- Bacanora Minerals' losses rose to C$18.8m in the year to the end of June - uo from C$10.4m last time.

Interest income totalled C$94,895 - down from C$114,079.

Chairman Mark Hohnen said: 'We are developing one of the world's largest lithium projects and I believe we are at a tipping point.

'We have already proved that we can produce high quality battery grade lithium at our flagship Sonora Lithium Project in Mexico, which is one of the world's larger deposits with an Indicated Mineral Resource of 4.5 million tonnes and 2.7 million tonnes Inferred of lithium resources.

'We have received backing from institutional investors and we have secured an agreement with one of the world's largest traders of battery chemicals.

'The stand-out development was the signing of a strategic partnership and off-take agreement with leading Japanese trading house Hanwa for up to 100% of production.

'In our view, securing a partnership with a major trader of battery chemicals in Japan with reported net sales of more than ¥1,000 billion in 2016 provides industry validation of the large and scalable resource we have identified at Sonora; the work we have done to prove the metallurgical process; and the quality of the battery grade lithium carbonate produced by our pilot plant.

'Having secured Hanwa both as a partner and as an investor in Bacanora and having demonstrated Sonora is more than capable of meeting the stringent requirements of battery manufacturers for lithium products of the highest quality, we are looking forward to the completion of the Feasibility Study in Q4 2017, at which point we will then look to move onto the construction phase.'

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