Shares of Snow Lake Resources (NASDAQ: LITM) shot up in morning trading on Friday as the lithium mining company entered into a memorandum of understanding (MOU) with LG Energy Solution to deliver lithium hydroxide.
Snow Lake and LG Energy Solution will also look at creating Canada’s first lithium hydroxide processing plant in CentrePort, Winnipeg, Manitoba. Under the terms of the agreement, Snow Lake will supply lithium for a period of ten years once production starts in 2025.
Philip Gross, CEO of Snow Lake Lithium stated, “Our all-electric lithium mine in Snow Lake Manitoba will power 5 million electric vehicles over the next 10 years, helping to secure the future of the North American automobile market.”
