Skip to content

Grounded Lithium and Denison Mines Forge $15.15M Strategic Investment Deal for Kindersley Project

Grounded Lithium Corp. (GLC) (TSXV: GRD) (OTCQB: GRDAF) has announced a definitive agreement on January 15, 2024, with Denison Mines Corp (TSX: DML) (NYSE American: DNN) (‘Denison’), initiating a strategic partnership. Denison will invest up to $15,150,000, securing up to 75% working interest in GLC’s Kindersley Lithium Project (KLP), fueling its advancement.

Kindersley Lithium Project Investment Details

The structured earn-in partnership mandates Denison to carry out cash payments to GLC and cover project expenditures. The transaction entails a future field pilot project, further technical evaluations, and maintenance of KLP lands.

Investment Phases and Denison’s Working Interests

Three investment phases pave the way for Denison’s working interest increment. The pivotal economic stipulations include:

– Phase 1: A total contribution of $3,000,000 for a 30% interest
– Phase 2: A cumulative $7,650,000 for a 55% interest
– Phase 3: Denison can solidify a 75% interest with a total of $15,150,000 funded

Should Denison complete its investment phases, a joint venture with GLC will ensue.

Conference Call on GLC-Denison Partnership

GLC will host a conference call at 10:00am (MST) on January 17, 2024, to further discuss the alliance with Denison. Company officials will lead the call, with replay accessible on GLC’s website post-event.

Forward Momentum for Grounded Lithium Corp.

Gregg Smith, GLC’s President & CEO, noted the partnership with Denison aligns with their goal to establish cost-effective, environmentally responsible lithium production. The collaboration aims to enhance value for shareholders and accentuates GLC’s expedited path to commercial lithium production.

David Cates, President and CEO of Denison, conveyed enthusiasm for the venture, underscoring the synergy between Denison’s uranium expertise and the burgeoning lithium sector.

GLC has established a mutual interest zone with Denison. It also holds the rights to independently explore and develop prospects beyond the designated region.

About Grounded Lithium Corp.

GLC leads as a lithium brine exploration and development entity, boasting significant resources in Southwest Saskatchewan, and a commitment to support the global energy transition through responsible lithium production.

The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News