Power Minerals Secures Key Funding for Rincon Project Development

Power Minerals Limited (ASX: PNN) has signed a Binding Term Sheet (BTS) and Convertible Loan Agreement (CLA) to secure strategic funding for its Rincon Project in Argentina's Salta Lithium Project. The agreement, deemed transformational by Power, involves multi-party collaborations with Singaporean entities Repenergy Investment Private Limited (REP) and Legendary Star Investment Asia Pte Ltd (LS), and Chinese entity Li Energy Technology Limited (LE).

Power will receive an initial strategic funding of US$5 million, split into a US$1 million convertible loan and US$4 million investment into the Rincon JV upon due diligence completion. REP will manage project financing and construction, while LS and LE will provide loans and equity investments. Power will maintain permits and manage community relations. Post-JV formation, Power will hold 41% and LE 59% of Rincon JV, with an annual production target of 7,061 tonnes of high-purity lithium carbonate equivalent.

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