PEC - Perpetual Resources Limited (PEC-ASX)

Interesting announcement today, have entered an agreement to acquire tenements in Brazil near LRS - they are saying they think it's in line with LRS's lithium corridor - trying to piggyback off the LRS of success even though it's a fair way further NE than what LRS is saying where the corridor is located. Either way if they hit some Li drilling it should be good for the SP. have taken a small position today

https://wcsecure.weblink.com.au/pdf/PEC/02695693.pdf

HIGHLIGHTS:
• Perpetual has entered into an additional binding option agreement to acquire a further three highlyprospective exploration permits (Permits), covering approximately 5,000 hectares in Brazil’s “LithiumValley” region, within Brazil’s the mining friendly state of Minas Gerais.

• These additional three Permits (known as the Ponte Nova Prospects) are situated in an interpretedextension of the modelled pegmatite corridor which runs from the Latin Resources Salinas LithiumProject, through the Colina deposit and potentially further Northeast into these Permits.

• The Permits are located only ~40km from Latin Resources’ Colina Deposit, which recently announcedthe intersection of multiple pegmatites in exploration drilling programs.

• The location of the Permits boasts advantageous infrastructure, comprising well-developed highways,access to hydroelectric power from the grid, water availability, and proximity to commercial ports.

• Option and subsequent consideration structure presents a further low-cost addon to an initial landposition in the preeminent spodumene bearing region of Brazil.

• Perpetual also confirms it has appointed a specialist in-country exploration consultant to oversee duediligence on both geological and legal aspects of this acquisition and the acquisition Perpetual recentlyannounced to ASX on 21 July 2023. Following exercise of the options and completion of bothacquisitions, Perpetual will have a portfolio of tenements covering a total area of 8,613.15 hectares inthe pro-mining state of Minas Gerais in Brazil.

• Perpetual is also pleased to announce that is has received firm commitments from professional andsophisticated investors to raise $1.5 million (before costs) through a placement of shares at $0.022 pershare. The placement was led and managed by GBA Capital.o Directors intend to participate in addition to the capital raising by subscribing for a total of $250,000worth of shares, subject to shareholder approval.o Funds raised from the capital raising plus Director participation will be used towards continuedactivities related to Beharra as well as due diligence and initial exploration efforts in Brazil.