Power Minerals has intersected thick, high-grade rare earth mineralisation from surface in drillhole MFSR-054 at the Morro do Ferro Rare Earth Project in Minas Gerais, Brazil.

The fourth hole of the company's maiden diamond drilling campaign returned 88 metres at 6.33% Total Rare Earth Oxides from surface, including 1.19% Magnet Rare Earth Oxides. The intersection comprises an upper 50-metre zone grading 9.0% TREO from surface, which includes a 20-metre interval averaging 12.05% TREO and 2.18% MREO from 18 metres downhole.

Drillhole MFSR-054 tested the northeast direction from the deposit's centre and was angled to help control deposit geometry. The hole encountered a second continuous mineralised zone below, returning 79 metres at 1.11% TREO and 2,317 ppm MREO from 88 metres downhole. It reached 253.55 metres and ended in mineralisation, with assays for the remaining 86.55 metres pending.

Drilling forms part of a planned 4,000-metre program across roughly 25 diamond holes. Power Minerals acquired the project in April 2026.

“These results add to a growing and consistent body of evidence that Morro do Ferro hosts broad, high-grade rare earth mineralisation exposed from surface and continuing at depth. MFSR-054 has strengthened our understanding of the system to the northeast and provides further support for the scale and continuity we are working to establish.” — Alistair Stephens, Chief Executive Officer

In addition, the hole returned 1.5 metres at 49.9 ppm gallium from 96.15 metres. Power Minerals is consulting with laboratories to determine optimal analytical methods for gallium alongside high rare earths.

The company will now plan a maiden Mineral Resource Estimate, incorporating current drilling results and ongoing metallurgical test work.

“At a time when secure and diversified supplies of magnet rare earths are of increasing strategic importance, our responsibility is to advance this project with discipline and technical rigour. Each result brings us closer to understanding Morro do Ferro's potential contribution to a responsible global rare earth supply chain.” — Alistair Stephens, Chief Executive Officer

Regional activity continues to build across the Minas Gerais rare earths district, where Viridis Mining And Minerals Limited reported an upgraded Mineral Resource Estimate of 305 million tonnes at 2,723 ppm TREO and 659 ppm MREO at its Colossus project in July 2026. Power Minerals expects to release further assay results for MFSR-054 as they become available.

Read the full announcement: FURTHER BROAD HIGH-GRADE REE MINERALISATION INTERSECTED