#Argentina #Lithium Project #Salta #Summit Nanotech #Power Minerals

Summit Explore Partners with Power Minerals to Develop Lithium Resources in Argentina

On March 23, 2026, Summit Explore Corporation, a subsidiary of Summit Nanotech, executed a term sheet with Power Minerals Limited focused on the development of a significant lithium brine project in Argentina's Salta Province. The project, part of the Lithium Triangle, features five salars: Incahuasi, Rincon, Pocitos, Pular, and Arizaro. This partnership aims to bolster both companies' positions in the global lithium market.

Key Aspects of the Agreement

Under the terms of the agreement, Summit Explore will acquire a 59% interest in the proposed project by funding exploration initiatives, which include a Preliminary Feasibility Study (PFS) and other essential development tasks. Power Minerals retains a 41% stake in the venture, creating a collaborative framework that emphasizes shared objectives within the lithium extraction sector.

Summit Explore has committed to spending up to $6 million in the first year for tasks such as water well drilling, resource drilling, brine sampling, and preparing the required feasibility documentation to meet NI 43-101 standards. The exploration efforts will also encompass testing brine compatibility and extraction efficiency at Summit's demonstration plant in Santiago, Chile.

Moreover, the agreement includes an option for Summit Explore to acquire the Salta Project outright for $50 million, allowing for potential expansion and ownership of the vast resources within the defined area.

Strategic Implications

This collaboration represents a significant strategic move for both Summit Explore and Power Minerals, enabling them to leverage Summit's patented denaLi™ Direct Lithium Extraction (DLE) technology. This innovation is designed to deliver high lithium recovery rates with minimal environmental impact, aligning with growing global demands for sustainable lithium sourcing.

Mena Habib, Managing Director of Power Minerals, expressed enthusiasm about the partnership, noting that it enables the efficient development of lithium brine resources across their projects in Argentina. With the combined expertise and technology from both companies, they expect to accelerate the transition from exploration to commercial-scale production.

Stephen Ross, Chairman of Power Minerals, highlighted the coordinated efforts to develop multiple projects within the Salta Lithium Triangle. Validating the project's feasibility through a detailed study is crucial for unlocking additional value for stakeholders and advancing their strategic vision.

Next Steps in Development

Moving forward, both parties have agreed to negotiate a binding Definitive Agreement within 90 days of signing the term sheet. This agreement will further delineate the responsibilities, financing, and development schedules, with ongoing oversight from a Technical Committee comprising representatives from both companies.

As the lithium market continues to surge, driven by the electric vehicle boom and renewable energy initiatives, the partnership between Summit Explore and Power Minerals places them at the forefront of lithium brine development. With this project, they aim to not only capitalize on current market conditions but also to establish a long-term sustainable framework for lithium extraction that meets both economic and environmental standards.

By unifying their resources and expertise, Summit Explore and Power Minerals are poised to make significant strides in harnessing one of the world's most critical resources, solidifying their roles as key players in the green energy revolution.