Lake Resources Soar on Ford Deal

The Lake Resources N.L. share price has started the week in a very positive fashion, tracking further gains for shareholders.

During the morning, the lithium explorer's shares rose as much as 16% to $2.16. During the afternoon, the Lake Resources share price did consolidate (as did the rest of the materials sector) since then, however, still ended the day up 7% to $1.99.

Investors have increasing the Lake Resources share price higher today after the lithium explorer announced its second major new off-take agreement in just a few weeks.

On the 29th of March, Lake announced an off-take for 25,000 tonnes per annum (tpa) of lithium carbonate for Japanese company Hanwa, and then this morning Lake revealed that it has signed an agreement with car giant Ford Motor Company.

As with the Hanwa deal, this memorandum of understanding (MoU) will see Lake provide Ford with 25,000 tpa of lithium from the Kachi Project in Argentina.

Lake Resource’s Managing Director, Steve Promnitz, stated:

“Both Lake and Ford see this as an opportunity for a potential long-term agreement with the ability to scale up environmentally responsible production and participate in Lake’s other projects to ensure high-quality lithium products are available to Ford said. This MoU with Ford supports Lake’s strategy to be a key independent supplier into global lithium supply chains and ensure the security of supply to customers.”