POWER MINERALS LIMITED — Capital/Financing Update 2021

Jul 4, 2021

ASX RELEASE

ASX :PNN

5 July 2021

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ABOUT

PepinNini Minerals Limited is a diversified ASX listed Australian Exploration Company focused on exploring, discovering and developing a significant mineral resource. PepinNini has exploration tenements prospective for Kaolin on the Eyre Peninsula and nickelcopper-cobalt-PGE in the Musgrave Province of South Australia and hold a Minerals brine resource in Salta Province, Argentina. The company also holds a coppergold exploration project in Salta Province, Argentina

Exploration Update

In response to shareholder questions received during proxy voting communications for the upcoming EGM on 9[th] July 2021. PepinNini Minerals Ltd (PNN, the Company) reports that the Company is on track to commence exploration activities in its two key projects in Australia and provide the following update on activity.

Eyre Peninsula Kaolin Project

The exploration strategy is to complete all statutory regulatory processes before licences are granted. This allows the Company to negotiate land access with local landowners and traditional owners before the exploration licenses are granted.

The work carried out and continuing:

• A regional reconnaissance survey, completed in early May, which confirmed location of two historical kaolin occurrences: North Deposit and Coulta. Samples (locations Figure 3) have been submitted to the laboratory (Bureau Veritas in Adelaide) and results are pending.

• Successful engagement with regional leadership and local government authorities.

• Community engagement plan is completed and contact with key landowners has been initiated to negotiate land access.

• Recruitment and drilling services agreement in progress.

• Continue drill target refinement and interpretation of exiting geological data

DIRECTORS

Rebecca Holland-Kennedy Managing Director

Luis Kennedy Non-Executive Director

Robert (Wei) Sun Non-Executive Director

PepinNini is following statutory processes and is well positioned to start exploration activities as soon as the licences are granted. An indicative timeline(Figure 1) below with licences expected at the end of August precluding any unforseen regulatory isssues surfacing.

James Moses

Non-Executive Director

Pamela Sayers Company Secretary

CONTACT

PepinNini Minerals Limited ABN 55 101 714 989

Level 1, 6/68 North Terrace Kent Town SA 5067 TEL:+61 (0)8 8218 5000 FAX:+61 (0)8 8212 5717 EMAIL: admin@pepinnini.com.au

FURTHER INFORMATION Ms Rebecca Holland-Kennedy Managing Director TEL: +61 (0)8 8218 5000

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5 July 2021

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Figure 1: Eyre Peninsula Kaolin Project Indicative Exploration Timeline

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Figure 2: Eyre Peninsula Kaolin Project tenement locations

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5 July 2021

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Figure 3 Sample Locations Eyre Peninsula Kaolin Project, SA

Musgrave Project – APY Lands

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Figure 4 Musgrave Project, APY Lands South Australia

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5 July 2021

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Exploration in the APY lands where the Company’s Musgrave Project is located requires approval of an Exploration Deed with the custodians of the land, Anangu Pitjantjatjara Yankunytjatjara(APY) before an EL is granted by the government. Delays due to COVID-19 restrictions has affected this process.

Early in May an initial meeting was held in Adelaide with members of the APY Executive Board and last week a further meeting was held with the APY Anthropology and Legal Teams to plan for a Community Consultation meeting on July 22[nd] . The Community Consultation meeting is an important step as part of the statutory process towards grant of an Exploration Licence.

Figure 4 show the project location and results from previous exploration carried out since 2006.

An indicative time line for the project is outlined in Figure 5 below.

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Figure 5 Musgrave Project Indicative Timeline

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 2 8920 0700

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

ASX RELEASE

ASX :PNN

5 July 2021