- The positive Phase 1 feasibility study shows a pre-tax NPV 8 percent of C$1.257 billion and pre-tax IRR of 48.2 percent
- Higher lithium recoveries in concentration and carbonation compared to peers
- Pilot plant testing achieved an 83 percent lithium recovery rate from the Rose lithium-tantalum project ore to battery quality lithium carbonate and 80 percent to battery quality lithium hydroxide
- No uranium or thorium contaminants in the deposit, low iron content, low mica content
- Critical Elements engages GoldSpot Discoveries Corp. (TSXV:SPOT; OTCQX:SPOFF), a leading technology services company, to apply its proprietary machine learning technology and geoscience expertise on Critical Elements' extensive property package located in James-Bay, Quebec.
- Critical Elements also received UL 2723 ECOLOGO® Certification for Mineral Exploration Companies. The Company has successfully completed the final stage of the certification process, which includes audit results, use of the UL ECOLOGO® mark, and registration in UL's SPOT sustainable product database.
- Critical Elements and Lomiko Metals Inc. (TSXV:LMR, OTCQB:LMRMF, FSE:DH8C) have entered into an option agreement that gives Lomiko the right to acquire up to a 70 percent interest in the Bourier project.
Critical Elements Lithium Corporation's (TSXV:CRE,OTCQX:CRECF,FWB:F12) vision is to be a large, responsible supplier of lithium hydroxide to the emerging electric vehicle and energy storage industries. The company is well-positioned, wholly owning over 530 km² of prospective lands hosting one of the highest purity spodumene deposits globally. This deposit is in Quebec, one of the company's premier mining investment jurisdictions. The company aspires to achieve its goals with a minimal environmental footprint by drawing electricity from Quebec's established low-carbon power grid, and in cooperation with the Cree Nation and local First Nations communities, with whom relationships have been formalized.
The Rose lithium-tantalum deposit, one of the largest highest purity lithium deposits in the world, can supply multiple lithium markets because of its unique purity with low iron oxide and mica content. The Rose lithium-tantalum deposit has an updated NI 43-101 resource estimate that outlines an indicated resource of 31.9 million tonnes grading 1.04 percent lithium oxide equivalent or 0.93 percent lithium oxide and 148 ppm of tantalum pentoxide with an inferred resource of 2.8 million tonnes grading 0.92 percent lithium oxide equivalent or 0.82 percent lithium oxide and 145 ppm of tantalum pentoxide.
Following a positive feasibility study for spodumene mining and concentration, Critical Elements Lithium Corporation is now ready to advance to the next stage of development for Rose. The feasibility study was, in part, informed by the results of a bulk sampling and pilot plant study. The results demonstrated that the conversion of the resources from the Rose lithium-tantalum deposit into the spodumene crystalline phase is easily achievable, with lithium concentrate grades up to 6.56 percent. Extraction was achieved at high conversion rates for chemical and technical-grade spodumene, yielding 83.4 percent with a concentrate grade of 6.41 percent for Rose, and recovery averaged 81.9 percent with a concentrate grade of 6.56 percent for Rose South. The high yield confirms the low-impurity profile of the Rose ore, allowing for the production of battery-quality lithium carbonate at a competitive cost and without additional purification steps.
Most recent testing at the Rose lithium-tantalum pilot plant has resulted in the production of battery-quality lithium hydroxide. Critical Elements was able to demonstrate that its plant can achieve extraction rates of 93 percent, which is higher than the market benchmark of 70 percent to 75 percent. The plant's overall recovery rate from spodumene to battery-quality lithium hydroxide is 80 percent, which is again higher than the market benchmark of 65 percent.
Tantalum is used in a wide variety of applications across the electronics, medicine, engineering and energy-generation industries. Since 1995, the market for tantalum has experienced average yearly growth in demand of about 8 to 12 percent. End users are facing increasing market pressure to secure conflict-free sources of tantalum, further tightening global supply.
Critical Elements Lithium Corporation is focused on developing supply for these markets at its Rose lithium-tantalum project. The unique geological properties of this deposit give it the potential to supply multiple markets, including battery-grade materials, ceramics, glass and tantalum.