Perpetual Resources Ltd's announcement on lithium exploration options conversion

Perpetual Resources Ltd (ASX: $PEC) has successfully converted the first option period for two large lithium exploration permits, ANM 832.503/2003 & ANM 831.542/2004, in Minas Gerais, Brazil. The conversion involves an initial payment of approximately A$93,000 (R$300,000) and grants Perpetual a further 24 months of exclusivity for conducting additional exploration activities to determine potential full ownership and tenement title transfer.

Perpetual Managing Director, Robert Benussi, on lithium exploration progress

Our initial exploration activities have validated these two tenements as showing strong lithium anomalism, and we are pleased to be moving to full ownership to conclusively expand Perpetual's tenement portfolio in Brazil's prolific Lithium Valley. We look forward to receiving results from the current exploration program and to the delineation of drill ready targets later in 2024.

Summary of Perpetual Resources' lithium exploration announcement

Perpetual Resources Ltd (ASX: $PEC) has converted options for strategic lithium exploration permits in Brazil's Lithium Valley, aiming to expand its tenement portfolio. The company's ongoing exploration program is focused on delineating drill ready targets and aims to provide further confirmatory exploration data ahead of a planned drill program later in 2024. Perpetual continues to review complementary acquisition opportunities to augment its growing portfolio of exploration and development projects consistent with its critical minerals focus.