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Global Lithium Signs Monumental Deal

ASX lithium explorer Global Lithium has shot up today after the market darling announced today that they have signed a memorandum of understanding with South Korean EV battery cell manufacturer SK On.

A memorandum of understanding was struck between Global Lithium Resources and SK On Co., a Korean battery producer. As per the agreement terms of the MOU, Global Lithium and SKO will work together to investigate the feasibility of developing downstream integrated battery-grade lithium assets.

This primarily will look to access synergies between the two battery material supply companies, primarily looking into investment and offtake prospects at GL1's Marble Bar and Manna lithium projects.

The MOU will be in effect for two years unless either party extends or terminates it earlier.

Global Lithium’s Managing Director Ron Mitchell stated,

"The scope of this cooperation has the potential to improve and diversify the future of Global Lithium's projects in Western Australia both in the short term and in the years ahead."

Global Lithium’s growth plan is in particular with their downstream processing agreements, and the firm will continue to build on a variety of in-depth conversations taking place in different parts of the world.

SKO operates in high tier jurisdictions such as in Korea, China, Hungary, and the United States, making it a global leader in the design, manufacture, and provision of batteries for electric vehicles.

Jinsuk Ryu. SKO Vice President, stated:

“I am very delighted to announce the Non-Binding MOU with Global Lithium, a promising Australian lithium company, which will strategically support SKO’s global production and mutually explore potential business opportunities.

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