Lithium Americas to Invest $10 Million in Green Technology Metals
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Lithium Americas Corp. has entered into an agreement to acquire shares of Green Technology Metals Ltd. (GT1) in a share placement for total consideration of US$10 million. GT1 is a North American focused lithium exploration and development company with hard rock spodumene assets in north-west Ontario, Canada.
“GT1’s team brings a strong track record of lithium exploration and resource extraction, which fits well with Lithium Americas’ expertise in chemical processing,” said Jon Evans, Lithium Americas’ president and CEO.
“With this initial investment, we look forward to working closely with GT1 to help accelerate the development of a North American lithium supply chain,” added Evans.
“We are delighted to welcome Lithium Americas to the GT1 register. In combination with our existing strategic delivery partners and major shareholders, Primero, and AMCI, we look forward to working with Lithium Americas in executing on our aggressive project advancement and development plans over the next few years,” said GT1’s CEO, Luke Cox.
The company’s investment in GT1 is part of a share placement of approximately US$40 million. Upon closing of the share placement, Lithium Americas expects to own approximately 5 percent of GT1.
COLLABORATION FRAMEWORK
In addition to its US$10 million placement, Lithium Americas has entered into a non-binding collaboration framework with GT1 to advance evaluation of a strategically located, integrated lithium chemicals business in North America.
The framework allows for evaluation of potential cooperative aspects between the two businesses in relation to all aspects of the lithium processing and production value chain, from the processing of spodumene through to the production of battery-grade lithium chemicals. It is set to leverage off and benefit from the considerable expertise within both businesses with respect to the production of both intermediate and final lithium products.
Lithium Americas has a well-established and highly technical knowledge base within lithium chemical products and downstream lithium processing, which neatly complements GT1’s upstream mining and spodumene processing expertise and the planned development pathway for its Ontario Lithium Projects.
Key guiding principles of the framework involve both parties working together in seeking to:
• Rapidly advance GT1’s Ontario Lithium Projects and fast-track the Seymour lithium project (80 percent GT1)
into production
• Develop midstream and downstream processing routes for battery-grade lithium chemicals in Ontario and
across North America
• Advance development plans and project financing for an integrated lithium chemicals business
• Source downstream offtake partners and deliver an integrated supply chain solution to customers
• Leverage Lithium Americas’ Lithium Technical Development Center in Reno to further test and develop
intermediate and final lithium products
About Lithium Americas
Lithium Americas is focused on advancing lithium projects in Argentina and the United States to production. In Argentina, Caucharí-Olaroz is advancing towards first production and Pastos Grandes represents regional growth. In the United States, Thacker Pass has received its record of decision and is advancing towards construction.
To stop by Lithium Americas’ website, CLICK HERE
About Green Technology Metals
GT1 is a North American focused lithium exploration and development business. GT1’s Ontario Lithium Projects comprise high-grade, hard rock spodumene assets (Seymour, Root and Wisa) and lithium exploration claims (Allison and Solstice) located on highly prospective Archean Greenstone tenure in north-west Ontario, Canada. GT1’s strategy is to build a vertically integrated lithium business in Ontario.
To stop by Green Technology Metals’ website, CLICK HERE
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