Australia's Power Minerals rises on acquiring lithium projects in Argentina

Ultra Lithium

16/05/2023 02:42

** Shares of Power Minerals Ltd  PNN.AX  rise as much as
22.9% to A$0.510, their highest level since April 17
    ** Diversified mineral resources explorer signs binding term
sheet to purchase 100% of the Argentinian lithium units of Ultra
Lithium Inc  ULT.V  
    ** Power Minerals says acquisition will expand its portfolio
of lithium development assets in Argentina 
    ** Adds it will divest its Santa Ines copper-gold project in
Argentine for A$1.5 mln ($1.02 mln) 
    ** More than 677,400 shares change hands by 0112 GMT,
compared with the 30-day average trading volume of 284,429
shares 
    ** Stock down 21.7% YTD, as of last close 
($1 = 1.4743 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))