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$6.5 million Raised to Finalise DFS
European Lithium Limited (ASX:EUR, FRA:PF8) (EUR or the Company) is pleased to announce that it has received commitments to raise A$6.5 million through a placement to sophisticated investors at $0.0625 per share (Placement Shares). Investors will also be issued one listed option (ASX: EUROA) (exercise price $0.075, expiring 19 April 2024) for every 2 shares issued (Placement Options).
Funds raised will be used to fund the DFS at the Companys Wolfsberg Lithium Project, for general exploration purposes and working capital.
Placement Shares and Placement Options will be issued without shareholder approval relying on the Company's capacity under Listing Rule 7.1 and 7.1A.
EUR Chairman Tony Sage commented, "It's fantastic to get support from institutional investors and to also have the funds necessary to finalise the DFS. Both the drilling and metallurgical work is almost complete and the results will be available in September".
The placement is lead managed by Evolution Capital Advisors Pty Ltd (Evolution). Evolution will be paid 6% of the amount raised, be issued 20,000,000 EUROA listed options, and be issued 2,000,000 fully paid ordinary shares.
This announcement has been authorised for release to the ASX by the Board of the Company.
European Lithium
Overview
As the global push to halt climate change gains momentum, the European Commission is looking to regionalize the battery supply chain to capitalize on the rapid electric vehicle (EV) growth and limit its dependency on other countries through heavy investment and policy changes. Europe’s electric vehicle market value reached US$29.49 million in 2021 and is projected to increase up to US$143.08 million by 2027, indicating a compounded annual growth rate of 23.4 percent in that period.
Even though Europe is one of the largest global producers of motor vehicles, it currently does not have a local supply of lithium hydroxide which is heavily used in EV battery technology. According to experts, the market is set to remain in a structural shortage until 2025
One company that aims to become the first local lithium supplier into an integrated European battery supply chain is European Lithium (ASX:EUR,FRA:PF8), a mining exploration and development company focused on exploring, identifying and acquiring lithium in Europe. The company is led by a management team with decades of experience and success in the mining and finance markets.“Our aim is to be the first supplier of lithium from Europe, for Europe,” European Lithium chairman Tony Sage said.
The company is focused on its wholly owned Wolfsberg Lithium project located in Carinthia, Austria. The pre-existing mine is located in a mining-friendly region with multiple mineral discoveries in the surrounding area. The property features a high-grade lithium resource at an average grade of one percent lithium hydroxide, with a total resource of 12.88 million tonnes based on resources measured, indicated and inferred in zone 1 only.
The Wolfsberg Lithium project resource has the potential to double based on positive drill results in another zone on the property.
Based on the definitive feasibility study (DFS) released in March 2023, Wolfsberg Lithium Project is well positioned to become a leading producer of battery-grade lithium hydroxide in Europe. It is set to deliver high returns, leveraging low operating costs, and benefiting from a lithium market that is anticipated to be in structural undersupply during most of the life of mine. The battery-grade lithium hydroxide monohydrate (LHM) prices modeled in the DFS are projected to be at a 39-percent discount to current spot prices in 2025 and then escalate by 2 percent per annum. The estimated capex is US$866 million which supports a post-tax NPV of US$1.5 billion.
European Lithium has established several strategic relationships with an aim to deliver value to the Wolfsberg Lithium Project through development and during production. This includes a partnership with KMI for liaising with Austrian authorities.
The company commissioned Dorfner Anzaplan to construct the pilot plant, which was successfully completed on schedule. Anzaplan has also overseen the completion of metallurgical test work on bulk ore extractions. Testing will allow significantly higher recovery rates at the start of production as opposed to only assessing metallurgical data from the core as other mining companies often do, giving European Lithium the advantage of a streamline refinement process.
The company has support from the European Battery Alliance, GREENPEG and other government initiatives, believing it has the potential to become a major, first-to-market producer of lithium in Europe. The company also remains committed to clean production in an effort to support sustainability.
Based on the DFS, the company plans to begin the permitting process of its Wolfsberg Lithium project and prepare the mining plan for the mining authority to authorize the mine and concentrator construction. Afterward, the company will determine the approval requirements of the carbonate hydroxide conversion plant with the Energy Information Administration (EIA) and then initiate the final financing plan.
