American Marconi Wireless News - American Battery Materials and XTC Lithium Limited Announce Letter of Intent for Strategic Partnership in Carachi Lithium Project

The Carachi Lithium Project, held by XTC's wholly owned Argentine subsidiary, XTC Lithium Argentina SAR (XLA), comprises several exploration properties within Argentina's renowned Lithium Triangle. This region is globally recognized for its rich lithium deposits, a critical component in the production of batteries for electric vehicles and renewable energy storage.

Under the terms of the LOI, ABM will have the opportunity to acquire up to a 50% interest in the Carachi Lithium Project. Additionally, upon securing a 10% interest in the Project, ABM will have the right to enter into a joint venture agreement with XTC for the continued exploration and development of the mining tenements.

"This Letter of Intent represents a pivotal step in our strategy to expand our footprint in the global lithium market," said David E. Graber, CEO of American Battery Materials, Inc. "Partnering with XTC Lithium LTD, gives us access to a promising project in the heart of the Lithium Triangle, and we look forward to working together to unlock its full potential."

Mr. Graber also said, "Beyond proven geological data on the salar, Xantippe (XTC Lithium) has an excellent operating team in place that is personally invested in the project. Those individuals have a successful track record in identifying, developing and financing projects all the way through a sale."

John Featherby, Chairman of XTC Lithium Limited, added, "We are excited to collaborate with ABM on the Carachi Lithium Project. Their expertise and shared commitment to sustainable resource development make them an ideal partner as we advance this project toward production."

Although ABM has entered into the LOI with respect to a proposed partnership to develop the Carachi Lithium Project, such transaction is subject to the execution and delivery of a definitive agreement and the satisfaction of the closing conditions which will be contained therein, including securing all necessary statutory, corporate and regulatory approvals and obtaining cash proceeds from financing arrangements. There can be no assurance that a definitive agreement will be entered into, or that the Carachi Lithium Project transaction will be consummated upon the terms set forth in the LOI, or otherwise.

The proposed partnership underscores both companies' commitment to meeting the growing global demand for lithium, driven by the rapid expansion of the clean energy sector. The parties will now work toward finalizing a definitive agreement and obtaining all required approvals to move forward with the transaction.

About American Battery Materials, Inc.
American Battery Materials, Inc., headquartered in Greenwich, Connecticut, is a U.S.-based company focused on the exploration, acquisition, and development of lithium and other battery materials critical to the global energy transition. ABM is committed to sustainable practices and delivering value to its stakeholders through strategic partnerships and innovative projects.

About XTC Lithium Limited
XTC Lithium Limited, based in Wollstonecraft, NSW, Australia, is an exploration and development company with a focus on lithium resources in Argentina and other regions. Through its subsidiary, XTC Lithium Argentina SAR, the company is advancing projects in the Lithium Triangle, a globally significant region for lithium production.

For Media Inquiries:
American Battery Materials, Inc.
500 West Putnam Avenue, Suite 400
Greenwich, CT 06830
+1 800-998-7962
[email protected]

XTC Lithium Limited
63 Sinclair Street
Wollstonecraft NSW 2065, Australia

Forward-Looking Statements: This press release contains forward-looking statements, including statements regarding the potential partnership between ABM and XTC, the development of the Carachi Lithium Project, and the expected outcomes of the proposed transaction. Such statements are subject to risks and uncertainties, including the failure to finalize a definitive agreement, obtain necessary approvals, or meet other conditions. Neither ABM nor XTC undertakes any obligation to update these statements based on future events or developments, except as required by U.S. federal securities laws.

SOURCE: American Battery Materials, Inc.

View the original press release on ACCESS Newswire

D.Cunningha--AMWN