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Latin Resources Limited (ASX: LRS) (“Latin” or the “Company”) is pleased to announce that it has received firm commitments to raise A$37.1 million through a two-tranche placement of new fully paid ordinary shares (“New Shares”) to institutional, sophisticated and professional investors (“Placement”). Latin is particularly pleased to welcome several new funds to the register, including specialist North American battery metals funds, a well-regarded domestic institution and two major Brazilian funds. Latin’s largest shareholder, Integra Lithium, also participated in the Placement. The Brazilian funds that have taken a shareholding in Latin Resources are BTG Pactual, Brazil’s largest investment bank and JPG one of Brazil’s largest asset and wealth management institutions.
HIGHLIGHTS
- Latin has received firm commitments to raise A$37.1 million through an institutional two-tranche
- placement priced at A$0.105 per share.
- Placement funds will primarily be used to accelerate exploration activity and development approvals at the Company’s flagship 100% owned Salinas Lithium Project in Brazil.
- The Placement was well supported by a number of specialist, North American battery metals funds; Integra Lithium, the Company’s largest shareholder and two Brazilian institutional funds.
- Upon settlement of the Placement, Latin will have a cash balance of approximately A$57 million (before costs).
The Placement provides the Company with a significant capital injection to expand and accelerate its exploration program at the Salinas Lithium Project in Brazil, in addition to funding the Definitive Feasibility Study (“DFS”); fast-tracking environmental studies; securing development license approvals; and further exploration work on recently acquired tenure to the north of the Colina Deposit.
Latin’s Managing Director, Chris Gale, commented:
“We are delighted to announce the completion of the Placement which has enabled us to introduce a number of high quality, North American, Brazilian and domestic institutions to the Company’s register. The Placement provides significant validation of Latin’s portfolio of assets and the Company’s ongoing resource expansion drill program, feasibility studies and development approvals for Salinas.
“I would like to thank all new and existing shareholders for their ongoing support and look forward to accelerating the development of Latin’s Salinas Project in this emerging lithium district in Brazil.
“We look forward to releasing to the market further drilling results from Colina and the updated JORC Mineral Resource expected in June 2023.”
Funds raised by the Placement will be applied towards fast-tracking the Salinas Lithium Project, including:
- Aggressive resource definition program to increase the size and indicated JORC Mineral Resource at the Colina Deposit;
- Further exploration work on the recently acquired tenure of 29,940 hectares north of the Colina Deposit; and
- General working capital.
The Company is now fully funded through to a resource upgrade, DFS, environmental studies and development licence approval application at the Salinas Lithium Project.
The Company’s ongoing 65,000 metre resource definition diamond drilling campaign is progressing well, with a total of 32,000 meters completed in 109 diamond drill holes at the flagship Colina Deposit in Brazil1. The Company’s aggressive exploration program includes the recent addition of four diamond drilling rigs, taking the total rigs onsite to eight, operating on a double shift basis. The Company is on track to close off its drilling database in mid-May to enable the mineral resource upgrade estimation process to commence in June 2023.
The Company is well-placed for fast-track approvals with the recent signing of a non-binding Memorandum of Understanding (“MoU”) with the State of Minas Gerais2. The partnership reinforces the existing cooperation between Latin and the State of Minas Gerais and assists with streamlining the approvals pathway for Latin to take the Colina Deposit through feasibility studies and into production.
Metallurgical test work is ongoing, with the final selection of a representative bulk sample for the next round of metallurgical test work in the final stages and drilling of large diameter PQ size drill core set to commence in late May. The proposed test work will follow on from the existing Heavy Liquid Separation (“HLS”) test work which returned exceptional recoveries of over 80.5% of lithium recovered in a concentrate grading up to 6.6% Li2O. This test work is designed to provide information for the upcoming DFS.
Figure 1: Colina Deposit - Proposed expanded diamond drill plan overlain on the current pegmatite wireframe thickness model, showing existing and planned drill collar positions designed to upgrade the existing Colina MRE to Indicated JORC classification and fast-track mineral resource expansion to the south west
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LRS:AU
Latin Resources
Overview
Latin Resources (ASX:LRS), an Australia-based mineral exploration company, is aiming to make a mark in global carbon reduction efforts through mineral projects that advance efforts toward net-zero emissions, and a corporate value that upholds the highest environmental, social and governance standards.
