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Director Exercises LRSOC Options
December 22, 2022
Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is pleased to advise that Director Brent Jones has exercised a total of 15,833,250 LRSOC options to acquire 15,833,250 fully paid ordinary shares for a total consideration of approximately $190,000.
The exercise of the options above brings the LRSOC options exercised over the 3 month period from 22 September 2022 to 23 December 2022 to a total of 165,911,285, bringing in funds of $1.99 million to the Company.
The relevant Appendix 3Y in respect of Mr Jones’s equity movements is attached. Latin Resources Managing Director, Chris Gale commented:
"The exercise of options by Brent, is extremely pleasing and a solid vote of confidence in the Company, its projects, its people and its strategy going forward. This money will assist the company in funding its aggressive Salinas drill program in 2023. "
This Announcement has been authorised for release to ASX by the Board of Latin Resources.
Click here for the full ASX Release
This article includes content from Latin Resources, 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.
LRS:AU
11 October
Top 5 Canadian Mining Stocks This Week: American Lithium Charges Up 78 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 1.71 percent on the week to close at 605.43 on Friday (October 11). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.28 percent to 24,471.17 points over the same period.
Statistics Canada released its September labor force survey on Friday. The report indicated 47,000 new jobs were added to the Canadian economy, an increase of 0.2 percent. The hiring gains helped to push the unemployment rate down by 0.1 percent to 6.5 percent, marking the first decline in the rate since January.
Increases were primarily felt in the information, culture and recreation category as well as in the wholesale and retail trade one, with both sectors gaining 22,000 jobs. Professional, scientific and technical services jobs also saw gains in September, adding 21,000 new hires.
Despite the gains, the employment participation rate fell by 0.2 percent to 64.9 percent in September, marking a year-over-year decline of 0.7 percent.
South of the border, the US Bureau of Labor Statistics released September’s consumer price index on Thursday (October 10). The data showed a monthly increase of 0.2 percent and a year-over-year increase of 2.4 percent, both 0.1 percent higher than analysts predicted.
The majority of the increase was owed to a 0.4 percent jump in food prices and a 0.2 percent increase in shelter costs. The higher figures may show that while inflation has tracked down there are still lingering pressures within the market and it could cause the US Federal Reserve to adjust its rate-cutting policy over its final two meetings of the year in November and December.
In resource sector news, Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) announced it would be acquiring Arcadium Lithium (NYSE:ALTM,ASX:LTM) on Wednesday (October 9) in a US$6.7 billion deal. Rio Tinto CEO Jakob Stausholm said the acquisition represents a long-term strategic step in the company creating a world-class lithium business. The news acted as a tailwind for many lithium companies’ share prices this week.
Markets saw gains this week with the S&P 500 (INDEXSP:INX) adding 1.35 percent to 5,815.04, the Nasdaq 100 (INDEXNASDAQ:NDX) moving up 1.59 percent to 20,271.97 and the Dow Jones Industrial Average (INDEXDJX:.DJI) climbing 1.07 percent to reach 42,863.87.
Gold recovered from a mid-week slump that saw the precious metal fall to US$2,606 per ounce, climbing to US$2,655.86 on Friday at 4:30 p.m. EDT to end the week up by 0.09 percent. Meanwhile, silver saw recent gains erased as it fell 2.06 percent on the week to US$31.53 per ounce.
Copper saw a slight rebound on Friday, but wasn’t able to fully recover from midweek losses, dropping 2.38 percent to US$4.51 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) posted a gain of 0.38 percent to close at 559.63 points.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five gainers.
1. American Lithium (TSXV:LI)
Weekly gain: 77.78 percent
Market cap: C$230.61 million
Share price: C$1.28
American Lithium is an exploration and development company working to progress its advanced-stage Falchani project in Southern Peru. An updated resource estimate for the property, released in October 2023, outlines measured and indicated reosurces of 5.53 million metric tons (MT) of lithium carbonate equivalent and an inferred resource of 3.99 million MT.
A preliminary economic assessment for Falchani, released in February, estimates an after-tax net present value of US$5.11 billion and an after-tax internal rate of return of 32 percent with a payback period of three years.
On June 27, the company announced it was working to optimize the flow sheet for the project, and said that due to the low impurity content it would resemble a more conventional mining and processing flow sheet. Additionally, American Lithium said it was intending to commence piloting work during the second half of 2024.
