Snow Lake Resources Ltd (NASDAQ:LITM) shares are trading higher by 43.53% to $3.30 Friday morning after the company announced it signed a non-binding Memorandum of Understanding (MOU) with LG Energy Solution as a next step towards building the domestic supply chain for the North American EV market.
Snow Lake Lithium and LGES say the companies will collaborate to explore the opportunity to create one of Canada’s first lithium hydroxide processing plants in CentrePort, Winnipeg, Manitoba.
Under the terms of the MOU, Snow Lake Lithium will supply LGES with lithium over a 10-year period once production starts in 2025.
The MOU and contemplated partnership will be subject to a number of conditions, including the completion of due diligence from both parties.
Snow Lake Lithium says a scoping study, in partnership with Primero, is already underway to identify the technologies, innovations and skills required to deliver a world-class lithium hydroxide plant within the Manitoba Province.
Philip Gross, CEO Snow Lake Lithium said, “We are delighted to collaborate with world-leading LG Energy Solution to build a rock to road battery supply chain for the electric vehicle market in North America.”
See Also: This Chipmaker Stock Has A Better 5-Year Return Than Bitcoin, Ethereum, Amazon, Apple, Nvidia, Microsoft, Ford And Starbucks
According to data from Benzinga Pro, Snow Lake Resources has a 52-week high of $18.42 and a 52-week low of $2.12.