GT1 Buyback of Royalty on The Root Lithium Project

Green Technology Metals Limited (ASX: GT1) (GT1 or the Company) is pleased to announce that it has executed a binding agreement with Landore Resources Limited (Landore) to buyback and extinguish 50% (1.5%) of the 3% net smelter royalty (NSR) interest over the Root Project. The consideration for the purchase is comprised of C$2 million cash payment to extinguish 1.5% of the Root Project NSR. The transaction is conditional on GT1 and Landore finalising and executing an Extinguishment Agreement, which is expected to occur before 21 October 2022.

HIGHLIGHTS

• Binding agreement executed with Landore to acquire 50% of their pre-existing 3% net smelter royalty interest on the Root Project.
  
• GT1 to subsequently extinguish the Royalty to further consolidate GT1 ownership.
• Transaction represents a significant further step towards GT1 building the pre-eminent vertically integrated lithium business in Ontario and North America.

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

“The buyback of 50% of the Royalty Deed is another significant milestone for the company as GT1 rapidly advances the Root project and clearly indicates our team’s confidence in the potential of the Project. This is just another step forward for GT1 as we build our pre-eminent vertically integrated lithium business in Ontario and North America and will deliver greater value to shareholders over the long term.”

GT1 is a North American focussed lithium exploration and development business. The Company’s Ontario Lithium Projects comprise high-grade, hard rock spodumene assets (Seymour, Root and Wisa) and lithium exploration claims (Allison and Solstice) located on highly prospective Archean Greenstone tenure in north-west Ontario, Canada.

All sites are proximate to excellent existing infrastructure (including hydro power generation and transmission facilities), readily accessible by road, and with nearby rail delivering transport optionality.

Seymour has an existing Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O (comprised of 5.2 Mt at 1.29% Li2O Indicated and 4.7 Mt at 0.76% Li2O Inferred). Accelerated, targeted exploration across all three projects delivers outstanding potential to grow resources rapidly and substantially.

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