Power Minerals Limited has intersected 186 metres of continuous rare earth mineralisation from surface in drillhole MFSR-054 at the Morro do Ferro Project in Brazil, marking the deepest continuous downhole result received to date at the deposit.

The hole, which was strategically positioned to test the northeastern flank of the deposit, returned 88 metres at 6.33% total rare earth oxides from surface, including 1.19% magnet rare earth oxides in whole rock. This upper zone is followed by 93 metres grading 1.06% total rare earth oxides from 88 metres to 181 metres downhole.

Below that moderate-grade section, sampling uncovered a new high-grade zone returning 5 metres at 4.32% total rare earth oxides from 181 metres, including 2 metres at 7.85% total rare earth oxides and 2.11% magnet rare earth oxides in the final sample received from the laboratory.

The end-of-hole depth for MFSR-054 reached 253.55 metres. Assay results remain pending for the remaining 67.55 metres to the end of the hole due to laboratory turnaround times.

"MFSR-054 is an important result for Morro do Ferro as it demonstrates that the rare earth mineralisation extends to depths well beyond the shallow historical drilling. The hole has returned 186 metres of continuous mineralisation, including a new high-grade zone in the deepest assayed interval, while the northeastern strike extent remains open." — Alistair Stephens, Chief Executive Officer

Power Minerals acquired the rare earth project in April 2026 and initiated a maiden diamond drilling program targeting approximately 4,000 metres across roughly 25 holes. The company is currently preparing a maiden Mineral Resource estimate for the project.

"These results strengthen our geological understanding of the mineralised system and reinforce the scale potential of Morro do Ferro. Our focus now is to complete the remaining assays and drilling, advance metallurgical test work and build the disciplined technical foundation required for a maiden Mineral Resource estimate." — Alistair Stephens, Chief Executive Officer

Read the full announcement: NEW HIGH GRADE REE ZONE DISCOVERED AT DEPTH