Argentina Lithium & Energy Corp. (TSX-V: LIT) (FSE: OAY3) (OTC: PNXLF) ("Argentina Lithium" or the "Company") is pleased to announce that it is expanding its lithium exploration project holdings at the Pocitos Salar in Salta Province at the heart of Argentina's world-renowned Lithium Triangle. The Company's holdings in this salar now total over 26,000 hectares (see Figure 1: https:bit.ly3HNEurI ). The Company and its Argentinian subsidiary, Argentina Litio y Energía S.A. have entered into three new option agreements with local vendors to acquire a 100% interest in 10,364 hectares of new properties. The Company already holds an option for 15,857 hectares of properties located on the west side of the Pocitos Salar (see October 14, 2021 News Release ).
¨Pocitos, one of the largest salars within Argentina's Lithium Triangle, remains a key under-explored salar in Salta. With these new acquisitions, we are now the largest holder of claims in this very prospective basin," stated Nikolaos Cacos , President and C.E.O.
The Pocitos Salar is located approximately 100 kilometres west of the town of San Antonio de los Cobres, the largest town in Argentina's high plain, and approximately 250 kilometres west of the provincial capital city of Salta. The Provincial Route 17 and the natural gas pipeline-fed industrial park at the settlement of Pocitos are located 17 km to the east. The rail line that crosses the middle of the Pocitos West property joins Salta with the port of Antofagasta on the Chilean Pacific coast. The present surface expression of the Pocitos Salar is approximately 57 kilometres north-south, and approximately 10 kilometres east-west. The salt pan is almost completely flat with portions of the older salar surface covered by talus and alluvial fan. The new properties are believed to have had little prior exploration and no drilling; they are located along the eastern flank and southern portion of the Pocitos basin. The Company will be planning its exploration approach to the Pocitos properties over the coming weeks.
Option Agreement Details
Argentina Lithium can acquire a 100% interest in the 1,602 hectare "El Pidio GIII" property in the southeast of the Pocitos Basin pursuant to an option agreement dated January 3, 2022 . The option terms include US$165,000 in cash payments over three years, including a mandatory total of US$30,000 over the first 18 months. In addition, 25,000 shares of the Company are to be issued to the vendor on signing, with additional share issuances valued at CAD$70,000 over the subsequent three years, including mandatory issuances valued at CAD$25,000 over the first 18 months.
Argentina Lithium can acquire a 100% interest in the Aguamarga 11 and Aguamarga 16 properties, totalling 7000 hectares in the east flank of the Pocitos Basin pursuant to an option agreement dated January 3, 2022 . The option terms include US$1,890,000 in cash payments over three years, including a mandatory total of US$105,000 over the first 12 months. In addition, 168,000 shares of the Company are to be issued to the vendor on signing, with additional share issuances valued at CAD$651,000 over the subsequent three years, including a mandatory issuance valued at CAD$126,000 after twelve months.
The obligations of the Company under the two above-mentioned option agreements are subject to the approval of the TSX Venture Exchange (the " Exchange ").
The number of common shares of the Company issuable under the option agreements are calculated based on the discounted market price of the Common Shares on the Exchange on the business day immediately prior to the date of this news release. All shares issued pursuant to the terms of the option agreements are subject to a hold period under applicable securities laws for a period of four months from the date of issuance.
The third agreement dated January 6, 2022 , gives Argentina Lithium the option to earn a 100% interest in five properties totalling approximately 1,762 hectares at the Pocitos Salar ("the Ramos Properties" see Figure 1). The option terms include mandatory payments totalling US$150,000 in the first year, followed by US$550,000 2 years after signing.
Qualified Person
The contents of this news release have been reviewed and approved by David Terry , Ph.D., P.Geo., a Qualified Person as defined in National Instrument 43-101.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina , and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina , and has assembled a first rate team of experts to acquire and advance the best lithium properties in the world renowned "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos , President, CEO and Director
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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.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the closing of the transactions contemplated in the option agreements and Exchange approval of the option agreements; the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the inability to obtain Exchange approval to the option agreements; he impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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Demand for lithium is expected to reach 3.8 million tons by 2035, driven by increased demand for batteries for electric vehicles (EVs). This renewed focus on lithium is also shining a spotlight on the famed Lithium Triangle, where about 60 percent of the world’s lithium reserves are located. The Lithium Triangle spans portions of Chile, Bolivia and Argentina. With its rich lithium resource base and a stable, mining-friendly regulatory environment, Argentina has the perfect formula to become a leader in lithium production.
Argentina Lithium and Energy (TSXV:LIT,OTC:PNXLF,FWB:OAY3,OTCQX:LILIF) is a mineral exploration company focused on developing a portfolio of highly prospective lithium projects in Argentina. The company is a member of the Grosso Group, a resource management firm that has pioneered exploration in Argentina since 1993.
Argentina Lithium has a strong land position and extensive mining track record in Argentina with nearly 67,000 hectares in four key projects located in the Salta and Catamarca provinces. The company’s properties are strategically located next to some of the world’s leading lithium producers and near key infrastructure.
In September 2023, Argentina secured an important strategic investor. Peugeot Citroen Argentina S.A., a subsidiary of global automaker Stellantis, invested US$90 million in Argentina pesos to acquire a 19.9 percent interest in Argentina Lithium’s subsidiary Argentina Litio y Energia S.A. The two companies also negotiated a seven-year offtake agreement, in which Stellantis will buy up to 15,000 tons per year of lithium produced by Argentina Lithium.
The company’s flagship Rincon West lithium project includes over 5000 hectares of concessions next door to the west and north of the Rincon project owned by Rio Tinto Plc (RIO.L). Rincon West is also across the salar from Argosy Minerals’ (ASX:AGY) Rincon Lithium Project, which hosts a JORC resource of 245,000 tons of lithium carbonate equivalent grading 325 mg/L and has moved from test plant production to finalizing 2,000 tpa plant operations. Argentina Lithium’s discovery at Rincon West includes multiple long intervals of brines with promising lithium grades from its first drill program. The Company has an aggressive program underway to continue to test for brines across its large property and move towards completing its first mineral resource estimate.
