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E3 Lithium Enters into a Non-Binding Collaboration Agreement with Tees Valley Lithium

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E3 Lithium (ETL.V) on Thursday said it signed a non-binding collaboration agreement with Tees Valley Lithium (TVL), a subsidiary of Alkemy Capital Investment.

The proposed agreement would enable E3 to use TVL's lithium hydroxide conversion capacity at its UK refinery to convert lithium carbonate produced at E3's Clearwater Project into battery-grade lithium hydroxide for supply to its potential customers, said the company. The agreement contemplates up to 50,000 tonnes of lithium hydroxide over an initial term of 10 years, added E3 Lithium.

There is no guarantee that the company will enter into a definitive agreement with TVL, E3 said.

"This collaboration agreement gives E3 meaningful optionality as we negotiate with potential offtake partners," said Chief Executive Officer Chris Doornbos."This framework provides a potential pathway to serve hydroxide demand while we continue to focus on our speed to market and enhanced capital efficiencies for our carbonate production."

The company's shares were last seen up C$0.03, or 2.6%, to C$1.20 on the TSX Venture Exchange.

Price: $1.20, Change: $+0.03, Percent Change: +2.56%

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