Neo Lithium Corp (CVE:NLC) (OTCMKTS:NTTHF) is mulling a number of proposals regarding a partner for its Tres Quebradas lithium project (3Q project) in Catamarca Province, Argentina, it told investors on Tuesday.
The firm has spent the last two years focused on developing the project towards future production.
"We are extremely encouraged with the level of interest and initial indicative terms of the proposals received to date," said Waldo Perez, the CEO of Neo Lithium in a statement.
"We will be diligently reviewing the terms proposed by the different parties in the coming weeks and look forward to further updating the market."
READ: Neo Lithium announces lithium industrial park in Argentina after winning city council approval
The company also noted that it remained "optimistic on a favorable outcome" but that there could be no assurance that the process will result in any transaction.
"The potential partners on the short list have passed into the final stages of the process and current proposals are being evaluated in detail and negotiations continue to progress," it added.
"The board of directors has made every effort to ensure proper consideration of all proposals based on strategic merits, proposed terms and structure of each offer."
Neo Lithium has hired BofA Securities as its financial advisor in connection with the process.
The firm says 3Q is a unique high-grade lithium brine lake and salar complex in Latin America's "Lithium Triangle".
The project is situated in Catamarca Province, the largest lithium producing area in Argentina and spans around 35,000 hectares and the salar complex within this area is approximately 16,000 hectares.
Shares in Toronto advanced nearly 8% at C$0.84.
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