Morro do Ferro Rare Earth Project

The Morro do Ferro Rare Earth Project is Power Minerals’ flagship asset and is being advanced as a potential strategic upstream supplier of premium magnet rare earths to diversified global supply chains. Located in Minas Gerais, one of Brazil’s most established mining jurisdictions, the Project combines exceptional geological potential with existing infrastructure, a rare Manifesto de Mina mining title and access to an emerging rare earth industry that is attracting increasing international attention.

Morro do Ferro is distinguished by its high-grade rare earth mineralisation, extensive mineralised footprint and favourable geological characteristics. Importantly, mineralogical studies indicate that valuable magnet rare earth elements are predominantly hosted within bastnäsite, one of the world’s most commercially proven rare earth minerals and the primary host mineral at major global operations such as Mountain Pass in the United States. Current studies also indicate that lower-value cerium occurs within separate cerianite mineralisation, creating the potential to optimise future mine planning, beneficiation and product strategy.

Power Minerals is positioning Morro do Ferro as more than a rare earth project. The Company’s strategy is focused on the premium magnet rare earth elements neodymium, praseodymium, dysprosium and terbium, which are essential for permanent magnets used in electric vehicles, wind energy, robotics, artificial intelligence infrastructure, advanced manufacturing and defence technologies. These four magnet rare earths account for more than 80% of the market value of all rare earths, positioning Morro do Ferro within one of the fastest-growing and most strategically important segments of the critical minerals industry.

A key advantage of Morro do Ferro is its unique Manifesto de Mina mining title, which provides direct ownership of the mining rights and does not expire. Combined with excellent regional infrastructure, a supportive mining jurisdiction and Brazil’s growing role in diversified global critical mineral supply chains, this provides a strong foundation for long-term project development.

Power Minerals is advancing Morro do Ferro through a disciplined technical development strategy focused on geological understanding, mineralogy, metallurgy and responsible project development. By optimising the recovery of high-value magnet rare earths rather than simply maximising total rare earth production, the Company aims to position Morro do Ferro as a differentiated rare earth development capable of supporting the next generation of global manufacturing and resilient supply chains outside China.

Diamond drillhole assays include:​

• 60.85m at 89,177ppm (8.92%) TREO from surface to EOH in drillhole MFSR-35​
• 70.9m at 79,997ppm (8.00%) TREO from surface to EOH in drillhole MFSR-44​
• 60.6m at 70,217ppm (7.02%) TREO from surface to EOH in drillhole MFSR-20​

Ultra-high-grade REO samples include:​

• 2m at 241,301ppm (24.13%) TREO in drillhole MFSR-44, 14-16m​
• 2m at 177,489ppm (17.75%) TREO in drillhole MFSR-35, 44-46m​
• 2m at 169,825ppm (16.98%) TREO in drillhole MFSR-35, 38-40m​

Ultra-high-grade MREO samples include:​

• 2m at 34,835ppm (3.48%) MREO in drillhole MFSR-47 (9–11m)​
• 2m at 33,569ppm (3.36%) MREO in drillhole MFSR-35 (44–46m)​
• 2m at 31,860ppm (3.19%) MREO in drillhole MFSR-35 (38–40m)​