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Spey Resources executes lithium offtake agreement with Richlink Capital. (Credit: Chris Wiedenhoff from Pixabay)
Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS) (“Spey” or the “Company”), is pleased to announce that the Company has executed a letter of intent (the “LOI”) with Richlink Capital Pty Ltd. (“Richlink”), an investment bank servicing international institutions in the lithium markets. The LOI outlines the potential for the Company to supply up to 20,000 tonnes of lithium chloride annually to two of Richlink’s clients from potential future production at the Company’s Incahuasi Salar and Pocitos 2 Salar lithium brine projects in Salta province, Argentina.
The LOI contemplates that Richlink’s clients would contract to purchase a minimum of 10,000 tonnes of lithium chloride of potential future production on a free on board basis from the port in Antofagasta, Chile. The current benchmark price quoted by Trading Economics is 577,500 yuan or USD equivalent $80375.78 per tonne as at November 4, 2022.
The obligations of the parties will be subject to customary conditions after satisfactory completion of due diligence, including:
the board of directors of each party approving the proposed transaction;
the parties’ execution of a definitive agreement;
the receipt of any regulatory approvals; and
there being no material adverse change in the operations, condition (financial or otherwise) or assets of either party.
Nader Vatanchi, VP of Corporate Finance of the Company, stated, “with our Incahuasi project adjacent to Ganfeng’s project, and Pocitos 2 drilling on track to commence this month, the LOI is another plank in our road to successfully developing our lithium projects. We are delighted to be working with Sam Zheng and George Su at the Richlink office in Australia and their lithium buyer clients. Our drillers, logistics and legal teams have prepared for our next phase of development operations to commence in Argentina”.
Source: Company Press Release