Lithium Australia Limited (ASX:LIT) has elected to retain its 30% interest in the Lake Johnston Lithium Project in Western Australia following Charger Metals not receiving shareholder approval to acquire the project in its entirety.
Charger will retain its existing 70% holding in the Lake Johnston Lithium Project and remains committed to the project.
Lithium Australia continues to maintain a portfolio of strategic ASX-listed investments valued at $5.1m, including a position in Charger and other select early-stage mining explorers. The portfolio is strategically positioned for offtake opportunities and pricing arbitrage.
The company remains well funded to continue executing on its core priorities, with a cash balance of $9.3m as at the end of May 2023. It will continue pursuing opportunities that enhance its balance sheet, while transitioning away from lithium exploration to optimising its technology platforms, including lithium extraction, battery materials, and battery recycling.
Despite Charger not receiving full shareholder approval, both parties remain committed to our collaborative journey. We are excited to continue our partnership to generate shareholder value,” Lithium Australia CEO, Simon Linge, said.
“With a strong cash position, and strategic portfolio of listed assets, we are well placed to leverage our foothold in battery materials production to meet the growing worldwide demand as we continue our path to be a leader in sustainable lithium production.”
