Leo Lithium Ltd

Today, Leo Lithium Ltd announced the sale completion of its remaining 40% shareholding in the Goulamina Lithium Project, held through the holding company Mali Lithium BV (MLBV), to Leo’s former joint venture partner GanfengLithium. Considering the increasingly challenging sovereign risks and expected impact of adopting the 2023 Malian Mining Code, the Board believes the sale of Leo’s interest, as approved by shareholders, was in the best interest of all stakeholders. The Board has committed to returning a significant portion of the proceeds from the sale to shareholders, including all of the net proceeds of the first tranche payment. In the meantime, The company is seeking alternative opportunities to deliver growth for shareholders and will be progressing with these evaluations. Once again, the Board thanks shareholders for their patience and support throughout the transaction and while it develops a roadmap for Leo Lithium’s future. Read more in our ASX announcement 👉 https://lnkd.in/gmkNud6E #ASX #MiningNews #Lithium

Today, Leo Lithium Ltd released its September quarterly report, highlighting the company's activities over the past three months. Highlights include: • Shareholders approved the sale by Leo Lithium of its remaining shareholding in Mali Lithium B.V. (MLBV) to Ganfeng for US$342.7 million (MLBV Sale). • The remaining condition precedent to completion of the MLBV Sale, being receipt of Chinese Government approval, is anticipated to be satisfied during October 2024 with completion in mid-November 2024. • A significant portion of the proceeds from the MLBV Sale will be returned to shareholders, with proposed distributions in January 2025 and July 2025. • Management responsibility for Lithium du Mali S.A, and therefore the Goulamina Project, was formally transferred to Ganfeng with effect from 1 July 2024. • By 30 September 2024, all Leo Lithium personnel had departed Mali, with ongoing support being provided to Ganfeng from Perth. • No resumption in trading of Leo Lithium shares on ASX. Leo Lithium’s Chairman, Rick Crabb said: “We thank our shareholders for voting in favour of the MLBV Sale. The Board believes the sale provides shareholders with the ability to realise certain value in challenging circumstances. Management is now focused on completing an effective transfer of the Goulamina Project to Ganfeng and finalising the sale and returning funds to shareholders as well as examining opportunities that are value-accretive for shareholders.” Read the full announcement here: https://shorturl.at/9Dy9J #ASX #Mali #Lithium

Leo Lithium Ltd is pleased to release its June quarterly report, which outlines the company's progress over the past three months.   Highlights include: ✔️ Continuous commitment to health and safety, with no lost time injuries since the Goulamina Project began. ✔️ The Project reached 86% completion at quarter end. ✔️ 1.07 million BCM material mined for the quarter. ✔️ Settlement reached with the Mali Government on all matters in dispute. ✔️ Leo Lithium to sell its shareholding in Mali Lithium B.V. for US$342.7 million in total, subject to shareholder approval. ✔️ Additional funds to be returned to shareholders as part of the first distribution in January 2025 and second distribution in July 2025. ✔️ Shareholders will vote on the proposed transaction at the Company’s AGM on 31 July 2024. The Board of Leo Lithium continues to recommend shareholders VOTE IN FAVOUR of the proposed transaction.   Managing Director Simon Hay said: “The June quarter was significant for the Company – finally settling with the Mali Government, announcing the proposed sale of our interest in MLBV and the Project, and transferring management responsibility of the Project to Ganfeng ahead of Leo’s eventual exit.   While we would have preferred to remain involved in the Project, in the absence of a viable agreement with the Mali Government, we believe the transfer of ownership is in the best interest of all stakeholders.   Once again, we thank shareholders for their patience and support while we progress the proposed transaction, continue to engage with the ASX, and develop a roadmap for the future of Leo Lithium.”   Read the full announcement here: https://lnkd.in/gBHaBmzK   #ASX #Mali #Lithium

Today, Leo Lithium Ltd announced an update to the Share Sale Agreement to sell the remaining 40% interest in Mali Lithium BV to GanfengLithium. Following discussions with many shareholders over the last few weeks, the Board has committed to increasing the amounts returned to shareholders. Leo Lithium is now proposing two cash distributions to shareholders with the first one, as previously announced, planned for January 2025 and a second payment in July 2025. Leo Lithium will hold its AGM, which will allow shareholders to vote on the transaction, on Wednesday, 31 July 2024, at 10:00 a.m. AWST. More information on how to vote can be found here: https://lnkd.in/gq4EzSbn The Board of Leo Lithium continues to recommend shareholders VOTE IN FAVOUR of the Proposed Transaction. Read the full update here: https://lnkd.in/geSjTatU #ASX #MiningNews #Lithium

