QX Resources (ASX:QXR) secures option to additional lithium brine projects

QX Resources Limited (ASX:QXR) Managing Director Steve Promnitz discusses the company's renegotiation of the option agreement for the Liberty Lithium Brine Project, which now allows for opportunities in two additional lithium projects in Nevada and Utah. He highlights the strategic importance of being positioned in the US lithium market amid growing demand for battery minerals.

Peter Milios: I'm Peter Milios from the Finance News Network, and today we're talking with QX Resources (ASX:QXR). QX Resources is focused on the exploration and development of lithium and copper-gold projects. We're talking today with the company's CEO, Steve Promnitz. Steve, welcome back to the network.

Steve Promnitz: Thank you so much.

Peter Milios: Steve, QXR has renegotiated the terms of the option agreement for the Liberty Lithium Brine Project. Could you comment on the significance of this restructuring for QXR?

Steve Promnitz: So, the Liberty Lithium Brine Project sits in the west of the USA, and this agreement lowers our cash commitments, which is important in the current market. And the other thing it does is expands our opportunities into two additional projects, also for lithium brines, in the western US.

Peter Milios: So, this new agreement includes an option to acquire an interest in two other lithium brine projects, as you mentioned, in Nevada and Utah. What can you tell us about the potential of these projects?

Steve Promnitz: So, it's always difficult to tell before you drill, but these also have encouraging results at surface. The key takeaway is that now QXR and its shareholders has exposure to three lithium brine projects in the US.

Peter Milios: And with the growing demand for lithium in the US battery industry, how important is it for QXR to be strategically positioned in the US market? How do you see this shaping the company's future?

Steve Promnitz: This is the reason we went there about a year ago, and this is the reason we continue. As we know, lithium prices have come off, so people go, "Oh, why would I care?" The thing is, the US has its own ecosystem. It's come out just in the last week to say they're trying to restrict the access to Chinese EVs into their market. They continue to try and bolster the whole supply chain for batteries and also battery minerals in the US. So, being there and being on the upstream end of what is continuing to be an expanding sector I think is great. And it really doesn't matter what happens with the US election. Both sides of politics are supporting this approach. So, strategically, it's a great place to be.

Peter Milios: And, Steve, just in conclusion, what are the next steps of the project?

Steve Promnitz: Right. So the next steps, now that we've got this deal done, we're going to work out what the next plan of drilling will be on these projects. And then, further, you'll hear more announcements about our plans in Queensland on our gold and copper-gold projects. So, look, there aren't too many companies that have got a market cap of sort of $6m that are well positioned in key strategic areas. So, please watch this space. Our ticker code is "QXR". Thank you.

Peter Milios: Steve, many thanks for your time.