Lithium Africa (LTAFF) received two non-binding Springbok financing offers, including a proposed US$60 million investment from a lithium processing company. That investor would acquire 55% of a new holding company owning Lithium Africa's 70% project interest, leaving Lithium Africa with 45% of the holding company and an indirect 31.5% project interest. The proposal implies an approximately US$70 million pre-money valuation for the whole project. Proceeds would fund approximately US$10 million of drilling and approximately US$50 million for a processing plant.
A commodity trading house separately proposed prepayment financing and purchase of 100% of concentrate for the first three production years. Lithium Africa is discussing financing with more than 20 counterparties and targets a decision in H1 2027 and first production in H2 2027. The equity proposal requires due diligence, definitive agreements and approvals; construction depends on approvals and financing.
Lithium Africa (LTAFF) reported complete lithium assay results from its latest Norrabees I drill hole at South Africa’s Springbok Project. Hole NB1DD26-004 returned 8.0 m at 1.70% lithium oxide (Li2O) from 21.0 m downhole, including 4.0 m at 2.59% Li2O. The results complete the hole partially reported on September 30, 2026, following validated laboratory re-analysis.
Spodumene, a lithium-bearing mineral, has been intersected in all four holes reported at Norrabees I. Three rigs are operating, with 2,930.37 m completed in 94 holes as of October 10, 2026. A 1,000 m channel sampling program is underway, with initial sampling at Norrabees VI beginning this week. The company expects drilling and channel sampling results in Q4 2026 and Q1 2027. It says the drill program is fully funded and aims to evaluate a potential small-scale operation to help fund Springbok exploration.
Lithium Africa (LTAFF) plans to advance South Africa's Springbok Project toward spodumene concentrate production, targeting first output in H2 2027. It will pursue on-site dense media separation, a mineral-sorting process, using stockpiled and newly mined material instead of selling the stockpile directly. Lithium Africa holds a 70% interest in the project owner, Namli.
Mining is permitted, but plant construction requires additional approvals, including environmental authorization. The company targets an initial mineral resource estimate, a preliminary economic assessment and a financing decision in H1 2027. Construction is targeted for that period, subject to approvals and financing. Financing discussions are preliminary and non-binding. The project has no current mineral resources or completed economic analysis; the reviewed third-party processing testwork remains unverified. The production decision lacks a feasibility study demonstrating economic and technical viability.
Lithium Africa (LTAFF) reported its first Springbok drill results, including 6.0 m at 2.27% lithium oxide at Norrabees I.
That interval sits within 7.5 m at 1.97% lithium oxide from 18.5 m downhole in NB1DD26-003. NB1DD26-001 returned 4.0 m at 2.25% from 2.0 m downhole. A separate 1.0 m sample in NB1DD26-004 returned 4.11%; deeper assays remain pending re-analysis. Three of the four reported holes include intervals above 2% lithium oxide.
The company expanded drilling with an additional 1,000 m at Norrabees I and began 1,000 m of channel sampling across 21 spodumene-bearing pegmatites, rock bodies containing a lithium mineral. Across Springbok, 2,313 m in 69 holes have been completed, with three rigs operating. Lithium Africa expects remaining drill results in Q4 2026 and Q1 2027 and is evaluating a smaller-scale, high-grade starter operation.
Lithium Africa (LTAFF) reported rock sampling results from its Agboville license in Côte d'Ivoire that define the new Kanien Trend, a ~2.8 km spodumene-bearing pegmatite trend with 19 grab samples returning up to 1.98% Li2O, including 14 samples above 1.0% Li2O between May 2025 and May 2026.
The Kanien Trend lies along strike of Atlantic Lithium’s Rubino license samples (up to 1.36% Li2O), outlining a ~7 km corridor of spodumene pegmatite occurrences across the license boundary. It is the second primary spodumene trend in the Adzopé District, alongside the Saby Trend, where an initial 2,000 m RC drill program has completed 1,137 m and is expected to resume after the rainy season, with assays targeted for Q4 2026. The District currently covers about 485 km² of granted licenses, with an additional ~368 km² Sikensi permit under application, and is being advanced under a 50/50 joint venture with GFL International.
