American Salars Lithium Inc. Acquires K20 Minerals and Lake Throssell SOP Project
News provided byAmerican Salars Lithium Inc · 2 min read
American Salars Lithium Inc. has acquired 100% of K20 Minerals Pty Ltd and the Lake Throssell Sulphate of Potash (SOP) project in Western Australia, marking a significant expansion of the company’s portfolio in the lithium and potash sectors.
On August 27, 2026, American Salars Lithium Inc. entered into a share exchange agreement with 1269280 WA Pty Ltd and its wholly owned subsidiary, K20 Minerals Pty Ltd, as well as all shareholders of K20. The deal includes the acquisition of 100% of the issued and outstanding shares of K20, which owns a 100% legal and beneficial interest in exploration licence E38/3065, covering approximately 296 square kilometres (29,600 hectares) in Western Australia. This licence hosts the Lake Throssell SOP brine project.
According to the terms of the agreement, American Salars will issue an aggregate of 5,100,000 common shares to the K20 shareholders in two tranches. The first tranche of 2,550,000 shares will be issued upon closing and will be subject to a six-month escrow period. The second tranche of 2,550,000 shares will be issued 14 months post-closing and will be subject to a four-month and one-day escrow period. No finder’s fees are payable by American Salars in connection with the transaction.
The acquisition of Lake Throssell comes with a rich technical history. A Mineral Resource Estimate (MRE) update dated February 13, 2023, prepared by Aquifer Resources Pty Ltd for a prior owner, reported a Lake Throssell mineral resource estimate in accordance with the JORC Code (2012 Edition). The historical estimate was based on drilling, brine sampling, monitoring bores, borehole magnetic resonance logging, particle-size distribution analysis, and aquifer testing. The 2023 update reported that 80% of the Indicated mineral resource was contained in higher-yielding aquifers with specific yields of 0.12 to 0.15, and an additional 3.79 Mt of SOP had been converted from the Inferred category to the Indicated category, resulting in a 90% increase in the Indicated estimate.
American Salars’ CEO, R. Nick Horsley, expressed enthusiasm about the acquisition, stating, “Lake Throssell represents a significant addition to American Salars’ portfolio. The historical JORC estimate highlights a large-scale SOP brine system with meaningful Indicated and Inferred resources and significant exploration upside potential. Our priority following closing will be to validate the underlying historical data and determine the work required to support current technical disclosure under NI 43-101.”
The Sulphate of Potash is a premium, chloride-free potassium fertilizer commonly used for high-value and chloride-sensitive crops. The Lake Throssell system is a brine-hosted deposit contained within saturated lake and palaeovalley sediments.
The transaction remains subject to customary closing conditions, including the completion of due diligence and receipt of applicable corporate, regulatory, and CSE approvals. American Salars will be responsible for underlying claim and rental fees estimated at $87,000 annually paid prior to August 30 of each year.
Mitchell E. Lavery, P. Geo, an independent qualified person, has reviewed and approved the technical content regarding the Lake Throssell SOP Project.