If You Invested in Pure Energy Mine (PEMIF)

Pure Energy Minerals Ltd. (OTCQB: PEMIF; TSXV: PE) is described in its public disclosures as a lithium resource company and lithium resource developer. The company focuses on the exploration and development of lithium resources at its Clayton Valley Project in the Clayton Valley of central Nevada. According to multiple news releases, Pure Energy has consolidated a pre-eminent or pre-eminent land position at this project for lithium resource exploration and development.

Pure Energy states that it is driven to become a low-cost supplier for the growing lithium battery industry. Its Clayton Valley Project comprises 950 mineral or placer mineral claims over approximately 23,360 acres (9,450 hectares), representing what the company describes as the largest land holdings or mineral landholdings in the valley. The claims are granted by the U.S. Bureau of Land Management and are in good standing. In various releases, Pure Energy notes that these claims constitute one of the largest mineral landholdings within Clayton Valley.

Clayton Valley Project and land position

The company’s Clayton Valley Project is located in Esmeralda County, Nevada, in the Clayton Valley of central Nevada. Pure Energy reports that it has consolidated its land position over an extended period, acquiring its Clayton Valley mineral properties over an eleven-year period from 2012 to 2023 by staking open ground and through option agreements with neighboring claimholders. The property is described as comprising 950 placer mineral claims over 9,450 hectares (23,360 acres) in good standing.

In several news releases, Pure Energy characterizes this as a pre-eminent or preeminent land position and the largest land holdings in the valley. The company also notes that its Clayton Valley Project adjoins and surrounds on three sides the Silver Peak lithium brine mine operated by Albemarle Corporation, and that Clayton Valley currently hosts the most advanced and largest lithium-brine pilot plant in the United States developed at Pure Energy’s Clayton Valley property with its partner.

Partnership with SLB and Direct Lithium Extraction

A central feature of Pure Energy’s business is its partnership with SLB (NYSE: SLB) and its subsidiary Schlumberger Technology Corp. Pure Energy and SLB entered into an Earn-In Agreement dated May 1, 2019, under which Pure Energy granted SLB an option, in favour of SLB, to acquire all of the company’s interests in the Clayton Valley Project. The agreement provides for SLB to design, permit, develop and build a pilot or demonstration plant for Direct Lithium Extraction (DLE) of lithium brines from the Clayton Valley property.

Pure Energy describes SLB as its strategic partner and operator of the Clayton Valley Project. Under the earn-in structure, SLB is required to make significant investment in the project, including the design and construction of a pilot plant capable of processing lithium-bearing brines for high-quality lithium hydroxide monohydrate (LiOH∙H2O) and/or lithium carbonate (Li2CO3) products at a specified rate. Pure Energy’s disclosures state that SLB has deployed a demonstration plant onsite to test an integrated approach that combines subsurface expertise and surface engineering of advanced technologies, including DLE.

According to a September 2024 news release, SLB completed a comprehensive technology demonstration and testing program required to earn in to 100% ownership of the Clayton Valley lithium brine project. SLB demonstrated completion of specific technical milestones, including continuous production of lithium carbonate for an extended period and achieving a material quantity of lithium product in excess of a required purity threshold, verified by a third party. Upon completion of all earn-in terms, SLB may take ownership of the Clayton Valley Project claims, and Pure Energy will receive a 3% net smelter return (NSR) royalty payable on all commodities extracted from the project, net of advance royalty payments made to the company.

Project development, permitting and pilot plant

Pure Energy reports that it initiated the permitting process for development of a pilot plant in 2017. During the period 2014–2019, nine bore holes were completed by the company, and the production-scale hole CV-9 provides brine flow to the pilot plant. A Preliminary Economic Assessment (PEA) study, as amended, was published in April 2018, incorporating results from the initial eight bore holes, and additional holes were subsequently acquired together with properties.

The company states that during the past several years, SLB worked closely with the Bureau of Land Management and the State of Nevada to obtain necessary permits for construction and operation of the pilot plant, in addition to meeting environmental requirements for site and resource use. Pure Energy notes that the project received all necessary permits from the State of Nevada and the Nevada Division of Water Resources for demonstration plant construction and water discharge in 2022 and 2023, respectively. Construction of the demonstration plant was largely completed by the third quarter of 2023, and technical trials commenced thereafter.

