Spey Resources Corp. Executes Agreement FOR Lithium Offtake with Richlink Capital Pty Ltd.
SPEY RESOURCES CORP. EXECUTES AGREEMENT FOR LITHIUM OFFTAKE WITH
RICHLINK CAPITAL PTY LTD.
Vancouver, British Columbia — November 6, 2022 — Spey Resources Corp. (CSE: SPEY)
(OTC: SPEYF) (FRA: 2JS) ("Spey” or the "Company"), is pleased to announce that the Company
has executed a letter of intent (the “LOI”) with Richlink Capital Pty Ltd. (“Richlink”), an investment
bank servicing international institutions in the lithium markets. The LOI outlines the potential for
the Company to supply up to 20,000 tonnes of lithium chloride annually to two of Richlink’s clients
from potential future production at the Company’s Incahuasi Salar and Pocitos 2 Salar lithium
brine projects in Salta province, Argentina.
The LOI contemplates that Richli nk’s clients would contract to purchase a minimum of 10,000
tonnes of lithium chloride of potential future production on a free on board basis from the port in
Antofagasta, Chile. The current benchmark price quoted by Trading Economics is 577,500 yuan
or USD equivalent $80375.78 per tonne as at November 4, 2022.
The obligations of the parties will be subject to customary conditions after satisfactory completion
of due diligence, including:
a. the board of directors of each party approving the proposed transaction;
b. the parties’ execution of a definitive agreement;
c. the receipt of any regulatory approvals; and
d. there being no material adverse change in the operations, condition (financial or
otherwise) or assets of either party.
Nader Vatanchi, VP of Corporate Finance of the Company, stated, “with our Incahuasi project
adjacent to Ganfeng’s project, and Pocitos 2 drilling on track to commence this month, the LOI is
another plank in our road to successfully developing our lithium projects. We are delighted to be
working with Sam Zheng and George Su at the Richlink office in Australia and their lithium buyer
clients. Our drillers, logistics and legal teams have prepared for our next phase of development
operations to commence in Argentina”.
About Richlink Capital Pty Ltd.
Richlink is a diversified financial service and investment management group focused on creating
compelling investment solutions in a wide range of industry sectors. The company was founded
in 2004 by Mr. Jason Zheng, a highly regarded and respected bu siness leader. Over the years,
the group has emerged as a financial company focusing on four core services – Investment
Banking, Asset Management, Family Office and migration related investment solutions. Richlink
is proud of its highly -qualified 100 teams of industry specialists who are financial professionals
with diversified backgrounds to manage client outcomes across our business lines.
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Qualified Person
The scientific and technical content of this news release has been reviewed and approved by
Phillip Thomas, BSc. Geol, MBM, FAusIMM, MAIG, MAIMVA(CMV), who is a "qualified person"
for the purposes of National Instrument 43- 101 - Standards of Disclosure for Mineral Projects,
and is CEO of the Company.
Technical Report
Scientific and technical information relating to the Incahuasi Salar property is supported by the
technical report titled " Technical Report for the Incahuasi Salar Lithium Concession, Salta
Province, Argentina", dated June 10, 2022 (the “Technical Report"), and prepared by Michael J.
Rosko for Spey. Reference should be made to the full text of the Technical Report, which was
prepared in accordance with NI 43- 101 and is available electronically on SEDAR
(www.sedar.com) under the Company's issuer profile, for a description of the Company’s data
verification and QA/QC procedures.
About Spey Resources Corp.
Spey Resources is a Canadian mineral exploration company which has an 80% interest in the
Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Spey
also holds an option to acquire a 100% undivided interest in Pocitos II and 20% interest in the
Pocitos I lithium projects. Spey also holds interests in four lithium exploration projects located in
the James Bay Region of Quebec. Spey has a 100% interest in the Silver Basin Project located
in the Revelstoke M ining Division of British Columbia as well as an option to acquire a 100%
interest in the Kaslo Silver project, west of Kaslo, British Columbia.
For more information, please contact:
Nader Vatanchi,
VP of Corporate Finance, Director
778-881-4631
Cautionary Note Regarding Forward-Looking Statements
This news release includes forward-looking statements that are subject to risks and uncertainties,
including with respect to with respect to the LOI, entering into a definitive agreement, the
possibility of future production of lithium carbonate (or any other resources by the Company) and
the supply of lithium chloride. The Company provides forward-looking statements for the purpose
of conveying information about current expectations and plans relating to the future and readers
are cautioned that such statements may not be appropriate for other purposes. By its nature, this
information is subject to inherent risks and uncertainties that may be general or specific and which
give rise to the possibility that expectations, forecasts, predictions, projections, or conclusions will
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not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals
and priorities will not be achieved. These risks and uncertainties include but are not limited those
identified and reported in the Company’s public filings under the Company’s SEDAR profile at
www.sedar.com. Although the Company has attempted to identify important factors that could
cause actual actions, events, or results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that such information will prove to
be accurate as actual results and future events could differ materially from those anticipated in
such statements. The Company disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future events or otherwise
unless required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the
contents of this press release.