Power Minerals Limited has completed a significant drilling program at its Santa Anna Project in Brazil, confirming robust niobium and rare earth element mineralisation. The company also progressed its Rincon Lithium JV in Argentina and secured nearly A$3.9 million in new funding to support exploration and development.
- Completed 29-hole reverse circulation drill program at Santa Anna with strong niobium and REE results
- Strategic partnership formed with Brazilian miner EDEM to reduce costs and leverage local expertise
- Rincon Lithium JV advances with foreign shareholder registration and hydrological drilling approval
- Raised A$1.3 million during the quarter and announced a subsequent A$2.6 million placement
- US$300,000 strategic investment secured from Golden Worldwide Holdings
Santa Anna Drilling Validates High-Grade Potential
Power Minerals Limited (ASX, PNN) has marked a pivotal step in its South American exploration strategy by completing its inaugural reverse circulation (RC) drilling program at the Santa Anna Project in Goiás State, Brazil. The 29-hole, 2,271-metre campaign was designed to follow up on historic high-grade niobium, rare earth elements (REE), and gallium results from this carbonatite-hosted asset.
The initial drillhole, MN-RC-028, delivered compelling results, intersecting 87 metres at 2,124 ppm niobium pentoxide (Nb2O5) starting from 24 metres depth, including standout intervals of up to 10,117 ppm Nb2O5. Rare earth element mineralisation was equally impressive, with 112 metres at 3,015 ppm total rare earth oxides (TREO) from surface, including a 16-metre zone enriched to 5,300 ppm TREO containing 26.2% magnetic rare earth oxides (MREO). These findings confirm mineralisation extends well below previous drilling depths, highlighting significant expansion potential.
Strategic Partnership with EDEM Enhances Project Execution
Power Minerals has entered a strategic partnership with Brazilian mining company EDEM, leveraging EDEM’s local infrastructure, permitting expertise, and cost-effective drilling capabilities. This collaboration has already reduced drilling and laboratory costs by approximately two-thirds during the recent campaign, underscoring the value of local partnerships in advancing critical minerals projects efficiently.
Progress at Rincon Lithium JV in Argentina
Beyond Brazil, Power Minerals is advancing its Rincon Lithium Project Joint Venture in Argentina’s lithium triangle. The investment partner, Navigate Energy Technology Limited, secured foreign shareholder registration approval, a critical regulatory milestone enabling the formal incorporation of the JV entity. This development paves the way for the deployment of a lithium brine pilot plant and hydrological drilling at Pocitos, essential for securing water resources for future direct lithium extraction operations.
Capital Raising Strengthens Financial Position
To support its exploration and development activities, Power Minerals completed a two-tranche share placement raising A$1.3 million during the quarter and announced a subsequent A$2.6 million placement with attached listed options. Additionally, a US$300,000 strategic investment from Golden Worldwide Holdings, an institutional fund focused on South American critical minerals, further bolstered the company’s funding. As of 30 June 2025, Power Minerals reported a cash position of A$1.2 million, with additional funding expected to extend operational runway.
Corporate and Governance Updates
Power Minerals appointed Aaron Bertolatti as Company Secretary, bringing over 17 years of mining industry and accounting experience, enhancing the company’s governance and compliance capabilities. The company also disclosed payments to related parties consistent with prior periods, maintaining transparency in its financial reporting.
Looking ahead, Power Minerals anticipates releasing further drill results from Santa Anna in August 2025 and progressing shareholder approvals for its recent capital raising initiatives. The company’s strategic focus on critical minerals positions it well to capitalize on growing demand for clean energy metals in South America.
Bottom Line?
With robust drilling results and strategic partnerships in place, Power Minerals is poised for a transformative phase; investors will watch closely as further data and funding milestones unfold.
Questions in the middle?
- When will the pending gallium assay results from Santa Anna be released, and how might they impact the resource potential?
- What are the timelines and key hurdles for the formal incorporation and funding release of the Rincon Lithium JV entity?
- How will the company allocate the proceeds from the recent $2.6 million placement to accelerate exploration and development?