In a July 2024 update, Pure Energy reported that SLB’s sustainable lithium production demonstration plant is located approximately five kilometers southeast of the town of Silver Peak, Nevada, on BLM lands, and that technical trials at the facility are ongoing. The company describes the plant as representing a significant step toward sustainable lithium brine production at scale and notes that the demonstration plant is producing lithium carbonate product, a direct component of lithium batteries in mobile phones, electric vehicles and energy storage.

Water rights and resource access

Pure Energy’s disclosures highlight water rights as an important aspect of its Clayton Valley activities. On January 3, 2019, the Nevada Division of Water Resources approved and granted a Finite Term Water Right to Pure Energy, through its wholly-owned subsidiary Esmeralda Minerals LLC, for the extraction of up to 50 acre-feet of brine during a five-year period from the Clayton Valley properties. The Finite Term Water Right was renewed in January 2024 and is described as sufficient for brine testing requirements and SLB’s pilot plant facility. The CV-09 well was completed pursuant to this water right, and results of initial sampling were published in 2020, as referenced in the company’s news releases.

Exploration beyond Clayton Valley: Railroad Valley LOI

In addition to Clayton Valley, Pure Energy has disclosed an exploration initiative in Railroad Valley, Nevada. In September 2024, the company announced that it had signed a Letter of Intent (LOI) dated August 30, 2024, to acquire up to an 85% interest in the Railroad Valley Property from Ameriwest Lithium Inc. The property comprises 563 placer mineral claims granted by the U.S. Bureau of Land Management and is described as well situated for exploration for lithium-bearing brines.

Under the LOI, Pure Energy’s earn-in options over six years involve staged expenditures in cash and shares and project expenditures in U.S. dollars to reach potential interests of 65%, 75% and 85% in the property. The Railroad Valley Property is described as a greenfields lithium brine exploration target located in Railroad Valley, Nevada, with a drainage basin that has geologic characteristics that could host a lithium brine deposit. The company notes that drilling is required to confirm the presence of lithium-bearing brine and that no mineral resources or reserves have yet been defined on the property. The transaction is subject to a definitive agreement and TSX Venture Exchange approval.

Corporate governance and shareholder meetings

Pure Energy regularly reports outcomes of its Annual General Meetings (AGMs) of shareholders. In June 2024 and December 2025, the company released voting results showing that shareholders voted in favour of items such as re-appointing Baker Tilly WM LLP as auditors, setting the number of directors, electing director nominees, and approving or re-approving equity incentive plans, including a Stock Option Plan and a Long-Term Incentive Plan. These disclosures indicate active corporate governance processes and shareholder engagement.

The company also reports on grants of stock options to directors, officers and consultants under its TSXV-approved Stock Option Plan, noting vesting terms, exercise prices and expiry dates, and the proportion of options relative to outstanding shares. Such information illustrates Pure Energy’s use of equity-based compensation as part of its corporate structure.

Board and management changes

Pure Energy’s news releases document several changes to its board of directors and management. The company has announced the appointment of new directors, including individuals with experience in energy, decarbonization, mining, and investment, as well as representatives of significant shareholders. It has also reported resignations of directors and expressed appreciation for their contributions, sometimes noting their roles in advancing the Clayton Valley lithium brine project.

In November 2025, Pure Energy announced the appointment of a new President and Chief Executive Officer and the resignation of the prior President and CEO and director. The company described the incoming executive’s background in private equity and clean energy infrastructure and indicated that he would be eligible for equity compensation and incentive performance bonuses. In December 2025, the company reported that this individual was appointed to the board of directors and that shareholders approved the company’s new Long-Term Incentive Plan.

Business model and sector context

Based on its disclosures, Pure Energy’s business model centers on acquiring and consolidating mineral claims prospective for lithium-bearing brines, advancing those properties through exploration, permitting and technical studies, and partnering with a large energy technology company to develop and demonstrate Direct Lithium Extraction and processing capabilities. The company positions itself as a lithium resource developer and lithium resource company with a focus on supplying lithium products used in lithium batteries for mobile phones, electric vehicles and energy storage.

Pure Energy operates within the broader mining and resource development sector and is classified in the mining, quarrying, and oil and gas extraction sector. While the initial industry classification provided refers to dimension stone mining and quarrying, the company’s own disclosures consistently and specifically describe its activities as lithium resource exploration and development, particularly in lithium brine projects in Nevada.

