Pinnacle Minerals said its agreement to acquire a 75% interest in the Adina East Lithium Project is close to completion.
The deal, which involves Electrification and Decarbonization AIE LP, a fund managed by Waratah Capital Advisors, will include a $500,000 offtake payment.
The companies agreed to extend the completion date to Dec. 19 to transition to Quebec law and ensure mutually beneficial outcomes.
Pinnacle expects initial results from fieldwork conducted in October to be available in early January 2024.