Arizona Lithium (ASX: AZL), a company focused on the sustainable development of the Prairie Lithium Project, has announced the closure of a US$5 million (approximately A$8 million) transaction. The company received these funds from Big Sandy Lithium, LLC and Advanced Lithium Research Center, LLC for the purchase of the Big Sandy Lithium Project and the Lithium Research Centre. With this sale, Arizona Lithium relinquishes all obligations related to both the Big Sandy Project and the Lithium Research Centre.
The sale enables Arizona Lithium to concentrate its efforts and capital entirely on the Prairie Lithium Project in Saskatchewan, Canada. The company considers this project closer to production, and the proceeds from the sale, combined with funds raised from an oversubscribed Share Purchase Plan, will be invested in its development. Arizona Lithium received approval for Phase 1 production at the Prairie Lithium Project from the Ministry of Energy and Resources in Saskatchewan on May 19, 2025.
Paul Lloyd, Managing Director, and Zach Maurer, Executive Director, will represent Arizona Lithium at the Canadian Critical Minerals Investment Trade Mission to Japan and South Korea this month. This trade mission, led by Natural Resources Canada, will facilitate meetings with major companies and government officials in the region. The company anticipates further positive updates regarding the Prairie Lithium Project in the coming months.
“We are very pleased to have closed the transaction of selling the Big Sandy Lithium Project and the LRC,” commented Managing Director Paul Lloyd. “In doing so, the Company is in a very strong cash position, with much leaner overhead expenditures. With some upwards movement in the lithium spot price recently, the Company is very well positioned with it’s Prairie Lithium Project being a shovel ready project that is fully permitted for the first phase of production.”
