Summit Explore Signs Term Sheet with Power Minerals to Develop Multi-Salar Lithium Project in Argentina

CALGARY, AB, March 23, 2026 /CNW/ - Summit Explore Corporation ("Explore"), a wholly owned subsidiary of Summit Nanotech Corporation ("Summit"), has executed a non-binding term sheet with Power Minerals Limited (ASX: PNN) ("Power Minerals") for the proposed development of Power Minerals' Salta Lithium Project in Salta Province, Argentina.

The Salta Project comprises five lithium brine salars -- Incahuasi, Rincón, Pocitos, Pular, and Arizaro -- located within Argentina's Lithium Triangle. The term sheet outlines a framework under which Explore would earn a 59% joint venture interest in the project by funding exploration, delivering a Preliminary Feasibility Study (PFS), and issuing a Notice to Proceed for commercial-scale development. Power Minerals would retain a 41% interest.

Under the proposed structure, Explore would fund up to US$6 million in first-year development work, including water well drilling, resource drilling, brine sampling, and the preparation of a PFS to NI 43-101 (or equivalent) standards. Explore would also fund brine compatibility and extraction efficiency testing at Summit's rapid-validation DLE demonstration plant in Santiago, Chile, generating asset-specific performance data to support commercial design.

The term sheet also provides Explore with the option to acquire Power Minerals' Salta Project outright for US$50 million at any time during the option period.

Explore is independently acquiring additional lithium brine properties in the region, each with existing JORC 2012 Mineral Resource Estimates. These properties would be rolled into the joint venture, expanding the resource base and the scale of the proposed operation. Power Minerals' 41% interest would extend to all additional properties within the defined Area of Interest once the joint venture is formed.

Strategic Context

The Salta agreement advances Summit Explore's build-own-operate-maintain (BOOM) strategy: acquiring and developing brine assets using Summit Nanotech's patented denaLi™ DLE technology. Summit Explore launched a US$8 million seed round in February 2026 with three secured projects. This transaction, if completed, would represent a material expansion of that portfolio.

Summit's denaLi™ technology platform, enabled by its eLivate™ sorbent, is designed to deliver high lithium recovery, strong impurity rejection, and low water intensity, resulting in the lowest levelized cost of lithium production over the full project lifecycle. The rapid-validation demonstration plant in Santiago provides asset-specific design validation at a fraction of the time and capital required for traditional field demonstrations.

Power Minerals Managing Director Mena Habib commented:

"We are delighted to be working with Explore and Summit to progress the proposed transaction which consolidates the development of all four of Power's Argentinian lithium brine projects. The collaboration between Power, Explore and Summit allows for both the application of Summit's world leading DLE technology and expediting the development of all five salars at Incahausi, Arizaro, Rincon, Positos and Pular, which represent all of Power's lithium assets within the Salta project area.

We see Explore and Summit as the ideal partners to help us unlock and maximise the value of all five salars. Explore and Summit bring a combination of leading-edge proprietary DLE technology and development expertise. The opportunity to work together with Explore and Summit is a pivotal step for Power towards producing commercial-scale volumes of high-quality lithium products from Power's Argentinian Lithium projects. Power looks forward to completing this transaction with Explore which builds on a long and mutually rewarding working relationship with Summit."

Power Minerals Chairman Stephen Ross commented:

"We are excited to be advancing a coordinated transaction to develop Power's portfolio of lithium brine projects at Salta in Argentina's lithium triangle. We are looking forward to working with Explore and Summit to complete the Preliminary Feasibility Study to validate project viability and advancing development of our Argentinian lithium projects to unlock their full value upside for both Summit Nanotech and Power. Power's longstanding relationship with like-minded company Summit is founded on high levels of certainty and competency and we are all very keen to execute on our strategic vision and commitment to sustainable development that will create value for shareholders and advancement of our lithium projects."

Amanda Hall, Founder and CEO, Summit Nanotech Corporation and Summit Explore Corporation commented:

"The Salta Project gives us a multi-salar resource base in one of the most concentrated lithium regions on earth. Our rapid-validation facility in Santiago will test brine from each salar and generate the design data needed to move toward commercial-scale production. The structure we've established with Power Minerals aligns development timelines, cost discipline, and long-term economics. This is what Explore was built to do: take high-quality brine assets and deploy Summit's proven DLE technology to bring them into production."

Next Steps

The parties have agreed to negotiate a binding Definitive Agreement within 90 days of execution of the term sheet. Following execution, Explore would fund development work toward the PFS, including brine testing at Summit's DLE demonstration facility in Santiago. A Technical Committee comprising representatives from both parties will oversee PFS progress, with Explore chairing.

All matters contemplated under the term sheet remain subject to board and regulatory approvals by both parties, and to the completion of a proposed private placement financing on terms acceptable to Summit and Explore.

About Summit Explore

Summit Explore Corporation is a lithium brine development company and wholly owned subsidiary of Summit Nanotech Corporation. Summit Explore acquires and advances brine assets across Chile, Argentina, and the United States using Summit Nanotech's patented denaLi™ DLE technology under a build-own-operate-maintain model. The company launched in February 2026 with a US$8 million seed round and three secured projects.

About Summit Nanotech

Summit Nanotech Corporation is a global technology company advancing the commercial deployment of direct lithium extraction for lithium producers in Chile, Argentina, and the United States. Headquartered in Calgary, Canada, Summit operates demonstration and testing facilities in Santiago, Chile and Denver, Colorado. The company's denaLi™ DLE technology, enabled by its eLivate™ sorbent, is designed to deliver the lowest levelized cost of lithium production with high environmental standards.

About Power Minerals

Power Minerals Limited (ASX: PNN) is an ASX-listed exploration and development company focused on critical minerals in South America. The company holds 100% interest in the Salta Lithium Brine Project, comprising seven granted mining leases covering 147 square kilometres in Salta Province, Argentina, within the Lithium Triangle. Power Minerals also holds the Santa Anna niobium-rare earth-gallium project in Goiás State, Brazil, and exploration assets in South Australia. The company was incorporated in 2002 and is headquartered in Mount Hawthorn, Western Australia.

Forward-Looking Statements

This press release contains forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied. The term sheet described herein is non-binding and subject to the negotiation and execution of a definitive agreement, board approvals, regulatory approvals, and the completion of a proposed private placement financing. There can be no assurance that a definitive agreement will be executed or that the proposed joint venture will be formed. Summit Explore and Summit Nanotech disclaim any obligation to update forward-looking statements except as required by applicable securities law.

SOURCE Summit Explore Corporation

Media Contact: Summit Nanotech Corporation, Kristen Gray - Manager, Marketing and Communications, [email protected]