Following last week’s investor webinar, we’ve prepared an Investor FAQ document to address our shareholders’ top questions 📢 The document covers common areas of shareholder interest such as Leo’s settlement with the Mali Government, the proposed sale of Leo’s interest in Goulamina, returns to shareholders and the Company’s future. Visit our website to access the document 👉 https://lnkd.in/g_MjhEAB #asx #miningnews #lithium 

Leo Lithium will host a Shareholder Webinar on 3 of July at 11:00am AWST/1:00pm AEST.   Join us to hear from our Managing Director, Simon Hay and Non-Executive Chairman, Rick Crabb who will provide an overview of the Proposed Transaction with GanfengLithium.   The Webinar will include a live Q&A session.   📆 Wednesday 3 July 2024 ⌚️ 11:00am AWST / 1:00pm AEDT 📌 Register: https://lnkd.in/gvF5-fZr   Questions can also be lodged in advance via email at: info@leolithium.com   #asx #miningnews #lithium

Today Leo Lithium Ltd announced it has received US$5 million in consideration from GanfengLithium as the final part of the sale of its 5% interest in Goulamina. US$10.5 million was also secured from Ganfeng as a non-refundable deposit for the sale of Leo’s remaining 40% interest in the project.  The Company’s announcement contains a timeline for shareholder voting on the deal and confirms the Board’s intention to return 100% of the net after-tax proceeds of the Tranche 1 payment of US$161.0 million (gross) to shareholders.  Read the full ASX announcement here 👉 https://bit.ly/3QYoaLL An FAQ for investors addressing recent shareholder enquiries is available here 👉 https://lnkd.in/gGAc9JBt   #ASXNews #Lithium #Mali 

Today, Leo Lithium Ltd announced it has entered into an MOU with the Mali Government, resolving all outstanding issues. At the same time, the company has entered into a Sale Agreement for GanfengLithium to purchase Leo’s remaining 40% interest in Goulamina for US$342.7 million.     On the announcement, Leo Lithium’s Managing Director, Simon Hay, commented:  “Despite our best efforts to reach a viable agreement with the Mali Government and considering the increasing risks associated with operating in Mali, the impact of the new 2023 Mining Code and the Company’s financial position for future funding, the Board of Leo Lithium has determined that a sale of the Company’s remaining interest in Goulamina is in the best interest of Leo Lithium shareholders.     The Board believes the executed Sale and Purchase Agreement with Ganfeng provides our shareholders with certain value under highly challenging circumstances.”    Read the full ASX announcement here 👉https://lnkd.in/gBkbWgkH   #ASX #Leo #Lithium #Mali  

This morning, Leo Lithium Ltd released its March quarterly report, outlining the progress at our flagship Goulamina Lithium Project in Mali, which is over 80% complete! ✔️   Highlights of the quarterly include: • Ongoing construction and operational readiness at Goulamina, the world’s fifth-largest global spodumene deposit. • Open pit mining progressed to plan with 0.9 million bulk cubic meters material mined for the quarter. • Commissioning of the first of the long-term Caterpillar mining fleet is complete and prestripping has commenced. • Continued engagement with the Malian Government to reach a constructive resolution. • Leo Lithium held cash of A$69.3 million at 31 March 2024, and the Goulamina JV held cash of US$21.8 million.   Managing Director Simon Hay said, “The development of the world-class Goulamina lithium project continued apace and we are pleased to report on the operational progress made during the quarter.   Leo Lithium continues to actively engage with the Mali Government to reach a constructive resolution, and we deeply appreciate our shareholders’ patience during what has been a difficult time for the Company.   Leo Lithium and GanfengLithium continue to have a strong relationship and work towards bringing the project into production. Project activities during the quarter continued to plan and the project schedule remains on track to deliver first spodumene in Q3 FY24, becoming West Africa’s first spodumene producer.”   Read the full quarterly activities announcement here: https://lnkd.in/gaG8c8uW   #asx #mali #lithium #Leo #batteries

This morning, Leo Lithium Ltd updated the market on the recent progress made at our Goulamina Lithium Project, which has now reached ~80% completion. The highlights include: •  On track to deliver first spodumene in early Q3 FY24, becoming West Africa’s first spodumene producer. •  Corica Mali has mobilised the main fleet to site with 1.43 million bulk cubic metres of material mined in the Stage 1 project to date. •  Over 425,000t of high-grade ore from Stage 1 is currently stockpiled to facilitate commissioning and operations start-up. •  Leo Lithium and GanfengLithium continue to engage with the Mali Government in an attempt to resolve current issues relating to Goulamina. •  Recently completed a water supply project to provide safe, clean and reliable drinking water to four local villages.   Managing Director, Simon Hay commented, “We deeply appreciate our shareholders’ patience and support as we navigate what has been a challenging time for the Company. We continue to engage with the Malian Government whilst working to advance the world-class Goulamina lithium project.”   Read the full announcement here: https://lnkd.in/gryQ4bzA   #asx #mali #lithium #batteries