Lithium Africa completes phase 1 Springbok acquisition

Executive Summary

• Lithium Africa Corp. has completed the first phase of its acquisition of Namli Exploration & Mining Pty. Ltd., securing a 30% interest in the company.
• Namli owns the Springbok Project in South Africa, which includes a past-producing spodumene mine, an ore stockpile, and a 1,675-square-kilometre land package.
• The company is proceeding with the second phase of the acquisition and has issued finder's shares to an arm's-length consultant as part of the transaction fees.

Key Details

• Acquisition Structure: Lithium Africa Corp. acquired 30% of the issued and outstanding shares of Namli Exploration & Mining Pty. Ltd.
• Asset Details: Namli owns the Springbok Project, described as a large lithium project in South Africa. Key assets include:
  • A past-producing spodumene mine.
  • A related ore stockpile.
  • A 1,675-square-kilometre land package.
• Finder's Fee & Share Issuance:
  • An arm's-length consultant received 77,949 common shares as a finder's fee for the first phase.
  • The deemed price per finder share is $1.78.
  • This issuance is subject to TSX Venture Exchange approval.
  • A remaining finder's fee of $100,000 (U.S.) will be paid in finder shares upon the completion of the second phase of the acquisition.
• Share Restrictions: The finder shares are subject to a statutory hold period in Canada, expiring four months and one day from the date of issuance.
• Strategic Context: Lithium Africa maintains a 50/50 joint venture with GFL International Co. Ltd. (LAR-GFL JV), providing the company with an indirect 50% interest in a portfolio of exploration assets across South Africa, Ivory Coast, Guinea, Mali, and Zimbabwe.

Notable Quotes

• None provided in the text.