside from creating the Elixir of Life.
Step-by-step explanation:
Aside from producing the Elixir of Life, the Philosopher's Stone is said to possess the power of Transmutation. This means it can transform base metals such as lead into precious metals like gold. This ability is one of the Stone's most legendary features, rooted in alchemical traditions and is often associated with the work of alchemists both in folklore and historical texts. The correct answer here is C) Transmutation.