Power Minerals (ASX:PNN) will terminate its joint venture with Navigate Energy Technology Limited over the Rincon Lithium Project in Salta Province, Argentina, allowing Power to retain 100% ownership.
The decision comes as Power reassesses development options amid strong lithium market conditions and the project’s strategic location on the Rincon Salar.
Under the JV, Navigate Energy was set to earn a 59% interest through a US$4 million investment.
With the termination, Power plans to pursue alternative funding and development partners to fast-track the project, including an engineering study for evaporation ponds and leveraging the nearby Pocitos Project for fresh water supply to a potential direct lithium extraction plant.
The Rincon Project, Power’s most advanced asset within its Salta Lithium portfolio, hosts a JORC 2012 mineral resource of 292,564 tonnes LCE and is adjacent to Rio Tinto and Argosy Minerals' Rincon operations.
Managing Director Mena Habib said the move maximises shareholder value and positions Power to advance exploration toward a pilot-scale lithium operation.