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![A.I.S. Resources Acquires Candela II Lithium Exploration Licence on Incahuasi Salar Argentina With Joint Venture Partner Spey Resources - Ekosolve Process Extracts More Than 90% Lithium From Brine](https://investingnews.com/media-library/image.jpg?id=27752453&width=1200&height=900)
A.I.S. Resources Acquires Candela II Lithium Exploration Licence on Incahuasi Salar Argentina With Joint Venture Partner Spey Resources - Ekosolve Process Extracts More Than 90% Lithium From Brine
A.I.S. Resources Limited (TSXV: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces that the Company along with its joint venture partner Spey Resources Corp. (“SPEY”) has acquired the Candela II Project in the Incahuasi Salar in Argentina. The Company paid US$1 million to purchase 100% interest in the project. Concurrently SPEY exercised its option with AIS to acquire an 80% interest in the Candela II Project by paying US$1 million to the Company. AIS retains a 20% interest in the Candela II Project.
Highlights of Candela II work completed to date:
- 25 surface samples and 3 bulk samples.
- 5 rotary drill holes with hole 5 down to 209 metres.
- A NI43-101 report is being written by Montgomery & Associates.
- Ekosolve™ reports from sample 002 that had 160ppm of lithium, recovery using a multiple wash program extracted more than 90% of the lithium contained in the brine, the highest known recovery ever recorded and published by a direct lithium extraction system using the Ekosolve™ DLE process.
Fig. 1 – Work continues to progress at the Candela II Project.
Production well program
A production well program will now be put in place to measure the brine flow and to determine the porosity and transmissivity of the aquifers. Concurrently, a larger pilot plant is now being designed to complete the proof of process for Ekosolve™ solvent exchange DLE lithium process.
SPEY has an option to acquire AIS’ remaining 20% interest in the Candela II project by paying US$6 million by March 18, 2023.
Pocitos 1 & 2 Options
In June 2021, AIS optioned its Pocitos 1 and 2 licences on the Pocitos Salar to SPEY Resources for an option fee of US$100,000 per exploration licence and 2,500,000 Spey common shares.
Spey will be able to exercise the Option and acquire a 100% interest in the Property from AIS by paying a total of US$1,732,000 (the “Purchase Price”) prior to June 23, 2022. In addition, Spey must complete a US$500,000 exploration program on the Property prior to June 23, 2022. Upon exercise of the Option and Spey’s acquisition of a 100% interest in the Property, AIS will retain a 7.5% royalty on the sales revenue of lithium carbonate or other lithium compounds from the Pocitos 1 and 2 properties, net of export taxes. Refer to press release dated June 24, 2021, for additional details.
In 2018 AIS completed two drill holes at Pocitos 1. The results from assays conducted by Alex Stewart show that lithium values of up to 125ppm Li were contained in brines that flowed from 350m to 400m intervals at more than 50,000L per minute. The project was abandoned in 2018 due to the high magnesium but now that Ekosolve™ is able to treat brines with high magnesium the project has become viable and was re-optioned in 2021.
Pocitos 7 & 9 and Yareta III Exploration Licence Options
AIS also has options on Pocitos 7 and 9 and Yareta III properties and is actively seeking joint venture partners to develop these lithium projects.
Pocitos 7 and 9 are located on the southern end of the Pocitos salar. A geophysics TEM survey and deep trench sampling was completed in 2018. The results showed low resistivity on the eastern side of the salar indicating sandy units containing brine may be present. The lithium values assayed in the trenches by Alex Stewart are as follows:
Pocitos 7
Pits (All Values in ppm (parts per million) 10,000 ppm=1%) Lat 24˚ 34’ 11.57”S Long 67˚ 00’ 50” (Pit 12)
Pocitos 9
Pits (All Values in ppm (parts per million) 10,000 ppm=1%) Lat 24˚ 35’ 52.86”Long 66˚ 59’ 20.62” (pit 17)
Yareta III Exploration Licence
Yareta III is at the southern end of the Cauchari Salar near Orocobre’s properties (now Allkem ASX:AKE). The project is not on the halite on the salar. A gravity survey and TEM survey was conducted by Orocobre in 2010 (the south east survey) with results that indicate that if brine is there concentrating at the southern end of the salar it will be at depth.
Technical information in this news release has been reviewed and approved by Phillip Thomas, BSc Geol, MBM, FAusIMM MAIG MAIMVA(CMV) who is a Qualified Person under the definitions established by the National Instrument 43-101 and is President, CEO of AIS Resources Ltd.
