Lithium Africa and Ganfeng Lithium Establish Strategic Exploration Partnership

• Lithium Africa and Ganfeng Lithium finalize 50/50 strategic exploration partnership and investment to jointly advance exploration in Africa
• Consolidates over 2,500 km² of exploration tenements across underexplored and highly prospective regions in Ivory Coast, Guinea, Mali and Zimbabwe
• Establishes a team of leading exploration geologists and lithium professionals with experience across Africa and expertise within the lithium industry
• Completes a circa US$20 million investment by Ganfeng Lithium into Lithium Africa's portfolio with further investment committed by both partners under the terms of the exploration partnership
• Commitment to sustainable resource development and to operate in-line with the highest standards of environmental, social, and governance practices, to ensure long-term success of operations and the well-being of local communities and stakeholders

LISBON, Portugal, Sept. 11, 2023 /PRNewswire/ -- Lithium Africa Resources Corp. ("Lithium Africa" or the "Company") and Ganfeng Lithium Group Ltd. ("Ganfeng Lithium") (HKSE:1772) today announced the completion of a strategic partnership to accelerate the exploration and development of lithium pegmatite resources across Africa.

Through the partnership, Ganfeng Lithium has acquired a 19.9% interest in Lithium Africa and together, Ganfeng Lithium and Lithium Africa have established a 50/50 joint venture partnership (the "Exploration Partnership") to hold and operate Lithium Africa's highly prospective lithium portfolio, covering over 2,500 km², across Ivory Coast, Guinea, Mali and Zimbabwe.

Lithium Africa has assembled a team of over 30 exploration professionals and geologists with experience in resource development in Africa, within established mining companies. The Exploration Partnership establishes a vehicle focused on systematically exploring, identifying and defining new lithium deposits, benefiting from the significant technical and operational experience of Lithium Africa and the global lithium expertise of Ganfeng Lithium.

"Ganfeng Lithium's strategic partnership with and investment in Lithium Africa is designed to accelerate the discovery and development of new lithium resources to meet the demand and scale needed by our customers," commented Wang Xiaoshen, Vice Chairman and President of Ganfeng Lithium. "Exploration in Africa provides a critical opportunity to build a diversified global lithium supply chain in a responsible and cost-effective manner. Our partnership with Lithium Africa supports further investment in a historically underexplored and highly prospective region."

"Through our work with Ganfeng Lithium to date, we are confident in our partnership's strategy in establishing the leading lithium exploration company in Africa," commented Carl Esprey, Lithium Africa's Founder and CEO. "Ganfeng Lithium's investment and partnership demonstrates their commitment and aligned exploration vision with Lithium Africa. By continuing to advance our exploration portfolio, we hope to ensure all stakeholders can participate in the broad, sustainable benefits in responsibly developing Africa's lithium resources."

Lithium Africa, in partnership with Ganfeng Lithium, continues to advance exploration programs across four core regions. The Company is led by a board of directors consisting of CEO Carl Esprey, Sam Pigott and Tyron Breytenbach. Lithium Africa plans to pursue a public listing over the next 18 months to support the exploration plans and growth strategy.

About Ganfeng Lithium

Ganfeng Lithium Group Co Ltd. is a China-based company principally engaged in the production and sales of lithium and lithium battery products. The Company is involved in lithium resource exploitation, lithium salt processing, metallic lithium smelting, lithium battery manufacturing and recycling. The Company's main products include lithium compounds, metallic lithium and lithium batteries. The Company's products are widely used in electric vehicles, aeronautics, functional materials, pharmaceutical manufacturing, and other fields. The Company distributes its products in the domestic market and to overseas markets.

For further information contact:Toluwalase Serikitoluwalaseseriki@ganfenglithium.com^[1]

About Lithium Africa

Lithium Africa is exploring for lithium pegmatites across four prospective regions covering over 2,500 km² of exploration assets in Ivory Coast, Guinea, Mali and Zimbabwe. The Company has established a 50/50 joint venture partnership with Ganfeng Lithium to jointly advance exploration in Africa.

For further information contact:Jeroen van DuijvenbodeInvestor Relationsinvestors@li-africa.com^[2]

References

1. ^{^} toluwalaseseriki@ganfenglithium.com (www.prnasia.com)
2. ^{^} investors@li-africa.com (www.prnasia.com)