The company’s second highly-prospective project, Antofalla North, covers more than 10,000 hectares of the Antofalla Salar, starting just 500 metres north of the lithium project controlled by Albemarle, (NYSE:ALB) one of the world’s largest lithium producers. The Antofalla North project is also located approximately 25 kilometers west of Argentina's largest lithium-producing operations at Salar de Hombre Muerto. The company anticipates an accelerated program at Antofalla North once permits are received.
Argentina Lithium’s other properties include 25,000 hectares in the Incahuasi Salar and more than 26,000 hectares in the Pocitos Salar.
Following the major financing deal with Stellantis, Argentina Lithium accelerated its exploration plans for 2024, which includes the completion of up to 30 drill holes in two phases at the Antofalla North project, to bring it to a resource delineation stage shortly on the heels of the company’s flagship Rincon West project if results are positive. The company has also expanded its exploration plans for Pocitos and Incahuasi, beginning with a reconnaissance program of 170 line-kilometer transient electromagnetic survey at Pocitos.
Argentina Lithium is led by Grosso Group’s management team which has a history of major mineral discoveries in Argentina, specifically the Chinchillas silver-lead-zinc deposit now owned and being mined by SSR Mining (TSX:SSRM) and Blue Sky Uranium’s (TSXV:BSK) Amarillo Grande uranium and vanadium project. Plus the team was involved with early work at the properties hosting the Gualcamayo gold mine, now owned by Mineros S.A. (TSX:MSA), and Pan American Silver’s (TSX:PAAS) very large Navidad silver-lead deposit.
Rincon West is a prospective lithium project covering more than 5,000 hectares of concessions located in Salta province, Argentina. The project is primarily located along the western side of the Rincon Salar, which hosts two significant resource development projects: Rio Tinto’s Rincon project, and Argosy Minerals’ Rincon lithium project.
The property is situated in the Lithium Triangle with access to an international highway, pacific ports and a major electrical power corridor.
The first drill program at Rincon West included 9 holes and was completed in 2023. The program returned multiple long intervals of brine with strong lithium grades on its Villanoveño II concession. These were highlighted by a 258-metre interval starting at just 83 metres depth with lithium grades ranging from 287 to 402 mg/l lithium (including 2 internal intervals not sampled of 42 metres and 33 metres).
In late 2023, the company commenced its second drill program at Rincon West, on the adjacent Rinconcita II concession. This is expected to be followed by up to six holes on the project’s third concession, as well as pump testing to provide detailed information to support a mineral resource estimate for the project.
The company’s 2024 drilling program continues to evaluate the Rinconcita II concession that extends the original claims eastwards over the salt flat towards the neighboring Rio Tinto concessions. The 12th hole demonstrated a long interval with strong averaged lithium values in porous host lithologies.
Argentina Lithium’s Antofalla North project is the company’s second star project and is also considered to be highly prospective. It covers over 10,000 hectares spanning the border of the provinces of Salta and Catamarca, situated less than 20 kilometers from Argentina’s largest lithium-producing operations at Salar de Hombre Muerto. The project is accessed via a provincial highway and unpaved roads. Antofalla North is also located just north of Albemarle Corporation’s Salar de Antofalla project.
Argentina Lithium has conducted a geophysical survey at the project, which identified high-conductivity targets in the upper 100 meters and additional targets at depths of up to 500 metres. The company is planning an expanded 2024 exploration program, pending permitting, which includes detailed geophysics to delineate the basin and drill targets, the completion of six exploration drill holes and, if warranted, up to 24 infill holes.
Argentina Lithium’s Pocitos project controls approximately 20 percent of the Pocitos salar. The project area covers more than 26,000 hectares in the Salta province, with access to an international railway connecting to Pacific ports, a provincial highway and a major gas pipeline.
The Pocitos project has had limited historical exploration, including geophysics, surface sampling and limited drilling. As part of its expanded 2024 exploration program, Argentina Lithium initiated a reconnaissance program of 170 line kilometres of transient electromagnetic surveying on the properties to identify future drill targets. This program at Pocitos is an increase of approximately 40 percent from the previous plans.
In a 2017 exploration program, Argentina Lithium reported a maximum lithium value of 409 mg/L lithium and 1.56 percent potassium in near-surface sampling to an 8-meter depth. The company also conducted four drill holes which confirmed lithium-bearing brines with average grades of 109 mg/L of lithium and 6,718 mg/L of potassium.
Argentina Lithium believes the project is underexplored and may have the potential to host quality lithium brine at depth. In 2024, the company plans to conduct a 90-kilometer-line transient electromagnetic sounding survey covering the entire property to detect and delineate brine aquifers for testing.
Nikolaos Cacos has over 30 years of management and advisory expertise in the mineral exploration industry. He has worked with Grosso Group since its inception and serves as a senior-level executive for all of its member companies. Cacos’ career includes administration and strategic planning for public companies. He currently serves as an officer and director of several TSX Venture Exchange-listed companies. He holds a master’s degree in international management from Heidelberg, Germany, and a Bachelor of Science degree from the University of British Columbia.
Miles Rideout has 34 years of experience in advanced exploration practice, responsible business management, scientific team building and mining integration with local communities and indigenous peoples. Rideout has directly managed the acquisition and exploration of dozens of lithium properties in northern Argentina. He served as CEO of Latin American Minerals (TSX:LAT) for 5 years, during which he advanced gold and diamond projects in Paraguay. Rideout also spent 23 years with Quantec Geoscience Inc. where he initiated operations in South America and managed subsidiaries in several countries. He has experience in mine permitting, financing, construction and operations, including implementing the first operating mine in Paraguay. He participated in the discovery of several world-class deposits including the Collahuasi and Ujina copper-porphyry deposits, Veladero epithermal gold deposit and Navidad VMS/epithermal silver deposit. Rideout received a Bachelor of Science with Honors Certificate in Geophysics from Western University in 1987. Rideout is fluent in English and Spanish and has lived in Mendoza, Argentina for more than 20 years.
