POWER MINERALS LIMITED — Capital/Financing Update 2017

Mar 29, 2017

ASX RELEASE

ASX :PNN

30 March 2017

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Entitlements Issue

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----- Start of picture text ----- SALTA PROJECT----- End of picture text -----

PepinNini Minerals Limited (Company) is pleased to announce it will be inviting all eligible shareholders to participate in a pro-rata non-renounceable entitlement issue of shares (New Shares) to raise up to $2,323,048 through an offer of up to a maximum of 96,793,679 New Shares. (Entitlement Issue or Offer)

The funds raised from the Entitlement Issue will be used to progress the Company's Salta Lithium Projects in Argentina for:

• Drilling boreholes for aquifer testing and brine grades

• Sample Analysis

• Pumping testing of boreholes to determine hydraulic properties

• Site Conceptualisation and Resource Estimation

• Environmental monitoring and rehabilitation

• General Working Capital

The Entitlement Issue is being offered on the basis of one New Share for every four ordinary fully paid shares(Shares) held in the Company on 4 April 2017(Record Date) at an issue price of 2.4 cents per share ($0.024).

Eligible shareholders may also apply for additional New Shares in excess of their Entitlement at the same issue price 2.4 cents per New Share. This is an opportunity for eligible shareholders to apply for additional New Shares in order to top up their holdings at an attractive price.

Full details of the Entitlement Issue will be set out in a prospectus lodged by the Company with ASIC and ASX today. The Shares under the Entitlement Issue will rank equally with existing ordinary shares on issue.

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The proposed timetable for the Entitlement Issue is as follows:

EVENT	DATE
Trading halt to facilitate Placement to sophisticatedinvestors	24 March 2017
Company announces results from Placement	29 March 2017
Prospectus lodged with ASIC and ASXCompany applies for quotation (Appendix 3B)	30 March 2017
Company sends notice to security holderscontaining the information required by Appendix3B	31 March 2017
"Ex" Date	3 April 2017
Record Date to identify Shareholders entitled toparticipate in the Offer	4 April 2017, 7pm(AEST)
Prospectus and Entitlement and AcceptanceForms dispatched to Shareholders, Offer periodopens	6 April 2017
Closing date for acceptances	5pm(AEST) 19 April2017
Shares quoted on a deferred settlement basis	20 April 2017
Notification to ASX of under subscriptions	21 April 2017
Issue date for New Shares issued under the OfferDeferred settlement trading endsUpdated Appendix 3B (if required)	24 April 2017
Trading of New Shares on ASX commencessubject to confirmation by ASX	26 April 2017

Subject to the ASX Listing Rules, the Directors reserve the right to extend the Closing Date for the Offer at their discretion. Should this occur, the extension will have a consequential effect on the anticipated date of issue for the New Shares. These dates are indicative only.

ASX RELEASE

ASX :PNN

30 March 2017

Page 3 of 3

The Entitlement Issue will not constitute a public offer in any jurisdiction outside Australia and New Zealand.

Entitlements cannot be traded on ASX or any other securities exchange or privately transferred.

If the maximum number of New Shares have not been subscribed for by eligible shareholders, the Board of the Company reserves the right to issue any shortfall in subscription to shareholders, institutions and other prospective investors within three months after the close of the Offer.

The Directors consider that the Lithium Project in Argentina has great potential and recommend this Offer to all shareholders as an opportunity to participate and share the potential .

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Figure 1 - Salta Lithium Projects Argentina

ASX RELEASE

ASX :PNN

30 March 2017