Australia's Power Minerals set for best day in 1-1/2 years on new lithium projects

Ultra Lithium

16/05/2023 04:53

(Updates share moves and milestone)
    ** Shares of Power Minerals Ltd  PNN.AX  rise as much as
32.5% to A$0.550, set for best day since Oct 2021, if gains hold
    ** The 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 1.8 mln shares change hands, 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 Ayushman Ojha and John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))