Stardust Power exclusivity expires; Usha retains 100% of Jackpot Lake lithium brine project
Usha Resources Ltd. (TSXV: USHA / OTCQB: USHAF / FSE: JO0) advises that the exclusivity arrangement with Stardust Power for the proposed sale of up to 90% of the Jackpot Lake project has expired and will not be renewed. Usha retains 100% ownership of Jackpot Lake.
Background
In May 2024, Usha entered into a letter of intent with Stardust Power for the proposed sale of up to 90% of the Jackpot Lake lithium-brine project for total potential consideration of up to US$26,025,000 over a multi-year period. The arrangement was subsequently extended on commercial terms.
Effective June 30, 2025, the exclusivity period concluded without execution of a definitive transaction. Usha retains full ownership of the Jackpot Lake claims (442 mineral claims, 8,714 acres).
Going forward
Usha intends to advance the Jackpot Lake project independently, with continued drill program planning subject to permit conditions and financing. The Company is reviewing strategic options to optimize value from the project for shareholders.