Patriot Battery Metals chair and lithium linchpin Ken Brinsden says Patriot Battery Metals made the deliberate move to offer Albemarle a 'small' stake in the Canada-focused explorer.
There has been much speculation regarding Albemarle – which has already lobbed several offers for WA lithium aspirant Liontown Resources – and its 4.9 per cent strategic stake in Patriot Battery Metals.
It was revealed to the market earlier this month that Albemarle would invest approximately $120 million to stake a claim in Ken Brinsden’s early-stage explorer, just 24 hours after the target spruiked a maiden mineral resource.
Patriot believes its flagship Corvette Property project in Quebec’s James Bay region in Canada the eighth largest lithium pegmatite mineral resource in the world.
Speaking to media following his presentation on day two of Diggers & Dealers, Patriot chair Ken Brinsden said he didn’t want to pass judgement on whether the company was a takeover target or not.
“But in the relationship with Albemarle, we’ve deliberately offered them…in the scheme of things, what might be perceived to be a small stake,” he said.
“And then we basically as part of our dealings we asked them to stand still... they cannot buy any more on market.”
“I guess you could argue that’s done deliberately because we feel our shareholders have significantly more to gain through the continued progress of development of the project.”
Mineral Resources is also believed to be present on Patriot's register, as is Pilbara Minerals.
Mr Brinsden said there was likely to be a substantial number of chemical plants that would be supported by the Corvette discovery.
In tandem with the investment, the pair have also entered a non-binding memorandum of understanding to assess the potential for downstream lithium hydroxide plant in Quebec.
