PNN appoints US-based director as it assesses potential NASDAQ listing

PNN appoints US-based director as it assesses potential NASDAQ listing

Our rare earths Investment Power Minerals (ASX: PNN | OTCQB: PEIMF) just appointed a US-based director to its board.

Currently, PNN is doing its own first drilling into the high grade project (specifically high grade magnetic rare earths), which already has a host of impressive historic hits.

So with drilling ongoing and assays to come soon, PNN has strengthened its board today, with a strategic US focus in the appointment.

Israel "Izzy" Benchemhoun is a New York-based entrepreneur, investor and business executive who has built, acquired and managed businesses and investment platforms in the US.

PNN says his relationships in the North American investment community will help broaden its US shareholder base.

(source)

The line that got our attention today is that Benchemhoun's US capital markets experience "will be invaluable as PNN assesses the potential for a NASDAQ listing in the future.”

A US listing would put PNN's Brazilian rare earths story directly in front of the market with the most at stake, the same market which is spending the most to break China's grip on rare earth supply chains.

His incentives are aligned with shareholders too with all three hurdles sitting above the 14.5c that last month's placement was priced at and the current share price:

(source)

Meanwhile, the drilling continues.

PNN's maiden drill program at its Morro do Ferro rare earths project in Brazil is underway, with "initial assays to be released when available". (source)

Morro do Ferro sits in the same Brazilian caldera as ~$465M Meteoric and ~$400M Viridis, two of the ASX's biggest rare earths re-rate stories over the past couple of years.

Historic drilling there hit some not only high grades, but high in the specific rare earths that are in desperate demand:

(source)

(source)

These are the magnet rare earths that go into EV, robot and defence system magnets:

We covered the drilling and PNN's magnet rare earths work in our most recent note: PNN has started drilling its Brazil rare earths asset, with historic hits of 60m+ at 8%+ TREO. Also up to 2% MREO (the robots, AI and military ones)

There was also an updated research report released by Evolution Capital during the week, you can view that here

What we want to see next from PNN

🔄Drilling at Brazilian rare earth project (Morro do Ferro)

This week PNN got drilling underway at the project and assay results from this are expected in ~3-4 weeks from dispatch, so we should start to see these coming through in July:

(source)

We are hoping to see that the historical grades are confirmed and to see if the mineralisation extends from the historic drilling.

• ✅ Drilling underway
• 🔲 Early assays received (expected in ~3-4 weeks from dispatch, so into July)
• 🔲 All Assays Received
• 🔲 Maiden JORC Resource

There is also larger drill core size samples being taken for met testing:

• 🔲 Met samples taken and sent to lab
• 🔲 Met samples results received

🔄Mineralogy program at Morro do Ferro

Recently PNN got a mineralogy program underway at MDF, where it will be looking at the ways for it to target the 4 valuable magnetic rare earths and strip out the waste early. (source)

The goal of this is to show that the project will be able to produce a high grade and quality MREO product and investigate ways to improve the economics and efficiencies.

These works will also help PNN begin to factor in things like plant design and future mining strategies and also influence JORC resource results.