European Lithium, through its wholly owned Austrian subsidiary ECM Lithium Aľ GmbH (ECM), signed a binding long-term lithium offtake agreement with top-tier European auto manufacturer BMW to secure the company’s first offtake of battery grade lithium hydroxide from its Wolfsberg Lithium Project in Austria.
The company is aiming to commence production of lithium hydroxide from the project in 2027 — subject to funding and approvals by the Austrian government.
In a bid to expand its project portfolio, European Lithium executed a binding Heads of Agreement with 2743718 Ontario Inc., a subsidiary of Richmond Minerals (TSXVRMD), to acquire 100 percent of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project, a group of exploration licenses covering 114.6 square kilometers, targeting lithium with known occurrences in the Styria mining district of Austria.Company Highlights
- European Lithium is a mining exploration and development company focused on exploring, identifying and acquiring lithium in Europe.
- The company aims to become the first local lithium supplier into an integrated European battery supply chain.
- The company’s focus is on its wholly owned advanced Wolfsberg Lithium Project (Wolfsberg) located in Carinthia, Austria.
- Wolfsberg is a high-grade lithium resource at an average grade of one percent lithium oxide, with a total resource of 12.88 million tonnes based on measured, indicated and inferred resources in zone one only.
- Wolfsberg’s definitive feasibility study results demonstrate potential to deliver high returns, leveraging low operating costs, and benefiting from a lithium market that is anticipated to be in structural undersupply during most of the life of mine.
- The Wolfsberg resource estimate has significant upside with the potential to double based on positive drill results.
- Through its wholly owned Austrian subsidiary ECM Lithium Aľ GmbH (ECM), European Lithium signed a binding long-term lithium offtake agreement with top-tier European auto manufacturer BMW AG (BMW) to secure the company’s first offtake of battery-grade lithium hydroxide from Wolfsberg.
- The company has signed a binding agreement to build a Saudi Arabia-based hydroxide processing plant in partnership with Obeikan and deliver significant cost savings.
- The company is led by a management team with decades of experience and success in the mining and finance markets.
- European Lithium entered into a business combination agreement with Sizzle Acquisition, a US special purpose acquisition company, to which European Lithium will sell down its interest in its wholly owned Wolfsberg Lithium Project (Wolfsberg and Wolfsberg Lithium Project) and merge with Sizzle via a newly formed, lithium exploration and development company named, Critical Metals Corp.
- European Lithium has acquired 100 percent of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project, a group of exploration licenses covering 114.6 square kilometers, targeting lithium with known occurrences in the Styria mining district of Austria and nearby the Wolfsberg Lithium Project
- The company received high-grade lithium assays from sampling undertaken at various prospects within the Eastern Alps Lithium Satellite Projects, located in Austria, which are held 20 percent by European Lithium and 80 percent by EV Resources Limited (ASX: EVR).
Key Project
Wolfsberg Lithium Project
The Wolfsberg Lithium Project is a high-grade lithium project located in Carinthia in Austria. The project is 20 kilometers east of the town of Wolfsberg which is an industrial town with established infrastructure and sources of energy in place. European Lithium has a total of 54 exploration licenses, covering its two identified zones and mining licenses that may be permanently issued if conditions are met. The company recently secured additional mining licenses and extensions that grow the Wolfsberg project area to a total of 20 licenses over two mining fields, the original Andreas and new Barbara mining fields.
The property is an existing, developed exploration mine with substantial exploration and development work completed by previous owners. These projects were backed by the Austrian government and included extensive metallurgical testing, geological mapping, mining, and pre-feasibility studies in the 1980s.
The company completed its own positive PFS as well as an extensive assessment. The property features a high-grade lithium resource with an average of one percent lithium hydroxide. Additionally, it features a total measured, indicated, inferred and JORC-compliant resource of 12.88 million tonnes of lithium hydroxide in zone one only.
In 2023, European Lithium released the results of its definitive feasibility study (DFS) for the Wolfsberg Lithium Project, demonstrating potential high returns, leveraging low operating costs, and benefiting from a lithium market which is anticipated to be in structural undersupply during most of the life of mine.
