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13/04/2024
Mining News

Lithium Chile partners with Eramet in farm-in agreement for exploration of Chilean properties

Lithium Chile Inc. is pleased to announce it has entered into a Farm-In agreement (the “Agreement”) with Eramet, a renowned European mining company recognized as a global leader in metal extraction and transformation.

The signing of the Agreement is proceeding in parallel with the strategic process being undertaken by PI Financial Corp. This synchronized approach underscores the Company’s commitment to maximizing value in all aspects of its operations.

Supported by

The partnership with Eramet signifies a pivotal step for Lithium Chile as it leverages the extensive expertise and capabilities of a distinguished industry leader to expedite exploration efforts on four of the Company’s Chilean properties. Llamara, Aguilar, Rio Salado and Aquas Caliente are included in the Agreement which collectively cover an expansive area exceeding 40,000-hectares, showcasing significant potential for mineral exploration and development.

The Agreement

Eramet will undertake an exploration program, carried out in three separate phases over the next 3 to 4 years. The total projected exploration program is in the order of ~USD $20 million. Upon completion of each phase, Eramet shall earn share capital in the Joint Venture holding the mining tenements, totaling up to 70% at the end of phase 3 with an option to reach 100% equity.

Lithium Chile will be entitled to a bonus (“Success Bonus”), pre-agreed by the parties, based on the amount of Lithium Carbonate Equivalent resources delineated, in accordance with a completed NI 43-101 or similar instrument.

he proposed transaction between Lithium Chile and Eramet is subject to the execution of the Joint Venture Agreement and the Company receiving TSX Venture Exchange approval.

About Eramet

Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition.

Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present.

Manganese, nickel, mineral sands, lithium, and cobalt: Eramet recovers and develops metals that are essential to the construction of a more sustainable world.

As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices.

Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together.

Eramet is listed on the Paris stock exchange (Euronext) under the ticker symbol ERA. The company operates in 15 countries and employs approximately 10,000 people. Eramet reported an adjusted turnover of approximately US$4.1 billion in 2023.

About Lithium Chile

Lithium Chile is an exploration and lithium resource company with a property portfolio consisting of 111,978 hectares in Chile and 29,245 hectares in Argentina. The Company has filed its NI 43-101 Report and Preliminary Economic Assessment, which can be viewed on the Company’s profile at SedarPlus.ca

Lithium Chile also owns 5 properties totaling 22,529 hectares that are prospective for gold, silver and copper.

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