Lithium Corporation Announces Restructuring of Nevada Lithium Project Interests with Morella Corporation

Core Viewpoint - Lithium Corporation has announced a restructuring of its joint venture with Morella Corporation, focusing on the Fish Lake Valley lithium prospects in Nevada, which enhances its strategic flexibility and preserves long-term value through retained royalty interests [1][5][10]. Project Realignment - The restructuring involves Lithium Corporation retaining 100% ownership of the Fish Lake Valley North claims while Morella Corporation assumes 100% ownership of the Fish Lake Valley South and North Big Smoky project areas [10]. - The agreement allows Lithium Corporation to concentrate on advancing the Fish Lake Valley North prospect, which has previously produced lithium-boron enriched brine [3][10]. Royalty Interests - Lithium Corporation retains a 3.5% Net Smelter Royalty (NSR) over both the Fish Lake Valley South and North Big Smoky projects [10]. - Morella has the option to repurchase 50% of the NSR for $3 million USD (FLV South) and $2 million USD (NBS) within five years [10]. Equity Considerations - Shares previously due to Lithium Corporation in 2025 under the original agreements will now be issued on a staggered basis over an 18-month period, with all future share entitlements beyond this issuance extinguished [10]. Mutual Rights of First Refusal (ROFR) - Both parties grant each other a ROFR on any future transfer or disposal of claims or NSR interests, reinforcing a continued collaborative relationship [6][10]. Company Overview - Lithium Corporation is dedicated to advancing North America's energy independence through domestic critical mineral resource exploration and development, focusing on energy metals [7][8]. - The company operates in two major mining jurisdictions, with promising lithium prospects in Nevada and a diverse portfolio of other critical minerals in British Columbia, Canada [8]. Morella Corporation Overview - Morella Corporation is focused on lithium and battery minerals, engaged in exploration and resource development in Tier 1 mining jurisdictions in Australia and the United States [9].