Toronto-listed ION Energy (ION.V) signs a $13.5 million agreement with strategic investor SureFQ to jointly develop the Urgakh Naran lithium project in Mongolia.

👀 Deal Details

SureFQ pays $5.5 million to ION Energy over 4.5 years and invests an additional $8 million over the next 4 years to advance the project. ION Energy retains a 20% stake in the project until commercial lithium production begins at Urgakh Naran.

• ⤴️ Following the announcement, shares of ION Energy, which implements Mongolia's first lithium project, surge by over 22% on the Toronto Stock Exchange, reaching CAD 0.055.

🤔 About SureFQ

SureFQ, a firm specializing in sustainable energy solutions and lithium resource development, leverages its industry expertise and advanced extraction technologies to accelerate the project’s progress. As a strategic investor, SureFQ focuses on developing high-potential assets that support the global energy transition.

📝 Financial Updates and Debt Settlement

In addition to the joint venture agreement, ION Energy also announces a debt settlement of $120,000. The company is to issue 3,000,000 common shares at $0.04 per share to settle the debt, providing additional liquidity for the development of its lithium projects.

Moreover, ION Energy has terminated its previously announced business combination with United Rare Earths. This decision reflects the company’s strategic focus on lithium exploration and development, ensuring resources are concentrated on high-potential projects like Urgakh Naran.

Looking Ahead, as Mongolia’s first lithium project, Urgakh Naran holds significant potential not only for ION Energy but also for the broader lithium market. The development of Urgakh Naran is particularly timely, given the increasing global demand for lithium, which is crucial for the production of batteries for electric vehicles (EVs).