Patriot Battery Metals (ASX: PMT) entered a strategic partnership with Volkswagen for the European car manufacturer to acquire a 9.9% stake in the company for about CA$69 million, according to a Wednesday filing with the Australian bourse.
The partnership includes a binding offtake agreement in which Volkswagen's PowerCo unit will purchase 100,000 tonnes of spodumene concentrate annually from Patriot's Shaakichiuwaanaan lithium project in Quebec, Canada for 10 years, the filing said.
The offtake agreement is contingent upon the completion of a feasibility study, necessary approvals, and successful commissioning of stage 1 of the project by June 30, 2031.
The investment is expected to close by mid-January 2025, subject to Toronto Stock Exchange approval, the company said.
Shares of the company rose nearly 15% in recent Thursday trade.
Price (AUD): $0.36, Change: $+0.05, Percent Change: +14.92%
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