Industria
Usha Resources Congratulates Stardust Power on NASDAQ Listing, Provides Update on LOI to Sell Up to 90% of the Jackpot Lake Project for Total Consideration of up to US$26,025,000
A non-refundable sum of US$75,000 has been paid to Usha by Stardust Power pursuant to the LOI.
Stardust Power's listing on the NASDAQ is a necessary condition for the execution of definitive agreements (the " ") pursuant to the LOI.
Upon completion of the full earn-in of US$26,025,000 , which comprises payments totaling US$1,525,000 cash, US$750,000 stock, US$15,750,000 stock or cash at Stardust Power's election, and a work commitment of US$8,000,000 , Usha would retain 10% of the Project and a 2% NSR and would be carried in the Joint Venture (" ") formed between Usha and Stardust Power until a formal Decision to Mine is reached following completion of a Feasibility Study. Stardust would be permitted to buy back 1% NSR for a cash payment of US$7,500,000 .
Deepak Varshney , CEO of Usha commented: "We congratulate Stardust Power on its listing and its subsequent success which demonstrates the strength of their value proposition."
Mr. Varshney continued: "Our strategic vision at Usha has always been to acquire and monetize undervalued assets. With the recent acquisition of the Southern Arm Copper-Gold VMS Project from Abitibi Metals, our focus will now shift towards copper and other critical metals. With working capital of approximately $1.2M , Usha is in a strong financial position to execute over the coming year and we look forward to our maiden drill program at Southern Arm, particularly at " Hollywood ", which has a ~1.8 km footprint that is open along strike."
Stardust Power is developing a lithium refinery facility in Muskogee, Oklahoma , with capacity of producing up to 50,000 tons per annum of battery grade lithium carbonate (" ") once fully operational. Stardust Power's battery-grade lithium refinery will be designed and manufactured to foster lower carbon energy independence for the United States . Stardust Power seeks to become a sustainable, cost-effective supplier of BGLC, primarily for the electric vehicle (" ") market, through the development of its innovative, large central refinery (the " ") optimized for multiple inputs of different types of lithium brine, including concentrated lithium brine, lithium chloride, or technical and crude grade lithium feedstocks. Once completed, Stardust Power expects to secure multiple sources of feedstock from various lithium producers, with the Facility becoming one of the largest lithium refineries in the United States .
The LOI is non-binding, other than Usha's agreement to not engage or communicate with any other party with respect to the Project through September 2024 . The transaction is subject to the satisfaction of a number of conditions, including Stardust Power's satisfactory commercial and legal due diligence, the negotiation and execution of the Definitive Agreement and the approval of the TSX Venture Exchange. The Company cautions that there is no guarantee that the Definitive Agreement will be completed or that the other conditions will be satisfied.
USHA's Jackpot Lake Lithium Brine Project is located within Clark County , 35 kilometers northeast of Las Vegas, Nevada , and is comprised of 442 optioned and staked mineral claims that total 8,714 acres (approximately 35.3 km ).
The Project's geologic setting is similar to that of Albemarle's Silver Peak Nevada Lithium Mine, the only producing lithium mine in North America , which has operated continuously since 1966, where sediments from lithium–rich surrounding source rocks accumulate and fill the deposit leading to a potential concentration of lithium brine due to successive evaporation and concentration events.
Modelling indicates that the Project target comprises the entirety of the Company's core optioned claim block (2,800 acres; 11.3 km ) and is open in all directions for expansion. The target is shallow, predominantly above bedrock depths of 600 meters, and is approximately 450 meters thick. The total basin within which the target is situated is estimated to be approximately 10,900 acres of which the Company now controls 8,714 acres.
The technical content of this news release has been reviewed and approved by Mr. Deepak Varshney , P.Geo., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality lithium metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC , Usha's portfolio of strategic properties provides target-rich diversification and includes Jackpot Lake, a lithium brine project in Nevada and White Willow, a lithium pegmatite project in Ontario that is the flagship among its growing portfolio of hard-rock lithium assets. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
"Deepak Varshney" CEO and Director
For more information, please call 778-899-1780, email info@usharesources.com or visit www.usharesources.com.
Stardust Power Inc. is a development stage manufacturer and refiner of battery-grade lithium products designed to supply the EV industry and help secure America's leadership in the energy transition. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 tonnes per annum of battery-grade lithium. Committed to sustainability at each point in the process. Stardust Power is expected to become a publicly traded company on Nasdaq under the ticker symbol "SDST" via a planned business combination with Global Partner Acquisition Corp II ("GPAC II") (NASDAQ: GPAC), a special purpose acquisition company.
For more information, please call 778-899-1780, email info@usharesources.com or visit www.usharesources.com.
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