Lithium Africa Corp. (OTCQB: LTAFF) reported that shareholders approved all resolutions at the August 21, 2026 annual general meeting in Vancouver. Seven directors were elected, with most receiving 100% support and Toluwalase Seriki receiving 82.79% of votes cast.
Shareholders appointed Baker Tilly WM LLP as auditor and approved continuation of the Omnibus long‑term incentive plan. Disinterested shareholders approved an amendment raising the Omnibus Plan share reserve from 3,979,702 to 4,995,663 Common Shares (20% of shares outstanding at the record date) and allowing the board to accelerate vesting, plus cancellation of 1,931,835 stock options in favor of 997,909 replacement RSUs and amended vesting for 1,075,000 existing RSUs. A 750,000 RSU grant to CEO Dr. Tom Benson above plan limits was also approved. These compensation changes remain subject to TSX Venture Exchange acceptance, and resulting insider share settlements carry a four‑month hold.
Ernie Ortiz and John Kanellitsas joined the board and were appointed to key committees. The board also approved, effective October 1, 2026, a grant of 300,000 RSUs plus an additional US$30,000 RSU award to incoming CFO James Chabata, with units priced at grant under the Omnibus Plan.
Lithium Africa (OTCQB: LTAFF) announced the appointment of James Chabata, CPA, FCCA, as Chief Financial Officer, effective October 1, 2026, subject to regulatory approvals. He will succeed Jamie Robinson, who has served as CFO since June 2022 and guided the company through its go-public transaction and TSX Venture Exchange listing in February 2026.
According to the company, Mr. Robinson will remain until the end of 2026 to ensure a smooth transition. Mr. Chabata brings over 15 years of African mining finance experience, including roles at Montage Gold, Leo Lithium and several West African gold operators. Lithium Africa highlights its 50/50 joint venture with Ganfeng’s subsidiary GFL International across multiple African lithium projects and its acquisition of a majority interest in the Springbok Project in South Africa.
Lithium Africa (OTCQB: LTAFF) received Section 11 consent from South Africa’s Department of Mineral and Petroleum Resources on July 27, 2026, allowing it to formally complete the acquisition of a 70% majority shareholding in Namli Exploration and Mining, holder of the Springbok Project mineral rights in the Northern Cape.
The company also filed a new NI 43-101 Technical Report on SEDAR+ on July 29, 2026, consolidating historical and company exploration data to support its ongoing 3,500 m drill program at Springbok. Lithium Africa further disclosed and corrected an error in its previously filed Management Information Circular regarding a director’s securityholding, with details provided in a Notice of Correction on its website and SEDAR+.
Lithium Africa (OTCQB:LTAFF) advanced US$250,000 to a subsidiary of a CSE-listed company via an unsecured, non-interest-bearing convertible promissory note maturing on December 3, 2027. The note is convertible, after the contemplated transaction closes, into Target shares valued at 135% of principal, or repayable in cash at the same 135% amount. The Target’s parent has guaranteed the obligations, and both the advance and the proposed transaction remain subject to TSXV and other regulatory approvals.
Lithium Africa also approved amendments to its omnibus long-term incentive plan, increasing the share reserve from 3,979,702 to 4,995,663 shares, cancelling 1,931,835 options and issuing 997,909 replacement RSUs, and amending vesting on 1,075,000 RSUs. These changes require disinterested shareholder approval at the August 21, 2026 AGM and TSXV acceptance. Separately, the company appointed Baker Tilly WM LLP as auditor following the resignation of Deloitte LLP, with the change-of-auditor package filed on SEDAR+.
Lithium Africa (OTCQB:LTAFF) announced that Mr. John Kanellitsas and Mr. Ernie Ortiz will stand for election to the Board of Directors at the Annual General Meeting on August 21, 2026. The company also disclosed that directors Robert Eckford and, earlier, Tyron Breytenbach will not continue on the Board.