Shares in American Lithium jumped on Thursday when the company released a letter to shareholders with an update on the state of the company and how it was navigating trends within the industry. The letter included steps American Lithium has taken to improve business fundamentals, how the company can benefit from Peru’s nuclear energy strategy and emerging support for premium prices for lithium carbonate.
2. Dore Copper Mining (TSXV:DCMC)
Weekly gain: 68.18 percent
Market cap: C$18.96 million
Share price: C$0.185
Dore Copper Mining is an exploration and development company with several projects located in the Lac Dore and Joe Mann mining camps in Québec, Canada. The company aims to become a copper producer operating with a hub and spoke model, in which its Copper Rand mill processes ore from several assets.
The company’s land package hosts 13 past-producing mines and multiple key projects, including Corner Bay, Joe Mann and Devlin. The company's resource target areas all lie within a 60 kilometer radius of its Copper Rand mill.
According to the company’s website, mineral resource estimates from four of its projects have demonstrated a combined measured and indicated resource of 198.2 million pounds of contained copper and 66,000 ounces of contained gold from 3.58 million MT of ore at an average grade of 2.51 percent copper and 0.58 grams per metric ton (g/t) gold.
The projects also contain inferred resources of 476.5 million pounds of copper and 248,000 ounces of gold from 7.01 MT at grades of 3.01 percent copper and 1.08 g/t gold.
The most recent news from the company came on September 26 when it announced it had closed a C$4.68 million non-brokered private placement. The company said it would be using the funds for exploration, development, permitting activities and feasibility study work.
3. Element 29 Resources (TSXV:ECU)
Weekly gain: 62 percent
Market cap: C$40.53 million
Share price: C$0.405
Element 29 Resources is an exploration company focused on advancing a portfolio of projects in Peru.
Its primary projects consist of the Elida copper-molybdenum-silver project in West-central Peru and the Flor de Cobre project in the Southern Peruvian copper belt.
The Elida site is composed of 29 concessions covering 19,749 hectares and hosts five distinct exploration targets within a 2.5 by 2.5 kilometer alteration system.
A September 2022 mineral resource estimate showed an inferred resource of 321.7 million MT containing 2.24 billion pounds of copper at a grade of 0.32 percent, 205.7 million pounds of molybdenum at a grade of 0.03 percent and 27 million ounces of silver at 2.61 percent.
The company’s less explored Flor de Cobre project is composed of 11 mining concessions and one mining claim covering 3,135 hectares. The company announced in March that it received environmental permitting for the site and would be partnering with the GlobeTrotters Resource Group, which discovered Elida, on exploration at For de Cobre.
Element 29’s most recent news came on September 24 when it commenced a drill program at Elida with the objective of potentially expanding its inferred mineral resource estimate and increasing grading at the site.
4. World Copper (TSXV:WCU)
Weekly gain: 50 percent
Market cap: C$19.94 million
Share price: C$0.09
World Copper is an exploration and development company working to advance its Zonia copper project in Central Arizona, US.
The property, acquired following a merger with Cardero Resources in January 2022, has seen extensive exploration dating back 100 years and hosted open-pit mining operations until 1975.
In the company’s corporate update on July 24, World Copper said it had made significant progress toward bankable feasibility and ultimately production, which it expects to begin in three to four years.
World Copper added that it has the potential for pre-production revenue through the utilization of 14 million short tons of previously stockpiled material. Additionally, it highlighted that the site hosted previous mining at the site with a low strip ratio of 1:1.
The most recent update from Zonia came on September 9, when the company produced an updated mineral resource estimate stating a total indicated resource of 686 million pounds of copper from 113.2 million short tons of ore with an average grade of 0.3 percent copper at a cutoff of 0.18 percent, and an additional inferred resource of 300 million pounds of copper from 59.2 million short tons of ore grading 0.25 percent.
5. Standard Lithium (TSXV:SLI)
Weekly gain: 47.32 percent
Market cap: C$19.94 million
Share price: C$3.30
Standard Lithium is an exploration and development company working to advance its South West Arkansas and Phase 1A projects in Arkansas and its East Texas project in Texas, US.
The projects are all located in the Smackover Formation, which extends from Central Texas into the Florida panhandle. The region hosts brines previously used to recover bromine that also host significant commercial lithium concentrations.
Standard entered into a 55/45 joint venture for South West Arkansas and East Texas with Equinor (NYSE:EQNR) in May to accelerate development of the projects.
A pre-feasibility study for its flagship project released in September 2023 demonstrated a base case after-tax net present value of US$3.09 billion with an internal rate of return of 32.8 percent and a payback period of four years. The study also produced an indicated mineral resource estimate of 269,000 MT of lithium with an inferred resource of 74,000 MT.
