On December 5, 2024, Jiangxi Ganfeng Lithium Co., Ltd. held a board meeting to approve the signing of the "Equity Transfer Agreement" with the Malian government. According to the agreement, Ganfeng International Limited will transfer 35% of its stake in Lithium du Mali SA (LMSA) to the Malian government, of which 10% is a free equity stake, and 25% will be sold for approximately $32 million. The Malian government will provide policy support for the Goulamina lithium spodumene Phase II project. \nLMSA was established in 2020 and is located in Bamako, Mali. The Goulamina project Phase I has entered the trial production stage. As of September 30, 2024, LMSA had total assets of approximately $377 million and total liabilities of approximately $377 million, with net assets of about $418,000. The net profit...Show More

On December 5, 2024, Jiangxi Ganfeng Lithium Co., Ltd. held a board meeting to approve the signing of the "Equity Transfer Agreement" with the Malian government. According to the agreement, Ganfeng International Limited will transfer 35% of its stake in Lithium du Mali SA (LMSA) to the Malian government, of which 10% is a free equity stake, and 25% will be sold for approximately $32 million. The Malian government will provide policy support for the Goulamina lithium spodumene Phase II project. \nLMSA was established in 2020 and is located in Bamako, Mali. The Goulamina project Phase I has entered the trial production stage. As of September 30, 2024, LMSA had total assets of approximately $377 million and total liabilities of approximately $377 million, with net assets of about $418,000. The net profit for the first nine months of 2024 was $529,000. After the equity transfer, Ganfeng Lithium will hold 65% of LMSA, while the Malian government will hold 35%. \nThis trade does not constitute a significant asset restructuring and does not require a shareholder meeting for deliberation. The Malian government has committed to providing tax incentives and supporting project development. The signing of the agreement is conducive to consolidating cooperation between both parties, promoting the smooth production of the project, and achieving expected economic benefits.