The pair have signed a joint venture agreement, flagged in March, and plan to use MGX's rapid lithium extraction technology on raw oil and gas brines at Eureka's Standing Stone facility in Pennsylvania.
 
The agreement also includes a growth strategy, including increasing lithium output and deploying additional recovery systems to other Eureka facilities.

MGX says its technology greatly reduces the physical footprint and investment needed for large, multiphase, lake-sized evaporation ponds and could be used on oil and gas produced water, natural brine, lithium-rich mine brine and industrial plant wastewater.

The Canada-based company won the S&P Global Platts global metals award for base and specialty metals industry leadership in 2018, for its lithium extraction technology.

Eureka has three plants providing wastewater services for oil and natural gas producers in the Marcellus and Utica shale formations.

MGX shares have ranged from C21.5c-$1.27 over the past year.

They gained almost 23% yesterday but remain near the 52-week low, closing at 27c to capitalise it at $37.5 million.