Today we announced a binding agreement to sell our remaining interest in the Lake Johnson Lithium Project to Charger Metals NL.

Under the sale, LIT will receive $2 million in return for the sale and retains first right of refusal for an offtake agreement, on commercial terms, for up to 30% of lithium products produced from the project.

What this means is that we crystalize value in cash today for a non-core assets whilst leaving the availability of Lithium units, via contingent offtake, for the LFP business.

Charger also announced that Rio Tinto will partner with them going forward on the Lake Johnson Lithium Project. We see this as a positive outcome going forward given LIT still holds a significant portion of Charger shares.