DFS highlights:
- Battery-grade lithium hydroxide monohydrate (LHM) production is ~8,800 tpa for 14.6 years;
- LHM opex (after byproducts) is US$17,016/t LHM on average compared to reported spot prices for LHM in February 2023 of US$79,500 DDP Antwerp;
- LHM prices modelled in the DFS are projected to be at a 39-percent discount to current spot prices in 2025 and then escalate by 2 percent per annum;
- Estimated capex is US$866 million which supports a post-tax NPV of US$1.5 billion @ weighted average cost of capital (WACC) 6 percent (WACC is determined by the split of debt and equity related to the BMW offtake agreement);
- Acceleration of decarbonization and energy transition in Europe combined with the rapid adoption of electric vehicles provides further upside.
Positive drill results from the 2018 drilling program confirm that zone two on the property could mirror zone one, which would double the project resource. Drilling on the property also revealed grades as high as 2.49 percent of lithium hydroxide.
European Lithium entered into a business combination agreement with Sizzle Acquisition Corp.(NASDAQ:SZZL), a US special purpose acquisition company, to which European Lithium will sell-down its interest in its wholly owned Wolfsberg Lithium Project (Wolfsberg and Wolfsberg Lithium Project) and merge with Sizzle via a newly formed, lithium exploration and development company named, Critical Metals Corp. European Lithium will be issued US$750 million worth of ordinary shares in Critical Metals, equivalent to approximately 80 percent of the ordinary shares in Critical Metals.
Once the business combination is completed, European Lithium will focus its activities on its existing portfolio of projects and investments, including the newly acquired Austrian Lithium Projects, consisting of 245 exploration licenses covering a total area of 114.6 square kilometers located approximately 70 kilometers north of the company’s Wolfsberg Lithium Project. The licenses cover ground that is considered prospective for lithium occurrences and initial surface sampling showing 3.98 percent lithium oxide.
The following summarizes the company’s interest in projects and investments:
- CRML – As outlined above, the company will be issued US$750 million worth of ordinary shares in CRML upon closing of the transaction.
- Listed investments – The company holds:
- 1,180,256,849 shares (representing 11.5 percent interest) in Cyclone Metals (ASX: CLE). CLE has recently acquired 100 percent of the Block 103 magnetite iron ore project located in the Labrador trough region of Canada.
- 15 million shares in Cufe Ltd (ASX: CUF).
- Unlisted investments – European Lithium holds a 7.5-percent equity interest in Tanbreez Mining Greenland A/S, which holds an exploitation permit for rare earths in Greenland.
- Exploration assets – European Lithium has an interest in:
- Austrian Lithium Project –100 percent of the rights, title and interest in the Bretstein-Lachtal, Klementkogel and Wildbachgraben projects covering an area of 114.6 square kilometers in total, which are prospective for lithium in Austria.
- Ukraine Projects - On 28 February 2023, the company announced that it had renegotiated the terms under which EUR will acquire European Lithium Ukraine LLC (European Lithium Ukraine), a Ukraine-incorporated company applying (through either court proceedings, public auction and/or production sharing agreement with the Ukraine Government) for 20-year special permits for the extraction and production of lithium at the Shevchenkivske Project and Dobra Project in Ukraine. On 28 February 2023, the company announced the end date to complete the acquisition has been extended to 2 November 2025.
In addition to the above, the company continues to review project opportunities in the mineral exploration area as part of its growth strategy.
Management Team
Dietrich Wanke - Chief Executive Officer
Dietrich Wanke has more than 30 years of experience in management at the operational level for underground and open-cut mines. Wanke has held statutory positions as registered manager under the applicable mining acts in several countries and commodities, most notably gold, silver, nickel, diamonds, coal, and iron. He has lived and served professionally for mining operations in Germany, Australia, Indonesia, Papua New Guinea, and Sierra Leone. Wanke has managed mining operations through all phases, starting from greenfield exploration to full-scale production, as well as the extension of existing mines. Wanke currently holds a position as general manager for Marampa Iron Ore in Sierra Leone. He’s worked in the past as general manager for Tolukuma Gold Mines in Papua New Guinea, mine manager for Atlas Iron in Western Australia, technical services manager for Thiess in Indonesia. Wanke served as mine manager for Kimberley Diamonds in Western Australia, technical services manager for Lightning Nickel in Western Australia, technical director for LMV, an engineering and surveying service provider for coal mines in Germany, technical services manager, and licensed surveyor for Laubag in Germany. Wanke holds a mine engineering/mine surveying degree from Technical University Bergakademie Freiberg, a licensed mine surveyor’s certificate in Germany and first class mine manager's certificates in Western Australia and Papua New Guinea.
