Power Minerals Ltd (ASX:PNN) Extremely High REE Results at Morro do Ferro Project

28 April 2026

Price Sensitive Announcement $

Highlights:

▪ Verification assay results from six duplicate samples confirm the exceptional grades previously reported at the Morro do Ferro Rare Earths Project (MDF) in Brazil

▪ Duplicate samples from drillhole MFSR-44 returned;

o 26,418 ppm (or 2.64% of whole rock) Magnet Rare Earth Oxides (MREO);
and
o 14.03% Total Rare Earth Oxides (TREO) – which is among the highest
grades reported globally for any REE deposit

▪ Other exceptional high-grade results include –

o Drillhole MFSR-12: sample PMB-4129 returned 49,673 ppm (or 4.97%) TREO;
sample PMB-4125 returned 26,074 ppm (or 2.61%) TREO;
o Drillhole MFSR-18: sample PMB-1426 returned 16,589 ppm (or 1.66%) TREO;
and
o Drillhole MFSR-44: a second sample returned 23,871 ppm (or 2.39%) MREO,
confirming the high-grade magnetic REE signature

▪ Duplicate samples were submitted blind to SGS Geosol, alongside unrelated
Power drill samples, with all quality control material falling within acceptable
laboratory limits

▪ Verification sampling materially de-risks the historical drillhole database and
supports Power’s plan to advance into deep diamond core, RC and aircore
drilling at MDF, following last week’s execution of the Definitive Agreement
with Mineração Terras Raras

Overview:

Power Minerals Limited (ASX: PNN | OTCQB: PEIMF) has announce very high-grade Magnet Rare Earth Oxides (MREO) and Total Rare Earth Oxides (TREO) assay results from a sampling program at the Morro do Ferro Rare Earths Project (MDF Project) in southern Minas Gerais state, Brazil.

The sampling program comprised six duplicate samples collected from three separate diamond drillholes (MFSR-12, MFSR-18 and MFSR-44) as part of Power’s due diligence for its recent acquisition of the MDF Project, and returned high-grade results among the highest REE grades reported globally.

The six samples were selected to span a wide range of previously reported grades and depths, and returned results in close correlation with the historical assays.

The impressive verification assay results demonstrates outstanding correlation with Power’s previous findings. They also reinforce the reliability of the historical data and confirm the integrity of the previous owner’s drilling and sampling results – and reinforce the exceptional grade of the deposit.

The verification samples returned Total Rare Earth Oxide (TREO) values up to 14.03%, while Magnet Rare Earth Oxide (MREO) concentrations were as high as 26,418ppm (or 2.64% of whole rock), both in drillhole MFSR-44.

Other high-grade results included;

• 49,673ppm (or 4.97%) TREO in sample PMB-4129 from drillhole MFSR-12
• 26,074 ppm (or 2.61%) TREO in sample PMB-4125 from drillhole MFSR-12
• 16,589 ppm (or 1.66%) TREO in sample PMB-1426 from drillhole MFSR-18
• 23,871 ppm (or 2.39%) MREO in (a second) sample from drillhole MFSR-44

All quality control measures — including high-grade and low-grade certified reference materials and four blind duplicates — returned results well within acceptable limits, providing high confidence in the data underpinning the MDF Project.

These high-grade results further enhance Power’s confidence in the Project’s potential, and highlight the significant value that the MDF Project may deliver as Power executes its fieldwork programs.

Next steps

Power will now mobilise to commence its planned exploration program at the MDF Project. The Company plans to undertake deep (>200 m) diamond core and RC drilling on the main high-grade deposit, complemented by aircore drilling to test the wide, untested margins where historical traverse spacings of 250 to 480 metres in shallow auger drilling have left significant ground inadequately tested. Mineralisation in the main deposit remains open at depth and along strike, and the verification results announced today provide a strong technical platform on which to build a maiden Mineral Resource Estimate.

Company Notes:

Power Minerals Chief Executive Officer, Alistair Stephens, said:
“We are delighted to share these impressive very high-grade assay results from our due diligence sampling program. These verification sampling results are an important confirmation of the excellent grades reported in previous drilling at Morro do Ferro. Six independent duplicate samples, taken from three separate drillholes and submitted blind to the laboratory, have returned results in close correlation with the historical assays — including TREO values up to 14.03% and MREO concentrations up to 26,418ppm – or 2.64% of whole rock.

Importantly, all of the duplicates fell within acceptable laboratory tolerances, supporting the integrity of the drillhole database we have inherited and on which our exploration plan is built. Combined with last week’s execution of the Definitive Agreement with Mineração Terras Raras to complete the acquisition of the MDF Project, today’s results materially de-risk the technical case for Morro do Ferro and reinforce its position as one of the highest-grade rare earth assets in the world’s pre-eminent REE province at Poços de Caldas.

We thank the technical team and our partners at MTR for the rigour of this verification program. With the acquisition now complete, Power is moving promptly into a deep diamond core, RC and aircore drilling campaign aimed at expanding the deposit footprint and progressing the project toward a maiden Mineral Resource Estimate.”

Full ASX Announcement: Power Minerals Ltd ASX Announcement