LITHIUM STOCKS AND CHARTS

[TradingCharts]

Power Minerals Limited (ASX:PNN)
2,164 followers
5h • Edited •

We've executed the Binding Term Sheet with Canadian direct lithium extraction (DLE) technology provider Summit Nanotech Corporation for the funding and development of the Incahuasi salar at our Salta Lithium Project in the lithium triangle of Argentina. The execution of the Binding Term Sheet is a key step in our mutual goal to unlock the value of the Incahuasi salar and deliver commercial-scale production of high-quality lithium.

We now plan to enter into an Option and Joint Venture Agreement, in two stages, with Summit securing a 30% interest through a strategic investment and pilot testing of Incahuasi brines. Summit has the option to increase its stake to 45% by contributing to an on-site demonstration plant and Feasibility Study. The agreement is contingent on regulatory approvals and shareholder approval for share issuance.

Managing Director Mena Habib said, “We are delighted with the progress of our partnership with Summit, and the execution of the Binding Term Sheet is another key step in our mutual goal to unlock the value of the Incahuasi salar for the benefit of our shareholders. Summit has already completed first phase testing of Incahuasi lithium-bearing brines and successfully completed its due diligence pursuant to the BTS. In addition, we have received the first tranche - $3.125 million AUD - of Summit’s strategic investment under the BTS, and Summit has engaged a global engineering consultancy firm to undertake pre-feasibility stage design and engineering at Incahuasi.

We look forward to continuing our collaborative partnership with Summit and to progressing to executing the binding joint venture to secure the development of the Incahuasi salar.”

Read the full ASX Announcement here: bit.ly/3GTGpwt
https://www.linkedin.com/feed/update/urn:li:activity:7145577394546913280/