St George Mining Limited announced that it has signed a non-binding Memorandum of Understanding ("MoU") with Shanghai Jayson New Energy Materials Co., Ltd. (Jayson) to establish a strategic relationship to consider a range of lithium-related business opportunities. The MOU signed by St George and Jayson establishes a framework for the parties to consider and agree on partnering on lithium-business opportunities, including St George's flagship Mt Alexander Project. Key matters to be considered for the strategic relationship are: potential investment and offtake opportunities at the Mt Alexander Lithium Project; financial support for St George to enable business expansion and development; the acquisition and development of new lithium projects, including on a joint venture basis; a first right of refusal for Jayson to secure at least 20% of the offtake from Mt Alexander and any joint venture projects; and potential development of downstream lithium assets in Western Australia.

The MoU has an initial term of two years. Any specific arrangement or transaction agreed by the parties will be subject to further documentation and execution of definitive formal agreements. Until a formal agreement is signed, the MoU is non-binding and non-exclusive.