PERTH, Australia, Aug. 19, 2024 /PRNewswire/ -- Green Technology Metals Limited (ASX: GT1) (GT1 or the Company), a Canadian-focused multi-asset lithium business, is pleased to announce the execution of a Framework Agreement and Corporate Equity Investment with leading South Korean EV battery metals producer EcoPro Innovation Co., Ltd.
HIGHLIGHTS
- GT1 secured a A$8 million investment and a Framework Agreement with South Korean EV battery metals producer EcoPro Innovation Co., Ltd
- The partnership supports GT1's strategy to become Ontario's first integrated lithium producer
- The agreements cover both upstream (mining and raw material extraction) and downstream (processing and conversion) activities
- Potential collaboration includes developing mines and a proposed Lithium Conversion Facility
- Corporate equity investment - at a significant premium to the last closing price and a 40% premium to the 90-day VWAP for an investment of A$8m via a two-tranche placement
- Asset level investment options – up to 12-months exclusive rights to negotiate and agree staged asset-level investments in the Seymour and Root mine developments (Projects) in anticipation of negotiation of joint venture agreements to drive project advancement
- Conversion Facility PFS Cooperation Agreement – negotiation of a comprehensive agreement outlining the execution and co-funding of a Pre-Feasibility Study (PFS) on the proposed Lithium Conversion Facility in Canada, leading to the negotiation and formation of a joint venture for the completion of a Definitive Feasibility study (DFS) and co-development of the facility
- EcoPro brings extensive experience in lithium hydroxide production along with patented technology for lithium extraction
- The partnership validates the Company's integrated strategy to become Ontario's first lithium concentrates and chemicals company
- Joint funding application submitted to Invest Ontario for government funding on the proposed Lithium Conversion Facility - in progress
"Our journey with EcoPro Innovation has been over 12 months in the making, during which time our teams have dedicated countless hours working jointly on understanding and expanding on GT1's strategy to be the first integrated lithium chemical supplier in Ontario. Attracting a top-tier partner like EcoPro along with the investment at a premium provides further validation of our company, team, assets and ability to progress our assets and projects towards production.
EcoPro has been assessing the North American market for some time and it's with great optimism that we enter this new phase of GT1's development. EcoPro stands out as a top-tier strategic partner, bringing invaluable experience in owning and operating, not only successful Lithium Conversion facilities but also Nickel Pre-cursor and Cathode Active Material facilities globally. Their global scale and expertise in manufacturing and supplying battery-grade lithium chemicals will greatly benefit GT1 as we advance our integrated strategy in North America.
- GT1 Managing Director, Cameron Henry
To view the full announcement: https://wcsecure.weblink.com.au/pdf/GT1/02840488.pdf
For further information please visit www.greentm.com.au or contact
Media
Jacinta Martino
Investor Relations Manager
jacinta@greentm.com.au
