On December 20, 2022, Prairie Lithium Corporation entered an agreement to be acquired by Arizona Lithium Limited. By March 27, 2023, Arizona Lithium successfully completed the acquisition of Prairie Lithium for a total consideration of approximately C$70.6 million. The consideration includes C$40.0 million in cash and 500.0 million common shares of AZL at a deemed price of C$0.0612 per share. This acquisition aims to further Arizona Lithium's ambition to become a global leader in the lithium industry. The transaction will combine Prairie Lithium's expertise in direct lithium extraction technologies with Arizona Lithium's capabilities, enabling the production of battery-quality lithium products. Furthermore, Prairie Lithium's assets include the largest lithium brine resource in Canada discovered, positioning Arizona Lithium to meet the growing demand for battery metals.