Under the proposed mining law amendments, Bougainville would take a 60% share in all projects and retain all mining licences, leaving a 40% share that investors can bid for.
Maricunga is less than 5% the size of the lithium-rich Salar de Atacama in northern Chile, but high-grade deposits of the battery metal makes it attractive to miners.
North American Lithium (NAL), backed by top battery maker Contemporary Amperex Technology, halted operations last year at its Quebec mine and obtained creditor protection in May.
B.C. on Tuesday became the first province in Canada to legally commit to bringing its laws up to the standards outlined in the U.N. Declaration of the Rights of Indigenous Peoples.