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To: LoneClone who wrote (169078)	12/15/2022 10:12:24 AM
From: LoneClone	Read Replies (1) \| Respond to of 192593

Pursuit buys into Argentina lithium miningweekly.com 14th December 2022 By: Esmarie Iannucci Creamer Media Senior Deputy Editor: Australasia PERTH (miningweekly.com) – ASX-listed Pursuit Minerals will acquire Argentina-focused lithium explorer Trilogy Minerals, which holds the rights to acquire the Rio Grande Sur project. Pursuit on Wednesday explained that Trilogy was in the process of an $8-million capital raise to exercise its rights over the Rio Grande Sur tenements, with the raising to be complete prior to the end of December. Trilogy will also grant the project vendors a 1.5% net smelter royalty over three of the tenements. Pursuit is now offering to acquire Trilogy for 362.5-million of its own shares, as well as more than 285.4-million performance shares that will convert into Pursuit shares at the announcement of a minimum resource of 100 000 t of lithium carbonate equivalent. A further 222.8-million performance shares will also be issued, convertible into Pursuit shares on the commercial sale of 2 000 t/y of lithium carbonate, while a further 201.4-million performance shares will become convertible into Pursuit shares on the completion of a bankable feasibility study to support the financing and construction of a 20 000 t/y commercial facility. “The acquisition of Trilogy will see Pursuit expand its operations to become an emerging lithium exploration company with resources in a highly prospective lithium-rich region. With lithium prices in excess of $85 000/t, Pursuit is well placed to take advantage of one of the world’s most sought-after battery minerals,” said Pursuit MD Bob Affleck. “The board feels that the acquisition creates a clear derisked pathway to potential project development for the company and we look forward to combining with the Trilogy team to grow the company for all shareholders.” The Rio Grande Sur project covers 9 233 ha, with the project partially located within the Rio Grande Salar which hosts an inferred resource of 2.1-million tonnes of lithium carbonate equivalent at an average grade of 370 mg/lithium. The transaction is subject to a number of conditions, including the completion of a due diligence and Trilogy completing its $8-million convertible note raise. Pursuit will also undertake a capital raising of at least A$2-million. Additionally, the transaction is subject to shareholder and regulatory approvals, and Trilogy exercising its options to acquire the Rio Grande Sur tenements.