Stock Track | LOPAL TECH Soars 5.08% Intraday on Strategic Lithium Resource Acquisitions

Stock Track04-22

LOPAL TECH's stock price surged 5.08% during intraday trading on Wednesday, following the company's announcement of two strategic transactions aimed at securing long-term lithium resources.

The company has entered into an agreement to acquire lithium exploration tenements in Western Australia's Pilbara region, known as the Marble Bar Lithium Project, for A$14.85 million. This project, based on a 2022 estimate, holds ore resources of 18 million tons. Separately, LOPAL TECH has agreed to acquire a 5% stake in Global Lithium Resources Limited and secure a decade-long offtake agreement for lithium from the Manna Lithium Project, involving a share subscription and up to USD 75 million in prepayments.

These moves are strategic initiatives to strengthen the company's upstream resource position, enhance lithium supply security and cost control, and support its core lithium iron phosphate cathode materials business and overseas capacity expansion.

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