Patriot Battery Metals announced on 15 May that it had concluded a Memorandum of Understanding (MOU) with Albemarle and will not extend it. Patriot Battery is a lithium explorer who owns the Corvette Property, a Canada-based project that “ranks as the largest lithium pegmatite resource in the Americas” according to Patriot.
The MOU, signed in August 2023, follows a private placement of approximately C$109 million from Albemarle Corporation, resulting in Albemarle owning around 4.9% of Patriot's issued and outstanding Common Shares. The MOU provides a 9-month exclusive partnership between the two companies to explore mine production collaboration and links to downstream chemical conversion facilities which are preferred to be located in North America.
According to the latest press release, Albemarle’s investment has enabled “the installation of critical capital works such as the camp, all-weather access road and the recently completed eleven rig winter drill program”. While acknowledging the Albemarle partnership, Patriot says the MOU termination allows more partnership opportunities in the lithium industry.
On the same day, Patriot disclosed its 2024 winter drill program results, showing strong lithium mineralization over wide intervals from infill drilling at CV5, which is expected to support the mineral resources estimation updates in Q3 2024.
Author: Hongqiu Su | Battery Metals Analyst Associate | London Office, Shanghai Metals Market
Email: lilysu@smm.cn
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