Fig. 2 – Yareta III exploration licence near Orocobre/Allkem.
About A.I.S. Resources Limited
A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious and base metals exploration. AIS’ value add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of our portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements.
AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9km from Kirkland Lake’s Fosterville gold mine, a 60% interest in the 57sq km Bright Gold Project (with the right to acquire 100%), a 60% interest in the 58 sq km New South Wales Yalgogrin Gold Project (with the right to acquire 100%), and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. It also has a 20% joint venture interests with Spey Resources Corp in lithium brines in Argentina at the Incahuasi and Pocitos Salars.
On Behalf of the Board of Directors,
A.I.S. Resources Ltd.
Phillip Thomas, President & CEO
Corporate Contact
For further information, please contact:
Phillip Thomas, Chief Executive Officer
T: +1-323 5155 164
E:pthomas@aisresources.com
Or
Martyn Element.Chairman
T: +1-604-220-6266
E:melement@aisresources.com
Website:www.aisresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ADVISORY: This press release contains forward-looking statements. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
A.I.S. Resources
Overview
A.I.S. Resources Ltd. (TSXV:AIS,OTCQB:AISSF)is a diversified resource company working to be a high-quality producer of precious metals and battery materials, particularly lithium, manganese and gold. To fulfill this goal, the company has assembled a team of highly-qualified professionals with a track record of success in exploration, production, commodity trading and capital markets. A.I.S. Resources is currently focused on developing its pair of gold projects in Australia, the Yalgogrin orogenic gold project and the Toolleen-Fosterville gold project.
The Yalgogrin orogenic gold project is located in the historic West Wyalong gold corridor, which produced 445,700 ounces of gold between 1894 and 1921. A.I.S. Resources has confirmed existing gold assays at Yalgogrin after reviewing 12 drill core samples from the property. The advanced-stage Yalgogrin gold project has seen extensive gold production over the past 100 years, including three major gold prospects that are in operation as of Q3 2020: Cadia Newcrest, the Lake Cowal gold mine and the Northparkes copper-gold mine.
Complementing A.I.S. Resources’ precious metals portfolio is the Toolleen-Fosterville gold project. The project is located only three kilometers from the township of Toolleen and 12 kilometers from the Kirkland Lake Fosterville gold mine, which hosts a resource of 7.58 million ounces of gold.
In addition to its gold projects, A.I.S. Resources is continuing to work towards extracting lithium using an advanced solvent extraction process, EkoSolveTM, that can achieve 95 percent lithium recovery rates. The technology allows producers to build 20,000-tonne plants without spending $550 million to $600 million on installing ponds and waiting 18 months for the brine to produce a four percent lithium concentrate.
A.I.S. Resources is also negotiating agreements to generate near-term cash flow opportunities through the trading of manganese lump. The company commenced shipping manganese oxide from the San Jorge mine in August 2019. A.I.S. Resources is waiting to complete its first Chinese Import Quarantine assessment which provides import credibility for the company to sell lump manganese. Contracts are paid by letter of credit once the ship departs from the port. A.I.S. Resources aims to ship 10,000 tonnes of manganese oxide per month after an initial trial of 5,000 tonnes and has plans to increase its capacity to 40,000 tonnes per month through spot trades, its own mines and joint ventures.
Mines and trading opportunities are being assessed by the geological team for near term production opportunities for delivery in southern Peru, Bolivia, Panama and Namibia.
In October 2019, A.I.S. Resources entered into an agreement to acquire a 51 percent interest in a gold mine in northern Peru. The mine has been worked in trenches and three underground shafts. Two grab samples from the Raw4 concession assayed 27 g/t gold and 466 g/t gold, and approximately 160 ounces of gold have been extracted from the two shafts in the adjacent concession in the last three months. A.I.S. Resources is currently conducting a review of the 5,888-hectare concession areas and plans to focus on developing one area initially.
Contributing to the company’s success is A.I.S. Resources President and CEO Philip Thomas brings his strong technical background in exploration geology, mine production and trading to the development of the company’s manganese and lithium technology assets. He is one of a few executives globally that has built and operated a lithium carbonate plant (in 2007). Thomas is also a certified mineral valuer, appraiser and geologist who has spent more than 15 years trading ores with Chinese corporations. Thomas has recently managed gold mines in Peru and Arizona.
