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Power Minerals (ASX:PNN) has soared to 18cps, boosting one-year returns above +55%, as it acquires a prospective rare earths (REEs) and uranium project nearby MP Materials’ prolific Mountain Pass project in California, the latest stock to benefit from the critical metals thematic – one recently bolstered further by efforts from the Trump Administration.
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With geotechs hopeful existing data points towards a carbonatite-hosted REE project (ultimately posing less CapEx implications for downstream processing and thus boosting overall economics), the company is itself bolstered now by a $4.1M injection between Tribeca and Next Investors.
Worth noting is that the project is also prospective for uranium. Both rare earths and uranium projects, via publicly listed companies, have become the subject of US gov’t interest through CY2025.
There’s the well-known stake Washington bought in MP Materials that also came with a government-backed price floor guarantee for neodymium; but in recent weeks the Trump Administration has also moved to boost strategic uranium reserves.
(In fact, a combination of the price floor following Washington’s investment into MP Materials, and the fact that the latter stopped exporting NdPr to China, has helped push NdPr prices to new highs.)
“The property features a distinct uranium zone separate to the rare earth zones, which is also a characteristic of the Mountain Pass REE Mine,” the company wrote on Wednesday, adding that “[existing] drill cores were never assayed for rare earth elements.
PNN last traded at 18cps.
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