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EcoPro Innovation Strategic Partnership and Investment

HIGHLIGHTS

  • Corporate Investment Subscription of A$8m and Framework Agreement executed with world-leading South Korean EV battery metals producer EcoPro Innovation Co., Ltd (EcoPro or EcoPro Innovation)
  • Provides a foundation for partnering in co-operation across GT1’s projects as part of GT1’s strategy to become the first integrated lithium producer in Ontario
  • The executed agreements cover proposals for both upstream (mining and raw material extraction) and downstream (processing and conversion) activities, including the development of potential mines and the proposed Lithium Conversion Facility through the following potential pathways:
    – Corporate equity investment – at a significant premium to the last closing price and a 40% premium to the 90-day VWAP for an investment of A$8m via a two-tranche placement
    – Asset level investment options – up to 12-months exclusive rights to negotiate and agree staged asset-level investments in the Seymour and Root mine developments (Projects) in anticipation of negotiation of joint venture agreements to drive project advancement
    – Conversion Facility PFS Cooperation Agreement – negotiation of a comprehensive agreement outlining the execution and co-funding of a Pre-Feasibility Study (PFS) on the proposed Lithium Conversion Facility in Canada, leading to the negotiation and formation of a joint venture for the completion of a Definitive Feasibility study (DFS) and co-development of the facility
  • EcoPro brings extensive experience in lithium hydroxide production along with patented technology for lithium extraction
  • The partnership validates the Company’s integrated strategy to become Ontario’s first lithium concentrates and chemicals company
  • Joint funding application submitted to Invest Ontario for government funding on the proposed Lithium Conversion Facility – in progress
  • Proceeds from the subscription agreement will be allocated to a Definitive Feasibility Study to reach a Final Investment Decision (FID) on the Seymour Lithium project, funding the Lithium Conversion Facility PFS and supporting general working capital
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Work Scope/Contract No 2 - Site access road maintenance includes

  • regular inspections and repairs of the Jack Fish road turn off to Seymour to ensure safe and reliable access for vehicles and equipment
  • upkeep of the Armstrong Accommodation Camp access and internal roads
  • grading, resurfacing, snow removal, and drainage management to prevent erosion and maintain road integrity
  • implementing safety and environmental compliance measures, scheduling routine maintenance, and providing progress reports to stakeholders

 The goal is to maintain optimal road conditions, minimize downtime, and ensure compliance with safety and environmental standards

 Procurement Strategy: Daily rate plus materials

Location: Seymour Mine Site

Equipment: Grader, water cart, drum compactor, snow plough, wheel loader, tipper truck, road sweeper

Likely team size: 2-4 staff on 2 x 2 roster (12-hour day shift)

Duration: 3 years minimum

Work Scope/Contract No 1 - Surface Crushing Plant and Operation for Seymour Mine construction

  • site preparation, supply and installation of crushing and screening equipment
  • establishing operational procedures for material handling and crushing operations to crush excavated waste rock to the appropriate sizes and specifications to serve as construction gravel
  • implementing safety and environmental compliance measures, scheduling regular maintenance, and monitoring systems to ensure optimal performance

The goal is to produce high-quality aggregate materials efficiently while adhering to safety, environmental, and quality standards, and providing regular progress reports to stakeholders

Procurement Strategy: Supply, Install and Operate

Location: Seymour Mine Site

Equipment: Surface Crushing Plant and Loader

Likely team size: 2-3 staff on 2 x 2 roster (12-hour day shift)

Duration: 12 months

Power Supply: by GT1

Feed rock hardness and size: TBA

Final screened product sizes: TBA