Power Minerals Ltd (ASX:PNN) Appoints Rare Earths Specialist Alastair Stephens as CEO

17 March 2026

Price Sensitive Announcement $

Highlights:

• Mr Alistair Stephens has been appointed Chief Executive Officer (CEO) of Power Minerals effective immediately. Mr Stephens is the former Managing Director and CEO of rare earths companies Arafura Rare Earths (ASX: ARU, $1.3 billion market cap) and Lindian Resources (ASX: LIN, $1.4 billion market cap)
• Mr Stephens has 35 years’ experience across rare earths, critical minerals, gold, base metals and coal, including 20 years’ experience as CEO of several multi-billion dollar ASXlisted and private companies
• His previous experience includes leading complex, multi-site operations (resources to refineries) and project development across South America, Australia, Africa, and Southeast Asia
• Recent roles have focused on projects in Brazil, providing important relevant experience to help guide Power’s exploration and development at the Santa Anna and Morro do Ferro projects
• Mr Stephens will oversee and drive Power’s strategy to deliver value at its South American assets, including maximising awareness and penetration of the Company as an emerging South American-focused critical minerals developer within the international market
• Power is preparing to deliver a maiden Mineral Resource Estimate for Santa Anna and is completing due diligence on Morro do Ferro in addition to advancing its Salta Lithium Projects in Argentina

Overview:

Power Minerals Limited has announced the appointment of experienced mining executive and rare earths specialist Mr Alistair Stephens as its Chief Executive Officer (CEO), to drive development of its rare earth projects in South America.

Mr Stephens has more than 35 years’ experience in resources exploration and development. He is the former Managing Director and CEO of Arafura Rare Earths Limited (ASX: ARU) (formerly “Arafura Resources”), a position he held from 2004 to 2009, during which time he advanced the Nolans Bore Rare Earths Project in the Northern Territory to Pre-Feasibility stage and saw the company’s market capitalisation increase from $4 million to $400 million.

More recently, he was the CEO of Lindian Resources Limited (ASX: LIN), which is developing the Kangankunde Rare Earths Project in Malawi. During his tenure, Mr Stephens oversaw completion of the Kangankunde feasibility study, with the project now under construction and advancing towards first production later this year. Lindian now has a market capitalisation of $1.4 billion.

In addition to these roles, Mr Stephens has been CEO of numerous ASX-listed and private companies over the last 20 years.

Company Notes:

Power Minerals Managing Director Mena Habib commented:

“We are delighted to welcome a candidate of Alistair’s calibre to the Power Minerals team as Chief Executive Officer. Alistair will play a key role in advancing the development of our critical minerals portfolio, with a particular focus on our rare earths projects in Brazil. His previous experience in the rare earths sector, including CEO/MD roles with Lindian Resources and Arafura Rare Earths, both which grew to become billion-dollar rare earth giants, has seen him contribute to the development of two world-class rare earths projects, including Lindian’s Kangankunde Project, which is expected to commence production this year.

“In addition to his rare earths experience, Alistair has also worked on projects in Brazil, which is particularly valuable given our strategic focus on South America, and Brazil in particular.

“Alistair brings extensive senior leadership experience within ASX-listed companies, providing him with strong capabilities across project development, financial management and corporate governance. His technical background in mine planning and geology will also be highly valuable as we progress development at the Santa Anna Project and advance our proposed acquisition of the Morro do Ferro Project in Brazil, as well as the Salta Lithium Project in Argentina.”

Incoming Power Minerals CEO Alistair Stephens said:

“Power has an exciting portfolio of critical minerals projects, including Santa Anna and its proposed Morro do Ferro project, both in Brazil, and I am looking forward to working with the team to advance development of these to unlock their full value upside. We have some important milestones ahead, particularly at Santa Anna, and I am keen to execute on our strategy that will help these projects demonstrate their full potential.”

Full ASX Announcement: Power Minerals ASX Announcement