** Power Minerals PNN.AX soars as much as 29.2% to A$0.155, highest since October 24

** Lithium explorer signs binding letter of intent (LOI) with private explorer Mineração Terras Raras

** LOI for acquisition of high-grade Morro Do Ferro Rare Earth Elements Project in Brazil

** More than 10 million shares traded, 5.8x the 30-day avg

** YTD, PNN gains 48.8%

(Reporting by Sherin Sunny in Bengaluru)

((Sherin.Sunny@thomsonreuters.com))