
Summit Minerals Ltd (SUM) has announced the signing of binding agreements to acquire extensive niobium, rare earth elements (REE), and lithium tenements in Minas Gerais and Paraíba, Brazil.
The acquisition includes 100 per cent ownership of several projects, positioning Summit at the forefront of critical mineral providers essential for high-tech and green technologies.
The acquired projects, spanning a total area of 29,267 hectares, include the Juazeirinho, Ecuador, Aratapira, Santa Sousa, and T1/T2 projects for niobium and REE, as well as the Hercules North and South projects for lithium.
These projects have demonstrated exceptional grades, with assays showing up to 35.54 per cent niobium pentoxide (Nb2O5) and 1.408 per cent partial rare earth oxide (PREO) at the Juazeirinho project, and 30.34 per cent Nb2O5 and 1.513 per cent PREO at the Equador project.
Additionally, the Hercules projects are situated in Brazil’s Lithium Valley, hosting 85 per cent of the country’s lithium reserves.
Summit Minerals has mobilised an in-country exploration team to initiate an extensive exploration program across these tenements.
Gower He, Managing Director of Summit Minerals, expressed excitement about the acquisitions, stating: “These acquisitions mark a significant milestone in Summit’s strategy to enhance our portfolio of critical minerals. The potential of these assets aligns perfectly with our growth objectives and strengthens our position in the global market.”
With approximately A$2.2 million in cash reserves, Summit Minerals is well-positioned to rapidly develop these projects.
“Brazil, being a relatively geopolitically neutral jurisdiction, should provide us with unrestricted access to global off-take and funding options, giving our projects the best chance of success within the macro environment,” said He.
Summit Minerals Limited is an Australian-focused ASX-listed battery mineral exploration company with a portfolio of projects in demand-driven commodities.
The company is focused on systematically exploring and developing its projects to delineate multiple JORC-compliant resources.