News of Lithium Project LOI Sends Canadian Shares Higher

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Thursday, December 5, 2024

Lithium is the backbone of the electric vehicle (EV) revolution, driving surging battery demand. The metal’s investment potential looks strong as global EV adoption accelerates, fueled by limited supply and geopolitical factors. Investors are eyeing lithium as a high-growth opportunity in the green energy shift. And shares of this company are moving higher on a binding LOI.

ExGen Resources Inc. (TSX.V: EXG) (OTC: BXXRF) announced that it has entered into a binding letter of intent (LOI) to acquire the Spark North lithium project in Elko County, Nevada, consisting of 111 claims totaling approximately 2300 acres prospective for lithium from an arm’s length private company.

The property is north of Surge Battery Metals Inc.’s (TSXV: NILI) “Nevada North Lithium Project” in Elko County, Nevada. A news release stated that the Nevada North Lithium Project had the highest grade lithium clay deposit in the USA (11.24 Mt LCE grading 3,010 ppm Li at a 1,250 ppm cutoff).  

ExGen is a project accelerator that seeks to fund the exploration and development of projects through joint ventures and partnership agreements. This approach significantly reduces ExGen's technical and financial risks while maintaining its upside exposure to discoveries and potential cash flow. The Company intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has five projects in Canada and the United States.

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