This sounds like an oil and gas lease form with word lithium substituted. I am assuming that the lease does not reference oil and gas or else you have some mixture with someone trying to hold everything. Lithium leasing is its infancy and there are still a lot of questions. There will be a push by speculators hoping to acquire rights to sell on. Do not be in a rush or the terms will not be to your advantage, especially with long extensions. Do some research to see what a lithium lease should contain. Consider who the lessee is and what project is on the books for this lease. It is my impression that there are not any lithium operations in Texas at this time, but one is starting to gear up in East TX.
3 Likes