Askari Metals Limited announced that the Company has signed a non-binding Lithium Strategic Partnership Agreement (Lithium Partnership) with Zhejiang Kanglongda Special Protection Technology Co. Ltd. (Zhejiang Kanglongda). The Lithium Partnership agreement relates to the Company's Australian-based lithium assets including the Barrow Creek Lithium Project located in the Northern Territory as well as the portfolio of Eastern Pilbara lithium assets, namely the Yarrie Lithium Project, the Talga East Lithium Project and the Myrnas Hill Lithium Project.

Zhejiang Kanglongda is principally engaged in research and development, design, manufacture and sales of protective gloves and is listed on the Shanghai Stock Exchange (SHA: 603665) with a market capitalisation of approximately USD 988 million. In July 2022 Zhejiang Kanglongda completed the acquisition of a further 17.7% interest in a local Chinese lithium chemicals producer (Jiangxi Tiancheng Lithium Industry) (Tiancheng Lithium) for USD 30 million, bringing its total equity ownership to 51%. Tiancheng Lithium extracts lithium sulfate solution.

The Lithium Partnership will assist the Company with the rapid development of its Australian Lithium Assets. Pursuant to the Lithium Partnership, Zhejiang Kanglongda will be provided with a preferred offtake position in relation to commercial production from the Company's Australian lithium projects. In addition, Zhejiang Kanglongda will assist the Company with lithium chemical downstream processing techniques and opportunities as well as provide access to capital for future development.