Albemarle Lithium Pty Ltd entered into a binding agreement to acquire Western Lithium Ltd from Lithium Power International Limited (ASX:LPI) for AUD 30 million on June 19, 2023. The sale agreement is an all cash-for-shares transaction amounting to AUD 30 million, subject to a customary price adjustment to reflect WLI's liabilities as at completion. Out of the total consideration AUD 29 million will be received at completion while the balance of AUD 1 million will only be received if certain tenement applications are granted within 18 months of completion. The transaction is not subject to any condition’s precedent. Completion is expected to occur effective on or around July 3, 2023.

Albemarle Lithium Pty Ltd completed the acquisition of Western Lithium Ltd from Lithium Power International Limited (ASX:LPI) on July 3, 2023.