Ensorcia Group Holdings, LLC (“Ensorcia”) recently announced that it has entered a binding letter of intent to acquire Argentina Wildcats, LLC (“AW”), which holds interests in the former LEXI lithium property in Argentina.
Under the letter of intent, Ensorcia will acquire 100% of AW’s outstanding membership interests for cash, with additional contingent consideration. Completion remains subject to confirmatory legal review and other customary closing conditions.
Ensorcia’s decision to proceed followed drilling and flow testing conducted on the AW property and an evaluation of brine sample results, including testing performed by International Battery Metals Ltd. (“IBAT”).
The acquisition forms part of Ensorcia’s ongoing resource acquisition program in Argentina. Upon closing, it will add approximately 50,000 hectares to the approximately 17,000 hectares of existing lithium properties and concessions held by Ensorcia and its affiliates, bringing their combined holdings in Argentina to approximately 67,000 hectares.
The former LEXI property will become part of Ensorcia’s Katal 1 development program, utilizing international Battery Metals (IBAT) direct lithium extraction (“DLE”) technology under Ensorcia Argentina LLC’s exclusive license for Argentina. Following closing, Ensorcia intends to integrate the property with its existing Argentine holdings as part of a coordinated resource development program.
Daniel Layton, Chairman of Ensorcia Group, said “This acquisition strengthens our Katal 1 development program by bringing together additional lithium resources and the substantial drilling, testing, and technical work already completed. IBAT’s direct lithium extraction technology is central to our development strategy. Our focus is now on executing the next phase of development and advancing the Katal 1 project toward commercial production as quicky as possible.
