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Lithium Ionic Enters Option Agreement to Acquire Up to 90% Interest in New Itinga Properties totaling 2,983 ha in the Lithium Valley, Minas Gerais, Brazil

TORONTO, July 03, 2024 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV:LTH, OTCQX:LTHCF, FSE: H3N)) ("Lithium Ionic" or the "Company") is pleased to announce that its wholly-owned subsidiary, Neolit Minerals Participações Ltda ("Neolit"), has entered into an option agreement (the "Agreement") with K2 Mineração e Exportação EIRELI, Super Clássico Comércio, Importação e Exportação Ltda. and Minerales Empreendimentos, Mineração e Participações Ltda. to acquire up to a 90% interest in select properties located in Itinga, within the Curralinho Pegmatite Field of the Araçuaí Pegmatite District, Minas Gerais, Brazil (the "Transaction"). Transaction Details: The Agreement grants Neolit the option to acquire up to a 90% interest in each of three newly formed special purpose vehicles domiciled in Brazil (the "SPVs"), which collectively hold five mineral claims encompassing a total area of 2,983.22 hectares. Neolit shall initially hold a minority stake in each that can increase up to 90% upon fulfilling the terms of the Agreement. Key Terms of the Agreement: Neolit, at its option, has the right to conduct an exploration program and deliver a feasibility study for each SPV to acquire up to a 90% interest in the applicable SPV. To achieve a 90% interest in each SPV, Neolit will be required to invest a minimum of R$21.3 million (~C$5.5 million) by Q1 2030. The properties are strategically located within the lithium-rich Araçuaí Pegmatite District, known for its significant spodumene deposits. Blake Hylands, P.Geo., Chief Executive Officer of Lithium Ionic, commented, "This transaction marks a significant milestone in our growth strategy, allowing us to expand our presence in Brazil's premier lithium district. We are excited about the potential these properties hold and are committed to advancing them responsibly to create value for our shareholders and stakeholders." The Transaction ...