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Lithium Africa Corp. (TSXV: LAF) (FSE: 6MQ) (formerly named Lombard Street Capital Corp.) (the "Company") announces that, further to its news release on February 25, 2026, the Company has completed the first phase of the acquisition of Namli Exploration & Mining Proprietary Limited ("Namli"). The Company has acquired 30% of the issued and outstanding shares of Namli and is currently proceeding with the second phase of the acquisition (the "Acquisition"). Namli owns the Springbok Project, a large lithium project in South Africa, including a past-producing spodumene mine, a related ore stockpile and 1,675 km2 land package.
In connection with the completion of the first phase of the Acquisition, the Company will issue to an arm's length consultant as finder's fee 77,949 common shares of the Company (the "Finder Shares") at a deemed price of $1.78 per Finder Share, which remains subject to TSX Venture approval. The remaining finder's fee of US$100,000 will be paid in Finder Shares when the Company completes the second phase of the Acquisition. The Finder Shares are subject to a statutory hold period in Canada expiring four months and one day from the date of issuance.
About Lithium Africa Corp.
The Company has an established 50/50 joint venture partnership with GFL International Co., Ltd. to jointly advance exploration in Africa (the "LAR-GFL JV") and, through the LAR-GFL JV, the Company has an indirect 50% interest in a portfolio of exploration assets in hardrock pegmatite districts across a number of prospective African regions covering South Africa, Ivory Coast, Guinea, Mali and Zimbabwe. For more information, please visit www.li-africa.com.
ON BEHALF OF THE BOARD OF DIRECTORS OF Lithium Africa CORP.
Tyron Breytenbach, CEO & Director
For further information regarding the Company contact:
Jeanne Liu, Corporate Communications at investors@li-africa.com, 1.604.771.7125.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this news release that are not historical facts may be forward-looking statements within the meaning of applicable securities legislation. These forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including the completion of the Acquisition and the issuance of the remaining Finder Shares. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. These forward-looking statements are based on a number of assumptions which may prove to be incorrect which, without limiting the generality of the following, include: the ability of the Company to complete the Acquisition; general business, economic, competitive, political and social uncertainties; delay or failure to receive regulatory approvals; risks inherent in exploration activities; the impact of exploration competition; unexpected geological conditions; changes in government regulations and policies, including trade laws and policies; failure to obtain necessary permits and approvals from government authorities; volatility and sensitivity to market prices; volatility and sensitivity to capital market fluctuations; environmental and safety risks including increased regulatory burdens; weather and other natural phenomena; and other exploration, development, operating, financial market and regulatory risks. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by applicable securities laws and regulation, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290341