A.I.S. Resources’ Company Highlights
- Signed an agreement to acquire a 60 percent interest of the Yalgogrin gold project for an AU$275,000 cash payment and four million A.I.S. common shares
- The project is being developed in the historic West Wyalong gold corridor of Australia, home to 445,7000 ounces of gold production between 1894 and 1921
- Yalgogrin project hosts three major gold prospects in operation as of Q3 2020: Cadia Newcrest, the Lake Cowal gold mine and the Northparkes copper-gold mine
- Assay results at Yalgogrin have been confirmed by A.I.S. Resources, including 12 drill core samples from EL5891
- Developing the Toolleen-Fosterville gold project in Australia, located only three kilometers from the township of Toolleen and 12 kilometers from the 7.58Moz Kirkland Lake Fosterville gold mine
- Multiple strategies to achieve near-term revenues through manganese trading, lithium process engineering and operating its joint venture gold mine
- Commenced manganese sales in August 2019.
- Aims to ship 5,000 tonnes of magnesium ore per month initially and intends to ramp-up its operations to 10,000 tonnes to 20,000 tonnes.
- Senior management is highly-skilled in exploration, geochemistry and lithium production techniques and have more than 17 years of experience working in Argentina in the lithium industry.
Get access to more exclusive Gold Stock profiles here.
Arizona Lithium Updates Development Plan for Prairie DLE Facility, Outlines Modular Approach
Arizona Lithium (ASX:AZL,OTCQB:AZLAF) provided an update on development plans for its Prairie lithium brine project, saying the Saskatchewan-based asset will be brought into production in three phases.
The company said on February 6 that Phase I will involve the start of production at Pad #1. It will use a commercial-scale direct lithium extraction (DLE) unit that can produce 150 tonnes of lithium carbonate equivalent annually.
The goal is to process brine at about 1,000 cubic meters a day to ensure the system works under real conditions. Arizona Lithium said it will use the resulting product to de-risk end market opportunities.
"2025 will be a year of facility construction and commissioning Phase I at Pad #1. Our phased development plan clearly articulates how we will continue to de-risk and develop the project," said Managing Director Paul Lloyd
"Modularisation allows rapid and cost-effective scale-up to increase production in Phase II and III.”
Construction work at Pad #1 is due to start in the second quarter, with CAPEX for Phase I set at AU$35 million. According to Arizona Lithium, Phase I will create one of the world's largest DLE facilities.
Upon achieving commissioning and operating targets, the company will proceed to Phase II of Prairie’s development, which will expand Pad #1's output with the addition of commercial-scale DLE units at the site.
During Phase III, the company will replicate its pad design across Pad #2 and Pad #3.
Lloyd also outlined the work that has led the company to this point at Prairie, saying that a prefeasibility study was released in 2023, while in 2024 Arizona Lithium partnered with three landowners to secure pad locations.
Additional pad locations are currently being finalised by the company.
Aside from Prairie, the company holds the Big Sandy sedimentary lithium project in Arizona.
Only 4 percent of the property has been explored to date, but work at the site is currently on hold.
In August 2024, the Hualapai Tribe sued the US Department of the Interior and Bureau of Land Management over Big Sandy, citing risks to Ha’Kamwe’, a sacred spring, and other cultural sites.
According to a November release from Arizona Lithium, the US District Court for the District of Arizona favoured the tribe, granting the project a preliminary injunction and halting drilling until the case is resolved.
Arizona Lithium said that Big Sandy remains one of its core projects.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Chariot Corporation
Investor Insights
Chariot Corporation presents a unique value proposition for seasoned investors, with its strategic ownership of the largest land package for lithium exploration in the US and a portfolio of non-core assets providing significant revenue opportunities.
Overview
Chariot Corporation (ASX:CC9) is the largest landholder for lithium exploration in the US. It has a strategy to target both hardrock lithium in Wyoming and claystone lithium in Nevada and Oregon. The flagship Black Mountain project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. Chariot’s six other hard rock projects in Wyoming span 443 claims covering 3,585 hectares.
The second flagship project, Resurgent, has the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass with 44.5 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt at 21.5 Mt LCE). The recent $955-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
As the world's demand for lithium continues to grow, Chariot's exploration and development efforts in the US are well-timed and offer investors exposure to the rapidly growing lithium market.
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States. Chariot has completed its phase 1 drill program at the Black Mountain project consisting of nine shallow holes, drilled from a total of 1,132 metres. Phase 2 drilling has commenced, which includes up to 18 drill holes targeting a high-grade spodumene resource to support the establishment of a pilot mine.
