Australia's Power Minerals jumps on JV agreement with Canadian firm

Power Minerals

14/08/2023 04:46

** Shares of diversified mineral explorer Power Minerals
 PNN.AX  surge as much as 21.2% to A$0.40; logs biggest intraday
pct gain since May 16
    ** Stock hits highest level since July 27
    ** Co enters a binding term sheet with Canada's Summit
Nanotech Corp for the funding and development of the Incahuasi
Salar at PNN's Salta lithium project in Argentina
    ** Summit will secure a 30% interest in the proposed joint
venture (JV) via a strategic investment of up to $3 mln in PNN
    ** Summit may earn a further 15% interest in the JV by
participating in a Definitive Feasibility Study at Incahuasi
    ** The two firms plan on executing a Definitive Option
Agreement by Oct 31 
    ** More than 603,000 shares change hands, vs the 30-day avg
of about 248,000 shares
    ** Stock has fallen 37.7% this year, as of last close


($1 = 1.5480 Australian dollars)

 (Reporting by Adwitiya Srivastava in Bengaluru)
 ((Adwitiya.Srivastava@thomsonreuters.com;))