GFL International Co., Ltd. Executed Binding Sale and Purchase Agreement to acquire remaining 40% stake in Goulamina Lithium Project from Leo Lithium Limited (ASX:LLL) for $342.7 million on May 6, 2024. The $342.7 million cash consideration payable by Ganfeng is structured as $10.5 million non-refundable deposit to be paid within 10 days of executing the sale and purchase agreement; $161.0 million payable on completion of the transaction following satisfaction of (or waiver) of conditions precedent (Tranche 1 Cash Consideration); $171.2 million payable on June 30, 2025 or an earlier date (Tranche 2 Cash Consideration). Interest of SOFR + 2% to accrue on the unpaid Tranche 2 Cash Consideration from the completion date until the Tranche 2 Cash Consideration is paid in full to Leo Lithium.

There are no penalties for early repayment. Prior to the transaction, GFL International Co., Ltd. held 60%. Ganfeng to sole fund all remaining capital until first revenue.

Ganfeng Lithium Group Co., Ltd's Board of Directors have approved the transaction, to use its own funds to acquire the remaining 40% equity in Mali Lithium B.V. from Leo Lithium Limited for $342.7 million. This transaction does not need to be submitted for approval by the company's shareholders' meeting. The transaction is subject to Leo Lithium's shareholders to vote on the transaction, receipt of regulatory approvals and satisfaction of conditions precedent to the transaction.

Completion of the transaction is End October 2024. Barrenjoey acted as financial adviser and Thomson Geer acted as legal adviser in relation to the sale of Leo Lithium?s interest in the Project to Ganfeng.