Chariot Corporation announced a revised strategy for the Black Mountain hard rock lithium project to establish a small-scale “pilot mine”. Chariot aims to supply spodumene concentrate to several lithium hydroxide refineries under construction in the southwestern United States. Strategically located in Wyoming, Chariot can leverage Wyoming’s small-mine permit system to provide short-term cash flow and potentially optimize the development of larger-scale mining operations in the future.
Chariot boasts a world-class team with strong track records in mining, exploration and the financial services sectors. The management has significant corporate and investment banking experience. CEO, Shanthar Pathmanathan was an oil and investment banker with Macquarie and Deutsche Bank. On the geological side, Neil Stuart who is a non-executive director is a lithium industry veteran having previously founded Orocobre Ltd (which merged with Galaxy Resources and later with Livent) to form Arcadium Lithium, one of the largest lithium producers in the world which has recently been acquired by Rio Tinto. The exploration team is led by Dr. Edward Max Baker, a geologist with over 40 years of experience and several discoveries. He was the chief geologist at Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. The collective experience of the management team, from investment banking (with fundraising and M&A experience) to resource discoveries, will be useful in advancing the company’s core projects.
Company Highlights
- Chariot Corporation is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the US.
- Chariot holds the largest land position for lithium exploration in the US with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed AU$9 million initial public offering (which is in addition to AU$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain project, a hard rock lithium project located in Wyoming; and (2) the Resurgent project, a claystone lithium project located in Oregon and Nevada.
- Chariot also holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- Through the company’s interest in Mustang Lithium, Chariot also has exposure to two claystone projects where substantial initial drilling has been completed - Horizon Lithium and Halo Lithium. Horizon Lithium has a lithium resource estimate of 1.3 million tonnes indicated LCE and 8.8 million tonnes LCE inferred.
- Chariot recently announced a revised strategy for the Black Mountain hard rock lithium project to develop a small-scale “pilot mine” to supply spodumene concentrate to several lithium hydroxide refineries under construction in the southwestern United States.
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. A publicly listed counterparty operates each of the divested projects and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing US lithium market.
Key Projects
Black Mountain Project, Wyoming
The Black Mountain project is Chariot’s flagship hard rock lithium project located in Natrona County, approximately midway between Casper and Riverton, Wyoming. Chariot initially held a 91.9 percent stake in the project with 134 mining claims covering 878 hectares. In 2024, the company expanded the project with 218 contiguous claims resulting in a 206 percent increase in project tenure area. Black Mountain now comprises 352 claims covering 2,686 hectares of tenure which subsequently increased Chariot's ownership interests in its Wyoming lithium portfolio to 93.9 percent.
The project is well-serviced by existing roads and infrastructure. The claim area was acquired via claim staking of public land administered by the US Bureau of Land Management.
The project features large pegmatite outcrops at the surface with spodumene and tantalum mineralisation. Surface rock chip samples returned assays of up to 6.38 percent lithium oxide.
Black Mountain may represent a significant hard rock lithium opportunity in a tier-1 mining jurisdiction in the US. The asset features an excellent combination of geological factors, and a supportive regulatory regime and is located in a largely unpopulated part of Wyoming.
In connection to the company’s shift to establishing a pilot mine, the following factors relating to the Black Mountain Project render it particularly suitable for this goal:
- Indications of near-surface lithium mineralization at Black Mountain make it suitable for a shallow, open-pit pilot mine.
- Wyoming’s advantageous small-mine permit system offers a pathway for small mine permits that does not impose limits on the mineral volume which can be extracted but rather places annual limits on the mining activities to 10 acres (4.05 hectares) of disturbance and 35,000 cubic yards (26,760 cubic metres) of overburden removal (refer Part 3 of this announcement).
- Black Mountain’s proximity to US lithium hydroxide refineries currently under construction in the southwestern United States is expected to provide a geographic advantage in marketing product extracted from the mine.
Resurgent Project, Nevada and Oregon
The Resurgent project is a claystone-hosted lithium project located in the McDermitt Caldera in Oregon and Nevada. The company owns a 79.4 percent stake in this project. The Resurgent project comprises 1,450 claims covering 12,128 hectares and is further subdivided into two principal claim areas, identified as ‘Resurgent North’ and ‘Resurgent East.’ Chariot has the second-largest land position in the McDermitt Caldera, which hosts two of the largest lithium mineral resources in North America, with a combined mineral resource estimate of over 40 Mt LCE - Thacker Pass at 19.1 Mt LCE and McDermitt at 21.5 Mt LCE.
