Power Metals Corp (TSX-Venture: PWM) (OTCQB: PWRMF) announced this morning that they have reached a major commercial milestone with Albemarle Corporation (NYSE: ALB), a global leader in critical minerals, through an offtake agreement for cesium oxide concentrate from the Case Lake Project in Ontario. Under the deal, Albemarle has acquired the current offtake rights previously held by Winsome Resources and agreed to a prepayment of up to CAD$5 million. The agreement allows Albemarle to secure all offtake from Case Lake, a project known for its near-surface, high-grade cesium deposits, which is advancing toward its production target of 2026.
This transaction provides immediate financial benefits to Power Metals’ shareholders through a fully non-dilutive funding structure. The prepayment will be delivered in stages: CAD$2 million upon execution of the agreement and CAD$3 million following the receipt of Environmental Compliance Approval (ECA) for the project. Winsome Resources will maintain its 15.8% equity in Power Metals and continue collaborating with both companies as Case Lake progresses. The deal reflects a growing emphasis on securing North American cesium supply chains amid shifting dynamics in the global critical minerals market.
The offtake rights at Case Lake have changed hands several times, initially held by Sinomine Resources in 2020 and later transferred to Winsome Resources after Canadian government intervention in 2022. With Albemarle now backing the project, Power Metals strengthens its position as a key participant in the global cesium sector. The agreement not only underscores Case Lake’s strategic value but also positions the company alongside one of the most influential producers in the critical minerals industry.
Shares of PWM are currently trading up 6.4% at $0.915, while U.S. listed shares (PWRMF) rise 5.09% at $0.6631 in mid-afternoon trading.
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