Portofino has executed an agreement with REMSA, the provincially-owned resource entity of Salta, Argentina, which gives the Company an opportunity to earn a majority interest in five lithium projects that REMSA maintains in Salta.
The three priority projects are located in the heart of the world-renown Argentine Lithium Triangle and in close proximity to multiple world-class lithium projects:
1) Arizaro Salar
- Project is located south of the advanced Rincon project which was recently sold to Rio Tinto for $825 million.
2) Hombre Muerto Salar
- Project is located in close proximity to the Galaxy/Posco (Sal de Vida) project. Posco announced in March 2022 an intention to invest $4 billion into this project. The Hombre Muerto salar also hosts multiple developing lithium projects and includes Livent Corp’s producing Fenix project.
3) Pastos Grandes Salar
- Project is located in close proximity to the Millennial Lithium project which was recently sold to Lithium Americas Corp for $400 million.