The company’s Phase 1A project will consist of a direct lithium extraction facility and lithium carbonate conversion facility designed to extract lithium contained in tail brine from existing bromine operations at LANXESS’ (OTC Pink:LNXSF) plant in Arkansas.
A definitive feasibility study for the project released in September 2023, demonstrated an after-tax net present value of US$550 million and an internal rate of return of 24 percent, as well as an annual production of 5,700 MT of battery-quality lithium carbonate.
Standard Lithium has seen gains since September 20 when it announced it had been selected by the US Department of Energy for an award of up to US$225 million to develop the South West Arkansas project. A few days after that, the company also released its results for its fiscal year ended June 30.
FAQs for Canadian Mining Stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 4, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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10 October
Results of Placing, PDMR Dealing and Total Voting Rights
CleanTech Lithium PLC ("CTL", "CleanTech Lithium" or the "Company"), an exploration and development company advancing lithium projects in Chile for the clean energy transition, is pleased to announce the results of the Placing announced on 8 October 2024, which was oversubscribed and scaled back.
Results of the Placing
The Placing raised gross proceeds of £2.5 million through the issue of 22,727,266 new ordinary shares ("Placing Shares") at an Issue Price of 11 pence per share. The net proceeds from the Placing will be applied to CTL's flagship project, Laguna Verde, and critical work programmes to produce battery-grade lithium carbonate for potential strategic partners to test, and for general working capital requirements.
The Placing Shares represent approximately 13.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("AIM"). This has been a necessary interim fundraising as the Company pursues its dual listing on the Australian Securities Exchange ("ASX").
Related Party
As a part of the Placing and on the same terms as all other placees, Regal Funds1, which is currently interested in approximately 15 per cent. of the Company's issued share capital and therefore a Related Party under the AIM Rules, has agreed to subscribe for 1,727,272 Placing Shares. As such, Regal Funds participation is a Related Party Transaction for the purposes of Rule 13 of the AIM Rules. Accordingly, the Directors of the Company, all independent, consider, having consulted with Beaumont Cornish Limited, the Company's Nominated Adviser, that the terms of the subscription by Regal Funds are fair and reasonable insofar as the Company's shareholders are concerned.
1Regal Funds comprising Regal Funds Management Pty Limited and its associates (including Regal Partners Limited, of which Regal Funds Management Pty Limited is a wholly owned subsidiary) which act as trustee and investment advisor for certain funds
Directors Participation
Furthermore, Tommy McKeith, a director of the Company, has participated in the Placing by subscribing for 454,545 Placing Shares for an aggregate value of £50,000. Accordingly, Tommy McKeith is now interested in 909,091 Ordinary Shares representing 0.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares.
Broker Warrants
In connection with the Placing 1,389,388 Broker Warrants have been issued exercisable at a price equal to the Issue Price up until five years from their date of grant, being the date of completion of the Placing.
Admission and Trading
The Placing remains conditional on the admission of the Placing Shares to trading on AIM becoming effective ("Admission"). It is expected that Admission will occur at 8.00 a.m. on 14 October 2024.
Total voting rights
Following Admission, the Company will have a total of 167,889,592 Ordinary Shares in issue. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. Words and expressions defined in the Company's announcement of 8 October 2024 shall have the same meaning in this announcement.
Steve Kesler, Executive Chairman and Interim CEO of CleanTech Lithium Plc, commented:
"Thank you to all the investors that have supported CleanTech Lithium in the latest Placing. We are delighted to see the return of existing shareholders and welcome new shareholders who have shown, despite difficult market conditions, their confidence in the Company as we develop responsibly sourced lithium in Chile via Direct Lithium Extraction.
The new funds will be focused on the Laguna Verde project and producing battery-grade lithium carbonate for potential strategic partners as well as maintaining our active engagement with indigenous communities whilst we pursue the dual listing in Australia.
Investors will know we have been one of the most active companies in Chile using DLE to establish ourselves as a leading lithium explorer and developer. We are completely aligned to Chile's National Lithium Strategy which aims to forge public-private partnerships with sustainable technologies leading the way for lithium extraction in the country.
Our Board would like to take this opportunity to thank all the investors for providing the funding for the Company to meet our planned milestones over the coming months and so deliver value to all our stakeholders."
