Power Minerals (ASX:PNN) Advances Rincon Lithium Project Joint Venture

20 November 2025

Price Sensitive Announcement $

Highlights:

• Power and its investment partner in the Rincon Lithium Project Joint Venture within the Salta Lithium Project, Navigate Energy, have finalised documentation
  for the creation of the Rincon JV entity and the release of the US$4m investment in the Rincon Lithium Project by Navigate Energy
• Power and Navigate Energy hold foreign shareholder registration status which allows for ownership of shares in the Rincon JV project company
• Power and Navigate Energy have also completed documentation for the purposes of Argentinian law for the incorporation of the Rincon JV project company and the transfer of the Rincon Lithium Project tenure into the Rincon JV project company
• The anticipated near-term incorporation of the Rincon JV project company and the Rincon asset transfer will be a major milestone for the Rincon JV transaction and the pivotal release of Navigate Energy’s US$4m investment to develop the Rincon
  Project.
• The Rincon Project is the most advanced asset within Power’s Salta Lithium Project;
  o Significant JORC 2012 Mineral Resource of 292,564t LCE;
  o Robust Preliminary Economic Assessment (PEA) completed to Scoping Study
  standard;
  o Strategically location adjacent to Rio Tinto and Argosy Minerals’ Rincon lithium projects; and
  o Freshwater source to be provided via the Pocitos Project which will form a key part of the Rincon JV

Overview:

Power Minerals Limited has announced that in conjunction with its investment partner Navigate Energy Technology Limited (Navigate Energy), the Rincon Lithium Project Joint Venture in Salta province within the lithium triangle of Argentina is preparing to finalise incorporation of the Argentinian company through which the Rincon Lithium Project Joint Venture (Rincon JV) will operate.

Power and Navigate Energy hold foreign shareholder registration approvals, a key precondition for Navigate Energy and Power to become shareholders of the Argentinian Rincon JV project company.

The Rincon JV will operate through the Rincon JV project company as an incorporated joint venture. After entering the Rincon JV in August 2024 (Rincon JVA), the parties have advanced the documentation required to incorporate the Rincon JV project company and ensure that the Rincon JV agreement is effective under Argentinian law.

Operationally, the parties have also advanced the Rincon JV by progressing the development of a lithium brine pilot plant for brine testing (Pilot Plant). The in-country Pilot Plant will be key to testing the lithium brine qualities and tailoring DLE technology to maximise output from the project.

Following incorporation of the Argentinian Rincon JV project company, Power’s Argentinian subsidiary will transfer the mineral tenure of the Rincon Lithium Project to the Rincon JV company (Rincon Project). This will be a key step in the transaction.

Next Steps

The parties have finalised documentation required to support the incorporation of the Rincon JV project company. The final step in the incorporation process is for the Notary Public to request the Salta Mining Court to issue a certificate of currency for the Rincon Project tenure (and Notary Public, together with the parties authorised attorneys, signing the Public Deed).

Following lodgement of the executed Public Deed with the relevant regulator by the Notary Public, Navigate Energy’s US$4 million investment funding will be progressively remitted to the Rincon JV account by Navigate Energy to fund the development of the Rincon Project, as agreed under the Rincon JVA (ASX announcement 2 September 2024 and updated in ASX announcements and 8 July 2025).

Following incorporation of the Rincon JV project company, Power will also transfer the Pocitos project into the Rincon JV (Pocitos Project). The Pocitos Project provides access to strong existing infrastructure support, including rail networks to Pacific and Atlantic ports, power, and a freshwater source. Access to fresh water is essential to lithium brine processing and a key component to the overall development of the Rincon Project (ASX announcement 26 February 2025).

The incorporation documents are expected to be lodged with the relevant Argentinian government body in the coming weeks and the Rincon JV entity will then open a bank account to receive the initial US$1 million investment capital from Navigate Energy, which represents 25% of the capital contribution required under Argentinian law to complete the incorporation.

Banking arrangements are in place with Industrial and Commercial Bank of China (Salta branch) (ICBC), supported by ICBC satisfaction of KYC anti-money laundering requirements.

Pilot Plant

Following receipt of the initial investment capital, Power and Navigate Energy will advance development of the Pilot Plant, and also progress broader project development activities. Investment funds are to be progressively released to the Rincon JV as directed by the JV partners, via a regulating Management Committee. This will ensure that funding is tied to agreed project costs and consistent with the Chinese Oversea Direct Investment approval.

Company Notes:

“Completing the incorporation of the Rincon JV company and completing the transfer of the Rincon lithium brine mineral tenure enables the investment of US$4 million of Rincon project funding from Power’s JV partner Navigate Energy. With incorporation of the Rincon
JV company expected to be completed in the coming weeks, Power and Navigate Energy will action the development of a lithium brine pilot and early-stage project development activities at the Rincon Lithium Joint Venture Project. Completing incorporation and asset
transfer confirms Power’s strong relationship with Navigate Energy, and is a key step towards realising shareholder value from the Project.”

Mena Habib, Managing Director of Power Minerals Limited