LITM - Snow Lake Resources rallies on lithium supply deal with LG Energy

Snow Lake Resources ( NASDAQ: LITM ) +18.2% pre-market Friday after announcing a memorandum of understanding with Korean battery maker LG Energy Solution to supply lithium hydroxide for 10 years .

Snow Lake ( LITM ) said it will collaborate with LG Energy to explore the opportunity to create one of Canada's first lithium hydroxide processing plants in Manitoba.

LG Energy said the Canadian mining company will provide 20K metric tons/year of lithium hydroxide once production starts in 2025.

LG also announced agreements to receive 7K tons of cobalt sulfate from Electra Battery Minerals ( ELBM ) for three years starting in 2023 and 55K tons of lithium hydroxide from Avalon Advanced Materials ( OTCQX:AVLNF ) for five years from 2025.

Electra ( ELBM ) shares surged as much as 26% Thursday on news of its supply deal with LG .

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