Business
Lithium Africa Acquires Advanced Lithium Asset in South Africa
Lisbon, Portugal--(Newsfile Corp. - February 25, 2026) - Lithium Africa Corp. (TSXV: LAF) (the " ...
About this update from Lithium Africa Corp.
[{"type":"text","content":"Lithium Africa Acquires Advanced Lithium Asset in South AfricaLisbon, Portugal--(Newsfile Corp. - February 25, 2026) - Lithium Africa Corp. (TSXV: LAF) (the \"Company\" or \"Lithium Africa\") is pleased to announce that it has entered into a definitive agreement dated February 25, 2026 to acquire a large lithium project in South Africa, including a past-producing spodumene mine, a related ore stockpile and 1,675 km2 land package hosting a known field of mapped LCT pegmatites (the \"Springbok Project\").Tyron Breytenbach, CEO, stated, \"The acquisition of the Springbok Project provides Lithium Africa with an advanced brownfields operation to complement our exciting but earlier stage grassroots programs across Africa. Due diligence by our geological team has identified 30 new spodumene-bearing pegmatites within conceptual trucking distance of the past producing Norrabees pegmatite. Additionally, the >30,000 tonne stockpile provides a near-term source of cash flow that Lithium Africa will seek to monetize to provide a non-dilutive source of exploration capital. This is in line with our business plan of offering the most exploration potential at the lowest share count.\"Transaction TermsLithium Africa intends to acquire 70% of Namli Exploration & Mining Proprietary Limited (\"Namli\") in a staged transaction whereby 30% will be acquired immediately upon receipt of authorisation under the South African Currency and Exchanges Act and the remaining 40% will be acquired upon receipt of consent to Lithium Africa acquiring a majority stake in Namli from the South African State Department of Mineral and Petroleum Resources (the \"s11 Consent\") for consideration of:US$1.35 M in cash (paid in two installments of 30% upfront and 70% after receipt of s11 Consent);US$150,000 to settle a third-party claim relating to the Springbok Project; andUS$2.5 M paid over 24 months (monthly payments of US$106,000).Namli holds a prospecting right (NC13301PR) and a mining permit (NC10950MP) comprising the Springbok Project. In connection with the acquisition of Namli, the Company will pay a consultant, an arm's length party to the Company and Namli, US$200,000 payable in common shares of the Company upon receipt of approval from the TSX Venture Exchange.The Springbok Project OverviewThe Springbok Project is located in an accessible but sparsely popul...