Melissa Chapman - CFO and Company Secretary
Melissa Chapman is a certified practicing accountant with over 14 years of experience in the mining industry. She has worked extensively in Australia and the United Kingdom, including five years as group financial controller for the Beny Steinmetz Group. Chapman has a bachelor of accounting from Murdoch University and has been a member of CPA Australia since 2000. Chapman has completed a graduate diploma in corporate governance with Chartered Secretaries of Australia.
Tony Sage - Chairman
Tony Sage has more than 35 years of experience in corporate advisory services, funds management, and capital raising, predominantly within the resource sector. Sage is based in Western Australia and has been involved in the management and financing of listed mining companies for the last 22 years. Sage has operated in Argentina, Brazil, Peru, Romania, Russia, Sierra Leone, Guinea, Côte d’Ivoire, Congo, South Africa, Indonesia, China, and Australia. He currently holds the positions of executive chairman of ASX-listed Fe and executive director of ASX-listed Cyclone Metals.
Malcolm Day - Director
Malcolm Day holds a Bachelor’s of applied science degree in surveying and mapping. Day commenced his career working in the civil construction industry for 10 years, six of which were spent in senior management as a licensed surveyor and then later as a civil engineer. Whilst working as a surveyor, Day spent three years conducting mining and exploration surveys in remote Western Australia. He is a member of the Australian Institute of Company Directors. Day is the managing director of Delecta (ASX:DLC).
Michael Carter - Non-executive Director
Michael Carter graduated from the University of Western Australia in 1998 with a bachelor of commerce degree, majoring in accounting and finance. Carter also completed a graduate diploma in applied finance and investment at Finsia in 2002. He is experienced in structuring corporate transactions, focusing on junior resource companies, and has also worked in ongoing corporate advisory roles with numerous ASX-listed entities over the last 18 years. Carter has been employed as a stockbroker since 1999, previously served as a director of Indian Ocean Capita’ and is currently an associate director of CPS Capital.
Pilot Plant Commences First Phase of Operations
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to provide the following update on key developments for its Lithium Carbonate Pilot Plant which has commenced the first phase of operations to produce Lithium Carbonate.
- Pilot Plant commissioning complete with first phase of operations for the production of Lithium Carbonate underway.
- Completion of dynamic simulation, mass balances and plant layout design conceptually producing 250 tonnes per annum of 99.95% battery grade Lithium Carbonate via conventional evaporation process method.
- Engagement of Ausenco to complete independent peer review study of the 250 tonne per annum plant design, block flow process, and evaporation pond design.
- Engagement of highly experienced engineering team to oversee and manage plant operations and first production of Lithium Carbonate.
Figure 1 – 250tpa Lithium Carbonate Plant at Pursuit’s purpose facility in Salta, Argentina.
The Company has completed the commissioning works of the Lithium Carbonate Pilot Plant and will now begin operations with the overall goal of producing battery grade Lithium Carbonate. The Pilot Plant will look to produce an initial sample batch using synthetic brine of approximately 50-100kg of product.
Following completion of this milestone, evaporated brine, currently being sourced from the Stage 1 Drilling Program, will be utilised to produce approximately 2 to 10 tonnes of Lithium Carbonate products anticipated to be battery grade product. After this, the Company will consider relocation of the Pilot Plant to site following the completion of construction and filling of evaporation ponds to provide feed for the plant.
Figure 2 – 250tpa Lithium Carbonate Plant at Pursuit’s purpose facility in Salta, Argentina.
In relation to the commencement of operations at the plant, Pursuit Managing Director & CEO, Aaron Revelle, said:
“The Rio Grande Sur Project continues to advance toward first production at a significant pace. With plant operations now underway, we look forward to the production of the first Lithium Carbonate products demonstrating the enormous potential of the Rio Grande Sur Lithium Project.”
In conjunction with our Stage 1 drilling program which is currently underway and the potential upgrade to our existing JORC resource, we continue to make significant progress on multiple fronts as we move toward becoming a Lithium producer. To this end, we continue to progress the environmental permitting applications to commence construction of the evaporation ponds which is currently being targeted for this year. The entire team is very excited about the production process, and we look forward to reporting on the results over the coming months.”
Click here for the full ASX Release
This article includes content from Pursuit Minerals, 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.
