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Operational and Financial Update
Avenira Limited (ASX: AEV) (“Avenira” or “the Company”) is pleased to provide the following update in relation to the Company’s operations and finances.
Capital Raising
Avenira has completed the capital raising announced on 18 March 2024 to raise gross proceeds of $1.251 million and net proceeds to AEV of $1.193 million (Capital Raising).
Advanced Lithium Electrochemistry Ltd (“Aleees”)
The Company provides the following update with respect to the Licence and Technology Transfer Agreement entered into between Avenira and Aleees on 26 September 2023 (Licence Agreement).
Aleees and Avenira have agreed to the deferral of the two remaining USD$750,000 tranches owing under the Licence Agreement until 1 January 2025 and 1 April 2025.
Avenira and Aleees have made no changes to the Licence Agreement other than the deferral of the tranche payment dates referred to above, and there are no new or additional obligations on Avenira as a result of the payment deferrals agreed with Aleees.
The deferral of the Aleees payments has no impact on any current work being undertaken in relation to the Licence Agreement and will not impact any future work programs between Avenira and Aleees.
Reinstatement to Quotation
Avenira confirms that it is in compliance with the ASX Listing Rules and is not aware of any reason for its securities not to be reinstated to quotation.
Avenira confirms that, following the completion of the Capital Raising, it has sufficient working capital to carry out its business objectives referred to below.
In the opinion of the directors there are reasonable grounds to believe that Avenira will be able to pay its debts as and when they become due and payable.
Click here for the full ASX Release
This article includes content from Avenira Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Entitlement Issue Prospectus
Lithium Universe (ASX:LU7) presents this entitlement issue prospectus.
For a pro-rata non-renounceable entitlement issue of 1 Share for every 10 Shares held by those Shareholders registered at the Record Date at an issue price of $0.012 per Share, together with 1 free New Option for every 1 Share applied for and issued to raise up to $982,696 (based on the number of Shares on issue as at the date of this Prospectus) (Entitlement Offer).
This Prospectus also includes the Secondary Offers, which are set out in Section 2.2. The Secondary Offers and the Entitlement Offer are together referred to as the Offers.
IMPORTANT NOTICE
This document is important and should be read in its entirety. If, after reading this Prospectus you have any questions about the Securities being offered under this Prospectus or any other matter, then you should consult your professional advisers without delay.
The Securities offered by this Prospectus should be considered as highly speculative.
IMPORTANT NOTICE
This Prospectus is dated 1 November 2024 and was lodged with the ASIC on that date. The ASIC, ASX and their respective officers take no responsibility for the contents of this Prospectus or the merits of the investment to which this Prospectus relates.
No Securities may be issued on the basis of this Prospectus later than 13 months after the date of this Prospectus.
No person is authorised to give information or to make any representation in connection with this Prospectus, which is not contained in this Prospectus. Any information or representation not so contained may not be relied on as having been authorised by the Company in connection with this Prospectus.
Click here for the full ASX Release
This article includes content from Lithium Universe, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lithium ION Energy Signs LOI with United Rare Earths, for a Business Combination
Lithium ION Energy Limited (TSXV: ION) (FSE: ZA4) ("ION" or the "Company") is pleased to share that it has entered into an LOI Agreement to progress a business combination with United Rare Earths Ltd. ("UnitedRE"), a US-based rare earths recycling and refining company. UnitedRE secured a strategic location to develop and has significantly advanced discussions with a federal agency for grant opportunities which includes non-recourse, non-dilutive funding. UnitedRE has support at the highest levels of the government and an instrumental MOU with a national laboratory that will advance rare earth recycling and refining technologies in the U.S.
Highlights:
- Cutting edge technology with a clear path to creating a low-carbon, domestic supply of rare earths to the US, leveraging non-recourse funding;
- Rare earth elements required for military applications and essential in the production of motors needed for the energy transition related to electrification - a complementary strategic transaction;
- Lithium continues to play an irreplaceable role in the energy transition and ION's assets will be at the ready to fill this requirement; and
- Strong combined management teams with deep relationships across government, technology, capital markets and mining.
"I am delighted to announce this major development with respect to becoming an integral player in the critical metals space. We believe completion of the proposed business combination will catapult ION Energy into a diversified battery and critical metals player on the global market. We believe strongly in our Lithium assets and the sheer scale and potential UnitedRE brings is compelling to achieve the vital objective of a cleaner, secure, traceable future for humanity," said Ali Haji, CEO & Director - Lithium ION Energy Ltd.
