LFP holds rights to acquire a total of 485,000ha of prospective lithium ground in Argentina.
The land package includes areas of known lithium pegmatite occurrences discovered and sampled by the Argentinian Government in the 1960s.
The latest agreement is subject to LFP closing the acquisition of one of the properties in Argentina, among other things.
Under the deal, GCOM will acquire all of the outstanding shares of LFP by making a $75,000 upfront payment and issuing 17.5 million GCOM common shares.
Upon completion of the transaction, GCOM is planning to undertake exploration work including extensive sampling of outcropping pegmatite and geological mapping at the property.
The acquisition marks GCOM’s entry into the lithium sector, where prices have surged due to increasing global demand for EV batteries.
GCOM CEO and director Trumbull Fisher said: “The district-scale land package we are acquiring offers the potential to explore known areas of lithium while, at the same time, securing an entire belt that has yet to be methodically explored.
“While the Berlin project, with its uranium, phosphate, nickel and vanadium resources, continues to be of great importance to GCOM, this acquisition demonstrates our team’s plan to continue to expand further into the battery metals space.”
The 485,000ha lithium property comprises staked and granted claims that extend through the provinces of Chubut, Rio Negro and Neuquén.