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United Lithium announced the acquisition of the Kannus property in Western Finland, expanding its land position by 15,225 hectares. This property is strategically located near the Keliber Lithium deposit, Europe's first mine-to-market lithium project. The reservation is valid until Q2 2025, allowing United Lithium to conduct fieldwork and potentially convert the property into an exploration permit. The company aims to leverage Finland's underexplored lithium potential, supported by the upcoming EU Critical Raw Materials Act. CEO Scott Eldridge highlighted the company's growing portfolio in the Nordics and early signs of promising geological formations.
United Lithium Corp. has expanded its holdings in Finland and Sweden by acquiring three new properties, increasing its total land position by nearly 300%. The properties are located in highly prospective geological terrains capable of hosting lithium-bearing pegmatites. The Company acquired the rights to these properties by purchasing the issued and outstanding common shares of two private companies, PR1 Finland Oy and Scandinavian Battery Metals. This strategic move aligns with the growing demand for domestic sources of raw materials in Europe, particularly in the EV market, and positions United Lithium well for future growth and shareholder value.
The Company paid AUD$20,112 to Pure Resources and made payments of CAD$40,050 and USD$110,984 to acquire the properties. Pure Resources will retain a 2% NSR Royalty on two of the properties, with a buyback option available to United Lithium. The acquisition enhances the Company's portfolio and strengthens its presence in the Nordic region.
