POWER MINERALS LIMITED — Capital/Financing Update 2021

May 19, 2021

ASX RELEASE

ASX :PNN

20 May 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

DIRECTORS

Rebecca Holland-Kennedy Managing Director

Luis Kennedy Non-Executive Director

Robert (Wei) Sun Non-Executive Director

Share Placement

PepinNini Minerals Limited (PepinNini, the Company) wishes to announce the placement of 1,400,000 ordinary fully paid shares in the Company at 23 cents ($0.23) each, raising a total of $322,000 before costs.

The placement of 1.4 million shares has been made to investors to whom one or more of the exceptions in section 708 of the Corporations Act applies. Proceeds from the capital raised will be used to progress the Company’s Lithium Brine Project in Argentina.

In accordance with Listing Rule 3.10.3, the Company provides the following details of the placement shares:

Class of Securities : Fully paid ordinary shares Number to be Issued : 1,400,000 shares Principal Terms of the Securities: The shares rank equally with fully paid quoted ordinary shares currently on issue. Issue Price: $0.23 (23 cents) Purpose of Issue: Funds raised will be used for previously

Funds raised will be used for previously unbudgeted additional costs for the lithium brine blending testing in Argentina and to progress the lithium brine project .

Shareholder Approval: The Company will not seek shareholder approval prior to the issue of the 1.4 million placement shares, as the placement share issue is being made under the Company’s 15% placement capacity under LR7.1 and additional 10% placement capacity under LR7.1a Issue to Class: The issue is being made to a class of security holders already quoted on the ASX. The shares will be quoted as ordinary securities on the ASX .

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

As the issue will be made to investors to whom one or more of the exceptions in section 708 of the Corporations Act applies, it will not require disclosure under the Corporations Act .

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

For further information please contact: Rebecca Holland-Kennedy Managing Director, PepinNini Minerals Limited Phone: (08) 8218 5000

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