Power Minerals Raises $6.7M to Advance Gamma and Santa Anna Critical Minerals Projects

Strategic Expansion into US Rare Earths

Power Minerals Limited has taken a significant step in expanding its critical minerals footprint with the acquisition of the Gamma Heavy Rare Earths (HREE) and Uranium Project in California. Situated in the mining-friendly San Bernardino County, the Gamma Project lies just 195km from the Mountain Pass Mine, the only operating rare earth mine in North America. Historical exploration at Gamma revealed exceptionally high-grade uranium and rare earth element concentrations, including heavy rare earth oxides that contrast with the light rare earth dominance at Mountain Pass.

While the historical data is non-JORC and requires modern verification, the initial rock chip sampling and drilling results suggest a robust potential for both uranium and heavy rare earth elements. The acquisition aligns with Power Minerals’ strategy to build a diversified portfolio of critical minerals assets, leveraging the US government's push to secure domestic supply chains for these essential materials.

Santa Anna Project Validates High-Grade Potential

In Brazil, Power Minerals completed the acquisition of the Santa Anna Niobium-REE-Gallium Project in Goiás State after a successful due diligence phase. The maiden drilling program confirmed multiple wide zones of high-grade niobium and rare earth mineralisation, with some intersections reaching up to 4.34% total rare earth oxides (TREO). Re-assays of historic drill samples have further elevated the grade expectations, with some samples exceeding 6% TREO.

Leach testing on the weathered zone's clay-rich REE samples has commenced, aiming to assess recovery rates and processing pathways. The presence of a hard rock carbonatite intrusion enriched in REE and niobium has been confirmed, supporting the project's long-term development potential. Power’s strategic partnership with local mining company EDEM is expected to facilitate efficient permitting and infrastructure access.

Capital Raising and Corporate Developments

To support these ambitious projects, Power Minerals secured firm commitments for a $4.1 million placement, alongside a previously completed $2.6 million placement, bringing total recent funding to $6.7 million. These funds will primarily finance exploration activities at Gamma and Santa Anna, including sampling, geophysical surveys, and drilling. The placements attracted sophisticated investors such as Tribeca Investment Partners and the S3 Consortium, reflecting market confidence in Power’s growth strategy.

Meanwhile, the Rincon Lithium Project Joint Venture in Argentina has advanced with Navigate Energy Technology Limited obtaining foreign shareholder registration approval. This milestone paves the way for the incorporation of the JV entity and the release of $4 million in investment funding. Additionally, hydrological drilling permits have been secured at the Pocitos Project, a strategic addition to the JV, to delineate freshwater resources critical for future lithium extraction operations.

Outlook and Next Steps

Power Minerals plans to accelerate exploration at Gamma with systematic sampling, geophysical surveys, and drilling to validate historical high-grade results. At Santa Anna, ongoing second-phase drilling and leach testing aim to refine resource estimates and processing options. The company’s cash position stood at $1.2 million at quarter-end, with further capital expected from placement settlements and JV investments.

These developments position Power Minerals as a growing player in the critical minerals sector, with diversified assets across rare earths, niobium, uranium, and lithium in key jurisdictions. The company’s progress will be closely watched as it seeks to convert exploration success into defined resources and, ultimately, production opportunities.