Lithium plays an important role in decarbonization goals, particularly for its application in lithium-ion batteries used for energy storage in renewable energy technologies. Demand for lithium continues to increase, with prices in 2022 reaching 430 percent higher year-on-year and expected to rise by 22 percent in 2026 due to shortages in raw materials. This rising demand is driven by the global energy transformation movement and provides significant opportunity for emerging new projects entering this space.
Latin Resources’ flagship Salinas Lithium Project is located 10 kilometers outside the town of Salinas, northeast of Minas Gerais in Brazil. The project’s Colina Lithium Deposit has a maiden JORC Mineral Resource Estimate of 13.3 million tonnes (Mt) @ 1.2 percent lithium oxide (indicated and inferred).
Salinas is 80 kilometers away from Sigma Lithium’s (TSXV:SGML) Grota do Cirilo property, which is on track to becoming one of the world’s largest lithium producers. Sigma has a world-class lithium resource base of 85.7 Mt @ 1.43 percent lithium oxide, with an average production of 766 kilo-tonnes per annum (ktpa) and a 13-year mine life. Sigma’s latest definitive feasibility study shows an after-tax net present value (8 percent) of US$15.3 billion and internal rate of return of 1,273 percent.
Latin Resources’ trajectory, demonstrated by significant upside potential from its maiden resource estimate and exploration targets, paints a parallel picture to Sigma Lithium’s Grota do Cirilo project.
As of February 2023, Latin Resources has expanded its lithium ground position to more than 38,000 hectares, a 367 percent increase, after it recently secured a large package of new tenements in the highly prospective Bananal Valley district in eastern Brazil. Through a new option agreement, the company has also secured additional mining rights directly adjacent to the South of Colina, where drilling by the company has confirmed the extension of the Colina host lithologies and pegmatitic intrusive bodies (assay results pending). The company’s regional exploration team will be undertaking initial reconnaissance mapping and geochemical sampling over the new project tenements as part of its exploration strategy in the now-expanded Salinas district.
The company released the final assay results from the 2022 resource drilling at the Colina prospect, which confirmed the continuity of high-grade at depth and along strike. In January 2023, Latin Resources commenced a new 65,000-meter mineral resource expansion drill program at Salinas. The program will focus on fast-tracking the growth of the Colina indicated and inferred mineral resource, as well as define a mineral resource for the Colina West Prospect. More than 3,000 meters of the planned 65,000-meter drilling have been completed to date, with initial results confirming high-grade mineralization envelope. The Colina Exploration Target Range is 13.3 Mt to 22 Mt @ 1.2 percent to 1.5 percent lithium oxide.
SGS Geological Services, Canada is undertaking a preliminary economic assessment on the company’s Colina Prospect. Upon successful completion of the PEA, Latin Resources anticipates progressing directly to a definitive feasibility study.
SGS is also carrying out a metallurgical test work program at the Salinas Lithium project. Test work completed to date has demonstrated exceptional metallurgy with more than 80 percent recovery of lithium oxide, and extremely high-grade lithium oxide concentrate of up to 6.6 percent from simple heavy liquid separation. In a statement, the company’s head of exploration Tony Greenaway calls the results “extremely encouraging,” and notes that while they cannot be directly translated to an operational environment, the implications for marketability and the economics are significant.
The company plans to commission SGS to build a Dense Media Separation (DMS) pilot plant in Belo Horizonte, Minas Gerais and provide potential offtake customers with a representative lithium concentrate product.
The Company signed a non-binding Memorandum of Understanding (MoU) in March 2023 with the Minas Gerais State Economic Development Department (SEDE) and the Minas Gerais Integrated Development Institute (INDI) together referred to as Invest Minas. The purpose of the MoU is to provide mutual support between the parties to support the battery materials sector and supply chain investment in the region, including two-way introductions and investment partnerships in the region.
