Usha Resources Sells Lithium Projects to Molten Metals and Updates Jackpot Lake Sale

Usha Resources Ltd., a North American mineral acquisition and exploration company, announced an agreement with Molten Metals Corp. to sell 100% interest in two lithium projects in Ontario. Usha aims to streamline its portfolio and focus on core assets, such as its Southern Arm copper project. This deal grants Usha financial benefits while passing exploration risks to Molten Metals, a partner specialized in lithium exploration.

Usha's CEO, Deepak Varshney, expressed enthusiasm about the partnership with Molten Metals, noting the strategic financial upside this agreement provides. This transaction marks Usha's second sale of non-core assets, following a prior divestment of the Nicobat project.

Additionally, Usha updated on the proposed sale of a 90% interest in its Jackpot Lake Lithium Brine Project to Stardust Power, with a consideration of up to USD $26,025,000. The exclusivity period for this transaction has been extended to June 30, 2025, with ongoing due diligence processes.