Ameriwest Critical Metals Inc. has signed a non-binding letter of intent to sell its Railroad Valley lithium brine property in Nye County, Nevada, to Pure Energy Minerals Limited in exchange for 8,000,000 common shares and a 2.0% net smelter returns royalty.

The proposed transaction marks a shift from a previous September 2024 agreement, which structured the Railroad Valley project as an earn-in option across 563 unpatented claims covering approximately 11,200 acres. Under the new terms, the arrangement is structured as an outright sale of 213 unpatented mineral claims that host a lithium brine exploration target, with the royalty extending over a one-mile perimeter area of influence.

Ameriwest and Pure Energy are working to negotiate a definitive agreement within 30 days of August 24, 2026, and must obtain regulatory approval within 90 days. Upon closing, Ameriwest plans to use commercially reasonable efforts to complete the transfer of its interest in the property within 30 days.

"This transaction places Railroad Valley with Pure Energy, a company experienced in advancing lithium brine properties. SLB (formerly Schlumberger) recently completed an earn-in option on Pure Energy's Clayton Valley Property, NV following successful testing of its direct lithium extraction (DLE) technology. SLB is a major shareholder in Pure Energy, and Ameriwest will also become a major shareholder and retain long-term upside from the royalty on the Property."

— David Watkinson, President and CEO

Following the completion of the sale, Ameriwest will hold Pure Energy common shares alongside its portfolio of critical mineral assets, which includes the Thompson Valley lithium property in Arizona, the Bornite copper-gold-silver project in Oregon, and the Xeno rare earth property in British Columbia.

Read the full announcement: Ameriwest Critical Metals To Sell Its Railroad Valley Property, NV To Pure Energy Minerals