Coldwater Mining & Energy Limited Confirms Initiation of Formal Discussions to Jointly Develop Two Lithium Projects in Northern Chile with One of The World's Largest Mining Corporations

Coldwater Mining & Energy Limited Confirms Initiation of Formal Discussions to Jointly Develop Two Lithium Projects in Northern Chile with One of The World's Largest Mining Corporations

Coldwater Mining & Energy Limited Confirms that they have entered in to formal discussions with one of the world's largest mining companies to jointly develop two new lithium mining projects in Northern Chile.

As part of the discussions Coldwater Mining & Energy Limited shall evaluate previous data, already held on file, from existing exploration carried out by independent geologists earlier this year.

The company that Coldwater Mining & Energy Limited are in discussions with have wished to remain anonymous until the agreement has been agreed, completed and signed by both companies.

As a basis for initiation of discussions, and based on the exploration figures, the two projects are being valued at over USD 122 million, based on 100% equity for both.

Coldwater Mining & Energy Limited's discussions are currently based on an equal 50 percent interest at both projects.

Subject to the closing of the agreement both companies will advise their respective shareholders of the agreement made.

Mr. Kevin R. Lomas, Managing Director & Chief Executive Officer of Coldwater Mining & Energy Limited said, "We are extremely close to agreeing in principle this partnership with one of the mining sector's major players."

"A key element for these discussions is the ability for us to maintain the responsibility that we place on ethical and responsible mining at both of these projects. At this point, the discussions are going very well and we expect to make an announcement before the end of this year," Kevin R. Lomas concluded.

Both companies have confirmed that the announcement to shareholders should be expected within the coming weeks as it is both their intentions for the commencement of this joint project, at the first location, to be started in quarter 2 of 2022.