United Lithium Expands Holdings with Addition of Three Highly Prospective Properties in Finland and Sweden

VANCOUVER, British Columbia, April 29, 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 land position in Finland and Sweden after acquiring the rights to the 54,400 hectare (“ha”) Kova Property reservation and the 13,900 ha Kast Property reservation in Finland, and the 14,000 ha Axmarby Property in Sweden (collectively, the “Properties”).

United Lithium has increased its Nordic holdings by almost 300% after acquiring the Properties, all within highly prospective geological terrains with potential to host lithium bearing pegmatites. The Company has obtained the rights to the Properties after acquiring all of the issued and outstanding common shares of two private companies, PR1 Finland Oy (“PR1”) (a wholly-owned Finnish subsidiary of Pure Resources Ltd.) and Scandinavian Battery Metals (“SBM”), a Canadian private company.

“Europe is the second largest EV market in the world and the continent is at the forefront of global carbon footprint reduction. The demand for domestic sources of raw materials to support decarbonization represents an opportunity for United Lithium and its shareholders. The acquisition of three new Properties increases our holdings within the underexplored Nordics in geological settings similar to the Keliber Lithium Mine, which is currently being built. Axmarby, in Sweden, is situated immediately north of our flagship Bergby Project and shares the same key infrastructure. Furthermore, the acquisition of Kast and Kova add additional prospective opportunities to our portfolio of properties in Finland,” commented President and CEO, Scott Eldridge.

As consideration for acquiring the Properties, the Company paid AUD$20,112 to Pure Resources Ltd. and made payments of CAD$40,050 and USD$110,984 to an arm’s-length third party vendor, in exchange for all of the issued and outstanding common shares of each respective company. At the time of the acquisition, SBM held the rights to acquire the Kova Property from PR1; however, as a condition of closing, the agreement between SBM and PR1 was terminated. The rights to the Axmarby Property are held by SBM, and are part of the Company’s SBM acquisition .