The Resurgent North project targets the same sedimentary units that host Jindalee Resources' (ASX:JRL) McDermitt project with a mineral resource estimate of 21.5 Mt LCE. A surface sampling campaign at Resurgent North conducted in 2021 involving 289 samples returned values as high as 3,865 ppm lithium (over three times typical lithium claystone MRE cut-off grade). Of the 289 samples, 70 samples returned values greater than 100 ppm lithium, 20 samples returned values greater than 1,000 ppm lithium and 10 samples returned values greater than 2,000 ppm lithium.
The Resurgent East project targets the same sedimentary units that host Lithium Americas’ (NYSE:LAC) Thacker Pass lithium deposit (MRE at 19.1 Mt LCE). The similarity in geological characteristics with the two largest lithium deposits in the US further validates the potential for a large-scale high-grade lithium discovery at Resurgent.
Exploration Pipeline Projects
Besides the two core projects, the company has a pipeline of six lithium exploration projects comprising 443 claims and covering 3,585 hectares. Each of them is described below:
- Copper Mountain Project: The project is located ~80 kilometres northwest of Black Mountain in Fremont County, Wyoming. It comprises 83 mining claims covering 648 hectares. Copper Mountain has a long history of prospecting and artisanal-scale production having been historically mined for mica, feldspar, beryl, lepidolite and tantalite. The company has already identified multiple pegmatite target areas and has plans for a geochemical and ground magnetics survey in addition to geological mapping.
- South Pass Project: The project is located in Fremont County, Wyoming, and comprises 214 mining claims covering 1,750 hectares. This is a large and highly prospective project with an abundance of outcropping pegmatites that occur in swarms. The company notes the individual pegmatites at the project could range up to several hundred metres wide and several thousand metres long. There has been no prior exploration for hard rock lithium in the South Pass project area.
- Regional Wyoming Exploration Pipeline Projects: It comprises four hard rock lithium mining projects namely Tin Cup, Pathfinder, Barlow Gap and JC, comprising 146 mining claims covering 1,146 hectares.
- Barlow Gap Project: This project is located in Natrona County, Wyoming, and comprises 60 mining claims covering 501 hectares. This is an early-stage hard rock lithium exploration project with outcropping pegmatites on a northeast trend.
- Tin Cup Project: The project is located in Fremont County, Wyoming, and comprises 45 mining claims covering 376 hectares. There is a long history of exploration at The Tin Cup mining district dating back to 1907. The region has been known for small-scale mining for gold, copper and various gemstones including red jasper, ruby and jade. This is an early-stage hard rock lithium exploration project with outcropping pegmatites.
- Pathfinder Project: This is an early-stage hard rock lithium project located in Natrona County, and comprises 32 mining claims covering 234 hectares.
- JC Project: Located in Fremont County, Wyoming, the project comprises nine mining claim blocks spanning 75 hectares. This is an early-stage hard rock lithium exploration project that features several small excavation pits and outcropping pegmatite dykes.
Divestment Projects
Chariot has been actively focused on creating value via divestment of selected lithium assets in its portfolio, which include the following assets: Lithic & Mustang (ownership 21.4 percent) and the WA Lithium portfolio (Chariot was the 100 percent owner of this property prior to the sale to St George Mining Ltd). In addition, Chariot through its interest in Mustang Lithium has exposure to the Horizon and Halo claystone lithium projects in Nevada, USA. Both projects have completed drilling campaigns and Horizon announced a resource of 1.3 million tonnes LCE and 8.8 million tonnes LCE inferred. These divestments and interests have the potential to generate more gross proceeds (cash and stock-based consideration) for Chariot in addition to future royalty payments.
The company has identified four more projects for divestment: Lida project (Nevada), Amargosa project (Nevada), Nyamukono project (Zimbabwe), and Mardabilla project (Western Australia).
Management Team
Shanthar Pathmanathan – Managing Director
Shanthar Pathmanathan has 14 years of investment banking experience in the metals and mining, oil and gas and chemicals sectors. He was the CEO and managing director of Lithium Consolidated, an ASX-listed company, which had one of the largest portfolios of hard rock lithium exploration assets, globally. Before that, he held various investment roles with Deutsche Bank and Macquarie Group. He has a Bachelor of Laws from the University of Western Australia.
