American Battery Materials Announces Term Sheet for Joint Venture and Stock Purchase with Xantippe Resources

Proposed Transactions Involve Forming Joint Ventures for Lithium Extraction Projects in Argentina and Australia and Purchase of XTC Shares

Transaction Would Significantly Expand ABM’s Asset Base and Meaningfully Diversify the Company’s Project Portfolio

GREENWICH, Conn., Nov. 07, 2023 (GLOBE NEWSWIRE) -- American Battery Materials, Inc. (OTC Pink: BLTH) (“ABM”, the “Company”), an environmentally responsible minerals exploration and development company focused on direct lithium extraction (DLE) and other critical minerals for the global energy transition, today announced it has executed a Term Sheet for a series of transactions with Xantippe Resources Limited (ASX: XTC), an Australian-based company poised to be a provider of sustainable, high purity battery grade lithium through development of its lithium brine projects in Argentina and Australia.

Under the Term Sheet, the proposed transactions would consist of the (1) formation of joint ventures for two separate lithium extraction projects; and, (2) purchase of a direct ownership interest in XTC. The joint ventures between ABM and XTC will be formed for the development of a lithium brine project in Argentina (on land covering over 21,900 hectares), and in Australia (for which Xantippe recently announced the completion of its maiden drilling program resulting in highly encouraging potential for lithium bearing pegmatites of significant size). The Argentina project, expected to be developed first, is located in the heart of Argentina’s “Lithium Triangle”

David Graber, Chairman and Co-Chief Executive Officer of American Battery Materials, commented, “The proposed transactions represent a transformational opportunity for American Battery Materials. The partnership with Xantippe will significantly expand our asset base and meaningfully diversify our project portfolio, a critical component of our development strategy. We are excited to work with the Xantippe team. Their combination of recognized lithium production experts, local knowledge, and proven track record of development expertise presents the perfect opportunity to increasingly leverage synergies across the two companies. Like ABM, Xantippe owns exceptional mineral rights and land positions, is developing high-quality projects with access to scalable, diversified, and rich sources of lithium brine. Moreover, both ABM and Xantippe are committed to deploying direct lithium extraction technologies in the most efficient and environmentally responsible manner”.