Australia's Power Minerals climbs on signing term sheet for Argentina lithium project

Power Minerals

27/12/2023 24:51

** Shares of diversified mineral explorer Power Minerals
 PNN.AX  rise as much as 2.22% to A$0.23, their highest level
since Dec. 8 
    ** Co enters into a binding term sheet with Canada's Summit
Nanotech Corp for the funding and development of Incahuasi Salar
at PNN's Salta lithium project in Argentina
    ** Says parties now plan to enter into an Option and Joint
Venture Agreement
    ** Adds Summit will secure a 30% interest in the proposed JV
via strategic investment of up to $3 million in Power
    ** Stock down 57.6% this year, as of last close, vs a 6.6%
increase in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))