Lombard Street Capital and Lithium Africa Finalize Merger Agreement

Lombard Street Capital Corp. and Lithium Africa Resources Corp. have entered into a definitive agreement to combine their businesses, according to a July 25, 2025 announcement. The transaction will create a resulting issuer that will continue the business of Lithium Africa. The new entity plans to list on the Toronto Venture Exchange (TSXV) as a Tier 2 mining issuer.

Under the terms of the agreement, Lithium Africa Resources Corp. will merge with a newly formed subsidiary of Lombard Street Capital in the Cayman Islands. Each outstanding common share of Lithium Africa will be exchanged for one common share of the resulting issuer. Additionally, all securities convertible into Lithium Africa shares will be exchanged for convertible securities of the resulting issuer.

Lithium Africa Resources Corp. focuses on mineral exploration in Africa. It holds a 50% interest in a joint venture with GFL International Co., Ltd. (LAR-GFL JV) for exploration in Ivory Coast, Guinea, Mali, and Zimbabwe. The company also collaborates with Morocco's National Office of Hydrocarbons and Mining in the Bir El Mami area.

In connection with the business combination, Lithium Africa completed a private placement that raised C$3.45 million. The company intends to use these proceeds, along with its expected cash on hand of approximately C$7 million post-transaction, for the exploration and development of its asset portfolio. GFL is expected to match funding provided by Lithium Africa into the joint venture properties.