This partnership reinforces the existing cooperation between Latin and the State of Minas Gerais and assists with streamlining the approvals pathway for Latin to take the Colina Deposit through feasibility studies and into production provides significant opportunity for the development of both the project and the region.
The company’s Cloud Nine Halloysite-Kaolin Deposit near Merredin, Western Australia, presents an exciting opportunity as a globally significant kaolin-halloysite project located in Australia. Cloud Nine has the potential to be the largest undeveloped halloysite/ kaolin deposit in Australia, with an upgraded mineral resource estimate of 280 Mt of kaolinised granite, a 33 percent increase from the May 2021 global estimate of 207 Mt. The mineral resource contains 116 Mt of bright white kaolinite-bearing material in the indicated and inferred classifications.
Latin Resources has confirmed outstanding kaolin brightness results from the Cloud Nine infill drilling in 2022. Significant thicknesses of exceptionally bright kaolinised granite were intersected, highlighting the quality of the world class Cloud Nine Halloysite.
The company is now working to pursue potential offtake customers, which will include options to supply short-term products as well as value-added processed kaolin and halloysite products in the longer-term.
Latin Resources earlier signed an innovative $3.2 million research project with Australia’s Cooperative Research Centre for Contamination Assessment and Remediation of the Environment (CRC CARE) to develop methane reduction technologies using the clay mineral halloysite from its Cloud Nine Halloysite-Kaolin Deposit. This project enables Latin Resources to mine halloysite while undertaking initiatives to address the global need to reduce emissions.
In Argentina, Latin Resources holds a joint venture agreement with Argentinian investment group Integra Capital on the Catamarca Lithium project in Argentina. Integra Capital has the option to acquire 50 percent interest in the Catamarca project on an investment of US$1 million. The Catamarca Lithium project is a high-grade lithium pegmatite project with the potential to host world-class deposits.
The company’s geological team recently conducted on-ground reconnaissance field work at the Catamarca project, which highlighted priority areas for the planned extended fieldwork campaign to include detailed and systematic geological mapping and follow-up geochemical surface sampling to better understand the scale of the high-grade lithium pegmatite system encountered during the company’s 2017 drilling program.
Latin Resources will embark on a community engagement campaign to provide the local community stakeholders with information on the planned recommencement of exploration work at Catamarca Lithium project. A network of liaison offices will be established to serve as an information resource and conduit for feedback for the communities pertaining to the project.
Latin Resources is committed to strengthening its environmental, social and governance (ESG) credentials, and becoming a valuable supplier of the minerals needed to cut global emissions and support the green economy. Latin Resources is focused on ensuring that its operations positively impact the environment, the sustainability of the businesses and the products that it creates. The company has a goal to meet and exceed its ESG framework and is utilizing the Socialsuite platform to monitor and report on its ESG disclosure progress.
Company Highlights
- Latin Resources aims to become a contributor to global carbon reduction efforts through mineral projects that advance net-zero emissions goals, including lithium, halloysite, kaolin and copper.
- The company has increased its lithium ground position to more than 38,000 hectares for its Salinas Lithium Project in Brazil, after securing a large package of new tenements in the Bananal Valley district in eastern Brazil.
- Salinas’s Colina lithium deposit has a maiden JORC Mineral Resource Estimate of 13.3 million tonnes (Mt) @ 1.2 percent lithium oxide (indicated and inferred).
- The company entered into a non-binding MoU with the Minas Gerais State Economic Development Department (SEDE) and the Minas Gerais Integrated Development Institute (INDI) together referred to as Invest Minas.
- The company’s Cloud Nine Halloysite-Kaolin Deposit in Western Australia has an upgraded mineral resource estimate of 280 Mt of kaolinised granite.
- The company has engaged in an innovative $3.2 million research project with CRC CARE for the development of methane reduction technologies using the clay mineral halloysite from Cloud Nine.
- Exploration field work at the Catamarca Lithium Project in Argentina has recommenced, and a community engagement campaign is underway.
- The company is committed to an ESG framework and supplying the green economy with the minerals needed to cut global emissions.
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Developing mineral projects to support the global decarbonization
Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
