LIT sells CHR shares & interest in Bynoe Project to CXO

Lithium Australia has sold its remaining shares in Charger Metals to Core Lithium, receiving 0.8 CXO shares for every 1 CHR share (A$541k based on a 5 day VWAP). If Charger Metals is acquired within 9 months at a higher value, Lithium Australia has the option to receive a takeover premium.

In additional, Lithium Australia has sold its 30% interest in the Bynoe Lithium Project to Core Lithium for A$500k, subject to Charger's pre-emptive right.

These transactions align with the company's strategy of realizing value for non-core assets to fund ongoing activities. The share exchange provides improved liquidity in our investment holdings and the potential for upside from a Charger transaction in the future.