Bacanora said in December it would hand NextView Capital just under 20% of the company in exchange for US$42.7 million and rights to 5,000 tonnes per annum of lithium carbonate when phase one of the $800 million Mexican clay project is up and running.
The developer said this week it had missed the end-of-January completion date without giving a reason for the delay.
"The previously estimated date for completion is being extended and both parties remain committed to proceeding with the placing," Bacanora said.
"Further timing updates will be provided as and when available."
Bacanora investors were not pleased with the deal delay, pushing shares in London down 6.8% when the market opened to £1.10 (US$1.57) per share.