Grounded Lithium shares were up 33% at C$0.10 apiece at mid-day in Toronto on the option deal, valuing the company at C$7.6 million. Its shares have traded between C$0.07 and C$0.50 over the past year.
The cash is expected to offer more than enough funding for a field pilot at the Kindersley lithium project (KLP) that both companies plan to advance. Kindersley, located just north of the namesake town near the Alberta border, sits on top of the Leduc/Duperow formations that underlie the Prairie provinces.
“This is very significant for us in terms of helping us unlock the value of our project,” Grounded CEO Gregg Smith told The Northern Miner in an interview. “Denison is also doing first-of-a-kind uranium mining in Saskatchewan, where they’re doing in-situ extraction of uranium. That really reduces the cost. It’s a very innovative approach to it and it will be first of its kind in Canada. It kind of goes to the heart of…
