Snow Lake Resources Shares Rise 18% After Lithium Agreement

By Chris Wack

Snow Lake Resources Ltd. shares were up 18% to $2.71 Friday after the company said it signed a non-binding memorandum of understanding with LG Energy Solution to build a domestic supply chain for the North American electric vehicle market.

Snow Lake Lithium and LGES will collaborate to explore the opportunity to create one of Canada's first lithium hydroxide processing plants in CenterPort, Winnipeg, the company said.

Under the terms of the memo, Snow Lake Lithium said it will supply LGES with lithium over a 10-year period once production starts in 2025. The memo and contemplated partnership will be subject to a number of conditions, including the completion of due diligence from both parties, it said.

A scoping study is already underway to identify the technologies, innovations and skills required to deliver a world-class lithium hydroxide plant within the Manitoba Province.

Write to Chris Wack at [e-mail]

(END) Dow Jones Newswires

09-23-22 1022ET