Canmax Technologies plans to develop and operate a lithium mine in Nigeria through a joint venture.

Canmax Technologies (300390.SZ) announced that the company has signed a "Kebbi State Lithium Resource Development Investment Agreement" with the government of Kebbi State, Nigeria, and with Tri-Crown Mining Limited (referred to as "Tri-Crown Mining", a Nigerian mining company), establishing a cooperation framework for the project. It is reported that the exploration work for the mining rights numbered 45158 EL and 46216 SSML in Ngaski L.G.A, Kebbi State, Nigeria has essentially been completed, and drilling has shown promising prospects for lithium resource development. According to the agreement, the company and Tri-Crown Mining (or its shareholders) will form a joint venture company through proper means, holding 100% equity in the target mining rights and being responsible for investing in the project related to the target mining rights. The company will hold 85% of the shares in the joint venture company, while Tri-Crown Mining (or its shareholders) will hold 15% of the shares. The company will construct a modern lithium mining, ore dressing, and tailings treatment plant in Nigeria through the joint venture company, and will be responsible for managing and operating it. The company anticipates an investment of over $200 million in Kebbi State.