Ultra Lithium Signs Definitive Partnership Agreement With Zangge Mining for Laguna Verde Brine Lithium Project in Argentina

VANCOUVER, British Columbia, June 20, 2022 (GLOBE NEWSWIRE) -- Ultra Lithium Inc. (TSX-V: ULT) (“Ultra Lithium” or “the Company”) announces that the Company has entered into a definitive agreement with Zangge Mining Investment (Chengdu) Co. Ltd. (“Zangge”), for exploration and development of its 100% owned Laguna Verde Brine Lithium Project in Catamarca Province, Argentina. Under the terms of the agreement, Zangge will, in staged payments, pay US$10 million to Ultra Lithium and invest US$40 million in the Laguna Verde Project as work expenditures for a 65% stake in Ultra Argentina S.R.L. (Ultra Argentina) which is a subsidiary of Ultra Lithium and holds the Laguna Verde Property. The investment is subject to regulatory approvals and due diligence. The Company will provide further details with respect to agreement terms in a subsequent news release.

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