Jeffrey Willis, Chairman of UnitedRE, commented, "We are excited to announce this strategic step forward with ION Energy, marking a pivotal moment for both organizations. By aligning our resources and expertise with ION Energy, we are creating a foundation for accelerated growth and innovation. This partnership enhances our capability to deliver on our shared mission to establish a sustainable, resilient supply chain to power renewable technologies and the electrification movement. Our collective efforts, grounded in a shared vision, will empower us to meet the growing demand for rare earth materials, securing the supply chain for America's future."
Convertible Debentures:
To support this new development for the Company, ION Energy is also pleased to announce a non-brokered private placement offering of convertible debentures of the Company ("Debentures") at a price of US$1,000 per Debenture for aggregate gross proceeds of US$ 2,000,000 (the "Offering"). The Debentures will mature 24 months from the date of issue (the "Maturity Date"), carry an interest rate of 8% per year and will be convertible to common shares at a conversion price of $0.10 per share. In the event the 10-day volume weighted average price of the common shares of the Company exceeds $0.15 or more on the Toronto Stock Exchange, the Company will have the right to accelerate the conversion of the shares.
Proceeds of the Offering will be used to complete the business combination with UnitedRE and develop its rare earth recycling and refining technology, for the continued advancement and exploration of the Company's lithium assets, as well as working capital.
ION Energy expects the proposed business combination will constitute an "expedited acquisition" under the policies of the TSXV. Completion of each of the proposed business combination and the Offering remains subject to the approval of the TSXV.
About Lithium ION Energy Ltd.
Lithium ION Energy Ltd. (TSXV: ION) (FSE: ZA4) is committed to exploring and developing high quality lithium resources in strategic jurisdictions. ION's flagship, 65,000+ hectare Baavhai Uul lithium brine project represents the largest and first lithium brine exploration licence award in Mongolia. ION also holds the 29,000+ hectare Urgakh Naran highly prospective lithium brine licence in Dorngovi Province in Mongolia. With the acquisition of the Bliss Lake and Little Nahani projects in NWT, Canada, ION has enhanced its lithium asset and jurisdiction profile. ION is well-poised to be a key player in the clean energy revolution, positioned well to service the world's increased demand for lithium. Information about the Company is available on its website, www.ionenergy.ca, or under its profile on SEDAR+ at www.sedarplus.ca.
About United Rare Earths Ltd.
United Rare Earths, Inc, a U.S. owned company, is dedicated to a domestic approach to the acquisition, refining, and distribution of magnet and rare earth minerals. UnitedRE is developing a domestic rare earths hub in northeast Tennessee. Operations will include a magnet recycling facility, a separation facility for newly mined materials and a technology center of excellence. The mission is to create a secure, reliable and traceable supply of rare earth minerals to support new and existing domestic based technologies.
In addition to an MOU with a national laboratory to assist with development, design planning and R&D optimization work, UnitedRE has also obtained a team of world-class advisors such as EY (Ernst & Young): research and strategy, King & Spaulding LLP: legal counsel, and Brownstein Hyatt Farber Schreck: government policy.
For further information:
COMPANY CONTACT: Ali Haji, ali@ionenergy.ca, 647-871-4571
COMPANY CONTACT: Jeffrey Willis jkwillis@unitedre.com, 307-287-6227
MEDIA CONTACT: Siloni Waraich, siloni@ionenergy.ca, 416-432-4920
Cautionary Note Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Information set forth in this news release contains forward-looking statements. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including with respect to the proposed business combination and the Company's operations after completion thereof, and other words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, including with respect to the entering into of the proposed business combination with UnitedRE and the Company's operations after the completion thereof. Important factors that could cause actual results to differ materially from ION Energy's expectations include, among others, regulatory approvals, the ability to negotiate and implement definitive agreements with respect to the business combination, uncertainties relating to availability and costs of financing needed in the future, changes in equity markets, risks related to international operations, the actual results of current exploration activities, delays in the development of projects, conclusions of economic evaluations and changes in project parameters as plans continue to be refined as well as future prices of lithium, and the ability to predict or counteract other factors relevant to the Company's business. There can be no assurance that forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Quarterly Report Highlights
Strong Preliminary Feasibility for Bécancour Lithium Refinery
Lithium Universe Limited (‘LU7’) is pleased to present its Quarterly Activities and Cash Flow Report.
