Leo Lithium: Executes US$40m facility with Gangfeng

Leo Lithium Executes US$40m facility with Gangfeng

• Leo Lithium (LLL) has executed a facility agreement with joint venture partner, Gangfeng to fund the development of the Goulamina lithium project in Mali
• The US$40 million (A$58 million) agreement will give LeoLithium enough money to cover its share of stage one development costs for the project, estimated at US$255 million
• If needed, the debt facility amount can be increased by mutual agreement
• The agreement wraps up LLL’s initial offtake marketing efforts and secures Gangfeng 100 per cent of the spodumene product produced in stage one
• Shares in LeoLithium are up 3.53 per cent to trade at 44 cents at 11:06 am AEST