MOU Executed With Major Korean Battery Maker SK On

Growing multi-asset West Australian lithium company Global Lithium Resources Limited (ASX: GL1, “Global Lithium” or “the Company”) is pleased to announce it has signed a Non-Binding Memorandum of Understanding (MOU) with leading Korean battery manufacturer SK On Co., Ltd (SKO) to explore a range of future business opportunities.

Key Highlights

• Memorandum of Understanding (“MOU”) signed with Korea’s SK On Co., Ltd (“SKO”), a leading global electric vehicle battery cell manufacturer
  
• SKO supplies batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen
• MOU establishes partnership to explore future business opportunities including potential development of downstream lithium assets
• Strategic partnership to consider:
  • Potential opportunities for collaboration in electric vehicle (EV) and battery material supply chains
  • Potential investment and offtake opportunities at Global Lithium’s Marble Bar Lithium Project and/or the Manna Lithium Project
  • Support for future GL1 capital raisings to enable business expansion and development
• MOU to have an initial two-year term

SKO, an affiliate of Korea’s second-largest conglomerate SK Group, has a strong order backlog of 1,600GWh as of 2021.

Under the terms of the MOU, Global Lithium and SKO intend to explore future business opportunities including the potential development of downstream integrated battery grade lithium assets for an initial two-year period. The MOU will also consider:

• SK On to potentially support future Global Lithium capital raisings to enable business expansion and development.
  
• Potential investment and offtake opportunities at Global Lithium’s Marble Bar Lithium Project in the Pilbara region and/or the Manna Lithium Project in the Goldfields region.
• Potential opportunities for collaboration in electric vehicle (EV) and battery material supply chains.

The term of the MOU is two years unless it is extended or terminated earlier by mutual agreement or superseded by a definitive agreement related to a joint venture, partnership and/or offtake agreement.

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