Argentina Lithium & Energy Corp (TSX-V:LIT, OTCQX:LILIF) announced it has fully exercised three option agreements to acquire a 100% interest in 22 properties in the Rincon West, Pocitos, and Antofalla North projects in Argentina’s Salta Province.
This strategic move follows a $4 million investment from automotive giant Stellantis, which the company used to secure significant landholdings across its most promising lithium projects.
¨Following the receipt of the investment from Stellantis, we deployed the funds to secure a large portion of our most prospective optioned properties, where we have advanced drilling and geophysics throughout 2024,” said Nikolaos Cacos, CEO of Argentina Lithium.
“These acquisitions secure large land packages where our reconnaissance work has validated initial exploration hypotheses.”
The properties, spanning 25,391 hectares, remain subject to production royalties, the company said.
Argentina Lithium & Energy initially entered into the agreements between 2021 and 2022. The option to acquire 5,380.5 hectares at the Antofalla Salar, originally announced in August 2021, was finalized with a $3.2 million payment in November 2023, waiving additional exploration commitments. A 2% net smelter royalty will be due when the property enters production.
Further acquisitions included 15,857.5 hectares at Pocitos Salar and 2,370.5 hectares at Rincon Salar. These properties were secured with a final payment of $2.9 million in November 2023.
The Ramos Properties, totaling 1,762 hectares, were acquired after completing a $550,000 payment in January 2024. These properties carry a 1% net smelter royalty.
Argentina Lithium has been advancing exploration across its holdings as global demand for lithium surges, driven by the electric vehicle and battery storage sectors.