The Lithium Universe Strategy
- Positive, robust Bécancour Refinery PFS even in low pricing environment
- LU7 has a counter cyclical strategy – develop project, ready for price recovery
- Closing the Lithium Conversion Gap – growth in resource and end market projects
The Financial Modelling
- Economically viable with excellent pre-tax NPV8% of approximately US$779M
- IRR (pre-tax) of approximately 23.5% and payback of 3.5 years based on;
- Price forecast of US$1,170/t SC6 and US$20,970/t for battery grade Li2CO3
- Operating costs at around US$3,976/tonne; capital cost estimate of US$494 million
- Expected annual revenue of approx US$383 million and EBITDA of around US$147 million
- Project break even at around US$780 /t (SC6) and around US$14,000 per tonne Li2CO3
The Design
- LU7 offers a solution to worldwide lithium conversion failures and startup problems
- Using proven Jiangsu Refinery operating technology and lithium industry experience
- Producing up to 18,270 tonnes/year of green battery- grade lithium carbonate
- Smaller off-the-shelf style plant rather than large difficult-to-operate facilities
- Initial focus on lithium carbonate production – feed for LFP batteries
- Assumptions based on real operating data and experience – not new aspirant
The Location
- Québec ideal trans-Atlantic lithium conversion centre, comparable to China
- Feedstock from Canada, Brazil and Africa – end market North America
- Critical cost benefits – cheap green power, transport mine/end market savings, US/Canada tariffs
- 95% GHG emission reduction with Hydro Québec’s green energy
Next Steps
- Offtake discussions with interested OEMs underway
- LU7 continues to progress full Definitive Feasibility Study
LU7 forms Committee with W8BANAKI
- Formation of committee with W8banaki to progress Bécancour Lithium Refinery
- Collaboration with W8banaki to assist with site impact assessment
- W8banaki Nation traditional land custodians of Bécancour Industrial Park
- W8banaki representatives hold significant understanding of battery supply chain
- W8banaki hold years of experience collaborating with chemicals industry
- LU7 committed to a collaborative and respectful relationship
LU7 finalises FRA and OTC Listing
- Lithium Universe quoted on the German-based
- FRA
- Lithium Universe quoted on US-based OTC
- Providing access to trading for US, Canadian
- and European investors
- Expansion to broaden investor base into diverse markets
Click here for the full ASX Release
This article includes content from Lithium Universe, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exploration Update
Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals REE’s, antimony, gold & nickel, is pleased to provide an exploration update on its Western Australian exploration projects.
Highlights
- Mobilisation of crews for detailed geophysical survey over the identified 10km antimony corridor at Yallalong.
- Heritage clearance confirmed over two priority antimony drill targets, Discovery and Central, in preparation for drilling to commence.
- Drilling to focus on extending the existing high-grade antimony mineralisation along strike and at depth over the Discovery target.
- Heritage surveys over next 2 priority antimony targets planned for early December.
- Drill site preparation underway at the large Byro REE & Li project in readiness for metallurgical core drilling to commence mid-November.
Yallalong Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia and comprises two granted Exploration Licences, E70/5051 (100% owned) with an exploration area of 63.4km2 and E09/2823 (100% owned) with an exploration area of 94km2.
The antimony (Sb) mineralisation identified at Yallalong appears to occur within a 10km north- south striking mineralised corridor that is interpreted to be related to a structural corridor between the Darling and Woodrarung faults. (Refer ASX announcement 17 September 2024)
Octava will begin detailed gravity and seismic surveys over the identified antimony corridor at Yallalong. Teams will mobilise on ground in the coming days. The geophysical surveys will provide details on the key structures such as shears & faults which act as conduits to mineralising fluids. It will also provide better understanding of the key lithological boundaries.
Figures 1 Outcrop at the Discovery Prospect, Yallalong Project
POW applications covering the 4 priority antimony targets have been approved. These approvals cover the exploration and planned drilling of the antimony targets at the Yallalong Project.
The two priority targets, Discovery and Central, have confirmed heritage clearance, clearing the path for drilling to commence. Heritage surveys covering the No.4 and North targets are expected to be completed by early December in preparation for drilling early in the new year.
The drilling at the Discovery target will focus on extending the previously intersected high-grade antimony mineralisation, both along strike and at depth, with the aim of outlining an antimony resource. Drilling at the Central target will test anomalous antimony at surface, as no drilling has been carried out previously.
