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Beyond Lithium to buy Borland Claims from Patriot Lithium in NWO

Jan 10, 2024

Beyond Lithium Inc. has entered into a mineral property purchase agreement with Patriot Lithium Limited, an Australian based mineral exploration company listed on the Australian Stock Exchange, pursuant to which the Company will transfer to Patriot an undivided 100% interest in the 61 mining claims comprising the Company's Borland East and Borland North projects located approximately 60 km northwest of Frontier Lithium's PAK project in Northwest Ontario. 

As consideration for the Borland Claims, Patriot will issue to Beyond Lithium on closing, 1,100,000 fully paid ordinary shares in the capital of Patriot, subject to certain contractual escrow requirements (the "Purchase Price Shares"). Additionally, Patriot shall pay Beyond Lithium a cash payment of C$2,500,000 for an initial mineral resource estimate filed or announced by Patriot declaring any JORC, NI 43-101, or SK-1300 compliant, as applicable, deposits or orebodies contained exclusively in any part of the Borland Claims exceeding 20 million metric tonnes of contained Li2O with an average grade equal to 1.0% Li2O or greater.

"We are pleased to announce the first of many expected transactions to maximize the value of our large lithium exploration portfolio in Ontario for the benefit of our shareholders. When looked at a price per hectare, this transaction values Beyond Lithium's 198,000-hectare portfolio at $33 million," commented Allan Frame, President and CEO of Beyond Lithium. "We adopted the project generator business model to maximize funds available for the exploration of our most advanced projects, while minimizing shareholder dilution. During our very successful 2023 exploration season, we generated significant amount of geological data on over 50 of our projects, making them attractive candidates for both companies which want to enter the lithium market or wish to consolidate existing land positions. These results will allow us to accelerate our deal-making activities."

"The deal with Patriot Lithium is consistent with our priorities of partnering with reputable companies and retaining an interest in a potential lithium discovery, in this case in the form of milestone payments. The Borland Claims will form a part of a large and significant land package with better potential for development by Patriot Lithium."

Completion of the transactions contemplated by the Purchase Agreement remains subject to certain conditions, including:

  • completion of customary due diligence investigations to the satisfaction of Patriot;
  • Patriot obtaining all necessary consents and approvals to issue the Purchase Price Shares;
  • no material adverse change occurring with respect to Patriot;
  • the Purchase Agreement not having been terminated; and
  • standard closing conditions for transactions of this nature. 

Beyond Lithium also announced that it has entered into a mineral property option agreement (the "Option Agreement") with Extreme Exploration Inc. (the "Optionee"), pursuant to which the Company has granted the Optionee an exclusive option to acquire (the "Option") an undivided 100% interest in its non-core Fabie Gold project located approximately 35 km northwest of Rouyn-Noranda, Quebec (the "Fabie Gold Project"). Extreme Exploration Inc. is a Vancouver based private exploration company.

The Fabie Gold Project is intended to serve as the Optionee's qualifying property for a going public transaction to be carried out as an initial public offering, reverse takeover, or other transaction structure which results in the Optionee's common shares becoming listed, or being exchanged for shares which are listed, on a recognized Canadian stock exchange (a "Going Public Transaction").

Exercise of the Option by the Optionee is subject to the Optionee satisfying the following conditions:


completing a Going Public Transaction within 18 months of the date of the Option Agreement (the "Effective Date");



issuing to the Company an aggregate of 1,000,000 common shares in the capital of the Optionee upon closing of the Going Public Transaction, subject to certain contractual escrow requirements;



reimbursing the Optionor for its costs associated with the exploration of the Fabie Gold Project in the amount of C$150,000 cash as follows:



$50,000 to be paid on the earlier of (A) 90 days from the Effective Date or (B) closing of the Optionee's first debt or equity financing transaction completed following the Effective Date;


$100,000 to be paid on or prior to completion of the Going Public Transaction; and



assuming the 1.0% net smelter return royalty obligation of the Company in respect of the Fabie Gold Project in favour of Reyna Silver Corp. upon exercise of the Option.


"The transaction with Extreme Exploration is in line with Beyond Lithium's strategy of monetizing its non-core mineral property and developing a portfolio of marketable securities. Beyond Lithium will continue to concentrate on advancing its exploration on its lithium property portfolio in Ontario with a focus on its most advanced and promising projects. The combined cash and securities value of the two transactions announced today totals about C$575,000 in non-dilutive financing. We look forward to announcing other similar transactions," concluded Mr. Frame.

About Beyond Lithium Inc.

Beyond Lithium Inc. is the largest greenfield lithium exploration player in Ontario with 63 high potential lithium properties totalling over 195,000 hectares. The Company has adopted the project generator business model to maximize funds available for exploration projects, while minimizing shareholder dilution. Beyond Lithium is advancing certain of its projects with its exploration team and will seek to option other properties to joint venture partners. Partnering on various projects will provide a source of non-dilutive working capital, partner-funded exploration, and long-term residual exposure to exploration success.

About Patriot Lithium Ltd (ASX: PAT)

Patriot Lithium Limited is primarily focused on the exploration of high-grade, hard rock lithium projects located in the highly prospective Archean Greenstone Belts in northwest Ontario, Canada and the prolific Black Hills lithium district of South Dakota and Wyoming.

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