Ardiden (ASX:ADV) sees payments increased for lithium joint venture

• Gold explorer Ardiden (ADV) sees payments increase from Green Technologies Metals for its lithium tenements in Ontario, Canada
• The agreement with Green Technologies, formally Great Northern Lithium, will see Ardiden receive $9.2 million, with payment timelines brought forward to fall within 18 months of shareholder approval
• Ardiden says the sale of up to 80 per cent of the lithium tenements will provide an opportunity to accelerate exploration of the assets within the “rapidly evolving battery metals sector”
• Ardiden last traded at 0.9 cents on July 27

Gold explorer Ardiden (ADV) will see payments increase from Green Technologies Metals for its lithium tenements in Ontario, Canada.  

The agreement with Green Technologies, formally Great Northern Lithium, will see the total consideration payments increased, with payment timelines to Ardiden brought forward to fall within 18 months of shareholder approval.

Under the new terms, Ardiden will receive $9.2 million, of which a $200,000 option fee has already been paid.

Ardiden and Green Technologies will form a 49:51 per cent joint venture, respectively, with the interest changing to 80:20 per cent upon payment of the second tranche. Green Tech will manage the JV while it maintains at least 51 per cent of the interest.

Green Technologies is currently preparing its principal advice submission for a proposal listing via an initial public offering (IPO), subject to approvals.

Ardiden believes the sale of up to 80 per cent of the lithium tenements will provide an opportunity to accelerate exploration and development of these quality assets within the rapidly evolving battery metals sector.

It will also enable Ardiden to retain upside exposure to the battery metals market by holding on to a minimum 20 per cent interest, while providing the capital to prioritise the exploration at its Pickle Lake Gold Project in north-west Ontario.

Ardiden last traded at 0.9 cents on July 27.