Ganfeng Lithium Indirectly Holds 100% Equity of Litio and its Mariana Lithium Salt Lake Project

SHANGHAI, Oct 21 (SMM) – Ganfeng Lithium announced that it intends to acquire 8.58% of its shares at Litio from International Lithium Corp. through Ganfeng Lithium Netherlands CO.,B.V. Upon completing this transaction, Ganfeng Lithium indirectly holds 100% equity of Litio and its Mariana lithium salt lake project.

Litio's main business is mineral exploration and investment, and has 100% equity in the Mariana lithium salt lake project in Salta Province, Argentina. The Mariana project currently has 18 mining licenses and exploration licenses in Salta, covering a total area of 32,436 hectares, with the main product including lithium compounds produced from lithium-containing salt lake brines.

At present, the Mariana project plans to produce 20,000 mt of lithium chloride in the first phase and the capacity is still under construction. The current proven and inferred resources of this project total 8.12 million mt of LCE, with an estimated value of about 1.222 million yuan.

SMM data showed that the average price of domestic battery-grade lithium carbonate stood at 190,000 yuan/mt as of October 20, an increase of 117% from the end of July.