What is the Joint Venture Between Power Minerals and Summit Nanotech? Power Minerals Limited

What is the Joint Venture Between Power Minerals and Summit Nanotech?

Power Minerals Advances Lithium Extraction with Summit Nanotech Partnership

Power Minerals Limited, an ASX-listed lithium exploration and development company, has announced a significant stride in lithium extraction technology through a partnership with Canadian technology provider Summit Nanotech Corporation. This collaboration, marked by the execution of a Binding Term Sheet (BTS), focuses on the development of the Incahuasi salar at Power’s Salta Lithium Project in Argentina's lithium triangle.

Execution of the Binding Term Sheet

The BTS, first announced in August 2023 and now executed following due diligence, outlines the terms for an Option and Joint Venture Agreement (PNNJV) between Power and Summit. This agreement is pivotal in leveraging Summit's direct lithium extraction (DLE) technology, denaLi™, for Power’s Salta Lithium Project.

Innovative Direct Lithium Extraction Technology

Summit Nanotech is renowned for its denaLi™ DLE technology, which boasts high efficiency in lithium production from brine, with notable low freshwater use, minimal greenhouse gases, and low power consumption. The technology is capable of producing LiCl with over 95% lithium recovery and 98% impurity reduction.

Strategic Investment and Development Stages

First Option: Summit secures an initial 30% interest in the PNNJV through strategic investments in Power Minerals and pilot testing of Incahuasi brines, leading to a Pre-feasibility Study.

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Second Option: An opportunity for Summit to earn an additional 15% interest by participating in a Definitive Feasibility Study and developing an onsite demonstration plant.

Financial Implications and Shareholder Value

Summit’s investment includes an initial US$2 million placement in Power Minerals, with a potential further investment of US$1 million. This financial influx aims to bolster the Incahuasi salar’s development, directly benefiting Power’s shareholders.

Technical Committee Formation

A Technical Committee comprising members from both Power and Summit will be established for the management and technical oversight of the project, ensuring the successful completion of the first option obligations.

Managing Director’s Vision

Power Minerals Managing Director Mena Habib expressed enthusiasm about the partnership's progress and the potential of unlocking Incahuasi salar's value. The receipt of the first tranche of Summit’s investment and the engagement of a global engineering consultancy firm for the project’s pre-feasibility stage signify major steps forward.

About Power Minerals and Summit Nanotech

Power Minerals is committed to exploring and developing lithium brine projects in Argentina’s lithium triangle, with a focus on expanding its JORC Mineral Resource and advancing towards lithium production. Summit Nanotech, with its innovative DLE technology, is transforming lithium extraction for EV batteries and global energy transition.

The collaboration between Power Minerals and Summit Nanotech represents a significant advancement in lithium extraction technology, with potential implications for the global energy transition and EV battery production. This partnership not only underscores Power’s strategic vision in the lithium sector but also highlights Summit Nanotech’s technological prowess in sustainable lithium extraction.

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