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Wealth Minerals and the Quechua Indigenous Community of Ollague Form Kuska Minerals Joint-venture to Develop the Kuska Project in the Salar De Ollague
Vancouver, British Columbia--(Newsfile Corp. - May 27, 2025) - Wealth Minerals Ltd. (TSXV: WML) (...
About this update from Wealth Minerals Ltd.
[{"type":"text","content":"Wealth Minerals and the Quechua Indigenous Community of Ollague Form Kuska Minerals Joint-venture to Develop the Kuska Project in the Salar De OllagueVancouver, British Columbia--(Newsfile Corp. - May 27, 2025) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the \"Company\" or \"Wealth\") announces that on May 23, 2025, it signed, together with the Quechua Indigenous Community of Ollagüe (the \"Community\" or \"CIQO\"), the documentation leading to the formation of Kuska Minerals SpA (\"Kuska Minerals\"), a joint venture that will continue to develop the Kuska Project (the \"Project\") in the Salar de Ollagüe area.Kuska Minerals is divided as 95% ownership for Wealth and 5% for the Community. Additionally, the Community ownership stake has certain preferential rights, including anti-dilution protection, as Kuska Minerals may issue new shares to fund growth via equity, and a right to appoint one director to the 5-person Board of Directors. The transaction to found Kuska Minerals included the contribution by Wealth to the new company all its mining claims in the Ollagüe territory, covering an area of ​​over 10,000 hectares, as well as all resource exploration data, direct lithium extraction technology assessments, and economic assessment studies of the Project (see press release of February 3, 2025).Wealth also announces that the Kuska Minerals Board of Directors will be composed of Mr. Marcelo Awad, Mr. Hendrik \"Henk\" van Alphen, Mr. Francisco Lepeley, Mr. Stephen Foot, and Mr. Victor Nina Huanca. The latter is currently president of the Quechua Indigenous Community of Ollagüe, and his appointment as a director of the new company has been ratified, along with the partnership agreement with Wealth, by a large majority of the community's assembly members.The next steps for the Project is a focus on continuing qualification efforts for a CEOL (Special Lithium Operating Contract), giving Kuska Minerals and its shareholders basic guarantees to continue investing capital in geological exploration, feasibility studies, and obtaining permits, especially a favorable environmental qualification resolution. For this purpose, management anticipates Kuska Minerals will soon start an environmental impact assessment with baseline studies and reports. Meanwhile, the Indigenous consu...