San José To Benefit From MOU With Major Spanish Industrial & Energy Consortium

Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’), through its wholly owned subsidiary Extremadura New Energies, is pleased to announce the execution of a binding MoU for a photovoltaic, methane and green hydrogen project (‘Renewable Project’) aligned to the San José Lithium Project (‘San José’, or ‘the Project’).

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HIGHLIGHTS

• Leading Extremadura industrial group and Spanish IBEX35 energy company partners with Extremadura New Energies to assess localised renewable energy project
  
• San José can benefit from lower cost and localised green energy whilst increasing industrial benefits to the region of Extremadura
• The Regional Government of Extremadura positioned to advance vast renewable energy potential through industrial development aligned to San José

San José has the potential to take advantage of the vast renewable energy opportunities in Extremadura and to benefit from reduced energy costs from the localised green energy project that can be meet renewable electricity and green hydrogen requirements of the Project.

The Renewable Project will see Extremadura New Energies partner with Enalter to establish the Renewables Project JV company upon the successful completion of an initial scoping phase.

Enalter was established as a joint venture between leading Extremadura company Cristian Lay Grupo Industrial (‘CLG’) subsidiary Alter Enersun, S.A (‘Alter Enersun’), and Spanish IBEX35 energy company Enagás S.A subsidiary Enagás Renovable, S.L. (‘Enagas’).

The parties intend to deliver a project of regional and national significance which is heavily aligned and conditional on the successful development of San José.

The 1^st phase of the MoU has established the terms and conditions under which Extremadura New Energies and Enalter will study the technical and economic feasibility, opportunity and profitability of the Renewable Project and, subject to obtaining the authorisations, establish the framework to execute a Power Purchase Agreement (‘PPA’) for the supply of green energies to San José.

All surpluses of energies not covered in the PPA will be owned by the Renewable Project JV. The PPA must be executed prior to the commencement of the 2^nd phase of the MoU. Refer to Appendix 1 for further details.

Infinity Managing Director and CEO Ryan Parkin noted“The partnership with Extremadura’s pre- eminent and progressive company further reinforces the positive momentum and complementary opportunities aligned to San José following the initiation of the permitting process last month. Extremadura New Energies welcomes the opportunity to advance this complementary and mutually beneficial project in Extremadura in concert with the significant momentum at San José.”

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