XTC Lithium (ASX:XTC) signed a non-exclusive, non-binding letter of intent with American Battery Materials for a proposed partnership to develop the Carachi lithium project in Argentina, according to a Thursday Australian bourse filing.
Under the letter of intent, the US-based firm will have the opportunity to acquire up to a 50% interest in the project, subject to the finalization of a definitive agreement, among other conditions.
Upon securing a 10% interest in the project by paying $3.5 million, American Battery Materials will have the right to enter into a joint venture agreement with XTC for the continued exploration and development of the tenements.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.