Eon Lithium signs deal to acquire Geovolt Power

• Eon Lithium Corp. has signed a share purchase agreement to acquire 100% of Geovolt Power Corp. (GPC).
• Consideration involves issuing 12.5 million common shares to GPC shareholders; no cash changes hands.
• The acquisition grants control of the Orovada project in Humboldt County, Nevada.
• Post-closing, Eon expects fewer than 30 million shares outstanding and approximately $600,000 in working capital.
• The Orovada project consists of 32 BLM placer claims adjacent to Thacker Pass (Lithium Americas/GM) and McDermitt projects.
• Asset potential is based on geophysical research by KLM Geoscience indicating brine-hosted lithium; no drilling results provided yet.
• Transaction requires regulatory approval, shareholder approval, 2025 year-end audits, and a NI 43-101 technical report completion.

• Strategic Value: The acquisition adds a strategic asset in a prime jurisdiction (Nevada) near major lithium developments (Thacker Pass). This improves the company's land package quality relative to peers.
• Financial Impact: The deal is dilutive. Issuing 12.5 million shares against a post-closing total of <30 million implies an immediate share count increase of approximately 40% or more.
• Liquidity Risk: Post-closing working capital is stated at ~$600,000. For a mining company undertaking NI 43-101 reports and potential drilling on a new asset, this cash reserve is critically low. It suggests an immediate need to raise further capital post-acquisition.
• Asset Certainty: The resource is currently "potential" based on geophysics. There are no drill results or NI 43-101 compliant resources attached to the deal yet. This maintains the speculative nature of the investment.
• Market Reaction Context: Given the stock has traded flat at $0.02 for nearly a year (May 2025 - April 2026), this news may provide a catalyst, but without confirmed funding for development, sustained upside is limited.

• Company: Eon Lithium Corp. is a junior exploration company focused on lithium assets in North America.
• Flagship Project: The Orovada Project (Nevada) becomes the primary asset following this acquisition. It is brine-hosted, which differs from hard-rock lithium but offers potential for lower-cost extraction if successful.
• Development Stage: Early exploration. Geophysical work completed; drilling and resource definition pending NI 43-101 report.