Darren Urquhart is a chartered professional accountant with twenty years of experience working in public practice and industry. Urquhart operates his public practice accounting firm offering chief financial officer and accounting services to TSX Venture Exchange-listed companies in Vancouver. He has also served as director for some of his corporate clients. Urquhart began his career working as an audit accountant with Grant Thornton LLP, then later worked as a senior tax accountant with Lohn Caulder Chartered Accountants. He obtained his chartered accountant designation in 2001 and is a member of the Chartered Professional Accountants of British Columbia. In 1995, Urquhart graduated from the University of British Columbia with a Bachelor of Applied Science in Electrical Engineering.
Joseph Grosso became one of the early pioneers of the mining sector in Argentina in 1993 when mining was opened to foreign investment. He was named Argentina's 'Mining Man of The Year' in 2005. His knowledge of Argentina was instrumental in attracting a premier team that led to the acquisition of key properties in Golden Arrow's portfolio. He has successfully formed strategic alliances and negotiated with mining industry majors such as Barrick, Teck, Newmont, Viceroy (now Yamana Gold) and Vale SA and government officials at all levels. Grosso's specialty is financing, negotiations, corporate and marketing strategy. He was an early and passionate adopter of best practices in environmental protection and socio-economic development through mineral exploration. He is the founder and president of Grosso Group Management Ltd.
John Gammon has 40 years of experience in mineral exploration and management. His experience includes international positions with Falconbridge, assistant deputy minister mines and minerals with the Government of Ontario and, since his retirement, as ADM as a consultant working with industry, governments and universities. Gammon also spent a significant amount of time on the Aboriginal community and environmental issues. His knowledge of the Spanish language, South American culture and local societies coupled with his industry experience can assist the company to advancef its projects in Argentina.
Martin Burian holds ICD.D (Institute of Corporate Directors) and Chartered Professional Accountant designations. He has a 30-year career in investment banking in the mining sector, is currently Managing Director at RCI Capital Group and held similar senior positions at Haywood Securities, Bolder Investment Partners and Canaccord Capital. Burian is an independent member of several other public company boards where his roles include chairman, lead independent director and audit committee chair, as well as privately-held Heffel Gallery Limited where he is also part-time CFO. Burian’s early career was with KPMG where he obtained his CPA and CBV designations.
Dr. Terry is a professional economic geologist, senior executive and corporate director with more than 30 years' of international experience in the mineral resources sector. Dr. Terry holds a B.Sc. and Ph.D. in geology from Western University in Ontario and is a member of the Association of Professional Engineers and Geoscientists of British Columbia. Dr. Terry has played key roles in the successful acquisition, exploration and development of a number of precious and base metal deposits, primarily in North and South America, and has expertise in advanced project evaluation, M&A, corporate finance, and design and execution of effective exploration programs. He has held executive positions and directorships with several publicly-listed and private mineral resource companies; he currently serves as a director of Blue Sky Uranium , Golden Arrow Resources, and Aftermath Silver.
Argentina Lithium is a well-funded exploration company with a global automaker strategic partner, making discoveries in the Lithium Triangle. For exploration results offering leverage to the new battery supply chain, learn more about this company.
1[Argentina Lithium cautions that proximity to a discovery, mineral resource, or mining operation does not indicate that mineralization will occur on the company’s property, and if mineralization does occur, that it will occur in sufficient quantity or grade that would result in an economic extraction scenario.]
Discovery in the Lithium Triangle and Strategic Partnership with Global Automaker
Visit Argentina Lithium and Energy (TSXV: LIT) (OTCQB: LILIF) at Booth #2924 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 2 to Wednesday, March 5, 2025.
About Argentina Lithium and Energy
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The management group has a long history of success in the resource sector of Argentina and a strong track record of government and community relations.
About PDAC
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 26,000 attendees in person in 2024, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry.
For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.
We look forward to seeing you there.
For further information:
Argentina Lithium and Energy
Shawn Perger
17786860135
perger@grossogroup.com
argentinalithium.com/
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TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQB Venture Market: LILIF
Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQB: LILIF), ("Argentina Lithium" or the "Company") reports positive results from the fourteenth exploration well at its Rincon West Project in Salta Province Argentina . Sixteen representative 2.5 or 3 m brine samples collected over a 225-metre interval of RW-DDH-14 ranged from 277 to 379 mgl lithium.
"The fourteen exploration wells drilled at Rincon West have validated our belief that the property has competitive grade potential. All drill holes have demonstrated mid-grade brines, validating our interpretation of the conductive formations identified during geophysical targeting." stated Miles Rideout , V.P. of Exploration. "Our team is currently working on the resource model for the initial exploration area, located on the west side of the Rincon salt flat adjacent to Rio Tinto's Rincon Project. This resource work incorporates results from pump tests currently being completed on the project's initial rotary well. Additional rotary wells are planned for the project, subject to permit approval. The provincial ministry is currently reviewing the drill permit application for the eastern Don Fermin block, which has had no previous drilling but has extensive geophysical responses suggesting subsurface conductive targets are present."
The results, including sampling method, sample interval data, and brine analyses for RW-DDH-14 are shown in Table 1. Drill collar information is presented in Table 2. An extensive selection of core samples has been sent to an independent laboratory for brine recovery testing.
The Rincon West Project covers 5198.8 hectares of the salar basin, consisting of three property blocks adjacent to Rio Tinto's Rincon Project. Drill hole RW-DDH-14 represents the fifth exploration hole of the 6-hole program planned for the Rinconcita II property, originally announced in the Company's October 19, 2023 News Release. The Company is currently completing a long-duration pump test at the sixth hole (RW-RT-01), a deep rotary well drilled beside RW-DDH-11.
