Ultra Lithium Inc.
ULT.V
Toronto Stock Exchange Ventures0.02
CAD
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Ultra Lithium Inc.
ULT.V
(Toronto Stock Exchange Ventures)
Recent
price
0.02
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div
yld
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ROIC.AI
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- Business
- Ultra Lithium Inc. (TSX-V:ULT) is a Vancouver-based mineral exploration company focused on the acquisition, exploration and development of lithium, gold and copper resource properties in Argentina, Canada and the United States. Founded in 2004 and headquartered at 1120-789 West Pender Street in Vancouver, British Columbia, the company holds interests in brine and pegmatite lithium projects as well as gold/copper licenses; its primary assets include the Laguna Verde I and II brine lithium properties covering over 7,500 hectares in Catamarca Province, Argentina, the Georgia Lake Pegmatites lithium project spanning 2,416 hectares in Ontario, Canada, the Forgan Lake Pegmatites lithium project covering 256 hectares in Ontario, the South Big Smoky Valley brine lithium project in Nevada, USA, and 16 gold/copper mining and exploration licenses in the Chepes area of Argentina. Ultra Lithium targets battery metals for the electric vehicle and electrification sectors, with operations centered in South America and North America. In recent developments, the company completed all purchase payments for the Laguna Verde I, II and III licenses and entered a joint venture agreement with Yahua International Investment and Development Co., Ltd., under which Yahua invested C$8 million for a 60% interest in a subsidiary holding the Georgia Lake and Forgan Lake properties while also committing to a C$5 million strategic investment via a private placement of units; Ultra Lithium retains a 40% interest in the joint venture. More recently, Ultra Lithium reached a settlement agreement with Power Minerals Limited regarding a convertible loan agreement, following default notices and cash notices issued by Power Minerals, and received a voluntary management cease trade order effective February 29, 2024, due to delays in filing its annual financial statements and MD&A for the year ended October 31, 2023. The company also announced an unauthorized purported agreement by its Argentinian subsidiary to sell the Laguna Verde project, which lacks legal validity, and continues to provide bi-weekly default status reports under National Policy 12-203.