Frederick Forni – Executive Director
Frederick Forni is a senior finance professional with over 25 years of investment banking experience. He was a former senior managing director of Macquarie Holdings (USA) and held non-executive director roles with numerous Macquarie Group entities and GLI Finance. He holds a B.A. in economics from Connecticut College, a J.D., awarded cum laude, from Georgetown University Law Center and an LL.M. in taxation from New York University Law School.
Neil Stuart – Non-executive Director
Neil Stuart is an exploration geologist with over 40 years' of experience and is a member of The Australian Institute of Geoscientists and a Fellow of The Australasian Institute of Mining and Metallurgy. He was a founding director of Orocobre Limited, now Alkem (ASX:AKE). He has considerable experience across several commodities and was heavily involved in project delineation and acquisition in Australia, Mexico and Argentina. Over the last 20 years, he was involved with the exploration and commercial development of lithium projects. Stuart is on the board of numerous ASX-listed companies and is a graduate of the University of Melbourne (BSc.) and James Cook University (MSc.).
Dr. Edward Max Baker – Geological Consultant
Dr. Edward Max Baker is a Ph.D. geologist and a fellow of AusIMM. Baker has over 40 years of experience and has made several discoveries. Baker was chief geologist for Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. Baker was co-founder and previously a vice-president of exploration at New York Stock Exchange-listed Integra Resources (NYSE:ITRG).
Ramesh Chakrapani – Chief Strategy Officer
Ramesh Chakrapani has over 20 years of experience in the investment banking and alternative asset investing space. Of which, over 15 years were spent at The Blackstone Group where he was a managing director and a member of the Hedge Fund Solutions Special Situations Investing Group. Chakrapani has invested across a diverse set of industries, asset classes, geographies and liquidity profiles, and has represented The Blackstone Group on the boards of selected investments. He has a B.A. from Yale University.
David Bethke – Exploration Geologist
David Bethke is an exploration geologist with 6 years of experience working primarily in the Mountain West and Alaska regions of the United States, specializing in both gold and lithium deposits. During his career, he has worked closely with companies such as Jindalee and United Lithium to explore, sample, drill, and map lithium deposits hosted in both hard rock and claystone. In Alaska, he has worked in production for multiple well-known gold mining companies, including Coeur Mining and Northern Star Resources. David graduated cum laude from the University of Idaho with degrees in geology and Spanish.
Stardust Power Signs Lithium Offtake Deal with Sumitomo Corporation
Stardust Power (NASDAQ:SDST) has signed a non-binding offtake agreement with Sumitomo Corporation, a major trading company headquartered in Japan, for up to 20,000 metric tons per annum of battery-grade lithium carbonate.
“This is a huge milestone for our company, having an offtake partner such as Sumitomo, a very credible and prestigious organization,” said Roshan Pujari, founder and CEO of Stardust Power. “And they can provide a lot of value add other than just acquiring the product — they can help with our marketing efforts.”
Under the agreement, Sumitomo will have the option to buy up to 20,000 metric tons of battery-grade lithium annually, which represents 80 percent of Phase 1 and 40 percent of the total annual capacity of Stardust’s planned lithium refinery.
Stardust Power is constructing one of the largest lithium refineries in the US, designed to produce up to 50,000 metric tons annually. It is located in Muskogee, Oklahoma, with easy access to road, rail and rivers, and a highly skilled workforce.
The refinery will be built in two phases, with each phase capable of producing up to 25,000 metric tons of refined battery-grade lithium per year. The company celebrated breaking ground at the site in January 2025, signaling a milestone in the refinery’s construction progress.
“Next, we'll be finishing our level three engineering study, which is really the last large gating item, from an engineering perspective, to start major construction. And so we are moving the project forward in a really quick time, and we're excited to start major construction later this year,” Pujari said.
Watch the full interview with Roshan Pujari, founder and CEO of Stardust Power, above.
Disclaimer: This interview is sponsored by Stardust Power (NASDAQ:SDST). This interview provides information which was sourced by the Investing News Network (INN) and approved by Stardust Power in order to help investors learn more about the company. Stardust Power is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Stardust Power and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Rio Tinto, Eurodia Team Up for Argentina Lithium Extraction
Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has selected French engineering firm Eurodia to supply the industrial extraction unit for its Argentine lithium subsidiary Rincon, which holds the Rincon lithium project.