Figure 1 presents a map of the western (main) block of the Rincon West project showing the positions of the fourteen exploration diamond drill holes and single rotary hole completed at Rincon West (see News Releases dated July 13, 2022 , October 3, 2022 , October 25, 2022 , January 26, 2023 , April 24, 2023 , May 31, 2023 , January 22, 2024 , April 24, 2024 .and October 1, 2024 ). The drill location plot is overlain by a yellow shaded outline of electrically conductive zones delineated by two geophysics campaigns (see News Releases dated May 2, 2022 and October 19, 2023 ).
Table 1: Interval data and results of brine analyses for lithium, potassium, and magnesium for drill hole RW-DDH- 14*
Sample interval (m) | Sample Method | Li | K | Mg | Density | ||
From | To | Thickness | (mg/litre) | (g/ml) | |||
24.5 | 27.5 | 3.0 | Single packer | 288 | 5695 | 2643 | 1.195 |
36.5 | 39.5 | 3.0 | Single packer | 294 | 5716 | 2797 | 1.19 |
30.5 | 33.5 | 3.0 | Double packer | 289 | 5641 | 2711 | 1.189 |
42.5 | 45 | 2.5 | Single packer | 277 | 5403 | 2695 | 1.186 |
48.5 | 51.5 | 3.0 | Single packer | 285 | 5548 | 2725 | 1.187 |
66.5 | 69.5 | 3.0 | Single packer | 355 | 6836 | 3186 | 1.215 |
54.5 | 57.5 | 3.0 | Double packer | 353 | 6777 | 3207 | 1.215 |
72.5 | 75.5 | 3.0 | Single packer | 357 | 6881 | 3207 | 1.216 |
84.5 | 87.5 | 3.0 | Single packer | 363 | 7013 | 3302 | 1.216 |
114.5 | 117.5 | 3.0 | Single packer | 379 | 7548 | 3178 | 1.219 |
120.5 | 123.5 | 3.0 | Single packer | 377 | 7521 | 3166 | 1.22 |
132.5 | 135.5 | 3.0 | Single packer | 371 | 7444 | 3131 | 1.22 |
138.5 | 141.5 | 3.0 | Single packer | 362 | 7282 | 3135 | 1.219 |
144.5 | 147.5 | 3.0 | Single packer | 357 | 7146 | 3145 | 1.22 |
240.5 | 243.5 | 3.0 | Single packer | 335 | 6833 | 2850 | 1.218 |
246.5 | 249.5 | 3.0 | Single packer | 364 | 7419 | 3047 | 1.217 |
340.0 | 380.0 | 40.0 | Single packer | 177 | 3644 | 1100 | 1.176 |
*The drill hole was inclined vertically; the brine hosting strata are believed to be flat lying resulting in reported intervals approximating true thickness. |
Drilling Methodology
RW-DDH-14 was executed with HQ-diameter diamond drilling, permitting the extraction of core samples of the salar basin formations and the recovery of brine samples where possible.
Drilling was carried out by Salta-based AGV Falcon Drilling SRL, under the supervision of Argentina Lithium's geologists.
Table 3: Collar and maximum depth information for RW-DDH-14 | ||||||
Hole ID | East | North | Elevation | Azimuth | Dip | Depth |
UTM Zone 19S (WGS84) | (m) | (deg.) | (deg.) | (m) | ||
RW-DDH-14 | 685248 | 7337015 | 3726 | n/a | 90 | 455.0 |
The Company's preferred method for brine sampling deploys a 'single packer' sampling unit during drilling. The packer sampling method allows the recovery of brine samples at specific depths while sealing the hole at the top and bottom of the interval. For single packer sampling, an inflatable seal closes the top of the interval; the lower limit of drilling represents the bottom of the interval. In certain instances, double packer sampling is conducted following the completion of drilling. In this case, inflatable seals are employed to close both the top and bottom of the sample interval. While the geologists can vary the interval length when using single packer sampling, the double packer system is limited to testing 3 m intervals.
Geophysical profiling and lining the hole with 2" diameter PVC filters have been completed. All core samples recovered in drilling were retained for geologic logging.
Observations regarding RW-DDH-14
RW-DDH-14 is located on the eastern-central portion of the Rinconcita II property, within the western salt flat at Rincon Salar.
A total of 17 brine samples were extracted using the single or double packer methods and were submitted for chemical analysis. Sampling was generally accomplished from 3 m intervals, though one 2.5 m interval and one 40 m interval were sampled. Brine samples collected between 24.5 m depth and 249.5 m depth ranged from 277 to 379 mg/l lithium. Over this 225 m interval, 16 single or double packer brine samples were collected totalling 47.5 m of sampling, representing 21.1% of the entire interval.
Drilling from surface to 15.5 m depth intersected fine sandy sediments. Medium sandy layers are interlayered with sandy breccias between 15.5 and 71 m depths. Sandy breccias then dominate to 137 m depth. Relatively loose gravel and sands were intersected between 137 m and 144.7 m . Crystaline halite (salt) was drilled between 144.7 and 208 m . Sandy sediments containing several clayey layers were logged between 208 m and 245 m . Breccia sedimentary units were drilled between 245 and 349 m , frequently exhibiting alteration. Ignimbritic breccia and fractured ignimbrite were logged between 349 and 372.5 m whereupon a tricone was required to advance to 375.5, thus 3 m of core was not recovered. Ignimbritic breccia and fractured ignimbrite then continued to 404.4 m . Breccia with traces of pyrite was drilled between 404.4 and 437.25 m . Ignimbritic breccia was then intersected, extending to the bottom of the hole at 455 m . The sandy units described in this exploration hole are expected to be the most productive levels for extracting lithium brine.
