Arizona Lithium Limited (ASX: AZL, AZLO, AZLOA, OTC: AZLAF), a leader in the sustainable development of lithium projects in North America, is excited to announce a significant step forward in the development of its Big Sandy Lithium Project located in Arizona. The company has entered into a binding Mining Services Agreement with Navajo Transitional Energy Company (NTEC), a premier mining and energy company wholly owned by the Navajo Nation.
This groundbreaking partnership will leverage NTEC's world-class expertise in mining operations and environmental stewardship to bring the Big Sandy Lithium Project through the critical stages of permitting, exploration drilling, mine design, and environmental assessments, culminating in the commencement of mining operations.
NTEC, known for its outstanding safety and environmental records, brings over 25 years of experience in mining operational management, business development, and new project development, under the leadership of Vern Lund, CEO of NTEC, who will join the AZL Board as part of the agreement.
In a statement, Arizona Lithium Managing Director, Paul Lloyd, expressed his enthusiasm for the partnership: “We are very pleased to have signed a Mining Services Agreement with NTEC, which formalises the terms initially agreed to under the Strategic Alliance Term Sheet announced in December 2022. NTEC is the ideal operating partner for Big Sandy and will take over the operational development of Big Sandy being responsible for managing the permitting requirements, exploration drilling, mine design, environmental assessments, and development through to commencement of mining operations for the project. Big Sandy represents a substantial development opportunity holding 320,800 tonnes of LCE1, with only 4% of the project drilling, providing significant exploration upside once permitted. We look forward to welcoming Vern Lund to the AZL Board and working closely with NTEC to realise the full potential of the Big Sandy Project.”
Under the terms of the Mining Services Agreement, NTEC will be remunerated through the issuance of 424,242,424 AZL shares at 7.5 cents, contingent upon achieving various milestones, including full permitting of the Big Sandy Lithium Project and shareholder approval.
Arizona Lithium reaffirms its commitment to maintaining 100% ownership of the Big Sandy Lithium Project, underscoring its confidence in the project's potential to significantly contribute to the sustainable development of lithium resources in North America.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
