r Lake Resources NL (ASX: LKE) today announced that it has agreed to a conditional drawdown with SK On, a Korean battery manufacturer.
Lake is focused on developing its flagship Kachi project in the province of Catamarca, Argentina. The company has three other projects covering 220,000 ha.
The terms of the agreement include the following:
- A strategic investment of a 10% stake in Lake (VWAP 20 business days before 10/12/22)
- Withdrawal of 50% of the lithium product from the Kachi project up to 25,000 dmt (LCE)
- Initial term of five years plus option for additional five years
- Drawdown priced according to an agreed market price formula based on the average quoted price during the quote period.
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