Analyses and QA/QC
Samples of brine were submitted for analysis to Alex Stewart International Argentina S.A. (" Alex Stewart "), the local subsidiary of Alex Stewart International, an ISO 9001:2017 certified laboratory, with ISO 17025:2017 certification for the analysis of lithium, potassium and other elements. Alex Stewart employed Inductively Coupled Plasma Optical Emission Spectrometry (" ICP-OES ") as the analytical technique for the primary constituents of interest, including boron, calcium, potassium, lithium, and magnesium. Measurements in the field included pH, electrical conductivity, temperature and density.
The quality of sample analytical results was controlled and assessed with a protocol of blank, duplicate and reference standard samples included within the sample sequence. For hole RW-DDH-14 the lot contained one blank and one duplicate sample, which reported within the acceptable range. Single low-grade, medium-grade and high-grade reference standard samples (3 standards in total) were included within the submitted sample suite. The low-grade reference standard analysed higher than 3 standard deviations (" SD ") of best value, with 10.4 relative percent difference (" RPD "); the medium-grade reference standard analysed below 3 SD of best value, with 1.3 RPD; the high-grade reference standard analysed below 3 SD of the best value with 2.3 RPD.
Qualified Person
Frits Reidel , CPG is a Qualified Person as defined in National Instrument 43-101, is the Principal of Atacama Water Consultants, and is independent of Argentina Lithium. Mr. Reidel has reviewed the work carried out by the Company's exploration team at the early-stage Rincon West property. The disclosure in this news release has been reviewed and approved by Mr. Reidel.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The Company's strategic investment by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 70,000 hectares in the Lithium Triangle of Argentina . Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective lithium properties in the world renowned "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
______________________________
Nikolaos Cacos , President, CEO and Director
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.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to the ability to obtain, amend, or maintain licenses, permits, or surface rights; risks associated with technical difficulties in connection with mining activities; and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.
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SOURCE Argentina Lithium & Energy Corp.
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TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
OTCQX Venture Market: LILIF
Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF) ("Argentina Lithium" or the "Company") announces that further to the Company's news release dated October 29, 2024 and amended on November 8, 2024 and despite significant interest from investors including existing shareholders, it will not be proceeding with the non-brokered private placement offering using the Listed Issuer Financing Exemption for the sale of: (i) a minimum of 8,000,000 units of the Company (each, a " Unit ") at a price of $0.15 per Unit (the " Offering Price ") for aggregate gross proceeds of $1,200,000 ; and (ii) a maximum of 23,333,334 Units at the Offering Price for aggregate gross proceeds of $3,500,000.10 (the " Offering ").
The Company is considering alternate sources in funding that do not result in the issuance of shares nor any dilution to our current shareholders.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The Company's 2023 strategic investment by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 70,000 hectares in the Lithium Triangle of Argentina . Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective lithium properties in the world renowned "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_________________________________
Nikolaos Cacos , President, CEO and Director
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.
SOURCE Argentina Lithium & Energy Corp.
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TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FSE): OAY3
/NOT FOR DISTRIBUTION TO UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) ("Argentina Lithium" or the "Company") announces it is amending the terms of the Company's previously announced non-brokered private placement for the sale of: (i) a minimum of 8,000,000 units of the Company (each, a " Unit ") at a price of $0.15 per Unit (the " Offering Price ") for aggregate gross proceeds of $1,200,000 ; and (ii) a maximum of 23,333,334 Units at the Offering Price for aggregate gross proceeds of $3,500,000.10 (the " Offering "). Red Cloud Securities Inc. will be acting as a finder in connection with the Offering.
Each Unit will consist of one common share in the capital of the Company (each, a " Common Share ") and one transferrable Common Share purchase warrant (each, a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional Common Share (each, a " Warrant Share ") at an exercise price of $0.20 per Warrant Share for a period of three (3) years following the issue date of the Unit.
"While we received a substantial investment from Stellantis last October 2023 , those funds have been earmarked for our drilling and exploration activities on our projects in Argentina . A prepaid drilling services contract for up to 15,500 meters secured last October for just over $51 million ensures that all upcoming drill programs for the next couple of years are fully funded, " stated Nikolaos Cacos , President and CEO. " The current financing will ensure that our corporate activities will keep pace with our ongoing exploration programs. "
Please contact Shawn Perger at 1-604-687-1828 or Toll-Free: 1-800-901-0058
Email: info@argentinalithium.com
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), the Units will be offered for sale to purchasers resident in Canada other than Quebec and in certain offshore jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the " Listed Issuer Financing Exemption "). The Units may also be sold in certain other jurisdictions pursuant to applicable securities laws. The Common Shares issuable from the sale of Units sold under the Listed Issuer Financing Exemption are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada , subject to any hold period imposed by the TSX Venture Exchange (the " Exchange ") on the securities issued to certain purchasers. There is an amended and restated offering document relating to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.argentinalithium.com . Prospective investors should read this offering document before making an investment decision.
Closing of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including but not limited to, the approval of the Exchange. Directors, officers and employees of the Company may participate in a portion of the Offering and any securities issued to such directors and officers are subject to the Exchange's four-month hold period. A commission may be paid to arm's length finders on a portion of the Offering. The Company intends to use the proceeds of the Offering for exploration programs on the Company's projects in Argentina and for general working capital.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the " 1933 Act ") or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the 1933 Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The Company's recent strategic investment by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 70,000 hectares in the Lithium Triangle of Argentina . Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective lithium properties in the world renowned "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_______________________________
Nikolaos Cacos , President, CEO and Director
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.
This news release contains certain statements and information that may be considered "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" and other similar expressions. In addition, statements in this news release that are not historical facts are forward looking statements, including, without limitation, statements or information concerning the use of proceeds of the Offering; the closing of the Offering; the Company's expectations about when the Offering will close, if the Offering closes at all; the Company's expectation that it will meet the requirements of the Exchange necessary to have the Common Shares listed; the size and other terms of the Offering; the participation by insiders in the Offering; finder's fees; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; future exploration and operating plans; and the expectation that all of the closing conditions will be met.
