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From West Perth, to Saskatchewan, to South Korea, 100% of Prairie Lithium's phase 1 production is accounted for

Jane Morgan Management

Key Facts:

South Korean binding offtake deal for Prairie Lithium (ASX: PL9) with Hydro Lithium.

AU$10M strategic equipment commitment from Hydro Lithium.

Government-backed milestone signed in Seoul in the presence of Canadian and South Korean dignitaries.  

First production on track for Q4 2026 with construction at Prairie's Phase 1 facility in Saskatchewan is well advanced.

Prairie Lithium (ASX: PL9) signs binding definitive agreement with South Korea's Hydro Lithium, covering 100% of Phase 1 output with AU$10M proprietary refining equipment commitment.

WEST PERTH, AUSTRALIA / REGINA, SASKATCHEWAN — 2 April 2026 — Prairie Lithium Limited (ASX: PL9, OTC: PLIXF) ('Prairie Lithium' or 'the Company') today announced it has executed a Binding Definitive Agreement with South Korea-based Hydro Lithium for the purchase of 100% of Phase 1 production from its Prairie Lithium Project in Saskatchewan, Canada.

The agreement covers 150 Tonnes Per Annum (TPA) of Lithium Carbonate Equivalent (LCE), Prairie's initial commercial-scale proof-of-concept output — and represents one of the most significant commercial milestones in the Company's history. (1)

In addition to purchasing the full Phase 1 output, Hydro Lithium will provide and operate approximately AU$10 million of its proprietary lithium refining equipment at the Saskatchewan project site, materially reducing Prairie's capital requirements for Phase 1 processing.

Construction at the Phase 1 facility in Saskatchewan is well advanced. 

Production and disposal wells have been drilled, power infrastructure has been installed, and the building to house the direct lithium extraction (DLE) equipment is nearing completion. First production is targeted for Q4 2026.

Prairie Lithium Managing Director, Paul Lloyd, says,

“This is a monumental agreement for Prairie Lithium, as we now capture the entire value chain from resource to battery grade production. Hydro Lithium is an incredible project partner for us, with existing operations and battery grade lithium production.

This provides us a very clear path in which we will establish and grow revenues, and be one of the first lithium brine producers in North America bringing new lithium to market. Beyond the commercial benefits, we are incredibly excited by the level of support and enthusiasm shown by both the Canadian and South Korean governments for this collaboration.

This partnership represents a significant bridge between our two nations in the global critical minerals supply chain. By combining Saskatchewan’s world-class resources with South Korea's leading processing technology, we are delivering exactly the kind of international cooperation required to power the energy transition.”

Dr. Uong Chon, Chief Executive Officer, Hydro Lithium, says,

“Prairie Lithium is one of the most advanced lithium brine projects in North America and is the leading Canadian lithium brine project. Saskatchewan has very high-quality lithium brine resources, and we look forward to sourcing our lithium from Saskatchewan.

Our strategic collaboration will represent a significant investment of approximately $10M in the form of advanced lithium refining CULX equipment and expertise.”

A Landmark Commercial Milestone

The Binding Definitive Agreement transforms Prairie Lithium's commercial position, providing both a secured revenue pathway and third-party validation of the Company's Phase 1 development strategy. The agreement is structured for an initial 10-year term, with renewal options by mutual agreement for further 10-year terms up to a total of 30 years.

The product pricing mechanism is linked to battery-grade lithium carbonate pricing and is based on lithium weight percentage, conversion cost and conversion efficiency — providing Prairie with direct exposure to the upside of battery-grade lithium markets while selling an intermediate product. 

Hydro Lithium operates an existing battery-grade refinery in South Korea with nameplate capacity of 3,600 TPA LCE, providing an established, operational downstream processing route for Prairie's Phase 1 output.

Following the commencement of Phase 1 production, the parties intend to work toward substantially expanding supply volumes as Prairie scales its operations.

Saskatchewan to South Korea: A Critical Minerals Partnership

The signing ceremony was conducted in Seoul, South Korea, in the presence of The Honourable Maninder Sidhu, Canada's Minister of International Trade (Global Affairs Canada), and H.E. Philippe Lafortune, Ambassador of Canada to the Republic of Korea, underscoring the significance of the agreement at a national government level and its strategic relevance to Canada's critical minerals export agenda.

Saskatchewan is one of the world's most mining-friendly jurisdictions, with fully developed infrastructure including electricity, natural gas, fresh water, paved highways and rail. The Prairie Lithium Project comprises over 345,000 acres of subsurface permits in the Williston Basin and holds a 4.6 million tonne LCE Indicated Resource.

(1) ASX Announcement “North America’s First Lithium Brine Facility” – 17 February 2025. The Company confirms that it is not aware of any new information that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning estimates in the relevant market announcement continue to apply and have not changed.

Media Contact:

Name: Mr. Paul Lloyd, Managing Director

Tel: +61 419 945 395

Email: [email protected]

Website: www.prairielithium.com

About us:

About the Prairie Lithium Project:

PL9’s Prairie Lithium Project in Saskatchewan, Canada, one of the world’s top mining friendly jurisdictions, with key infrastructure including electricity, natural gas, fresh water, paved highways and railroads. The project is being advanced with a focus on scalable lithium brine production and efficient development, leveraging existing regional infrastructure and the Company’s phased development model.

Contact details:

Jane Morgan Management

[email protected]