Summit Nanotech and Cobax Mining sign definitive agreement for joint development in the Salar de La Isla

Summit Nanotech, a Canadian-based sustainable lithium extraction technology company, and Cobax Mining, a Chilean-based exploration company, signed an agreement to develop an exploration and development program at the Salar de La Isla that prioritizes community, environment, and effective project economics.

The geologic focus of the exploration and development program will be the alluvial fan of the salt flat. Summit Nanotech’s patented denaLi™ direct lithium extraction (DLE) technology extracts lithium chloride from brine, converting it to high quality lithium carbonate. With a hollistic approach to water recovery and reinjection, Summit Nanotech is paving the way to a commercially viable, sustainable alternative to the traditional extraction process.

“The Salar de La Isla has exceptional potential with tests showing more than 1,000 ppm of lithium in the salar brines. It is a great honour and responsibility to have the opportunity to partner with Cobax to develop a naissant Chilean asset using our DLE technology,” said Amanda Hall, Chief Executive Officer of Summit Nanotech.

“Work at La Isla is underway and represents the foundation to becoming a sustainable producer of lithium as soon as possible. Working with Summit allows us to obtain trustworthy data that powers a partnership focused on developing a safe and economic drilling program as the first steps towards a commercial endeavor,” shared Ignacio Blavi A., Chief Executive Officer of Cobax Mining. “We recognize that we must align with policymakers in Chile to generate the right environment for the lithium industry to flourish and create a sustaining benefit for the country.”

This milestone strengthens Summit’s portfolio of shared development assets with diverse stakeholders in Argentina and Chile and allows Summit to validate the performance of its scaled technology for rapid future deployment in other lithium salars in South America.

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