VANCOUVER, British Columbia, Dec. 16, 2024 (GLOBE NEWSWIRE) -- United Lithium Corp. (“United Lithium” or the “Company”) (CSE: ULTH; OTCQX: ULTHF; FWB: 0UL) is pleased to announce its Bergby Lithium Project (“Bergby”) has received a national interest designation in Sweden. This designation makes Bergby a mineral project of national interest, linked to its potential of providing a future supply of lithium to Sweden and other parts of Europe. The national interest designation was provided by the Geological Survey of Sweden (“SGU”). The Bergby area will be protected against measures that may hinder future mining extraction. The purpose of the designation is to support long-term planning when it comes to land use and resource management.
“Today’s announcement marks a major milestone in our advancement of the Bergby Lithium Project,” stated United Lithium’s President and CEO, Scott Eldridge. “We are very pleased that SGU decided Bergby meets the requirements to receive the national interest designation as an area with future mineral deposit importance. Access to key minerals to support the green energy transition is limited in Europe. Thus, Bergby has the potential to be a very important project to Sweden and the rest of the European Union and is now protected for that purpose. Sweden has had a national definition of mineral deposits of national interest since the 1980s. Furthermore, the country has a long tradition of mining and is currently one of the EU’s leading ore and metal producing countries. One of the main goals of the strategy is to strengthen Sweden’s position as one of EU’s leading mining and mineral countries.”
Founded in 1858, the SGU is the government authority responsible for issues relating to bedrock, soil and groundwater in Sweden, and supervises all mineral deposit activities, including surveys and extractions. Two advisory bodies lead the SGU: the Advisory Council for Mineral Resources and the Advisory Council for Minerals Exploration. The SGU is the governing authority of the Mining Inspectorate, which issues permits for exploration and exploitation of mineral deposits in Sweden.
DSU Grants
The Company also announces that it has granted an aggregate of 117,721 deferred share units (each a "DSU") to its independent directors at a deemed price of $0.212 per DSU. The DSUs were granted in consideration for services rendered by the directors for the quarter ended October 31, 2024. The DSUs were granted in accordance with the Company's Omnibus Incentive Plan adopted on February 16, 2024. To date, the Company has issued a total of 117,721 DSUs to its independent directors.
About the Bergby Project
Bergby consists of ten exploration licenses covering 7,897 ha located near the coast of the Gulf of Bothnia in central Sweden. The Project is approximately 200 km north of Stockholm via highway E4 and 25 km north of the city of Gävle, within an area of significant infrastructure including highway and road access, railway, power, and the port of Norrsundet. Gävle is a proximal labour and supply hub. Furthermore, Bergby is 570 km south of the new Northvolt lithium battery gigafactory located in Sweden, and 440 km across the Gulf of Bothnia from Keliber Lithium’s hydroxide plant currently under construction. The Project now comprises five drill-confirmed spodumene bearing pegmatites (Pegmatite A to E), with a combined strike length of more than 4,000 m. There are unexplained spodumene-bearing boulder trains and much of the property remains unexplored, highlighting the excellent potential at Bergby for further discovery.
On Behalf of The Board of Directors
“Scott Eldridge” President, Chief Executive Officer and Director
United Lithium Corp. (CSE: ULTH) is an exploration & development company energized by the global demand for lithium. The Company is targeting lithium projects in politically safe jurisdictions with advanced infrastructure that allows for rapid and cost-effective exploration, development, and production opportunities.
The Company’s consolidated financial statements and related management’s discussion and analysis are available on the Company’s website at https://unitedlithium.com/ or under its profile on SEDAR+ at www.sedarplus.ca.
Forward-Looking Statements
This news release includes “forward-looking statements” and “forward-looking information” within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the potential of the Bergby Project; the potential for Bergby to supply lithium to Sweden and/or other parts of Europe in the future; the potential for this national interest designation to support future permitting objectives at Bergby. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, “potential”, “target”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on the reasonable assumptions, estimates, analysis, and opinions of the management of the Company made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may have caused actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company’s projections and estimates; realization of mineral resource estimates, interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; political or economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; contests over title to properties; changes in project parameters as plans continue to be refined; and impact of the COVID-19 pandemic. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of lithium and other metals and minerals; the demand for lithium and other metals and minerals; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective matter; and the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and the Company’s plans and objectives and may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.
