Power Minerals Ltd (ASX:PNN) Further High-Grade Niobium and REE Results at Santa Anna

Price Sensitive Announcement $

24 November 2025

Highlights:

▪ Latest assays from the 1,000m auger drilling program targeting the top 15m at the Santa Anna Project in Brazil have returned further high-grade results holes 18 and 19, including:

• 20m at 2,006 ppm Nb2O5 from surface to End of Hole (EOH); including 4m at 2,651ppm Nb2O5 from 2m; and 1m at 8,616 ppm Nb2O5 from 15m in drillhole MN-TM-018.
• 20m at 4,757 ppm TREO from surface to EOH, including 5 m at 9,579 ppm TREO from 1 m and 1m at 14,034 ppm (or 1.40%) TREO from 1m in drillhole MN-TM-018
• 13m at 6,774 ppm TREO from surface to EOH, including 1m at 12,063 ppm (or 1.20%) TREO from 1m in drillhole MN-TM-019

  ▪ In parallel, Power is set to commence a 10,000m RC drilling campaign at Santa Anna to extend the project’s mineralised footprint east and south-east of initial drilling, targeting niobium and REE in untested areas of the Santa Anna Alkaline Complex

  ▪ First-phase 2,000m program is expected to start next month

  ▪ Power’s drilling aims to deliver the first Mineral Resource Estimate for the Santa Anna alkaline carbonatite complex in Q1 2026

  ▪ Consistent high grades continue to be received from drilling to date, indicating a potential high-grade and advanced critical mineral exploration opportunity

  ▪ The ongoing auger drilling program has returned multiple niobium and REE intercepts from surface from holes MN-TM-014 to MN-TM019, totalling 89m

  ▪ Power holds a binding option over the entire alkaline carbonatite complex in central Brazil’s Goiás State, which was discovered in 2021

Overview:

Power Minerals Limited has reported the latest results from its 1,000m shallow auger drilling program targeting Nb-REE in the top 15 metres of a highly weathered and clay-rich layer at Santa Anna, Brazil (Santa Anna or the Project).

Highlight niobium results in drillhole MN-TM-018 include:
▪ 20m at 2,006ppm Nb2O5 from surface to EOH
▪ 4m at 2,651ppm Nb2O5 from 2m
▪ 2m at 2,999ppm Nb2O5 from 11m
▪ 1m at 8,616ppm Nb2O5 from 15m

Highlight rare earth element (REE) results include:

▪ 20m at 4,757ppm TREO from surface to EOH, including 5m at 9,579ppm TREO from 1m, incl. 1m at 14,052ppm (or 1.40%) TREO from 1m; 1m at 9,483ppm TREO from 8m; 1m at 8,967ppm
TREO from 11m; 3m at 5,016ppm TREO from 15m in drillhole MN-TM-018

▪ 13m at 6,774ppm TREO from surface to EOH, including 10m at 7,493ppm TREO from surface and 1m at 12,061 (or 1.21%) TREO from 1m in drillhole MN-TM-019

Auger drillhole MN-TM-018 is only 88 metres north of drillhole MN-TM-08, which contained 5m at 13,824ppm (or 1.38%) TREO from 2 metres depth.

These results continue to validate and strengthen the Company’s exploration model for the Santa Anna Project. The next phase of drilling at Santa Anna is planned to be a reverse circulation (RC) program of up to 10,000m. This drilling will seek to confirm an expanded mineralised footprint to the east and south-east of Power’s initial drilling, and will also target untested zones in order to provide a clearer understanding of the Project’s resource potential -with the aim of delivering a maiden Mineral Resource Estimate (MRE).

Power’s auger drilling program is following up its maiden 29-hole, 2,272m RC drilling program at the Santa Anna Project1. It is 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. Results from Power’s auger and RC drilling to date continue to build confidence towards achieving its near-term Project goal of confirming a significant MRE.

Background to Auger Drilling Program

Power’s second-phase auger drilling is targeting shallow niobium and REE mineralisation in the top highly weathered 15m above the underlying carbonatite. This program utilises smaller auger drill rigs, enabling access to priority target areas that may have significant vegetation cover. The auger program generally reaches a maximum depth of 15 metres, and samples are collected in one-metre continuous intervals.

To date, results have been reported for 19 auger drillholes (MN-TM-001 to MN-TM-019) totalling 255.25 metres. Overall, the weighted average of all the 256 one-metre auger drillhole sample results is 1,537 ppm Nb2O5 and 0.49% TREO.

The auger program is testing a large area outward from known mineralised drillholes via an 80 metre gridbased drill plan to systematically map the phases and mineralisation across the large areas of the complex, most of which have not been previously drilled.

The auger drilling results will be used to direct the planned deeper drilling. It is also envisaged that the drilling will return regularly spaced sampling data, which will assist in further developing the Project’s mineralisation model, and provide data for the delineation of an Exploration Target and MRE (subject to results)

10,000m drill program set to commence

Power plans to commence a 10,000m RC drilling campaign to follow up its maiden 29-hole, 2,272m RC drilling program at the Santa Anna Project, and subsequent auger drilling. It has been designed to extend the Project’s mineralised footprint to the east and southeast of the maiden drilling, which has intersected multiple wide zones of niobium mineralisation and multiple zones of high-grade REE mineralisation.

Company Notes:

“Latest results from our ongoing auger drilling at Santa Anna continue to validate our exploration model and provide confidence about the potential of this project, as we compile drill data to deliver our goal of defining a maiden Mineral Resource Estimate for the project, which we hope will be substantial.

Having already announced plans for our next phase of drilling for Santa Anna, a major reverse circulation campaign of up to 10,000m, we are looking to rapidly advance our understanding of this project’s geology. The initial 2,000m of RC drilling is due to commence shortly, with assay results and further drilling planned to systematically follow over the coming months.”
Power Minerals Managing Director Mena Habib

Full ASX Announcement: https://hotcopper.com.au/threads/ann-further-high-grade-nb-and-ree-at-the-santa-anna-carbonatite.8899192/