Lithium Ionic Corp. has completed the sale of its Salinas group of lithium properties in Minas Gerais, Brazil, to PLS Brasil Mineração Ltda., a wholly-owned subsidiary of PLS Group Limited, receiving US$30.0 million in cash at closing.

The transaction follows a definitive agreement announced on August 13, 2026. Under the terms of the completed sale, a further US$7.5 million in deferred consideration is payable on the earlier of a positive final investment decision for PLS’ Colina Project or December 31, 2029. Lithium Ionic retains a 2.0% royalty on future spodumene sales from the properties through its subsidiary Neolit Minerals Participações Ltda.

“The completion of this transaction crystallizes significant value from Salinas while strengthening Lithium Ionic’s balance sheet with US$30.0 million in non-dilutive cash proceeds. In just over three years, our team advanced Salinas from an early-stage exploration opportunity to a monetized asset, while retaining shareholder exposure to future production through the royalty. With this transaction complete, our focus remains squarely on advancing our flagship Bandeira Lithium Project toward a construction decision and our objective of becoming a near-term, low-cost lithium producer.”

— Blake Hylands, P.Geo., CEO of Lithium Ionic

The Baixa Grande deposit within the Salinas property group hosts a mineral resource estimate comprising 6.52 million tonnes in the measured and indicated category and 12.90 million tonnes in the inferred category. Proceeds from the transaction are directed toward early works, procurement, and construction-readiness activities at Lithium Ionic’s flagship Bandeira Lithium Project.

Read the full announcement: Lithium Ionic Completes US$37.5 Million Sale of its Salinas Group of Lithium Properties to PLS