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Black Mountain: Strategy & Drilling Plans
Chariot Corp Limited (ASX:CC9) (“Chariot” or the “Company”) today announces that it has revised its strategy for the Black Mountain hard rock lithium project in Wyoming U.S.A. (“Black Mountain”) and will shift from exploring for a large-scale resource to testing the viability of establishing a smaller-scale “pilot mine” at Black Mountain (“Pilot Mine”), with the goal of supplying spodumene concentrate to several lithium hydroxide refineries under construction in the southwestern United States.
HIGHLIGHTS:
- NEW STRATEGY: Chariot has revised its strategy for Black Mountain and now envisions a ”Pilot Mine” at Black Mountain in Wyoming, U.S.A., that could rapidly produce spodumene concentrate to capitalize on the growing lithium supply deficit in the U.S. market
- RESOURCE DEFINITION TARGET: Phase 2 drilling aims to define a high-priority, small-scale lithium resource (minimum JORC (2012) Indicated category) to underpin the Pilot Mine and establish the foundation for future larger-scale resource definition
- PHASE 2 DRILL PROGRAM: Chariot will conduct a reverse circulation drilling program at Black Mountain, drilling a total of up to 43 holes and up to 4,300 metres of total drilling (which may be completed in stages through the balance of 2024 and early 2025)
- METALLURGICAL TESTING: Chariot has approximately 200 kg of mineralized HQ diamond drill core in storage in Wyoming which will be transported to Perth for metallurgical testing by an experienced Perth-based metallurgical laboratory facility
- URGENT SUPPLY NEEDS: U.S. lithium demand is projected to surge by 2030, creating an urgency for new domestic supply sources
- WYOMING’S STRATEGIC ADVANTAGE: Wyoming’s small-mine permit system offers a pathway for the establishment of a pilot mine
- COST-EFFICIENT MODULAR PLANT DESIGN: The contemplated modular plant design is expected to reduce upfront costs and offer flexibility to scale up rapidly
- LONG-TERM VISION: The Pilot Mine strategy could provide short-term cash flow and potentially could optimize the development of larger-scale mining operations in the future
The following factors relating to the Black Mountain Project render it particularly suitable for the establishment of a Pilot Mine:
1) Indications of near-surface lithium mineralization at Black Mountain makes it suitable for a shallow, open-pit Pilot Mine.
2) Wyoming’s advantageous small-mine permit system offers a pathway for small mine permits that does not impose limits on the mineral volume which can be extracted but rather places annual limits on the mining activities to 10 acres (4.05 hectares) of disturbance and 35,000 cubic yards (26,760 cubic metres) of overburden removal (refer Part 3 of this announcement).
3) Black Mountain’s proximity to U.S. lithium hydroxide refineries currently under construction in the southwestern United States is expected to provide a geographic advantage in marketing product extracted from the Pilot Mine.
1. Target Small-scale Lithium Resource Definition
The Black Mountain Phase 2 drilling program (“Phase 2 Drilling Program”) will be completed during the coming months within the 5 acre disturbance limit applicable under the existing “Notice of Intent” level drill permit. The Phase 2 Drilling Program will seek to:
1) Quickly and cost-effectively define a small-scale lithium resource (at a minimum JORC (2012) “Indicated” category level of confidence) to support the construction of a Pilot Mine (“Small-scale Lithium Resource”).
2) Advance the understanding of mineralization and geology to identify drilling targets for further exploration of the project and delineation of a resource to support future large-scale mining.
The Phase 2 Drilling Program will be focused on the two southern pegmatite outcrops (Figure 1) which exhibit high fractionation (see Chariot’s ASX announcements dated 2 February 2024 and 20 August 2024) and contain spodumene at surface.
A previous drilling program conducted by the Company has already shown at and near-surface lithium mineralisation in these areas (see Chariot’s ASX announcement dated 2 February 2024).
ERM (see Part 4 of this announcement below) has assisted in the development of the Phase 2 Drilling Program. It will consist of up to 43 holes, totaling up to 4,300m of total drilling depth. The drilling method utilized will be small-format reverse circulation (”RC”) drilling, which is a proven method for quick and cost-effective drilling with a minimal disturbance footprint.
