United Lithium Increases Ownership of Kietyönmäki Lithium Project in Finland to 100%

VANCOUVER, British Columbia, April 09, 2024 (GLOBE NEWSWIRE) -- United Lithium Corp. (“United Lithium” or the “Company”) (CSE: ULTH; OTCQX: ULTHF; FWB: 0UL) is pleased to announce that it has increased its ownership in the Kietyönmäki Lithium Project (“Kietyönmäki” or the “Project”) to 100% after acquiring Tammela Minerals Oy’s (“Tammela”) 16.4% minority interest in Litiumlöydös Oy (“Litiumlöydös”), the Finnish entity that holds the rights to the Project (the “Acquisition”). Tammela is a wholly-owned subsidiary of Nortec Minerals Corp. (“Nortec”).

As consideration for the Acquisition, the Company paid Nortec $200,000 in cash, in exchange for 490 common shares of Litiumlöydös from Tammela, representing the 16.4% minority interest. As a condition of closing, all involved parties entered into a Deed of Variation for the purposes of removing Litiumlöydös and United Lithium as parties to a joint venture agreement, extinguishing Tammela’s right to any royalties on any future production at the Project.

United Lithium acquired its interest in Litiumlöydös in early 2022 (see news release dated February 14, 2022) via a transaction with a consortium to purchase 83.6% of the issued and outstanding common shares of Litiumlöydös, which holds a 100% interest in the licenses that comprise Kietyönmäki. Following the completion of this initial transaction, the Company expanded the Project by 535 hectares (“ha”) (see news release September 14, 2022), bringing the total land package to 900 ha. In 2023, United Lithium acquired the new claim reservation over a new parcel located 6.1 km to the southeast of Kietyönmäki, referred to as Salkola, covering 20,170 ha, bringing the total size of the Finland portfolio to 21,070 ha (see news release dated October 12, 2023).

About the Kietyönmäki Lithium Project

Kietyönmäki is located in the Tammela mining region in southern Finland. The region is well-situated as it is close to rail, road and other infrastructure. The Tammela area is one of the best-known lithium-bearing pegmatite regions in Finland. Tammela is in the Häme volcanic belt that comprises volcanic rocks intercalated with minor greywackes and metamorphosed clay-rich sediments units which have been intruded by plutonic rocks and late-tectonic K-granites with associated pegmatite dykes.