These statements and other forward-looking information are based on assumptions and estimates that the Company believes are appropriate and reasonable in the circumstances, including, without limitation, assumptions about the proposed completion of the Offering; future prices of lithium; the price of other commodities; currency exchange rates and interest rates; favourable operating conditions; political stability; timely receipt of governmental approvals, licences and permits (and renewals thereof); access to necessary financing; stability of labour markets and market conditions in general; availability of equipment; the accuracy of mineral resource estimates and preliminary economic assessments; estimates of costs and expenditures to complete the Company's programs and goals; and there being no significant disruptions affecting the development and operation of the project.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include: the risk that the Offering will not complete on the timeline anticipated or at all; the risk that all necessary regulatory approvals will not be obtained, including the approval of the Exchange; the risk that the Company will not be able to utilize the proceeds of the Offering as anticipated; risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties; failure of equipment or processes to operate in accordance with specifications or expectations; cost escalations; unavailability of materials and equipment; government action or delays in the receipt of government approvals; industrial disturbances or other job action; unanticipated events related to health, safety and environmental matters; risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; ongoing war in Ukraine , rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with Canadian securities regulators.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Argentina Lithium & Energy Corp.
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TSX Venture Exchange (TSX-V): LIT
Frankfurt Stock Exchange (FRA): OAY3
OTCQX Venture Market (OTC): PNXLF
Argentina Lithium & Energy Corp. (TSXV: LIT) (FSE: OAY3) (OTCQX: LILIF) ("Argentina Lithium" or the "Company") announces that the Company has made an application to the TSX Venture Exchange to extend the term of the outstanding warrants as follows:
The exercise price of the warrants will remain at $0.40 . Each warrant, when exercised, will be exchangeable for one common share of the Company.
The Company further reports that 30,000,000 (held by insiders that are not officers or directors) and 305,000 (held by officers and directors) of the 35,767,948 Warrants are held by insiders of the Company. As such, the extension of such Warrants constitutes, to that extent, a "related party transaction" within the meaning of Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Shareholders ("MI 61-101"). The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 (and Exchange Policy 5.9), as the fair market value of the Warrants held by the insiders does not exceed 25% of the market capitalization of the Company.
The amendment is subject to the approval of the TSX Venture Exchange ("TSXV").
About Argentina Lithium
Argentina Lithium & Energy Corp is focused on acquiring high quality lithium projects in Argentina and advancing them towards production in order to meet the growing global demand from the battery sector. The Company's recent strategic investment by Peugeot Citroen Argentina S.A., a subsidiary of Stellantis N.V., one of the world's leading automakers, places Argentina Lithium in a unique position to explore, develop and advance its four key projects covering over 67,000 hectares in the Lithium Triangle of Argentina . Management has a long history of success in the resource sector of Argentina and has assembled some of the most prospective lithium properties in the world renowned "Lithium Triangle". The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in Argentina since 1993.
ON BEHALF OF THE BOARD
"Nikolaos Cacos"
_____________________________________
Nikolaos Cacos , President, CEO and Director
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.
This news release contains forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments management of the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's plans for its mineral properties; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future exploration and operating plans are forward-looking statements.
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Leveraging early-stage land acquisition, accelerated drilling and a strong strategic partnership, Lithium Africa delivers maximum exploration efficiency, capital leverage and de-risked lithium discovery upside at scale.
Lithium Africa is an exploration company purpose-built to capitalize on the next cycle of lithium demand. Its strategic mission is to discover, de-risk and monetize Tier 1 lithium assets through data-driven targeting, aggressive fieldwork and value-driven exits. The company's unique 50/50 joint venture with Ganfeng Lithium is the cornerstone of its strategy, providing both financial leverage and industrial alignment at the earliest stages of project development.
Africa remains largely underexplored for lithium despite sharing geological similarities with major hardrock lithium belts in Canada and Australia. Lithium Africa is the first company to systematically deploy a multi-jurisdictional discovery strategy across the continent – combining top-tier geology with capital efficiency and strategic clarity.
At the heart of Lithium Africa’s model is its joint venture with Ganfeng Lithium, one of the top two lithium chemical producers globally. The 50/50 JV, established in 2023, enables Lithium Africa to double its capital efficiency, with $1 raised equating to $2 spent on exploration. The partnership provides unmatched advantages: access to Ganfeng’s downstream processing know-how, established customer relationships with Tier 1 OEMs, and a long-term offtake framework that allows Lithium Africa to retain flexibility and optionality on any asset monetization.
Lithium Africa does not intend to develop or operate mines. Instead, the business model is designed around efficient land acquisition, aggressive de-risking via trenching, sampling, and early drilling, and ultimately monetizing high-value discoveries through royalties, sales or carried interests. In a down market, the company is actively pursuing counter-cyclical M&A opportunities to acquire stranded or undercapitalized lithium assets. With this strategy, Lithium Africa provides shareholders exposure to world-class discovery upside with significantly reduced financing risk.
The Birthday Gift project is Lithium Africa’s flagship asset and highest-priority exploration target. Located along a >12 km pegmatite corridor, the project hosts three parallel, flat-lying spodumene-bearing pegmatites within metasediments. Surface trenching has returned multiple significant intercepts, including 100 m, 67 m, and 55 m widths with true thicknesses averaging ~35 m. Rock chip samples from fresh spodumene zones have returned assays as high as 5.25 percent lithium oxide. More than 3,000 geochemical samples have been collected, and a 1,500-meter RC drill program commenced in January 2025 to test a 1,300-meter strike length.
The pegmatites remain open at depth and along strike. SGS South Africa is performing ICP assay analysis, and environmental permitting and trenching on the western trend are ongoing.
The Birthday Gift asset has strong potential to support an inaugural resource estimate by late 2025.
