Pure Energy Minerals Limited has entered into a non-binding letter of intent to acquire a 100% interest in Ameriwest Critical Metals Inc.’s Railroad Valley Property in Nye County, Nevada.

The transaction gives Pure Energy full control over 213 unpatented mineral claims covering a prospective lithium brine target within the Railroad Valley basin. Under the proposed terms, Pure Energy will issue 8,000,000 common shares to Ameriwest at the lowest permitted price under TSX Venture Exchange policies. In addition, the company will grant a 2.0% Net Smelter Returns royalty to Ameriwest, which includes a one-mile area of influence extending beyond the existing claim boundaries.

The agreement marks a structural shift from Pure Energy’s previous approach to the asset. The company previously signed a letter of intent in September 2024 structured as a staged earn-in option to acquire up to an 85% interest in the Railroad Valley Property over six years. The updated agreement transitions the arrangement into a direct 100% acquisition.

Following the execution of the letter of intent, Pure Energy and Ameriwest are working to negotiate and execute a definitive agreement within 30 days. Completion of the transaction remains conditional on finalizing that agreement and securing necessary regulatory approvals, including clearance from the TSX Venture Exchange, which the company anticipates receiving within 90 days. Final transfer of the property claims is scheduled to occur within 30 days following closing.

“The acquisition of the Railroad Valley Property is a natural fit for Pure Energy as we continue to expand our footprint in Nevada's premier lithium basins. We look forward to working closely with Ameriwest to finalize the definitive agreement and welcome them as a significant shareholder in Pure Energy.”

— William Morton, CEO of Pure Energy

Negotiations for the definitive agreement and subsequent regulatory clearances represent the immediate operational focus for both companies as they advance toward closing the transaction.

Read the full announcement: Pure Energy Minerals Enters into LOI to Acquire Railroad Valley Lithium Brine Property in Nevada