Rio acquired the Rincon asset from Rincon Mining in March 2022. The property is located in the Lithium Triangle in Argentina’s Salta province, which hosts more than half of the world’s lithium reserves.
According to an initial mineral resources and ore reserves report, released in December, Rincon's mineral resources, inclusive of ore reserves, stand at 1.54 million tonnes of lithium carbonate equivalent in the measured category, with 7.75 million tonnes in the indicated category and 2.29 million tonnes in the inferred category.
Eurodia is a global specialist in custom-designed, eco-efficient liquid purification processes. The company develops and implements innovative solutions for industries driving the eco-energy transition.
In a Monday (February 3) release announcing its deal with Rio Tinto, Eurodia said Rincon is "a breakthrough moment for lithium processing, proving that innovation and responsibility can come together to meet the demands of the future.”
Rincon has an expected annual capacity of 53,000 tonnes of battery-grade lithium carbonate over a 40 year mine life, although Rio Tinto plans to expand production at the site to 60,000 tonnes per year.
“Eurodia’s contribution is central to this vision, delivering a tailored, high-performance industrial lithium extraction unit that maximizes lithium yield while minimizing environmental impact,” Eurodia said.
“The project combines precision engineering with process efficiency, ensuring that Rio Tinto’s lithium ambitions are realized with both economic and sustainability objectives in mind.”
Rincon is Rio Tinto's first commercial-scale lithium operation. The major miner announced a US$2.5 billion investment to expand the project this past December, and first lithium was produced at a starter plant the previous month.
A pilot battery-grade lithium carbonate plant is in development at the site and scheduled for completion in H1 2025.
On the exploration side, Rio Tinto is collaborating at Rincon with private company Fleet Space Technologies.
Rio Tinto will use ExoSphere, an exploration solution developed by Fleet Space, to create 3D subsurface maps of the reservoir, basement-depth and brine-influencing structures at Rincon's salt flat and nearby subvolcanic structures.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Updated Commercial Development Plan for North America’s First Lithium Brine Production Facility
Arizona Lithium Limited (ASX: AZL, AZLO, OTC: AZLAF) (“Arizona Lithium”, “AZL” or “the Company”), a company focused on the sustainable development of two large lithium development projects in North America, the Prairie Lithium Project (“Prairie”) and the Big Sandy Lithium Project (“Big Sandy”), is pleased to provide a progress update for the commercial scale proof of concept facility at Pad #1 and further outlay the development plan for the Prairie Project. The Prairie Project will be put into production across three phases of development. Phases I, II, and III represent the methodical steps being taken to cost-effectively bring the project into production while minimising the risk associated with commercialising a first-of-its-kind process.
HIGHLIGHTS
- Updated strategic phased development plan has been implemented for the Prairie Lithium Project.
- Phase I will see the Prairie Lithium Project go into production at Pad #1 using a commercial-scale DLE unit capable of producing 150tpa of Lithium Carbonate Equivalent (LCE).
- To get into production, only AUD35m (USD22m) required to spend on Phase 1 CAPEX.
- Non-dilutive capital initiatives currently being considered with multiple potential strategic partners completing extensive due diligence on the Prairie Lithium Project, in addition to existing Government grants and loans being considered as well as traditional debt financing solutions.
- First commercial production marks the first Company in North America to reach this milestone.
- De-risking by a commercial scale proof of concept allows production to be increased by rapid replication of the process at Pad #1.
- Construction work will commence at Pad #1 in Q2 2025.
- Phase 2 will immediately expand the facility with additional commercial-scale DLE units. Additional units can be rapidly deployed to increase production at Pad #1. Phase III will see the Pad design replicated across the already drilled and de-risked Pad #2, and Pad #3. Additional Pad locations are also being finalised in 2025.
- Grey Owl Engineering has been engaged for facility engineering, procurement, and construction (EPC). Grey Owl is a leading Western Canadian oil & gas facilities engineering company.