Key structural features for investors and researchers

For those researching PEMIF stock, Pure Energy’s publicly available information highlights several structural features:

• Asset base: A large package of lithium brine claims in Clayton Valley, Nevada, described as the largest land holdings in the valley and one of the largest mineral landholdings in Clayton Valley.
• Strategic partnership: An Earn-In Agreement with SLB and its subsidiary Schlumberger Technology Corp., under which SLB may acquire all of Pure Energy’s interests in the Clayton Valley Project and, upon completion of earn-in terms, Pure Energy would receive a 3% NSR royalty on all commodities extracted from the project.
• Technical development: A state-of-the-art pilot or demonstration plant for Direct Lithium Extraction and lithium carbonate production, operated by SLB, with technical milestones achieved and third-party verification of product purity.
• Regulatory framework: Permits from Nevada agencies for pilot plant construction, operation and water discharge, as well as a finite term water right renewed to support brine testing and pilot plant operations.
• Exploration pipeline: A greenfields lithium brine exploration target in Railroad Valley, Nevada, under a staged earn-in LOI with Ameriwest Lithium Inc., subject to definitive agreements and regulatory approvals.

FAQs about Pure Energy Minerals Ltd. (PEMIF)

• What does Pure Energy Minerals Ltd. do?
  Pure Energy Minerals describes itself as a lithium resource company and lithium resource developer. It focuses on the exploration and development of lithium resources, particularly at its Clayton Valley Project in the Clayton Valley of central Nevada.
• Where are Pure Energy’s main projects located?
  According to the company’s news releases, Pure Energy’s main project is the Clayton Valley lithium brine project in Esmeralda County, Nevada. The company also has an LOI to earn an interest in the Railroad Valley Property in Nye County, Nevada.
• What is the Clayton Valley Project?
  The Clayton Valley Project is Pure Energy’s core lithium brine project. The company reports that it holds 950 mineral or placer mineral claims over approximately 23,360 acres (9,450 hectares) in the Clayton Valley, representing the largest land holdings or mineral landholdings in the valley. The project is focused on lithium resource exploration and development.
• How is Pure Energy involved with SLB (Schlumberger)?
  Pure Energy entered into an Earn-In Agreement with Schlumberger Technology Corp., a subsidiary of SLB, dated May 1, 2019. Under this agreement, SLB is the operator of the Clayton Valley Project and has an option to acquire all of Pure Energy’s interests in the project. SLB is responsible for designing, permitting, developing and building a pilot or demonstration plant for Direct Lithium Extraction of lithium brines from the property.
• What is Direct Lithium Extraction (DLE) in the context of Pure Energy?
  In its disclosures, Pure Energy explains that SLB has deployed a demonstration plant onsite in Clayton Valley to test an integrated approach that combines subsurface expertise and surface engineering of advanced technologies, including Direct Lithium Extraction (DLE). The demonstration plant produces lithium carbonate product from lithium-bearing brines.
• What royalty interest could Pure Energy receive from the Clayton Valley Project?
  Pure Energy states that upon completion of all earn-in terms, SLB may take ownership of the Clayton Valley Project claims, and Pure Energy will receive a 3% net smelter return (NSR) royalty payable on all commodities extracted from the project, net of advance royalty payments made to the company.
• How did Pure Energy assemble its land position in Clayton Valley?
  The company reports that it acquired its Clayton Valley mineral properties over an eleven-year period from 2012 to 2023 by staking open ground and through option agreements with neighboring claimholders. These properties form a large, contiguous package of lithium brine claims.
• What is the Railroad Valley Property LOI?
  In September 2024, Pure Energy announced a Letter of Intent with Ameriwest Lithium Inc. to acquire up to an 85% interest in the Railroad Valley Property in Nye County, Nevada. The property comprises 563 placer mineral claims and is described as a greenfields lithium brine exploration target. The LOI outlines staged earn-in options involving cash, shares and project expenditures, subject to a definitive agreement and TSX Venture Exchange approval.
• How does Pure Energy describe its role in the lithium battery supply chain?
  Pure Energy describes itself as a lithium resource developer driven to become a low-cost supplier for the growing lithium battery industry. It notes that lithium carbonate produced at the Clayton Valley demonstration plant is a direct component of lithium batteries used in mobile phones, electric vehicles and energy storage.
• What stock exchanges does Pure Energy trade on?
  In its news releases, the company identifies its listings as TSXV: PE and OTCQB: PEMIF.