Comment on Chilean Government's Announcement
CleanTech Lithium PLC (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, today commented on the announcement by the Government of Chile regarding the designation of strategic salars and the creation of a Protected Salars Network under the current administration's National Lithium Strategy.
Yesterday afternoon, in Chile, within the session held by the Committee of Ministers for Sustainability, led by the Minister of Environment, the creation of a Protected Salt Flats Network was unanimously approved. To achieve the aims of the National Lithium Strategy, it was agreed that private companies can take leadership roles on salars that are outside of the protected network and are not defined as strategic. CTL's non-strategic projects, remain outside areas declared as protected or that need further studies for such protection declaration, and therefore are still eligble for exploration and exploitation.
The Government set a clear path ahead, calling upon private companies from early April 2024 to express interest in the additional salars for lithium projects. It is expected that around July 2024, the Minister of Mining will list the salt flats where there is private sector interest in leading exploitation and exploration projects and those that require local indigenous consultations. After July, will see the allocation of the Special Lithium Operation Contracts (CEOLs), which are the special contracts the State awards regulating the terms and conditions for the exploitation, and benefit of the lithium reserves and permitting a salt flat to become a commercial project.
CleanTech Lithium has already expressed interest by submitting the CEOLs in September 2023, for Laguna Verde and Francisco Basin, with support from the local communities in the region.
Highlights:
- The Chilean Government, led by the Minister of Environment, has agreed on a network of protected salars that will require further environmental assessment.
- CTL's non-strategic projects; Laguna Verde and Francisco Basin remain outside areas declared as protected or that need further studies for such protection declaration.
- From April 2024, private companies can express their interest to develop salars outside of the protected network.
- It is expected that by July 2024, the Minister of Mining will list the salt flats where there is private sector interest in leading exploitation and exploration projects and those that require local indigenous consultations and those that do not.
- Approval of CEOLs will then be awarded by the State for these salars
- Private companies are able to take leadership in developing these new lithium projects, potentially in participation with State entities or on their own.
Following the announcement, the Finance Minister Mario Marcel commented that Chile's current production could increase up to 70% by the end of decade and double in ten years.
Aldo Boitano, Chief Executive Officer of CleanTech Lithium, said:
"The announcement made by the Chilean Government moves the National Lithium Strategy forward in a very positive way. The news brings certainity to those salt flats that will be subject to a more detailed environmental assessment and those that are for potential exploration and eventually exploitation. At CleanTech Lithium, we continue to progress our direct lithium extraction (DLE) projects, highlighting our commitment to mining that minimises its environmental footprint, and listens to the local communities in the Atacama Region, both of which are key conditions of the Chile's lithium strategic framework.
"The anticipated approval of our CEOLs, submitted in September 2023 by the Company, is the next step forward for our projects, while deepening our local community engagement with our existing alliance and deployment of DLE technology".
Notes:
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
For further information contact: | ||
CleanTech Lithium PLC | ||
Aldo Boitano/Gordon Stein | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 | |
Or via Celicourt | ||
Celicourt Communications | +44 (0) 20 7770 6424 | |
Felicity Winkles/Philip Dennis/Ali AlQahtani | ||
Harbor Access - North America Jonathan Paterson/Lisa Micali | +1 475 477 9401 | |
Porter Novelli - Chile Ernesto Escobar | +569 95348744 Ernesto@publicoporternovelli.cl | |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 207 628 3396 | |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 207 523 4680 | |
Fox-Davies Capital Limited (Joint Broker) | +44 20 3884 8450 | |
Daniel Fox-Davies |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
About CleanTech Lithium
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects, Laguna Verde and Francisco Basin, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
Nevada Sunrise Metals CEO Shares 2024 Plans to Advance Gemini Lithium Project
Nevada Sunrise Metals (TSXV:NEV) President and CEO Warren Stanyer said the company's next steps at its Gemini lithium project in Nevada are to undertake further drilling, bring it to the preliminary economic assessment( PEA) stage and find the right partners to move it forward.
“We drilled five holes right into the spring of 2023. That led to the production of a NI 43-101 compliant resource of 7.1 million metric tons of lithium carbonate equivalent, which is beyond our expectations. We really didn't know what we were going to get,” he said. “The deposit is open in basically all directions. So really it's drilling more, getting to the PEA stage (and) attracting a big industry partner. Those are our goals for the project.”
