Bacanora Lithium.- Ganfeng signs new Joint Venture Agreement following the exercise of its option to increase investment in Sonora Lithium Ltd (“SLL”)

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Bacanora Lithium plc (AIM: BCN), a lithium development company, is pleased to announce that its cornerstone investor and offtake partner, Ganfeng Lithium Co., Ltd (“Ganfeng”), has today signed a new joint venture agreement in connection with its investment in SLL (“JVA”) following the exercise of its option to increase its stake in SLL from 22.5% to 50% (the “Option”).   Completion of the JVA remains conditional upon certain approvals and consents from authorities in the People’s Republic of China.  The final approval outstanding is from the State Administration of Foreign Exchange (“SAFE”), which is expected in the coming weeks at which stage a further announcement will be made.

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