As part of its revised strategy for Black Mountain, the Company is replacing the previously announced drilling plans (see Chariot’s ASX announcements dated 19 June 2024) with the Phase 2 Drilling Program.
The Company is in discussions with a drilling company and will commence drilling as soon as an RC drill rig and crew can be redeployed from their current projects.
Figure 1: 2024 RC Drill Plan
Figure 2: Black Mountain pegmatite intersection in BMDDH23_01 from 10.5m (34.5ft.) to 13.7m (45ft.) showing some of the spodumene mineralization (See Chariot’s ASX Announcement dated 2 February 2024)
Figure 3: Black Mountain Drill Core sample from BMDDH23_01 – from 10.6m (See Chariot’s ASX Announcement dated 2 February 2024)
The Company notes that completion of the full Phase 2 Drilling Program will require additional funding. Discussions regarding potential fundraising are currently underway and the Company will provide further updates as details are finalised.
Click here for the full ASX Release
This article includes content from Chariot Corporation, 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.
Chariot Corporation Investor Kit
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Chariot Corporation
Investor Insights
Chariot Corporation presents a unique value proposition for seasoned investors, with its strategic ownership of the largest land package for lithium exploration in the US and a portfolio of non-core assets providing significant revenue opportunities.
Overview
Chariot Corporation (ASX:CC9) is the largest landholder for lithium exploration in the US. It has a strategy to target both hardrock lithium in Wyoming and claystone lithium in Nevada and Oregon. The flagship Black Mountain project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. Chariot’s six other hard rock projects in Wyoming span 443 claims covering 3,585 hectares.
The second flagship project, Resurgent, has the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass with 19.1 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt at 21.5 Mt LCE). The recent $650-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
The automaker's EV targets and government policies banning new internal combustion engine (ICE) car sales could propel lithium demand to 3.7 Mt by 2030, according to projections from mining giant Albemarle. This implies a CAGR of more than 20 percent between 2022 and 2030.
As the world's demand for lithium continues to grow, Chariot's exploration and development efforts in the US are well-timed and offer investors exposure to the rapidly growing lithium market.
Chariot has been actively focusing on creating value through the divestment of selected lithium assets. Four such assets have been divested so far through sale and/or option agreements with publicly listed companies. These transactions can potentially generate up to an estimated US$5.1 million in cash and stock-based consideration, in addition to future royalty payments for Chariot. The company currently has four additional projects that may be potential divestment opportunities, including Lida and Amargosa (Nevada), Mardabilla (Western Australia) and Nyamukono (Zimbabwe).
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States. Chariot has completed its phase 1 drill program at the Black Mountain project consisting of nine shallow holes, drilled from a total of 1,132 metres. The company plans to recommence exploration work at Black Mountain and engage in exploration activities at its six other lithium-caesium-tantalite pegmatite projects in Wyoming. Phase 2 drilling at Black Mountain will comprise 3,000 to 4,000 metres utilizing cost-efficient, man-portable rigs as a precursor to a larger truck-mounted drilling program.Following the AU$9-million IPO, Chariot is now fully funded to execute its exploration plans over the next two years, of which nearly a significant proportion will be spent on the Black Mountain project.
Concurrently, the company plans to continue exploration activities at the Copper Mountain project, South Pass, Wyoming Regional and the Resurgent project to define targets for future drilling.
Chariot boasts a world-class team with strong track records in mining, exploration and the financial services sectors. The management has significant corporate and investment banking experience. Non-executive chairman Murray Bleach was formerly the CEO of Macquarie in North America, while the CEO, Shanthar Pathmanathan was an oil and investment banker with Macquarie and Deutsche Bank. On the geological side, Neil Stuart who is a non-executive director is a lithium industry veteran having previously founded Orocobre Ltd (which later merged with Galaxy Resources) to form Allkem Ltd, one of the largest lithium producers in the world. The exploration team is led by Dr. Edward Max Baker, a geologist with over 40 years of experience and several discoveries. He was the chief geologist at Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. The collective experience of the management team, from investment banking (with fundraising and M&A experience) to resource discoveries, will be useful in advancing the company’s core projects.
Company Highlights
- Chariot Corporation is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the US.
- Chariot holds the largest land position for lithium exploration in the US with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed A$9 million initial public offering (which is in addition to AU$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain project, a hard rock lithium project located in Wyoming; and (2) the Resurgent project, a claystone lithium project located in Oregon and Nevada.
