100% Ownership Of Ontario Lithium Projects

Green Technology Metals Limited (ASX: GT1) (GT1 or the Company) is pleased to announce that it has executed a binding agreement (Binding Agreement) with Ardiden Limited (ASX:ADV) (Ardiden) to purchase the residual 20% free-carried interest in the Ontario Lithium Projects (Seymour, Root and Wisa JV tenure) held by Ardiden.

HIGHLIGHTS

• Binding agreement executed with Ardiden to purchase its residual 20% free-carried interest in the Ontario Lithium Projects JV.
• Upon completion, moves GT1 to 100% ownership of the Ontario Lithium Projects, including its flagship Seymour Mine Development (currently in PEA phase).
• Transaction represents a significant further step towards GT1 building the pre-eminent vertically integrated lithium business in Ontario and North America.

The Binding Agreement contains provisions pertaining to pre-completion conduct, warranties and indemnities that are customary for a transaction of this nature.

Commenting on the execution of the agreement with Ardiden, GT1 CEO, Luke Cox, said:

“We are very pleased to have agreed this consolidating transaction across our Ontario Lithium Projects tenure. To have secured 100% ownership of our key assets, including our flagship Seymour Mine Development, further cements our strategic industry positioning. It also removes the implicit economic burden of a free-carried minority interest over these assets.”

“It is full steam ahead at GT1. We are drilling intensively at both Seymour and our Root Project. We are also undertaking multiple metallurgical testwork programs, alongside all our environmental and permitting baseline work, as we rapidly progress the requisite PEA workstreams for Seymour. Finally, we remain attuned to potential further project and/or strategic transactional opportunities within Ontario, and more broadly.”

“Key outcomes from these activities are set to flow over coming months, including ongoing drilling and assay results, a further resource update at Seymour, a maiden resource estimate at Root, and scheduled completion of the Seymour PEA, including downstream facility development, in H1 2023. All of this is set to occur against an ongoing backdrop of aggressive governmental and end user incentivisation of new North American domiciled lithium supply sources, including via the recent game-changing Inflation Reduction Act 2022 legislation in the U.S.”

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