Power Minerals Ltd (ASX:PNN) Exceptional High-Grade Niobium and Rare Earth Results Persist at Santa Anna, Brazil

9 February 2026

Price Sensitive Announcement $

Highlights:

▪ Latest assays in Power’s ongoing auger drilling program at the Santa Anna Project in Brazil have returned exceptionally high-grade results over a total sampled interval of 81.0m:

• 14m at 6,081 ppm TREO from surface to EOH, including 3m at 15,436 ppm (or 1.54%) TREO from 11m in drillhole MN-TM-057
• 14.5m at 5,904 ppm TREO from surface to EOH, including 2m at 12,003 ppm (or 1.20%) TREO from 12m in drillhole MN-TM-056
• 8.5m at 6,900 ppm TREO from surface to EOH, including 2m at 13,082ppm (or 1.31%) TREO from surface in drillhole MN-TM-054.
• 17m at 2,451 ppm TREO from surface to EOH in drillhole MN-TM052
• 13.5m at 5,640 ppm TREO from surface to EOH in drillhole MN-TM055
• 13.5m at 3,529 ppm Nb2O5 from surface to EOH, including 4m at 4,942 ppm Nb2O5 from 7m in drillhole MN-TM-055
• 3m at 4,019 ppm Nb2O5 from 11m to EOH in drillhole MN-TM-057

  ▪ Results from holes MN-TM-52 to MN-TM-57; drilling targeting known rare-earth element (REE) rich phases within the upper 15 metres of the carbonatite complex

  ▪ Majority of latest results confirm mineralisation to end of hole (EOH) which indicates potential continuation of mineralisation at depth

  ▪ Consistent high-grade results returned to date help confirm the scale of the shallow ‘weathered zone’ and validate and enhance the nearsurface resource potential

  ▪ In parallel, Power has commenced a 10,000m deeper drilling campaign to test niobium-rich phases east and south-east of initial drilling and extend the Nb and REE mineralised footprint at depth

  ▪ Recently completed drone aerial magnetic–digital elevation model (DEM) survey over the entire complex will be used to prioritise targets for drilling high-grade niobium mineralisation

  ▪ SRK Consulting engaged to deliver maiden Mineral Resource Estimate for the Santa Anna Alkaline Carbonatite Complex, expected in the current quarter

  ▪ Power holds the entire Santa Anna alkaline carbonatite complex in Brazil’s Goiás State, which was discovered in 2021; the project is an advanced, high-grade critical minerals exploration opportunity

Overview:

Power Minerals Limited (ASX: PNN has reported further high-grade results from its now completed auger drilling program targeting Nb-REE in the top 15 metres of a highly weathered, clay-rich layer at the Santa Anna Project, Brazil (Santa Anna or the Project). This vertical auger drilling is at a nominal orthogonal grid spacing of 80 metres.

The latest results come from the final six drillholes in the auger drill program (MN-TM-52 to MN-TM57, and highlight total rare earth oxide (TREO) results include:

• 14m at 6,081 ppm TREO from surface to EOH, including 3m at 15,436 ppm (or 1.54%) TREO from 11m in drillhole MN-TM-057
• 14.5m at 5,904 ppm TREO from surface to EOH, including 2m at 12,003 ppm (or 1.20%) TREO from 12m in drillhole MN-TM-056
• 8.5m at 6,900 ppm TREO from surface to EOH, including 2m at 13,082ppm (or 1.31%) TREO from surface in drillhole MN-TM-054.
• 17m at 2,451 ppm TREO from surface to EOH in drillhole MN-TM-052
• 13.5m at 5,640 ppm TREO from surface to EOH in drillhole MN-TM-055
• 2m at 5,573 ppm TREO from surface in drillhole MN-TM-053

  Highlight niobium (Nb2O5) results from holes MN-TM-52 to MN-TM-57 include:

• 13.5m at 3,529 ppm Nb2O5 from surface to EOH, including 4m at 4,942 ppm Nb2O5 from 7m in drillhole MN-TM-055
• 3m at 4,019 ppm Nb2O5 from 11m to EOH in drillhole MN-TM-057

This phase of the carbonatite alkaline complex is REE-enriched. It is noteworthy that many of the significant intersections are at depth and are still open at the end of the hole (EOH). Importantly, Power’s auger drilling program has delivered consistent high-grade niobium and REE results throughout the program.

The reported highlight intercepts are weighted average values calculated over the entire interval length and do not include any internal dilution. Sample intervals are one metre.

The Nb and REE mineralisation is indicated to commence at the surface, as the cover is considered residual and contains minimal transported material. This highlights the significant and substantial potential of the targeted near-surface weathered zone at Santa Anna, confirming and enhancing the Mineral Resource Estimate (MRE) potential in this segment of the Project.

Power’s auger drilling program followed its maiden 29-hole, 2,272m RC drilling program at the Santa Anna Project1. It was designed to extend the Project’s mineralised footprint to the east and south-east of initial drilling, targeting shallow niobium and REE in unexplored areas of the Santa Anna Alkaline Complex.

Company Notes:

“These latest results, from the last six holes, in our shallow auger drilling program have delivered further exceptional results, consistent with previous results from the program. The latest results further solidify our confidence in the substantial resource potential within the shallow weathered zone. These high grades positively impact the project’s outlook, and we now eagerly anticipate the results from the first 2,000 metres of our recently commenced, major 10,000- metre reverse circulation drilling campaign. This will drill-test a wider area of the Santa Project, including at depth and in areas outside the existing mineralised footprint. ”

Power Minerals Managing Director Mena Habib

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