Patagonia Lithium (ASX:PL3) has signed a non-binding strategic partnership agreement with Ameerex Corporation (OTCID:HIRU) to support its Formentera Lithium Project in Argentina and niobium and rare earths projects in Brazil.
The agreement sees Ameerex prioritising the most effective investment into Patagonia’s projects after assessment.
Patagonia Executive Chairman Phillip Thomas says there is merit in having another source of capital, following the company’s recent raise of $2.68 million.
“It will allow us to continue making progress to reach our milestones of a substantial indicated mineral resource and a Scoping Study,” Thomas says.
Ameerex’s investment portfolio includes the Rasberry Unit Field in Foard County, Texas.
This investment is conducted through a joint venture agreement, named Falcon Caddo Venture. The Rasberry Unit Field has an estimated 24 million barrels of oil.
Ameerex Corporation is primarily involved in oil and gas projects in North America, focusing on the acquisition and development of these assets. The company is also focused on investing in the clean energy minerals, in line with the global transition.
Patagonia is currently back on site at the Formentera concession well in the Jujuy province of Argentina, after drilling to a depth of 335m before breaking up for the Christmas period.
The company is looking into the viability of conducting a packer test ahead of restarting drilling at the Formentera concession well, as reported by Mining.com.au.
Speaking to this news service at the end of 2025, Thomas says the company intends to be a lithium producer within two years due to the global demand for batteries.
Patagonia Lithium has two major lithium brine projects, Formentera and Cilon, which are located in the Salar de Jama, Jujuy province, as well as the Tomas III at Inchahuasi Salar in Salta Province of northern Argentina.
Write to Maddison Elliott at Mining.com.au
Images: Patagonia Lithium
