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%
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。