Diversified minerals company Power Minerals Limited (ASX: PNN) (Power or the Company) is pleased to announce it has signed a binding Term Sheet to purchase 100% of the Argentinian lithium subsidiaries of TSX Venture Exchange-listed Ultra Lithium Inc. (TSXV-ULT) (Ultra Lithium).
- Power signs binding Term Sheet with TSX-V-listed Ultra Lithium Inc. to acquire 100% of its Argentinian lithium subsidiaries in Catamarca Province, north-west Argentina
- The acquisition will add the 7,568 hectare Laguna Verde lithium- brine project plus 250,000+ hectares of prospective properties to Power’s portfolio of lithium development assets in Argentina
- Upon completion, Power will have one of the largest lithium- brine land holdings in the world-renowned lithium triangle region of Argentina
- Acquisition reinforces Power's strategy of becoming a leading lithium brine developer in Argentina
- Acquisition is subject to a 21-day due diligence period and finalisation of an Acquisition Agreement, plus approval from Power and Ultra shareholders
Ultra Lithium holds 100% of the extensive +250,000-hectare Laguna Verde lithium-brine projects in the Catamarca Province, within the world-renowned lithium triangle in north-west Argentina (the Projects).
The acquisition of the Laguna Verde projects (Acquisition) aligns with Power’s strategy of becoming a leading lithium brine developer in Argentina, and complements Power’s core focus of developing its Salta Lithium Project with its direct lithium extraction (DLE) partners, to deliver shareholder value.
The Acquisition will expand Power’s portfolio of lithium development assets in Argentina’s lithium triangle to 2,837.70km2, making it one of the largest lithium landholders in the region and providing it with a significant pipeline of development projects.
“This acquisition allows Power to extensively expand our footprint in Argentina with an advanced lithium brine project in the world’s best lithium address. This strategic acquisition comes at an opportune time as interest and demand in Argentinian lithium brine continues to increase. We aim to take advantage of this opportunity, in parallel with our core focus on the development of our Salta Lithium project, with the delineation of a JORC Mineral Resource Estimate for the Laguna Verde Project in the second half of 2023, using results from recently completed drilling by Ultra Lithium at the project. This will complement the ongoing Resource expansion program at Salta.” - Power Minerals Managing Director, Mena Habib
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