Power Minerals Commits A$1.5M Upfront to Acquire Santa Anna Nb-REE Project in Brazil

Power Minerals Completes Strategic Acquisition

Power Minerals Limited (ASX – PNN) has officially completed the acquisition of the Santa Anna Niobium-REE-Gallium Carbonatite Project located in Goiás State, Brazil. This move marks a significant milestone for the company, securing 100% ownership of a large alkaline carbonatite complex spanning approximately 2.5 kilometres. The acquisition firmly establishes Power Minerals as an emerging player in South America's clean energy metals sector, complementing its existing lithium assets in Argentina.

A High-Grade, District-Scale Asset with Exploration Upside

Santa Anna is a high-grade carbonatite-hosted deposit, discovered only in 2021, with promising niobium and rare earth element (REE) mineralisation. Previous drilling, primarily targeting phosphate, covered shallow depths, leaving much of the intrusion untested. Power’s recent reverse circulation drilling program, conducted as part of due diligence, intersected broad zones of niobium and high-grade REE mineralisation both at surface and at depth, validating the company’s exploration model and highlighting significant expansion potential.

Upcoming Drilling Campaign to Define Resource

With the acquisition complete, Power Minerals is poised to embark on a major reverse circulation drilling campaign of up to 10,000 metres, starting with an initial 2,000-metre phase next month. This campaign aims to extend the known mineralised footprint and deliver a maiden Mineral Resource Estimate by the first quarter of 2026, subject to results. The extensive historic drilling database combined with Power’s ongoing surface sampling and trenching efforts provide a strong foundation for this next phase of exploration.

Strategic Partnership and Transaction Details

Power Minerals has formed a strategic partnership with Empresa de Desenvolvimento e Mineração (EDEM), the project vendor and an experienced Brazilian mining company. This collaboration leverages EDEM’s local expertise, infrastructure, and permitting experience, which is expected to accelerate project development. The acquisition deal includes an upfront payment of A$500,000 in cash and A$1 million in shares, subject to shareholder approval, alongside milestone payments tied to resource and permitting achievements. Vendors will also receive a 2% net smelter royalty on production.

Broader Strategic Focus and Market Position

Power Minerals’ acquisition of Santa Anna aligns with its broader strategy to build a diversified portfolio of critical minerals assets in South America, particularly those supporting the clean energy transition. The company also recently decided not to proceed with the acquisition of the Gamma Heavy Rare Earth Project in California, choosing instead to focus resources on Santa Anna and its lithium projects in Argentina. The Goiás State location offers proven mining jurisdiction advantages, including supportive government policies and existing infrastructure, which enhance the project's development prospects.