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Sole Broker and Bookrunner) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
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 in Chile, Laguna Verde and Viento Andino, 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 Viento Andino 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 extraction 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
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09 October
Rio Tinto to Acquire Arcadium for US$6.7 Billion in Major Lithium Push
In a landmark move, Rio Tinto ( ASX:RIO,NYSE:RIO,LSE:RIO) has sealed an all-cash deal to acquire US-based Arcadium Lithium (NYSE:ALTM,ASX:LTM) for US$6.7 billion. If successful, the deal will catapult Rio Tinto to become the third-largest lithium producer worldwide.
Following rumors that both companies were in talks for a possible acquisition, Rio Tinto announced that it is going all-in on the multi-billion sale. The deal, which is expected to close in mid-2025 pending approval by Arcadium's shareholders, values Arcadium at US$5.85 per share, 90 percent higher than its October 4 closing price of US$3.08.
Arcadium was established earlier this year following a US$10.6 billion merger between lithium majors Allkem and Livent, forming a vertically integrated company with global lithium operations spanning hard-rock mining, lithium brine extraction and chemical processing.
The company’s broad resource base, with assets across Argentina, Australia, Canada and the United States, made the acquisition a highly attractive prospect for Rio Tinto, as the purchase now positions the company for strategic growth in the case of an anticipated price rebound.
Arcadium’s shares surged in price by more than 40 percent after the rumors started, triggering gains in other lithium-focused stocks. It moved even higher following confirmation of the acquisition, and the company closed at US$5.55 on October 9 — now up 80 percent compared to its October 4 close.
The deal has been unanimously approved by the boards of both companies.
M&A ramping up in the lithium industry
Rio Tinto’s move to acquire Arcadium reflects broader consolidation trends in the lithium industry, as major players seek to strengthen their market positions in anticipation of a ramping market geared towards the future.
Just this August, Pilbara Minerals (ASX:PLS,OTC Pink:PILBF), an Australia-based lithium company, announced plans to acquire Latin Resources (ASX:LRS,OTC Pink:LRSRF) in a deal valued at AU$560 million.
This acquisition would give Pilbara access to Latin Resources’ flagship Salinas lithium project in Brazil, diversifying its portfolio beyond its Pilgangoora operation in Western Australia.
Additionally, Mineral Resources (ASX:MIN) continued its growth in the sector in late 2023 by acquiring the Bald Hill lithium mine, which saw its first full production quarter in 2024.
MinRes is part of several lithium joint venture operations in Australia, including the Wodgina lithium mine, which it owns alongside Albemarle (NYSE:ALB), the world’s largest lithium producer.
Mergers and acquisitions have been a recurring theme in the lithium sector this year, as companies prepare for a future where demand for electric vehicles, and consequently lithium, will skyrocket.
Experts anticipate several more deals to take shape as companies seek to strengthen their footholds in key regions.
Lithium prices expected to recover from temporary slump
Overall, the lithium market has experienced significant volatility, with prices falling from their record highs seen in 2022. Analysts attribute this downturn to oversupply in the market, as well as macroeconomic factors such as high interest rates and slower-than-expected EV sales growth.
However, most experts believe the price slump is temporary, with demand for lithium set to rebound as EV adoption accelerates globally.
Rio Tinto’s interest in Arcadium follows continued downward price momentum for lithium this year.
Industry analysts view the timing of the potential acquisition as strategic, allowing Rio to capitalize on the downturn while positioning itself for future growth as demand for lithium is expected to rise significantly in the next decade.
Lithium-ion batteries are integral to the EV industry and demand is projected to increase as major automakers ramp up production of electric vehicles.
If successful, the acquisition would propel Rio Tinto into a leading position in the global lithium market, trailing only Albemarle and SQM in production capacity.
Analysts from Canaccord also estimate that a combined Rio Tinto-Arcadium entity could supply around 10 percent of the global lithium chemicals market by 2030.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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08 October
Drilling to Commence at Big Bell North Gold Project
- 4,500m drilling program to test priority targets on prospective greenstone-splay faults along strike from major gold deposits in one of Australia’s most prolific gold provinces
Metals Australia Ltd (ASX: MLS) (“Metals Australia” or “the Company”) is pleased to announce that drilling is set to commence to test priority targets identified at the Company’s Big Bell North tenements (EL51/2058 and EL51/2059) in Western Australia’s world-class Murchison Gold Province. The tenements lie within the regional structural corridor which hosts major gold deposits including the Meekatharra and Mt Magnet gold mining centres (Figure 2).