- The Prairie Lithium Project in Canada is perfectly positioned to feed battery-grade lithium carbonate into the mature Asian battery market. Battery-grade samples produced from the Prairie project are currently being distributed and tested in Asia.1
Phase I will see the project go into production at Pad #1 using a commercial-scale Direct Lithium Extraction (“DLE”) unit capable of producing 150 Tonnes Per Annum (“TPA”) Lithium Carbonate Equivalent (“LCE”). The lithium produced will be used to de-risk end market opportunities where battery-grade samples are currently being tested by interested groups in Asia. Phase I will process brine at a rate of approximately 1,000m3 per day. It is critical to process raw brine at this commercial scale to de-risk the temperature, pressure and chemical constituents of the brine while feeding a commercial scale DLE unit 24 hours per day, 7 days a week. A video rendering of Phase I at Pad #1 has been prepared and can be viewed here: https://youtu.be/mUNExsUBjfo
This will represent one of the world's largest DLE facilities and provide the guidance required to scale up production cost-effectively across the Prairie Project shortly thereafter. Upon commissioning and operating at this scale, the Company will have significantly de-risked the process and proceed to Phase II.
Phase II will see the immediate expansion of production on Pad #1. Phase II expansion will highlight the benefits of modularised scale-up as additional commercial-scale DLE units will be rapidly deployed. Additional wells will also be drilled to maximise production from Pad #1.
Phase III will see the replication of the wells and facility at Pad #1, applied to Pad #2, Pad #3 and additional Pads that are currently being identified.
Figure 1: Rendering of site layout and facility for Phase I at Pad #1
Arizona Lithium Managing Director, Paul Lloyd, commented:“We are excited to share additional details about our plans for the Prairie Project. In 2023, a PFS was released that highlighted lithium production across three pad locations from the Prairie Project. In 2024, we partnered with three landowners to secure the three pad locations and immediately went to work permitting and clearing the ground for the pads. A major drilling program was then executed across those three pads, which significantly de-risked the project and put us in a position to continue development toward production. 2025 will be a year of facility construction and commissioning Phase I at Pad #1. Our phased development plan clearly articulates how we will continue to de-risk and develop the project. Modularisation allows rapid and cost-effective scale-up to increase production in Phase II and III.”
About the Prairie Lithium Project
AZL’s Prairie Lithium Project is located in the Williston Basin of Saskatchewan, Canada. Located in one of the world’s top mining friendly jurisdictions, the project has easy access to key infrastructure including electricity, natural gas, fresh water, paved highways, and railroads. The project also aims to have strong environmental credentials, with Arizona Lithium targeting to use less freshwater, land and waste, aligning with the Company’s sustainable approach to lithium development.
Click here for the full ASX Release
This article includes content from Arizona Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Stardust Power Shares Boosted by Sumitomo Lithium Offtake Deal
Stardust Power (NASDAQ:SDST) shares rose as high as US$1.20 on Monday (February 3) after the announcement of a non-binding offtake agreement with Sumitomo Corporation of Americas.
It outlines a potential long-term supply deal for lithium carbonate from Stardust’s refinery in Oklahoma, US.
According to a Form 8-K filing with the US Securities and Exchange Commission, the companies have signed a letter of intent for the supply of 20,000 metric tons of lithium carbonate annually from Stardust’s first production line.
There is the possibility to increase the amount to 25,000 metric tons.
Under the proposed terms, Sumitomo would commit to purchasing lithium carbonate at prices based on market rates published by Fastmarkets, or another mutually recognized price-reporting agency. The deal also includes provisions that would allow the parties to adjust pricing as necessary to accommodate specific customers.
The agreement is structured for an initial term of 10 years, with an option to extend for an additional five years.
Additionally, before Stardust’s lithium product reaches battery-grade qualification for end users, Sumitomo would purchase technical-grade lithium at agreed annual volumes or in amounts equivalent to Stardust’s production capacity.
These purchases would also be priced according to prevailing market rates.
The agreement further outlines joint marketing efforts to promote Stardust’s lithium carbonate. Sumitomo has committed to conducting minimum marketing activities, with specific obligations to be determined in the final contract.
The transaction remains non-binding, with both parties working toward a definitive offtake agreement. The agreement comes as Stardust advances construction of its US$1.2 billion lithium refinery at the Southside Industrial Park.
The company recently broke ground on the facility, which will be among the largest lithium-refining operations in the US.
Once operational, the refinery’s first production line will have the capacity to produce 25,000 metric tons of lithium carbonate per year, with a planned second line doubling capacity to 50,000 metric tons. Output is expected to support growing demand for lithium in battery manufacturing, particularly for electric vehicles and energy storage.
Stardust acquired the 66 acre site near the Port of Muskogee in December 2024. The company selected the location following an independent environmental assessment in 2023, which determined the site’s suitability for lithium refining.
The project has received support from local and state officials, who view it as a key part of the region’s economic development strategy.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Stardust Power is a client of the Investing News Network. This article is not paid-for content.
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