POWER MINERALS LIMITED — Capital/Financing Update 2021

Oct 4, 2021

5 October 2021

ASX RELEASE

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ASX : PNN

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----- Start of picture text ----- ABOUTPepinNini Minerals Limited is adiversified ASX listedAustralian ExplorationCompany focused onexploring, discovering anddeveloping a significantmineral resource. PepinNinihas exploration tenementsprospective for Kaolin on theEyre Peninsula and nickel-copper-cobalt-PGE in theMusgrave Province of SouthAustralia and hold a Mineralsbrine resource in SaltaProvince, Argentina. Thecompany also holds a copper-gold exploration project inSalta Province, Argentina----- End of picture text -----

Eyre Peninsula Kaolin Project Tenement Granted

PepinNini advises that exploration licence application ELA2020/229, applied for in December 2020, has been granted as Exploration Licence 6677 Yeelanna for a term of six years. This Exploration Licence was applied for by PepinNini independently to the ELA’s pertaining to the Kaolin Transaction announced earlier this year.

The tenement covering 284km[2] is located on the Eyre Peninsula north of Port Lincoln (see Figure 1 below) adjacent to ELA 2020/175 Kapinnie, which together with ELA 2020/210 Cungena was acquired by PepinNini in April this year.

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Figure 1 - Location plan Eyre Peninsula Kaolin Project

The tenements together form the Eyre Peninsula Kaolin Project of 1,413km[2] .

In July 2021 PepinNini announced (ASX 28 July) promising results from analysis of four samples from this Project taken during a reconnaissance field visit in May.

5 October 2021

ASX RELEASE

ASX :PNN

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Kaolinite was reported in three of the samples, while halloysite was identified on a preliminary basis by XRD in the remaining sample from historical borehole Yeelanna RC35(1993) reported in PepinNini ASX announcement 28 July 2021 and outside of but adjacent to EL6677 Yeelanna. The halloysite result is to be confirmed by SEM (Scanning Electron Microscope) at Adelaide University.

The Company anticipates the other two ELA’s pending will be granted in the near future. PepinNini has created a community engagement plan and commenced initial discussions with community leaders (ASX announcement 29 June 2021). The Company has also undertaken target delineation involving satellite imagery analysis and an extensive review of historical exploration activity including borehole drilling records.

Next Steps

Next steps in developing the Eyre Peninsula Kaolin Project are to:

• Continue engagement with SA Dept Energy & Mines for granting of remaining ELA’s

• Engage with community members to outline planned exploration activities and agree access.

• Progress drill testing of 11 target zones delineated to date, and identify additional targets during this exploration. Up to 130 boreholes are planned at an average 50 metre depth.

This announcement was authorised for issue by the Board of PepinNini Minerals Ltd

For further information please contact: Rebecca Holland-Kennedy Nick Owens Managing Director, Investor Relations PepinNini Minerals Limited Sefiani Communications Group Phone: +61 8 8218 5000 +61 421 977 062

Note: Additional information on PNN is available at www.pepinnini.com.au

5 October 2021

ASX RELEASE

ASX :PNN