- Chariot also holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- The company’s portfolio includes several additional projects prospective for hard rock (Western Australia and Zimbabwe) and claystone lithium (Nevada, USA).
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. Each of the divested projects are operated by a publicly listed counterparty and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing US lithium market.
Key Projects
Black Mountain Project, Wyoming
County, approximately midway between Casper and Riverton, Wyoming. Chariot initially held a 91.9 percent stake in the project with 134 mining claims covering 878 hectares. In 2024, the company expanded the project with 218 contiguous claims resulting in a 206 percent increase in project tenure area. Black Mountain now comprises 352 claims covering 2,686 hectares of tenure which subsequently increased Chariot's ownership interests in its Wyoming lithium portfolio to 93.9 percent.
The project is well-serviced by existing roads and infrastructure. The claim area was acquired via claim staking of public land administered by the US Bureau of Land Management.
The project features large pegmatite outcrops at the surface with spodumene and tantalum mineralisation. Surface rock chip samples returned assays of up to 6.38 percent lithium oxide.
Black Mountain may represent a significant hard rock lithium opportunity in a tier-1 mining jurisdiction in the US. The asset features an excellent combination of geological factors, and a supportive regulatory regime and is located in a largely unpopulated part of Wyoming.
Resurgent Project, Nevada and Oregon
The Resurgent project is a claystone-hosted lithium project located in the McDermitt Caldera in Oregon and Nevada. The company owns a 79.4 percent stake in this project. The Resurgent project comprises 1,450 claims covering 12,128 hectares and is further subdivided into two principal claim areas, identified as ‘Resurgent North’ and ‘Resurgent East.’ Chariot has the second-largest land position in the McDermitt Caldera, which hosts two of the largest lithium mineral resources in North America, with a combined mineral resource estimate of over 40 Mt LCE - Thacker Pass at 19.1 Mt LCE and McDermitt at 21.5 Mt LCE.
The Resurgent North project targets the same sedimentary units that host Jindalee Resources' (ASX:JRL) McDermitt project with a mineral resource estimate of 21.5 Mt LCE. A surface sampling campaign at Resurgent North conducted in 2021 involving 289 samples returned values as high as 3,865 ppm lithium (over three times typical lithium claystone MRE cut-off grade). Of the 289 samples, 70 samples returned values greater than 100 ppm lithium, 20 samples returned values greater than 1,000 ppm lithium and 10 samples returned values greater than 2,000 ppm lithium.
The Resurgent East project targets the same sedimentary units that host Lithium Americas’ (NYSE:LAC) Thacker Pass lithium deposit (MRE at 19.1 Mt LCE). The similarity in geological characteristics with the two largest lithium deposits in the US further validates the potential for a large-scale high-grade lithium discovery at Resurgent.
Exploration Pipeline Projects
Besides the two core projects, the company has a pipeline of six lithium exploration projects comprising 443 claims and covering 3,585 hectares. Each of them is described below:
- Copper Mountain Project: The project is located ~80 kilometres northwest of Black Mountain in Fremont County, Wyoming. It comprises 83 mining claims covering 648 hectares. Copper Mountain has a long history of prospecting and artisanal-scale production having been historically mined for mica, feldspar, beryl, lepidolite and tantalite. The company has already identified multiple pegmatite target areas and has plans for a geochemical and ground magnetics survey in addition to geological mapping.
- South Pass Project: The project is located in Fremont County, Wyoming, and comprises 214 mining claims covering 1,750 hectares. This is a large and highly prospective project with an abundance of outcropping pegmatites that occur in swarms. The company notes the individual pegmatites at the project could range up to several hundred metres wide and several thousand metres long. There has been no prior exploration for hard rock lithium in the South Pass project area.
- Regional Wyoming Exploration Pipeline Projects: It comprises four hard rock lithium mining projects namely Tin Cup, Pathfinder, Barlow Gap and JC, comprising 146 mining claims covering 1,146 hectares.
- Barlow Gap Project: This project is located in Natrona County, Wyoming, and comprises 60 mining claims covering 501 hectares. This is an early-stage hard rock lithium exploration project with outcropping pegmatites on a northeast trend.
