Rain City Resources signs tech evaluation deal with Chile's Quiborax

Rain City Resources Inc. (CSE: RAIN) announced that its Chilean subsidiary, Rain City Resources LATAM SpA, has signed a Scientific and Technological Evaluation Agreement with Quiborax S.A., a Chilean mining and chemical company, according to a press release.

The agreement establishes a framework to evaluate Rain City's AC²ME extraction and processing technology using Quiborax materials and process streams, including opportunities related to lithium and other critical minerals.

The collaboration centers on Quiborax's El Águila project in Chile's Arica and Parinacota Region. Quiborax has obtained a CEOL — a Contrato Especial de Operación de Litio, or Special Lithium Operation Contract — which is a state authorization required to legally mine lithium in Chile, where lithium has been classified as a non-concessionable strategic mineral since 1979.

Studies cited in Chile's Supreme Decree No. 33 identify approximately 19,775 tonnes of lithium carbonate equivalent contained in historical processing residues at El Águila. The CEOL permits processing and sale of up to 20,000 tonnes of lithium carbonate equivalent, or operations through December 31, 2046, whichever occurs first.

El Águila is described in the release as the first CEOL process involving a wholly private company to receive Contraloría approval under Chile's current lithium policy framework.

The current agreement does not constitute a commercial production agreement or joint venture. Any commercial deployment would require successful technical evaluation, regulatory approvals, and separate definitive agreements. The parties may subsequently negotiate arrangements covering pilot or commercial facilities, technology licensing, joint ventures, and other commercial structures.

The approximately 19,775 tonnes of lithium carbonate equivalent referenced is derived from preliminary studies and does not constitute a mineral resource or reserve estimate prepared by Rain City Resources.

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