Lithium Australia NL said Oct. 16 that it increased its stake in the Electra lithium joint venture in Sonora, Mexico, to 54% following the completion of a 16-hole, 1,762-meter reverse circulation drilling program at the West Flank target.

The company previously earned a 49% stake in the project by issuing 500,000 fully paid ordinary shares, 500,000 partly paid contributing shares paid to 1 Australian cent each, as well as spending A$250,000 within one year.

Under the deal, Lithium Australia may further increase its stake to 65% by paying A$171,875 in cash and 1,031,250 shares, and by completing a A$756,250 spend on the property.