- Tin Cup Project: The project is located in Fremont County, Wyoming, and comprises 45 mining claims covering 376 hectares. There is a long history of exploration at The Tin Cup mining district dating back to 1907. The region has been known for small-scale mining for gold, copper and various gemstones including red jasper, ruby and jade. This is an early-stage hard rock lithium exploration project with outcropping pegmatites.
- Pathfinder Project: This is an early-stage hard rock lithium project located in Natrona County, and comprises 32 mining claims covering 234 hectares.
- JC Project: Located in Fremont County, Wyoming, the project comprises nine mining claim blocks spanning 75 hectares. This is an early-stage hard rock lithium exploration project that features several small excavation pits and outcropping pegmatite dykes.
Divestment Projects
Chariot has been actively focused on creating value via divestment of selected lithium assets in its portfolio, which includes the following assets: Halo (Chariot’s ownership 21.4 percent), Horizon (Chariot’s ownership 21.4 percent), Lithic & Mustang (ownership 21.4 percent) and the WA Lithium portfolio (Chariot was the 100 percent owner of this property prior to the sale to St George Mining Ltd). These divestments, once executed, can potentially generate more than US$5 million in gross proceeds (cash and stock-based consideration) for Chariot in addition to future royalty payments.
The company has identified four more projects for divestment: Lida project (Nevada), Amargosa project (Nevada), Nyamukono project (Zimbabwe), and Mardabilla project (Western Australia).
Management Team
Shanthar Pathmanathan – Managing Director
Shanthar Pathmanathan has 14 years of investment banking experience in the metals and mining, oil and gas and chemicals sectors. He was the CEO and managing director of Lithium Consolidated, an ASX-listed company, which had one of the largest portfolios of hard rock lithium exploration assets, globally. Before that, he held various investment roles with Deutsche Bank and Macquarie Group. He has a Bachelor of Laws from the University of Western Australia.
Frederick Forni – Executive Director
Frederick Forni is a senior finance professional with over 25 years of investment banking experience. He was a former senior managing director of Macquarie Holdings (USA) and held non-executive director roles with numerous Macquarie Group entities and GLI Finance Ltd. He holds a B.A. in economics from Connecticut College, a J.D., awarded cum laude, from Georgetown University Law Center and an LL.M. in taxation from New York University Law School.
Neil Stuart – Non-executive Director
Neil Stuart is an exploration geologist with over 40 years' of experience and is a member of The Australian Institute of Geoscientists and a Fellow of The Australasian Institute of Mining and Metallurgy. He was a founding director of Orocobre Limited, now Alkem (ASX:AKE). He has considerable experience across several commodities and was heavily involved in project delineation and acquisition in Australia, Mexico and Argentina. Over the last 20 years, he was involved with the exploration and commercial development of lithium projects. Stuart is on the board of numerous ASX-listed companies and is a graduate of the University of Melbourne (BSc.) and James Cook University (MSc.).
Dr. Edward Max Baker – Geological Consultant
Dr. Edward Max Baker is a Ph.D. geologist and a fellow of AusIMM. Baker has over 40 years of experience and has made several discoveries. Baker was chief geologist for Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. Baker was co-founder and previously a vice-president of exploration at New York Stock Exchange-listed Integra Resources (NYSE:ITRG).
Ramesh Chakrapani – Chief Strategy Officer
Ramesh Chakrapani has over 20 years of experience in the investment banking and alternative asset investing space. Of which, over 15 years were spent at The Blackstone Group where he was a managing director and a member of the Hedge Fund Solutions Special Situations Investing Group. Chakrapani has invested across a diverse set of industries, asset classes, geographies and liquidity profiles, and has represented The Blackstone Group on the boards of selected investments. He has a B.A. from Yale University.
David Bethke – Exploration Geologist
David Bethke is an exploration geologist with 6 years of experience working primarily in the Mountain West and Alaska regions of the United States, specializing in both gold and lithium deposits. During his career, he has worked closely with companies such as Jindalee and United Lithium to explore, sample, drill, and map lithium deposits hosted in both hard rock and claystone. In Alaska, he has worked in production for multiple well-known gold mining companies, including Coeur Mining and Northern Star Resources. David graduated cum laude from the University of Idaho with degrees in geology and Spanish.
Quarterly Activities/Appendix 5B Cash Flow Report
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.
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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.
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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
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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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