Lithium Africa controls six highly prospective licenses in Mali, located within the prolific Bougouni Basin, home to Leo Lithium’s Goulamina project, one of the world’s largest spodumene deposits. The Torakoura permit is situated along the same structural corridors and granitic host rocks. Surface exploration has identified spodumene-bearing pegmatites, supported by strong lithium and pathfinder anomalies from historic soil sampling.
Initial drilling at Torakoura began in 2024 but paused for LIBS-to-ICP calibration. A new RC drilling campaign resumed in Q4 2024. These permits offer substantial scale and proximity advantages in a well-established lithium district with proven permitting and development pathways.
In Côte d’Ivoire, Lithium Africa holds four early-stage but highly promising permits totaling 1,254 sq km. The Adzopé license has returned rock samples with lithium oxide values up to 0.98 percent. Field mapping and lithological sampling have been completed, and a 21,700-meter auger drilling program is planned to refine targets for follow-up RC and core drilling. The region is emerging as a new pegmatite belt in West Africa, and Lithium Africa has first-mover status in building a pipeline of discovery-stage projects.
The Kobikoro project in southeastern Guinea consists of four licenses covering 376 sq km in the Archean Kinema-Man domain. This district is part of the underexplored Kissidougou pegmatite belt. Historical stream sediment geochemistry conducted by BRGM highlights multiple anomalous trends in lithium, tantalum and niobium. The standout feature is a 20 km-long lithium-tantalum-niobium anomalous zone aligned with regional structures and underlain by fractionated granite intrusions.
In 2024, Lithium Africa acquired a 585 sq km, district-scale land package in the Bir El Mami region of Morocco, located on the northern extension of the Tasiast greenstone belt. The project is notable for its spodumene-bearing pegmatites confirmed by surface rock samples, which include lithium values up to 862 parts per million (ppm), and historic soil anomalies up to 363 ppm. The region is emerging as a key lithium district given Morocco’s favorable trade agreements and a growing domestic EV battery manufacturing base. Lithium Africa is currently Morocco’s only major lithium concession holder, and early-stage target identification is underway as of Q1 2025. The company is well positioned to be Morocco’s lithium sector leader and consolidator.
Tyron Breytenbach is a former Detour Gold resource geologist and leading equity analyst at Stifel Canada and Cormark. He blends deep geology with institutional capital markets acumen.
Carl Esprey is a former M&A analyst at BHP Billiton and fund manager at GLG Partners. He is the founder of several resource ventures and current CEO of Waraba Gold.
Coulibaly Mamadou is a geologist with 12 years’ experience in mineral exploration. Coulibaly started his career with Randgold, and has extensive knowledge of and experience with the West African Birimian geology.
Ben Gelber is a former VP at Gold Line Resources and exploration manager at Barrick in Guyana. He has more than 19 years of lithium and gold exploration experience.
With a PhD in geometallurgy, Jeroen van Duijvenbode is an expert in lithium pegmatite targeting and geochemical data interpretation.
Jamie Robinson is a chartered accountant with extensive mining CFO experience across private and public markets. Prior to his stint in the mining sector, he worked with Deloitte in Vancouver, British Columbia.
Chris is a lawyer with over 19 years of private practice and in-house experience, focused on capital markets, corporate finance and M&A transactions in emerging markets throughout Africa, Eastern Europe and the CIS.
Toluwalase Seriki is Ganfeng Lithium’s head of business development in Africa. He possesses a strong M&A and finance background.
Roy Zhang has nearly 10 years of experience in investment, M&A and corporate development, and is experienced and knowledgeable in lithium trading through his role at Ganfeng.
Tom Benson is a Stanford PhD volcanologist who leads global exploration at Lithium Americas. He is a widely respected authority on caldera-related lithium resources across the industry.
Atlantic Lithium is advancing Ghana’s first lithium mine at Ewoyaa, a fully permitted, strategically located project ready to supply global battery markets. With strong local support and a clear path to production, the company is positioned for near-term growth and long-term impact in the energy transition.
Atlantic Lithium (AIM:ALL,ASX: A11,GSE:ALLGH,OTCQX: ALLIF) is an Africa-focused lithium exploration and development company advancing its flagship Ewoyaa Lithium project through to production as Ghana’s first lithium mine.
Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location, between Europe, the Americas and Asia, to serve the global battery metals market. Ghana is also home to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium resources.
Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium chemicals for use in electric vehicle batteries and energy storage, aiming to support global decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability.
Through simple open-pit mining, three-stage crushing and conventional Dense Medium Separation (DMS) processing, the DFS outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, which will make it one of the largest spodumene mines by production capacity globally.
The Ewoyaa Lithium Project was awarded a Mining Lease in October 2023, an EPA Permit in September 2024, and a Mine Operating Permit in October 2024.
Having secured all of the permits required to begin construction, Atlantic Lithium currently awaits parliamentary ratification of the Ewoyaa Mining Lease, which was issued by the Ministry of Lands and Natural Resources in October 2023.
The JORC mineral resource estimate at Ewoyaa now stands at 36.8 million tons (Mt) at 1.24 percent lithium oxide, 81 of which is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt at 1.15 percent lithium oxide in the Inferred category).
The residents of the project-affected communities in Ghana’s Central Region have voiced their strong support from the advancement of the project towards production.
Atlantic Lithium’s Ewoyaa Lithium Project site
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX: PLL), under which Piedmont is required to contribute the first US$70m of Development Costs, as defined in the agreement, as sole funding to complete its earn-in to 50% of Atlantic Lithium's ownership of the project, with all Development Costs and other project expenditure equally shared by both Atlantic Lithium and Piedmont thereafter.
In accordance with the agreement, which is intended to result in the construction of the project and the achievement of initial spodumene production, Piedmont will earn the rights to 50 percent of all spodumene concentrate produced at Ewoyaa at market rates, providing a route to consumers through several major battery manufacturers, including Tesla.
The Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign wealth fund, has also agreed to invest US$27.9 million at project-level to acquire a 6% contributing interest in the project and Atlantic Lithium’s Ghana Portfolio. The project-level investment represents Stage 2 of its Strategic Investment in the company.
This follows Stage 1 of its Strategic Investment, comprising MIIF’s Subscription for US$5 million Atlantic Lithium shares, which was completed in January 2024, resulting in MIIF becoming a major strategic shareholder in the company.
MIIF’s Strategic Investment is intended to expedite the development of the project towards production.
In addition, noting that Ewoyaa is one of the most advanced undeveloped hard rock lithium projects globally, Atlantic Lithium continues to engage with parties across the battery metals supply chain who express inbound interest in lithium products from Ewoyaa.
In doing so, Atlantic Lithium aims to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure well-credentialled partners that will support the company's and Ghana's objectives of supplying lithium into the global market.
Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to over 900 personnel at Ewoyaa and, through its community development fund, whereby 1 percent of revenues will be allocated to local initiatives, will deliver long-lasting benefits to the region and Ghana.
Through its proven lithium discovery, exploration and evaluation methodologies, Atlantic Lithium has the potential to capitalise on its extensive exploration portfolio and deliver upon its objectives of becoming a leading producer of lithium in West Africa.
Atlantic Lithium's flagship Ewoyaa Lithium Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce.
Atlantic Lithium has been granted a Mining Lease, an EPA Permit and a Mine Operating Permit in respect of the project in October 2023, September 2024 and October 2024, respectively. The company is currently advancing the project towards production.
Highlights:
Atlantic Lithium wholly owns two contiguous exploration licences covering an area of c. 771 square kilometres in the mining-friendly jurisdiction of Côte d'Ivoire, which borders Ghana on the West African coast. The two licences offer the company with exclusive rights to apply its proven lithium exploration expertise over new, untested and highly prospective tenure, where the company considers there to be significant lithium discovery potential. The licences, which are located within 100 kilometres of the country's economic capital, Abidjan, are incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission lines.
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies, both as an executive and as an investor, for over 25 years.
Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company. Prior to this, Herbert was a director of resource investment company Galahad Gold, from which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raised US$400 million in equity financing and subsequently negotiated the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing.
Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia and, prior to that, Muller served as operations manager and senior mining engineer at Simec.
Muller holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Before joining Atlantic Lithium, she worked in several sectors, including healthcare, insurance, retail and professional services, across Asia, Europe and the U.S. Harsas holds a Bachelor of Business from the University of Technology, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Kieran Daly is the executive of Growth and Strategic Development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec, prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the Global Head of Strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe is a senior manager in the growth & strategic development team at Assore. She has been a geologist for Assore since 2013 and is involved with the strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP, the GSSA and AUSIMM.
Jonathan Henry is an experienced non-executive director, having held various leadership and board roles for nearly two decades. Henry has significant expertise working across capital markets, business development, project financing, key stakeholder engagement, and the reporting and implementation of ESG-focused initiatives. Henry has a wealth of experience projects towards production and commercialisation to deliver shareholder value.
Henry previously served as non-executive chair and executive chair of Giyani Metals Corporation, a battery development company advancing its portfolio of manganese oxide projects in Botswana, executive chair and non-executive director at Ormonde Mining, non-executive director at Ashanti Gold Corporation, president, director and chief executive officer at Gabriel Resources and various roles, including chief executive officer and managing director, at Avocet Mining. He holds a BA (Hons) in Natural Sciences from Trinity College, Dublin.
Michael Bourguignon is a distinguished project management professional with a rich history of leading significant initiatives in the mining and energy sectors. Most recently, he served as the COO at Evolution Energy Minerals in Tanzania, where he managed the optimisation and update of the Definitive Feasibility Study, managed the Front-End Engineering Design package, and oversaw the completion of the Relocation Action Plan and other community-related works.
Prior to this, Bourguignon worked with Rio Tinto in Australia as a consulting construction manager, as well as Glencore’s Mopani Copper Mines in Zambia, where he was the project director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, where he was project director. He has also previously worked in Ghana and Cote d’Ivoire with Perseus Mining. Bourguignon holds an MBA from Murdoch University and is a member of the Australian Institute of Project Management.
Andrew Henry is an accomplished general manager with over a decade’s experience in the operational mining sector, specialising in strategy, planning and analysis, contracts, large-scale project development and site operations.
Before joining Atlantic Lithium, Henry held the role of commercial manager at global lithium chemicals company Allkem and, prior to that, he spent over four years with major gold mining company Newcrest Mining.
Henry holds a Bachelor of Commerce from the University of South Australia and is a member of CPA Australia.
Ahmed-Salim Adam is an experienced mining general manager with over 15 years of experience leading various large-scale projects in Ghana across all stages of mine development, production, and closure, with a focus on safety and sustainability.
Adam has previously held a number of leadership roles, including as senior consultant of Metallurgy at GEOMAN Consult Ltd, as a director for FGR Bogoso Prestea’s Refractory Project and as general manager at Golden Star Resources.
He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, both from the University of Mines and Technology, Ghana. He is also a member of The Institute of Materials, Minerals and Mining (IOM3) in the United Kingdom and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.
Belinda assumed the role of general manager, corporate - finance and company secretary in January 2024, having initially joined the company as financial reporting manager in June 2023. To her role at Atlantic Lithium, Gethin brings a wealth of experience in all aspects of statutory, financial and corporate reporting, including the preparation of financial statements and accounting for complex transactions. Before joining Atlantic Lithium, Gethin worked as the chief financial officer for Lumus Imaging and, prior to that, as the group reporting manager at Healius. Gethin is a chartered accountant and holds a Bachelor of Commerce from UNSW in Sydney, Australia.
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and West African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience, having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Afric,a having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience, having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental inthe establishment of the current development team and defining Ghana’s maiden lithium resource estimate.