BCN.L Regulatory News (BCN)

18 May 2020

Bacanora Lithium plc

("Bacanora" or the "Company")

Notice of AGM

Bacanora Lithium plc (AIM: BCN), a lithium exploration and development company, is pleased to announce that the Company's Annual General Meeting ("AGM") will be held at The Clubhouse, 8 St James's Square, London SW1Y 4JU, at 11am on 11 June 2020.

The Board takes its responsibility to safeguard the health of its shareholders, stakeholders and employees seriously. As a result of the current measures implemented by the UK Government therefore, attendance at its AGM will be limited to two persons. Shareholders may not attend in person. If the UK Government changes the measures before the date of the AGM, the Company will provide a further update.

Shareholders wishing to vote on matters of business are urged to do so via the completion of a proxy form. In line with corporate governance best practice, and in order that any proxy votes of those shareholders who are not allowed to attend, and to vote in person, are fully reflected in the voting on the resolutions, the Chairman of the meeting will direct that voting on all resolutions set out in the notice of meeting will take place by way of a poll. The final poll vote on each resolution will be published immediately after the AGM on the Company's website.

As shareholders will not be able to attend this year's AGM the Company is proposing to allow shareholders the opportunity to raise any issues or concerns arising from the business proposed, to be conducted at the meeting. Appropriate questions should be emailed to info@bacanoralithium.com before 9 June 2020 and responses will be posted on the Company's website on the morning of the AGM. The Company will be hosting a shareholder update call after 30 June 2020 in order to give a detailed project update.

In support of the Bacanora's ongoing commitment to minimise unnecessary waste, the Notice of AGM, Form of Proxy, Deemed Consent Letters and the Annual Accounts for the six months to 31 December 2019 are available for download on the Company's website: www.bacanoralithium.com/investor-relations/agm-documents/.

The Company's near-term strategy is to bring the Sonora Lithium Project ("Sonora"), located in Mexico, into development. To provide the Company therefore with further financial flexibility to do so, it is important to highlight Resolutions 7 and 8 in the AGM documentation. These resolutions allow the Company to seek approval for the authority to issue up to 500 million shares, together with the disapplication of pre-emption rights. The share headroom resolutions remain the same, as approved by shareholders, at the Company's last two AGMs. 

Lastly, Resolution 10 provides the Company with the approval to revise its Articles. Whilst there is no current intention to do so, the Revised Articles will enable that the Company to hold 'hybrid' general meetings. As such, members attend and participate in the business of the meeting by attending a physical location, or by means of an electronic facility or facilities. These changes will make it easier for members to attend and participate in future general meetings which will facilitate better shareholder engagement.

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For further information please visit www.bacanoralithium.com or contact:

Notes to editors

Bacanora Lithium Plc is an AIM-listed (ticker 'BCN') lithium development and exploration company. The Company owns assets in Mexico and Germany. It is focused on building, in collaboration with its major shareholder and offtake partner, Ganfeng Lithium (the world's largest lithium metals producer), a 35,000 tonne per annum open pit lithium carbonate operation at its flagship asset, the Sonora Lithium Project in Mexico. The Sonora Lithium Project has 8.8 million tonnes of lithium carbonate (Li2CO3) equivalent resources, with an approximate 250 year resource life, as detailed in its December 2017 Feasibility Study.

Sonora Lithium Ltd ("SLL") is the operational holding company for the Sonora Lithium Project and owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life. SLL is owned 77.5% by Bacanora and 22.5% by Ganfeng Lithium Ltd. SLL also owns 70% of the El Sauz and Fleur concessions. 

In addition, the Company has a 50% interest in the Zinnwald Lithium Project and the Falkenhain and Altenberg Licences in southern Saxony, Germany.

Important notice

The contents of this announcement have been prepared by and are the sole responsibility of Bacanora.