11:59 AM EDT, 09/11/2024 (MT Newswires) -- Pure Energy Minerals ( PEMIF ) on Wednesday said its partner, SLB, successfully completed a technology demonstration and testing program and can now assume ownership of the entire Clayton Valley lithium brine project (CV Project) in Esmeralda County, Nevada. Pure Energy will receive a 3% net smelter return royalty payable on all commodities extracted from the Project.

The partnership between Pure Energy and SLB allowed SLB to build a state-of-the-art pilot plant for Direct Lithium Extraction (DLE) of lithium brines from the Clayton Valley property. The plant, operated by SLB, is now producing lithium carbonate (Li2CO3) product, a direct component of lithium batteries in mobile phones, electric vehicles and energy storage.

"The CV Project Pilot Plant represents one of the largest and most advanced DLE plant of its kind in United States," said Joseph Mullin, chief executive of Pure Energy Minerals ( PEMIF ). "We are very excited for Pure Energy to be part of SLB's development of clean energy technologies through its New Energy business."

Pure Energy acquired its Clayton Valley mineral properties over an eleven-year period from 2012 - 2023 by staking open ground and through option agreements with neighboring claimholders.

Pure Energy was last seen up $0.05 to $0.32, on the TSX Venture Exchange.

Price: 0.32, Change: +0.05, Percent Change: +18.52