Gamma Project Data Retraction Raises Questions as Power Minerals Pushes Critical Minerals Growth

Gamma Project Data Retraction and Strategic Acquisition

Power Minerals Limited has amended its previous quarterly activities report to retract all historical exploration results from non-JORC sources related to its Gamma Heavy Rare Earths and Uranium Project in California. These pre-JORC (2012) data, initially disclosed in November 2025, have been removed to comply with reporting standards, cautioning investors against relying on this information for investment decisions.

Despite this retraction, Power Minerals is advancing its strategic acquisition of the Gamma Project, located in the mining-friendly San Bernardino County near the Mountain Pass Mine, the only rare earth element (REE) producing operation in the United States. The project holds promising potential for heavy rare earth elements (HREE) and uranium, with historical exploration indicating significant mineralisation, although no drilling has occurred in nearly five decades.

Santa Anna Project, Confirming High-Grade Mineralisation in Brazil

In Brazil, Power Minerals has made significant strides at its Santa Anna Niobium-REE-Gallium Project in Goiás State. Recent drilling results have confirmed multiple wide zones of high-grade niobium and rare earth element mineralisation, intersecting both near-surface weathered zones and deeper fresh rock. Notably, re-assayed samples have revealed some of the highest REE grades recorded at the project, with total rare earth oxides (TREO) reaching up to 6.20% in select intervals.

The company has also commenced leach testing on high-grade weathered zone samples to evaluate recovery rates and processing pathways, aiming to refine its exploration model. A second-phase drilling program is underway, targeting shallow niobium and REE mineralisation, with initial results reinforcing the project's expansion potential.

Rincon Lithium JV Development in Argentina

Power Minerals’ joint venture partner in the Rincon Lithium Project, Navigate Energy Technology Limited, has secured foreign shareholder registration approval in Argentina. This milestone enables the incorporation of the JV entity that will operate the Salta Lithium Project within the lithium triangle, unlocking the release of US$4 million in investment funding.

Additionally, Power has received environmental and water-use permits to commence hydrological drilling at the Pocitos Project, part of the Rincon JV. This drilling aims to delineate a freshwater source critical for future Direct Lithium Extraction processing, positioning Pocitos as a potential lithium carbonate production hub with strong infrastructure and logistical advantages.

Capital Raises and Financial Position

To support its exploration and acquisition activities, Power Minerals completed a $2.6 million placement and secured firm commitments for a further $4.1 million placement at $0.10 per share, including options exercisable at the same price. These funds are earmarked for advancing the Gamma Project, ongoing drilling and assay programs at Santa Anna, and general working capital.

As of 30 September 2025, the company reported a cash balance of approximately $1.2 million, supplemented by available financing facilities. Management expects to maintain current operating cash flows and continue funding its business objectives through these capital initiatives.

Looking Ahead

Power Minerals is poised to accelerate exploration with planned drone-based geophysical surveys at Santa Anna, systematic sampling at Gamma, and hydrological drilling at Pocitos. The company’s strategic partnerships and project locations in mining-friendly jurisdictions provide a solid foundation for advancing critical mineral assets that are increasingly vital to global supply chains.