Looks like PG (power good) signal issue, most likely you have an open PG trace running from a PSU header to the chipset.

I had to check one of my threads here about a battery damaged 386 main board, which had an identical issue, though PG signal problem showed up after I had dealt with constant reboots. IIRC it had few open traces that went to the keyboard controller.

I appreciate your answers, but... I don't follow. How about plain English, mate? Assuming that you had to deal with similar issue before... will I be able to make this board work. I don't understand the jargon.
Thanks

open trace = no or intermittent connection

plus you can Google things if you don't know what they mean...

SSTV2 wrote on 2021-07-23, 00:14:

I had to check one of my threads here about a battery damaged 386 main board, which had an identical issue, though PG signal problem showed up after I had dealt with constant reboots. IIRC it had few open traces that went to the keyboard controller.

Then I assume to repair this issue, caused by a leaky battery no less, one would need lots of patience, right equipment and a degree in electronics. I posses none of those.
Anyway... thank you very much for your input.

Some jumper wire, a cheap soldering iron ,flux, solder should be able to repair it if you are careful...😉