Greenwing Resources and Atana Elements propose lithium project partnership

Greenwing Resources Ltd has announced a non-binding term sheet for a strategic partnership with US-based Atana Elements Inc. to develop the San Jorge Lithium Brine Project in Argentina’s Catamarca Province.

The proposed agreement involves an initial US$800,000 equity investment from Atana Elements, which includes a US$300,000 payment to facilitate a three-month exclusivity period for due diligence. Under the staged development plan, Atana commits to an estimated US$15.3 million in expenditure to earn up to a 37.5% interest in the project upon reaching specific milestones, including a preliminary feasibility study.

Following the completion of these stages, Atana would hold an option to acquire Greenwing’s remaining 62.5% interest in the San Jorge Project for US$125 million. Greenwing Managing Director Peter Wright stated the transaction provides a pathway toward a preliminary feasibility study and offers a potential liquidity event at a valuation exceeding the company’s current market capitalization.