Highlights

  • Power Minerals Limited (ASX:PNN) traded at AUD 0.145 on 11 November 2026, down 3.33% for the session.
  • Morro do Ferro defined an exploration target during the September 2026 quarter.
  • Power’s Salta lithium project reports a resource of 714,800 tonnes lithium carbonate equivalent.
  • Santa Anna mineralogical work identified niobium-bearing pyrochlore.

Power Minerals Limited (ASX:PNN) explores rare earths and niobium in Brazil and lithium brines in Argentina, including Morro do Ferro, Santa Anna and Salta. Its shares (ASX:PNN) was down 3.33% at AUD 0.145 in trading on 11 November 2026. The latest 2026 reports place emphasis on september quarter exploration results, alongside operating, funding and approval questions relevant to the company’s assets.

Brazilian Rare Earth and Niobium Assets

For Power Minerals Limited (ASX:PNN), power is assessing the Morro do Ferro rare earth project in Minas Gerais and the Santa Anna niobium and rare earth project in Goiás. Both are exploration and evaluation assets, not operating mines. At Morro do Ferro, the company is exploring near-surface mineralisation containing rare earth elements used in permanent magnet materials. At Santa Anna, mineralogical studies concern niobium-bearing minerals. Although both have critical-mineral themes, different elements require different processing methods and technical assessments. Power’s Argentine Salta project provides an additional lithium-brine exposure.

September Quarter Exploration Results

For Power Minerals Limited (ASX:PNN), in its September 2026 quarterly activities report, Power described a maiden exploration target at Morro do Ferro of 9.2 to 10.7 million tonnes grading 7.8% to 9.2% total rare earth oxides. An exploration target is conceptual in nature and must not be reported as an established mineral resource. The report also cited an individual interval of 1.2 metres grading 40.5% total rare earth oxides from drilling. Such short high-grade intervals do not necessarily represent average deposit grade or recoverable product. Additional assays and geological modelling are required before resource conclusions can be drawn.

Lithium Resource and Metallurgy

Power’s Salta lithium-brine portfolio in Argentina has a reported resource of 714,800 tonnes of lithium carbonate equivalent. This is an estimate of contained material under specified resource assumptions and not a measure of lithium chemicals produced or sold. At Morro do Ferro, mineralogical and metallurgical studies are intended to identify how magnet rare earths may be separated and recovered. At Santa Anna, studies identified niobium-rich pyrochlore. Processing performance, recoveries, costs and transport conditions will influence how these mineral findings translate into a potential mine plan.

Risks and What to Watch

The next stage at Morro do Ferro depends on further drilling, the interpretation of outstanding assays and whether the exploration target can be supported by a compliant mineral resource estimate. At Santa Anna, process selection and follow-up technical work remain important. Salta faces a separate set of lithium-brine development, water-management and market risks. None of these projects should be assumed to provide current commercial production. Future disclosures can distinguish geological results from processing test work and any decisions on resource definition, funding and development.

Key Insights

Power Minerals Limited (ASX:PNN) — Power’s 2026 exploration work emphasises rare earths and niobium in Brazil, alongside lithium in Argentina. The key tests ahead are whether exploration targets become defined resources and whether technical studies support viable recovery routes.