Byro
The Byro Project is located on the Byro Plains of the Gascoyne Region, Western Australia, 220 km south-east of Carnarvon and 650 km north of Perth. The Byro project is prospective for rare earths (REE’s), lithium and base metals. (Refer ASX announcement 24 January 2024)
Previous GSWA regional soil sampling and RC drilling has recorded wide areas and large intercepts of anomalous REE, Li & other elements including V and Zn. Previous work identifies an area of mineralisation occurring over more than 30km in strike length and 15km in width. See Figure 2.
Click here for the full ASX Release
This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report September 2024
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to provide this Quarterly Activities Report for the quarter ended 30 September 2024, including activities up to the date of this report. The main focus for the quarter was the continued construction works at the Company’s 100% owned Hombre Muerto West (HMW) lithium brine project in the Catamarca Province of Argentina. Significantly, the Company announced a memorandum of understanding (MOU) for an offtake prepayment and completed a successful capital raise to support the full funding of initial production for Phase 1 of HMW.
Highlights
- Galan becomes the first mining company to apply for the Argentine ‘RIGI’, an incentive regime for large scale investments
- Strong lithium inventory build with over 6,000 tonnes LCE in ponds. Average lithium grade and evaporation rates in line with Phase 1 DFS
- First production from HMW is targeted for H2 2025. Overall project completion is approximately 45%
- Earthworks on ponds 5 and 6 complete; overall pond construction 76% complete with liner installation on ponds 55% complete
- Public consultation, one of the final steps towards the grant of Phase 2 construction permits, finished
- US$40 million offtake prepayment MOU with Chemphys
- Fully subscribed Entitlement Offer as part of a A$25m equity capital raising to support full funding of Phase 1 of HMW
- Cash of A$2.4m, capital raising proceeds of A$14m received subsequent to the end of the quarter
Figure 1. HMW Project looking north
Operations
HMW Project, Argentina (100% Galan)
The operational de-risking of Phase 1 of HMW advanced during the period. Lithium chloride inventories continued to build in the pond system to a current position of approximately 6,000 tonnes LCE. Lithium grades, flow rates and evaporation rates remained consistent with Feasibility Study expectations.
Galan has built approximately 730,000 m2 of evaporation area, allowing for an inventory build-up of up to 10,000 t LCE before the need to process the lithium chloride through a liming plant. The overall completion of the HMW Phase 1 project now sits at approximately 45% with 76% of the ponds constructed and 55% of the ponds lined. First production from HMW is anticipated in the second half of 2025. An initial production rate of 4,000 tpa LCE will be targeted before an expansion to production level 5,400tpa LCE when market conditions allow.
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report - September 2024
- Jindalee raises $6.1M via Placement, Convertible Notes and Entitlement Issue
- Funding enables completion of optimised McDermitt PFS and advances permitting and engagement with US Government agencies, local community and strategic partners
- US Department of Energy to fund Cooperative Research and Development Agreement focussed on reducing costs at McDermitt and minimising environmental impact
- McDermitt PFS progressing well and on schedule for delivery Q4 2024
US LITHIUM
McDermitt Lithium Project (Jindalee 100%)
In February 2023, Jindalee Lithium Limited (Jindalee or the Company) announced an updated Mineral Resource Estimate (MRE) at Jindalee’s 100% owned McDermitt Lithium Project (McDermitt or the Project) (Table 1)1.
The 2023 MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3.0 Billion tonnes at 1,340 ppm lithium (Li) for a total of 21.5 Million tonnes lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the United States (US) by contained lithium in Mineral Resource, and a globally significant resource, with the deposit remaining open to the west and south.
Table 1 – Summary of 2023 McDermitt MRE1 at the reporting cut-off of 1,000 ppm. Note: totals may vary due to rounding
Metallurgical Test Work
The McDermitt flowsheet contemplates beneficiation of mined ore (to upgrade the leach head grade and remove acid consuming gangue minerals) followed by acid leaching and subsequent purification steps to produce battery grade lithium carbonate. The test work has been undertaken at Hazen Research Inc, laboratories in Colorado, US and managed by global engineering, procurement, construction and maintenance company Fluor Corporation (Fluor).
Click here for the Quarterly Cashflow Report - September 2024
Click here for the full ASX Release
This article includes content from Jindalee Lithium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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