HIGHLIGHTS
- Up to 4,500m aircore drilling program set to commence testing priority greenstone-splay, fault-hosted gold targets interpreted under cover at Big Bell North, along strike from the 5Moz Big Bell Mine and Garden Gully Projects in Western Australia’s world-class Murchison Gold Province.
- The Big Bell North tenements cover an extensive 337km2 area where little previous exploration has been carried out due to extensive regional soil cover and the historic lack of recognition of greenstone lithologies.
- Interpretation of recently completed aeromagnetic and gravity surveys has defined greenstone-splay fault priority drilling targets on both the eastern and western zones of the Big Bell North tenements.
- Drilling will initially focus on the Eastern Zone over a 9km north-south trend interpreted to be a faulted greenstone corridor (interpreted to be 700-1,400m wide) splaying from the regional scale Chunderloo Shear Zone. This setting is identical to the Garden Gully highgrade gold project, immediately along strike to the northeast, held by Ora Gold Ltd (OAU).
- The Eastern Zone drill targets have been further refined to align magnetic lows from the aeromagnetic survey with strong positive gravity survey responses, indicative of denser greenstones (dominated by prospective mafic rocks) in the interpreted shear zone. Shear zones associated with magnetic lows commonly coincide with quartz veining/alteration2.
- Soil sampling is also underway across the Western Zone target. Subject to results, a drilling program will follow to test bedrock targets for buried gold deposits at the Western Zone, where shallower cover exists.
- Anomalous gold results in the aircore drilling programs will be followed up with deeper RC drilling to test across the gold-anomalous structures.
Figure 1: Metals Australia - Critical Minerals and gold exploration projects in world-class mineral terranes (adapted from Geoscience Australia, Australian Mineral Deposits)
Metals Australia Ltd CEO Paul Ferguson commented:
“The drilling program we are set to commence at our highly prospective Big Bell North gold project in Western Australia’s prolific Murchison Gold Province is the latest step in the Company’s aggressive push to unlock value from our suite of gold and critical mineral projects, which are all located in wellestablished mining regions in Australia and Canada.”
Our Big Bell North project, where there has been no modern-day exploration, has advanced rapidly during 2024 on the back of a methodical, phased exploration approach from our geological team. This started with an extensive fixed wing aeromagnetic survey covering over 5,200-line km which yielded two interpreted shear zones of significance.
We followed this up with detailed gravity survey work, which revealed the likelihood of greenstones within the shear zones. This is significant because gold mineralisation within the Murchison domain is often concentrated within such greenstone belts and is structurally controlled, thus enhancing the potential of the targets we are now set to drill.
In addition to Big Bell North, we continue to advance plans for an extensive soil survey and follow-on drilling program at the Warrego East copper-gold project in the Northern Territory, which is on track to commence later this year, ahead of the wet season, once permitting and land access arrangements are finalised.
We are also awaiting results and interpretation from two other recently completed exploration programs at Warrambie in the Pilbara, where our aircore drilling program has been completed; and our Corvette River project in Quebec’s James Bay region in Canada, where assay results from the phase one field program are imminent. Exploration at Corvette River is extensively focused on gold, silver, base metals (Cu-Pb-Zn) and lithium.
At our flagship Lac Carheil high-grade flake graphite project in Quebec, positive dialogue continues as we seek to build alignment on the project’s benefits with all stakeholders. Our significant cash reserves leave us well-placed to accelerate our various exploration programs as we continue striving to unlock the true value of our suite of projects in Australia and Canada.”
Click here for the full ASX Release
This article includes content from Metals Australia, 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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08 October
Stardust Power Secures Exclusivity to Negotiate Licensing Arrangement for Lithium Brine Concentration Technology from KMX Technologies
Stardust Power Inc. (NASDAQ: SDST)(“Stardust Power” or the “Company”), an American developer of battery-grade lithium products, and KMX Technologies, Inc. (“KMX”) announced that it has entered into a 90-day exclusivity period during which Stardust Power and KMX will negotiate the terms and conditions related to Stardust Power’s exclusive use of lithium brine concentration technology from KMX (the “Licensing Arrangement”). The transaction is subject to the negotiation and execution of definitive documentation and the parties’ mutual board approvals.
This important technology would allow Stardust Power to potentially lower operating costs and capital expenditures across its supply chain, including at its 50,000 metric tons per annum battery-grade lithium refinery under development in Muskogee, Oklahoma, while also potentially reducing the energy and carbon intensity of the refining process. A definitive agreement could give Stardust Power exclusive use of the technology for lithium in the United States and Canada, as well as certain other jurisdictions around the world.
