American Salars Lithium Inc. has agreed to acquire 100% of K20 Minerals Pty Ltd, securing the Lake Throssell sulphate of potash brine project in Western Australia.

Under the agreement, American Salars will issue 5.1 million common shares in two equal tranches to K20 shareholders. The first 2.55 million shares will be issued at closing under a six-month escrow. The remaining 2.55 million shares are scheduled for issuance 14 months later.

The second tranche is expected to make Cronin Exploration Inc. a new control person holding approximately 20.9% of the company’s common shares. That subsequent issuance remains subject to Canadian Securities Exchange policies. The company also assumes responsibility for annual claim and rental fees estimated at $87,000, alongside an existing 3% gross overriding royalty. The transaction remains subject to customary closing conditions, including due diligence and regulatory approvals.

Located 180 kilometres northeast of Laverton, the project spans an exploration licence covering approximately 296 square kilometres within saturated lake and palaeovalley sediments. The asset hosts a historical JORC Code mineral resource estimate from February 2023, comprising an indicated drainable brine volume of 764 million cubic metres at 4,690 mg/L potassium, and an inferred volume of 493 million cubic metres at 4,865 mg/L potassium. The historical estimate reports a total drainable sulphate of potash mass of 13.3 million tonnes.

American Salars is not treating the historical estimate as a current mineral resource under National Instrument 43-101. Regional potassium sulphate benchmarks from Business Analytiq in July 2026 stood at approximately US$730 per metric tonne in North America, US$520 in Europe, and US$600 in Northeast Asia.

“Lake Throssell represents a significant addition to American Salars’ portfolio. The historical JORC estimate highlights a large-scale SOP brine system with meaningful Indicated, Inferred resources and significant exploration upside potential.”

— R. Nick Horsley, Chief Executive Officer

The company plans to organize the historical technical database and determine the pathway and timing for preparing a compliant technical report and resource estimate following completion.

Read the full announcement: American Salars To Acquire 100% Of K20 Minerals And The Lake Throssell Sulphate Of Potash ("SOP") Project With Historical (2023) Resource Located In Western Australia