Lithium Ion shareholders approve all matters at AGSM

Executive Summary

• ION received shareholder approval for a non‑dilutive joint venture with SureFQ Ltd. on the Urgakh Naran lithium project in Mongolia.
• The agreement gives ION a 20 % free‑carried interest through commercial production in exchange for $5.5 M cash over 4.5 years and $8 M of development expenditures over four years.
• TSX‑V has conditionally accepted the joint venture, pending final regulatory approval.

Key Details

• Shareholder Approval: Majority vote at the annual general and special meeting approved reappointment of six directors and the joint‑venture resolution.
• Joint Venture Structure: ION retains a 20 % free‑carried interest in the Urgakh Naran project; SureFQ will fund development.
• Cash Consideration: $5.5 million (U.S.) payable to ION over 4.5 years.
• Development Expenditures: $8 million (U.S.) to be spent by SureFQ on the Urgakh Naran project over four years.
• Project Scope: The Urgakh Naran licence covers >29,000 ha of lithium‑brine resources in Dorngovi Province, Mongolia.
• Regulatory Status: TSX‑V has conditionally accepted the joint venture agreement; final approval still required.

Notable Quotes

“We are very pleased that our shareholders have approved this transformational, non-dilutive joint venture for the company that ensures a path to revenue without dilution,” – Ali Haji, CEO & Director.