Power Minerals secures major lithium development deal in Argentina. The ASX-listed explorer has signed a term sheet with Summit Explore Corp to co-develop what it calls the world's first multi-salar lithium project across five brine salars in Salta's lithium triangle. Under the agreement, Explore can acquire a 59% stake while Power retains 41%. Explore will fund and construct a 5,000-tonne Direct Lithium Extraction plant and provide up to US$6 million in strategic investment for drilling and feasibility studies. The partnership leverages Summit's proprietary DLE technology and existing demo facility in Chile for technical validation. Power's managing director emphasized the deal consolidates all four of the company's Argentinian lithium projects and represents a pivotal step toward commercial-scale lithium production. PNN shares were trading at 10 cents at the time of announcement.
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