Patriot Battery Metals Concludes MOU with Albemarle, Eyes New Partnerships

Patriot Battery Metals announced the conclusion of its 9-month Memorandum of Understanding (MOU) with chemical manufacturer Albemarle Corporation. Both parties agreed not to extend the MOU, allowing Patriot to explore a broader range of strategic partnerships within the downstream lithium sector.

Patriot maintains a "constructive ongoing relationship" with Albemarle. During the MOU period, Albemarle's investment facilitated crucial capital works at Patriot's Corvette Project, including the construction of a camp, an all-weather access road, and an 11-rig winter drill program. The partnership also advanced technical aspects of mine concentrate production and potential downstream lithium hydroxide plant integration.

Ken Brinsden, president and CEO of Patriot, expressed gratitude for the collaboration with Albemarle, emphasizing the progress made and the ongoing interest in the Corvette Project. He noted that Patriot aims to expand its operations and seek new partnerships to meet the growing demand for lithium raw materials and chemicals in North America and Europe.

Following the conclusion of the MOU, the Investor Rights Agreement with Albemarle has been terminated, allowing Patriot to advance its strategic goals with multiple potential partners.