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ION Announces US$13.5M Joint Venture on Urgakh Naran, Corporate Updates and Update on Rare Earths Transaction
Toronto, Ontario--(Newsfile Corp. - March 27, 2025) - Lithium ION Energy Limited (TSXV: ION) (FSE...
About this update from Osiris One Metals Ltd.
[{"type":"text","content":"ION Announces US$13.5M Joint Venture on Urgakh Naran, Corporate Updates and Update on Rare Earths TransactionToronto, Ontario--(Newsfile Corp. - March 27, 2025) - Lithium ION Energy Limited (TSXV: ION) (FSE: ZA4) (\"ION\" or the \"Company\") is pleased to share that it has entered into a binding Joint Venture Agreement with SureFQ Ltd. (\"SureFQ\") for the advancement of the Urgakh Naran project in Mongolia, in which ION will continue to hold a 20% free carried interest through to commercial production.Highlights:Proven DLE operator looking to deploy modular capacityUSD$5.5 in cash considerations to ION over 4.5 yearsUSD$8.0M in development expenditure for UN over 4 yearsION to maintain 2.5% NSR in perpetuity\"This milestone is a testament to the ION team's perseverance to deliver upon a strategic partnership that ensures the advancement of our UN asset at a time of historical low Lithium prices; demonstrating a path to production with associated upside that benefits our shareholders. We continue to see Urgakh Naran as an asset with significant potential and are excited to bring on a partner with proven technology that ensures revenue generation expeditiously,\" said Ali Haji, CEO & Director - Lithium ION Energy Ltd.\"SureFQ is thrilled to support this transformative partnership, which not only accelerates the development of the Urgakh Naran project, but also underscores the resilience and foresight of the ION team. In a challenging lithium market, strategic collaborations like this pave the way for sustainable growth and long-term value creation. We look forward to the positive impact this venture will have on the industry and stakeholders alike,\" said Hao Qu, CEO - SureFQ.The Joint Venture agreement was signed effective March 26, 2025. The transaction is expected to close by July 1, 2025, subject to TSXV approval. Debt SettlementThe Company further announces that it has negotiated debt settlements with certain non-arm's length creditors (the \"Debt Settlement\"). Pursuant to the Debt Settlement and subject to acceptance by the TSXV, the Company has agreed to settle an aggregate amount of $120,000 in debt, in consideration for which it will issue an aggregate of 3,000,000 common shares of the Company at a deemed price of $0.04 per share.All securities issued in relation to the Debt Settlement will be subject to a hold peri...