The pair has agreed to form a strategic alliance with 24 months to assess Wealth's lithium projects and form a joint venture to explore, develop and mine the projects and market the products.

Wealth pointed out the strategic mineral could not be exploited by regular mining concessions in Chile with several exceptions, including by a state-owned company.

"We are very happy to have ENAMI as a partner for developing our assets," Wealth CEO Hendrik van Alphen said.

"Not only are we now able to draw upon ENAMI's experience and knowledge for successfully mining and processing resources in Chile, we have gained a strong state partner that can help fulfill our goals of full scale development to achieve production of lithium and by-products in Chile."

Wealth envisaged ENAMI would have a 10% free-carried interest under the JV and Wealth would own the remaining 90%.

The deal covers Wealth's projects in the Salar de Atacama and Laguna Verde.

Wealth is also hopeful given both Chile's new president Sebastián Piñera and the new mines minister Baldo Prokurica have said they would support the mining industry and work to attract investment.

Wealth raised C$3.87 million in a share placement at $1.50 in September and a further $7.3 million at $1.60 in the first tranche of a separate placement in December.

Shares in the company are up 10.2% year-to-date and last traded at $1.94, capitalising it at $208.2 million.