Lithium Africa to Acquire Majority Stake in South African Springbok Lithium Project

Lithium Africa Corp. ( (TSE:LAF) ) has issued an announcement.

Lithium Africa Corp. has agreed to acquire a 70% stake in Namli Exploration & Mining, giving it control of the Springbok Project in South Africa, which includes a past-producing Norrabees spodumene mine, a significant ore stockpile and a 1,675 km² exploration package. The staged deal, totaling several million U.S. dollars in cash and deferred payments, also covers settlement of a third-party claim and a share-based fee to a consultant.

The Springbok Project provides Lithium Africa with an advanced brownfield operation that complements its earlier-stage programs and offers near-term cash-flow potential from monetizing a more than 30,000-tonne stockpile and in-pit material. Due diligence has identified 30 additional spodumene-bearing pegmatites within trucking distance of Norrabees, giving the company district-scale exploration upside in South Africa’s Namaqualand region and potentially strengthening its strategic position in the African lithium supply chain.

More about Lithium Africa Corp.

Lithium Africa Corp. is a mineral exploration company focused on lithium projects across Africa, targeting hard-rock lithium deposits such as spodumene-bearing LCT pegmatites. The company’s strategy emphasizes building a portfolio of advanced and grassroots assets while maintaining a relatively low share count by funding exploration through non-dilutive cash flow where possible.

Average Trading Volume: 17,250

Technical Sentiment Signal: Strong Sell

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