Power Minerals (ASX:PNN) begins maiden drilling program at Morro do Ferro

Power Minerals has commenced its maiden diamond drilling campaign at the Morro do Ferro Rare Earths Project in southern Minas Gerais, Brazil, following completion of the acquisition on 27 April 2026.

The drilling program is designed to test extensions of known mineralisation and improve the company’s geological understanding of the project area.

Morro do Ferro is located within the Poços de Caldas Alkaline Complex, which the company describes as an emerging global rare earth hub.

Highlights

• Maiden diamond drilling campaign underway at the Morro do Ferro Rare Earths Project in Brazil
• Approximately 4,000m of diamond core drilling planned to target depth and extensions of existing MREO and TREO mineralisation
• Additional 800m of larger diameter diamond core drilling planned to provide material for metallurgical test wor
• Previous drilling results being tested include 60.85m at 89,177ppm TREO from surface to EOH, 70.9m at 79,997ppm TREO from surface to EOH and 60.6m at 70,217ppm TREO from surface to EOH
• Initial assay results anticipated approximately 3 to 4 weeks following receipt of samples by the laboratory
• Results expected to support future resource estimation and commencement of development studies

The company said the drilling campaign will comprise approximately 4,000m of NQ3 and HQ3 diamond core drilling designed to target depth and extensions of existing high grade Magnet Rare Earth Oxides and Total Rare Earth Oxides mineralisation, together with a further 800m of PQ diameter diamond core drilling to obtain representative material for metallurgical test work.

According to Power Minerals, the drilling campaign will cover priority targets within the project’s main deposit and is expected to be completed in July.

Assay results are anticipated to be released progressively, approximately 3 to 4 weeks after sample submission and laboratory analysis.

The company completed the acquisition of the Morro do Ferro project on 27 April 2026 and has since completed resource planning and drill program design, engaged drilling contractors, mobilised equipment to site, established field operations and logistical support, undertaken geological review and targeting of priority drill areas, and commenced drilling.

The current drilling campaign is intended to evaluate mineralisation within the main deposit, which the company states remains open at depth, along strike and across the side margins.

The company said the campaign will build upon recent verification sampling results and includes wider diameter drilling to collect representative samples for metallurgical test work.

Previous MREO drilling results highlighted by the company include 60.85m at 14,912ppm MREO from surface to EOH, including 30.9m at 20,975ppm MREO from 15.1m in drillhole MFSR-35, 70.9m at 12,958ppm MREO from surface to EOH in drillhole MFSR-44 and 60.6m at 13,129ppm MREO from surface to EOH in drillhole MFSR-20.

Power Minerals Chief Executive Officer Alistair Stephens said:

“In just six weeks since completing the acquisition of the Morro do Ferro Project, we have successfully mobilised our team and commenced drilling. This rapid transition from acquisition to execution demonstrates our commitment to advancing the project and creating value for shareholders.”

The Morro do Ferro project is located within the Poços de Caldas Alkaline Complex in Minas Gerais, Brazil, where the company states it hosts extensive rare earth mineralisation and is held under a Manifesto de Mina mining licence that grants direct ownership over the land.

Drilling is expected to be completed in July, with assay results anticipated to be released progressively following laboratory analysis.

Power Minerals said the results are expected to support future resource estimation and commencement of development studies at Morro do Ferro.

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