Power Minerals Limited announces successful completion of due diligence for Pular Lithium Project

Power Minerals Limited (ASX:PNN) has successfully completed due diligence for the proposed joint venture with Heng Li Technology (HengLi) for the Pular Lithium Project, within the Company's Salta Lithium Project, in the Lithium Triangle of Argentina. The joint venture aims to secure funding and development for the Pular Project into a lithium-producing operation utilizing HengLi's lithium extraction technology.

Executive Commentary on Joint Venture and Transaction Agreement

We are pleased to have successfully completed due diligence for the proposed joint venture for the Pular Project, and commend our partner HengLi for completing this process in such a timely manner. We are now in a position to move forward with HengLi to negotiate and execute the binding Transaction Agreement, under which the Project is proposed to be developed into a significant lithium producing operation. We see HengLi's lithium extraction technology and expertise as an ideal partner for us to maximize the commercial outcomes at the Pular Project. Under the proposed Transaction Agreement, HengLi will fully fund and manage development of the Project, with project funding to be provided at the project level which will avoid dilution for Power shareholders. HengLi will also purchase 100% of the lithium concentrate offtake produced at the Pular Project.

Summary of Power Minerals' Announcement

Power Minerals Limited (ASX:PNN) has successfully completed due diligence for the proposed joint venture with Heng Li Technology (HengLi) for the Pular Lithium Project, within the Company's Salta Lithium Project, in the Lithium Triangle of Argentina. The joint venture aims to secure funding and development for the Pular Project into a lithium-producing operation utilizing HengLi's lithium extraction technology. HengLi will fully fund and manage the development of the Project, with project funding to be provided at the project level, avoiding dilution for Power shareholders. Additionally, HengLi will purchase 100% of the lithium concentrate offtake produced at the Pular Project. The Pular Project, located in Argentina, has a JORC Mineral Resource Estimate of 173,000t Lithium Carbonate equivalent (LCE) and forms part of the Salta Project's global JORC MRE of 714,872t LCE. The successful completion of the joint venture and Transaction Agreement is expected to lead to the accelerated development of the key assets within the Salta Project into potential, future lithium producing operations.