Gemini has emerged as one of the world's largest lithium resources, and the fourth largest in the US, according to Stanyer. And with more drilling planned for the project, the company is preparing to finance the next steps for Gemini.
“At this point, I just feel like the sky's the limit. I don't know how big it will be. But the more holes we drill, the more we'll find out.”
Watch the full interview with Nevada Sunrise Metals President and CEO Warren Stanyer above.
Disclaimer: This interview is sponsored by Nevada Sunrise Metals (TSXV:NEV). This interview provides information which was sourced by the Investing News Network (INN) and approved by Nevada Sunrise Metalsin order to help investors learn more about the company. Nevada Sunrise Metals is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Nevada Sunrise Metalsand seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Edison Lithium: Transitioning to Sodium-ion Battery Technology
Edison Lithium (TSXV:EDDY) is pivoting towards sodium-ion battery technology while maintaining interests in lithium assets in Argentina. The company is divesting its cobalt projects in Canada via a spin-off into a new publicly listed company, Edison Cobalt. After the spin-off, Edison Lithium will comprise two divisions: Edison Saskatchewan and Edison Lithium.
Edison Saskatchewan will focus on advancing the company’s ambition to become a significant participant in the sodium-ion battery technology supply chain. The company acquired four alkali dispositions from Globex Mining Enterprises in August 2023 that encompass 4,564 acres located in Ceylon Lake, Freefight Lake, and the north and south areas of Cabri Lake, in Saskatchewan, Canada.
The Edison Lithium division comprises nearly 28,766 hectares of lithium brine claims located in Catamarca, Argentina. Edison Lithium retains eight mining claims, mostly located in the Pipanaco Solar basin in Catamarca.
Company Highlights
- Edison Lithium is a Canadian junior mining company that is pivoting towards sodium-ion battery technology. The company is restructuring its business by divesting lithium and cobalt assets while acquiring concessions for alkali that hosts sodium sulphate.
- The company acquired lithium assets in Argentina in 2021, comprising 148,000 hectares of lithium brine claims, but has sold 80 percent of these claims for three times their purchase price in December 2023. It continues to hold 20 percent, or 28,766 hectares, of lithium brine claims. The transaction corresponds with the company's strategic shift towards sodium-ion technology.
- The company has received approval to spin off its cobalt project located in Ontario, Canada, into a new company, Edison Cobalt, which will be listed on the TSXV.
- After the realignment, the company will comprise two divisions – Edison Lithium, focused on the remaining lithium claims in Argentina; and Edison Saskatchewan, focused on alkali dispositions in Saskatchewan, Canada.
- The alkali dispositions were acquired in August 2023 from Globex Mining Enterprises. This move underscores the company's strategic positioning in the burgeoning sodium-ion battery market, which is increasingly seen as a promising alternative to traditional lithium-ion batteries.
This Edison Lithium profile is part of a paid investor education campaign.*
Click here to connect with Edison Lithium (TSXV:EDDY) to receive an Investor Presentation
Galan Investor Presentation Singapore March 2024
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to present its investor presentation.
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.
Extension To Share Purchase Plan
Lithium Universe Limited (referred to as "Lithium Universe" or the "Company," ASX: "LU7") provides the following update regarding its $3.0 million Share Purchase Plan (SPP), as announced on 13 March 2024 (ASX release: LU7 Launches Share Purchase Plan).
Highlights
- Revised closing date for the Share Purchase Plan (SPP) is to be 10th April 2024
- Directors confirm their willingness to participate in the SPP
The Company has received feedback from several shareholders that due to the SPP closing date being just after the Easter holiday break, as well as difficulties encountered in shareholder’s taking up their entitlements, the Board has made the decision to extend the SPP offer date by one (1) week. By doing so, this will ensure that all shareholders have sufficient time to participate.
The revised indicative timetable for completion of the SPP is as follows, with the revised dates highlighted in blue *:
*Please note, the dates set out above are indicative only and are subject to change without notice to you. Any change in the timetable does not affect any rights or obligations you have as a result of accepting the SPP.
All LU7 directors who are eligible to participate in the SPP intend on taking up their SPP entitlement.
Should shareholders have any questions in participating in the SPP, including accessing their applications, then please contact the Company’s Joint Company Secretary, Kurt Laney at kurt.laney@vfassociates.com.au.
This article includes content from Lithium Universe 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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