Greenland Minerals Limited (the Company or Greenland) (ASX: GGG) is pleased to announce that it has entered into a binding heads of agreement with Technology Metals Europe SL (TME) and its sole shareholder Welsbach Holdings Pte Ltd (Welsbach), for the right to earn-in a 51% interest in TME (Transaction).

TME is the sole owner of an exploration permit in Spain prospective for lithium (Tenement), known as the Villasrubias project. Greenland can earn its interest in TME by spending AU$3,000,000 on a jointly agreed works program in relation to the Tenement within 3 years from the date of satisfaction (or waiver, if permitted) of the conditions precedent to the Transaction.

Welsbach is a related party of Greenland by virtue of being an entity controlled by Mr Daniel Mamadou, Managing Director of Greenland, one of three directors of Welsbach and owner of a controlling shareholding interest in Welsbach.

The Transaction remains conditional, including on completion of due diligence by Greenland on TME and its assets, including the Tenement, to the satisfaction of Greenland, and Greenland obtaining shareholder approval pursuant to ASX Listing Rule 10.1.
A notice of meeting, including an independent expert’s report assessing the fairness and reasonableness of the Transaction, will be distributed to shareholders in due course with the Company targeting a meeting date in September 2022.

A summary of the material terms of the HOA is set out in Annexure A.