Deal includes $30m upfront payment and $7.5m contingent on PLS’s Colina Project FID or by 2029 end.
Lithium Ionic has agreed to sell its Salinas lithium properties in Brazil’s Minas Gerais to PLS Brasil Mineração for $37.5m in cash. The transaction covers ten mineral claims, including the Baixa Grande lithium resource, with $30m payable at closing and $7.5m due upon a final investment decision or by December 2029.
The deal follows Lithium Ionic’s rapid exploration of the Salinas district, which advanced from initial drilling to a spodumene mineral resource in under two years. The company will retain a 2% royalty on future spodumene sales from Baixa Grande, calculated on a free-on-board basis after deductions.
Lithium Ionic CEO Blake Hylands stated the sale crystallizes value for shareholders without dilution, positioning the company to benefit from potential future development under PLS, a major hard-rock lithium player.