Lithium Ionic Extends Payment Schedule for Acquisition of the Vale and Borges Claims
Lithium Ionic Extends Payment Schedule for Acquisition of the Vale and Borges
Claims
TORONTO, ON, February 29, 2024 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “Company ”) reports that is has amended the purchase agreements
related to the acquisition of certain of its Itinga properties, in Minas Gerais, Brazil. The
amendments are as follows:
Vale Claims:
▪ On January 20, 2023, Lithium Ionic’s 100% -owned Brazilian subsidiary, MGLIT
Empreendimentos Ltda. (“MGLIT”) , entered into a purchase agreement with Exotic
Mineração Ltda. pursuant to which MGLIT had the option to acquire up to a 100% equity
interest in Vale do Lítio Mineração Ltda. (respectively, the “Vale do Lítio Agreement” and
“Vale do Lítio”). Vale do Lítio has a 100% beneficial ownership interest in three lithium
mining claims covering a total of 3,140 hectares (the “Vale Claims”; see Figure 1). Based
on the payments that have been made to date, Lithium Ionic own 7.4% of the Vale Claims.
▪ The amendment to the Vale do Lítio Agreement is as follows:
▪ The payment schedule for the remaining 92.6% is as follows:
o R$50,000 (~C$13,700) to be paid to the vendor on July 20, 2024, to acquire
0.15% interest in Vale do Lítio;
o R$29,950,000 (~C$8.2 million) to be paid to the vendor on January 20, 2025,
to acquire the remaining 92.45% in Vale do Lítio.
Lithium Ionic may terminate the Vale do Litio Agreement at any time without incurring any
additional financial penalties.
Borges Claims:
▪ On December 5, 2022, MGLIT entered into a binding asset purchase agreement with
Mineração Borges Ltda. (“Borges”) to acquire from Borges a 100% ownership interest in
three mining claims (the “Borges Claims”) covering a total of 1,478 hectares (the “Borges
Agreement”; see Figure 1).
▪ Amendments to the Borges Agreement are as follows:
▪ R$50,000 (~C$13,700) to be paid to the vendor by March 9, 2024;
▪ R$14,950,000 (~C$4.1 million) to be paid to the vendor on the establishment of an
NI 43-101 mineral resource estimate (minimum of 2 million tonnes with a Li 2O
content of over 1.30%), whose deadline to completion has been extended to June
5, 2025.
Lithium Ionic may terminate the Borges Agreement at any time without incurring any
additional financial penalties.
Figure 1. Lithium Ionic’s Itinga Group of Properties Showing the Vale and Borges Claims
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in
Brazil. Its flagship Itinga and Salinas projects cover 14,182 hectares in the northeastern part of
Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-
rock lithium district. The Itinga Project is situated in the same region as CBL’s Cachoeira lithium
mine, which has produced lithium for +30 years, as well as Sigma Lithium Corp.’s Grota do Cirilo
project, which hosts the largest hard-rock lithium deposit in the Americas.
Investor and Media Inquiries:
+1 647.316.2500
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward -statements.” Such forward
looking statements involve known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results, performance or achievements, or developments to differ
materially from the anticipated results, performance or achievements exp ressed or implied by
such forward-looking statements. Although the Company believes, in light of the experience of its
officers and directors, current conditions and expected future developments and other factors that
have been considered appropriate that the expectations reflected in this forward -looking
information are reasonable, undue reliance should not be placed on them because the Company
can give no assurance that they will prove to be correct. When used in this press release, the
words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon or comparable terminology
are intended to identify forward -looking statements and information. The forwar d-looking
statements and information in this press release include information relating to the prospectivity
and development of the Company’s mineral properties, the amendments to the Vale do Litio
Agreement and the Borges Agreement and the Company’s future plans . Such statements and
information reflect the current view of the Company. Risks and uncertainties that may cause
actual results to differ materially from those contemplated in those forward -looking statements
and information. By their nature, forward -looking statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results, performance or achievements,
or other future events, to be materially different from any future results, perf ormance or
achievements expressed or implied by such forward -looking statements. The forward -looking
information contained in this news release represents the expectations of the Company as of the
date of this news release and, accordingly, is subject to change after such date. Readers should
not place undue importance on forward -looking information and should not rely upon this
information as of any other date. The Company undertakes no obligation to update these forward-
looking statements in the event that management’s beliefs, estimates or opinions, or other factors,
should change.
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