Power Minerals Limited announces execution of Joint Venture Agreement

Power Minerals Limited (ASX:PNN) has executed a Joint Venture Agreement (JVA) for the strategic funding and development of the Rincon Project within the Company's Salta Lithium Project, in the lithium triangle of Argentina. The JVA, involving multiple parties, aims to secure funding for the construction of a significant lithium-producing operation at the Rincon Project.

Executive Commentary on Joint Venture Agreement

We are delighted to execute the Joint Venture Agreement for the Rincon Project. After the successful completion of due diligence, the JVA represents a critical next step in formalising the terms under which the Project is proposed to be developed into a proposed significant Direct Lithium Extraction production operation. With the JVA executed, Power will now receive the second $500,000 tranche under the terms of the convertible loan agreement, and we will move forward to satisfy the conditions precedent, and establish the incorporated Joint Venture Entity for the Rincon Project.

Summary of Joint Venture Agreement and Outlook

Power Minerals Limited has successfully executed a Joint Venture Agreement (JVA) for the Rincon Project, marking a significant milestone in the strategic funding and development of its Salta Lithium Project in Argentina. The JVA, involving multiple parties, aims to secure funding for the construction of a significant lithium-producing operation at the Rincon Project. The company's ambitions include establishing an incorporated JV Entity and satisfying conditions precedent to advance the Rincon Project. Power Minerals is poised to capitalize on the potential of the Rincon Project, which has shown substantial lithium reserves and the potential to become a significant long-life supplier of high purity, battery-grade Lithium Carbonate Equivalent (LCE). The company's commitment to developing its lithium assets reflects its dedication to delivering value and contributing to the global demand for lithium products.