Stardust Power remains focused on increasing its sustainability and recycling water following commencement of its operations. KMX’s unique technology, known as vacuum membrane distillation (“VMD”), uses hydrophobic membranes to separate lithium while creating a high quality water as its byproduct. This process is less costly and potentially less energy-intensive than many competing solutions. The distilled quality water can also be used by lithium project developers as part of their direct lithium extraction washing process, in lieu of tapping sparse local freshwater resources and other uses.
Stardust Power’s Chief Executive Officer and Founder, Roshan Pujari, commented: “Creating battery-grade lithium requires energy and water, and KMX’s technology is highly efficient on both fronts. Their VMD technology produces an extremely high-quality concentrate with significantly improved water recycling. Following the execution of definitive documentation, Stardust Power would intend to deploy this technology across the supply chain at its Oklahoma refinery, when it is put into operation, and at upstream sites. This is another step forward for Stardust Power, leading at the forefront of sustainability within the U.S. lithium supply chain.”
Zachary Sadow, KMX Chief Executive Officer, said, “We are proud to partner with Stardust Power, pioneers in the critical mineral industry, as they build out the North American lithium supply chain.”
KMX’s lithium concentration technology has been publicly validated by the Canadian government, showing its ability to concentrate lithium without significant losses, generating substantially enhanced project economics.
About Stardust Power Inc.
Stardust Power is a developer of battery-grade lithium products designed to supply the electric vehicle (EV) industry and bolster America’s energy leadership by building resilient supply chains. Stardust Power is developing a strategically central lithium refinery in Muskogee, Oklahoma with the anticipated capacity of producing up to 50,000 metric tons per annum of battery-grade lithium. The company is committed to sustainability at each point in the process. Stardust Power trades on the Nasdaq under the ticker symbol “SDST.” For more information, visit www.stardust-power.com
Stardust Power Contacts
For Investors:
Johanna Gonzalez
investor.relations@stardust-power.com
For Media:
Michael Thompson
media@stardust-power.com
About KMX Technologies
KMX Technologies is solving the most critical environmental and energy challenges of the 21st century. Through its proprietary membrane distillation technology, the company sustainably sources critical minerals necessary for next generation supply chains and infrastructure, is advancing wastewater treatment, and is accelerating energy storage with its direct lithium recovery enhancement processes.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the negotiation and execution of definitive documentation regarding the Licensing Arrangement, the ability of Stardust Power to realize the anticipated benefits of KMX’s technology, the ability of Stardust Power to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Stardust Power; risks related to the price of Stardust Power’s securities, including volatility resulting from changes in the competitive and highly regulated industries in which Stardust Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting Stardust Power’s business and changes in the combined capital structure; and risks related to the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities. The foregoing list of factors is not exhaustive.
Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in documents filed by Stardust Power from time to time with the SEC.
Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Stardust Power. Stardust Power expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Stardust Power with respect thereto or any change in events, conditions or circumstances on which any statement is based.
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08 October
Grant of Mine Operating Permit
Ewoyaa Lithium Project granted final regulatory approval in the permitting process for the Project
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the Africa-focused lithium exploration and development company targeting the delivery of Ghana's first lithium mine, is pleased to announce that the Minerals Commission of Ghana has issued a Mine Operating Permit in respect of the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”).
The Mine Operating Permit serves as the final regulatory approval required by the Company ahead of commencing construction of the Project, comprising the Ewoyaa Lithium Mine and Processing Plant, and represents an important milestone towards reaching a Final Investment Decision.
The Company currently awaits the ratification of the Ewoyaa Mining Lease by Ghana’s parliament. The Company understands that parliament will resume sitting on 15 October 2024 and will provide further updates to shareholders as appropriate.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
“Representing the final regulatory approval required by the Company before we can commence construction, the issuance of the Mine Operating Permit marks a critical milestone in the permitting process for the Ewoyaa Lithium Project.
“With our sights set on achieving first production of lithium in Ghana, we now eagerly await parliamentary ratification of the Ewoyaa Mining Lease. We hope that ratification can occur in the coming sitting, expected to resume on the 15th of this month, which would set us on the path towards construction and operation of this globally significant lithium project.”
Authorised for release by Amanda Harsas, Finance Director and Company Secretary, Atlantic Lithium Limited.Click here for the full ASX Release
This article includes content from Atlantic 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.
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