Elektros Secures Lithium Mining Lease in Sierra Leone

Rhea-AI Summary

Elektros (OTC PINK:ELEK) has signed a 13-year ground lease agreement for a lithium mining project in Sierra Leone's Bo District. The company has begun initial preparations, with first shipments of lithium-bearing rock aggregate expected soon. This move aligns with the growing global demand for lithium, driven by the electric vehicle (EV) market and energy storage solutions.

The global lithium-ion battery market is projected to reach $116.6 billion by 2030, with a CAGR of 18.0% from 2021 to 2030. Sierra Leone's investor-friendly policies and rich lithium deposits make it an attractive destination for mining operations. As the world shifts towards renewable energy and sustainable technologies, the demand for lithium is expected to increase significantly.

Positive

• Secured a 13-year lease for lithium mining in Sierra Leone
• Initial preparations at the mining site have begun
• First shipments of lithium-bearing rock aggregate expected soon
• Aligns with growing global demand for lithium in EV and energy storage markets
• Sierra Leone offers investor-friendly policies and rich lithium deposits

Negative

• Mining operations may require significant capital investment
• Potential operational risks associated with mining in a foreign country
• Success depends on future lithium demand and market prices

SUNNY ISLES BEACH, FL / ACCESSWIRE / August 22, 2024 / Elektros (OTC PINK:ELEK) ("Elektros" or "the Company"), an emerging leader in the electric mobility industry, announced today it has signed lease agreement for Lithium mining project in Sierra Leone.

On August 15, 2024, the Company entered into a 13-year ground lease agreement for Lithium mine located at Gbu-Gbu village Gawola Town in the Tinkoko chiefdom Bo District in the southern part of Sierra Leone, West Africa.

The purpose of the lease is to commence lithium mining operation and management of a multi-family residential apartment for laborers of the mining operation as needed.

The Company has already begun initial preparations at the mining site, with the first shipments of lithium-bearing rock aggregate expected to be ready for off-site processing and milling in the coming weeks.

The global demand for lithium has been steadily rising, driven primarily by the growing electric vehicle (EV) market and the increasing need for large-scale energy storage solutions. According to a recent industry report, the global lithium-ion battery market is expected to reach $116.6 billion by 2030, growing at a CAGR of 18.0% from 2021 to 2030.

Sierra Leone has emerged as an attractive destination for lithium mining due to its investor-friendly policies and abundant natural resources. The country has been actively promoting its mining sector, offering competitive tax incentives and streamlining regulatory processes to attract foreign investment. Additionally, the southern region of Sierra Leone, where the Company's mining operation is located, is known for its rich lithium deposits.

Lithium has a wide range of applications beyond EVs, including solar battery storage, data centers, and consumer electronics. As the world continues to transition towards renewable energy and sustainable technologies, the demand for this critical mineral is expected to dramatically increase in the coming years.

About Elektros, Inc.

Elektros (OTC PINK:ELEK) is a vertically integrated sustainable energy company focused on lithium mining, electric vehicle charging, solar energy storage, and power supply for AI data centers. We are at the forefront of the clean energy transition, driving innovation in mobility and energy technologies to combat the global climate crisis and deliver transformative user experiences. www.elektros.energy

Cautionary Language Concerning Forward-Looking Statements

This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential," and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for Elektros, Inc.'s products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time to time in Elektros Inc.'s filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs, and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting Elektros Inc., please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. Elektros, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:

Elektros, Inc. IR and Media Inquiries
Email: ElektrosInc@gmail.com

SOURCE: Elektros, Inc.

View the original press release on accesswire.com

FAQ

What is the duration of Elektros' lithium mining lease in Sierra Leone?

Elektros (ELEK) has signed a 13-year ground lease agreement for the lithium mining project in Sierra Leone.

Where is the Elektros (ELEK) lithium mining site located in Sierra Leone?

The lithium mining site is located at Gbu-Gbu village, Gawola Town in the Tinkoko chiefdom, Bo District, in the southern part of Sierra Leone, West Africa.

When did Elektros (ELEK) sign the lithium mining lease agreement?

Elektros signed the lithium mining lease agreement on August 15, 2024.

What is the projected size of the global lithium-ion battery market by 2030?

According to the press release, the global lithium-ion battery market is expected to reach $116.6 billion by 2030, growing at a CAGR of 18.0% from 2021 to 2030.