
March 18, 2024
69m at 1.25% Li2O from 45m returned at Dog-Leg target, outside of current MRE1
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce further broad and high-grade assay results from resource drilling completed at the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa.
Highlights:
- Further assay results received for 2,514m of extensional resource reverse circulation (“RC”) drilling completed at the Dog-Leg target, representing the final results from drilling undertaken in 2023, with a total of 25,898m drilled throughout the year.
- Multiple high-grade and broad extensional drill intersections reported at the new Dog-Leg target outside of the current 35.3Mt @ 1.25% Li2O JORC (2012) compliant Ewoyaa Mineral Resource Estimate1 (“MRE” or the “Resource”), including highlights at a 0.4% Li2O cut-off and a maximum 4m of internal dilution of:
- GRC1024: 69m at 1.25% Li2O from 45m
- GRC1027: 34m at 1.02% Li2O from 160m
- GRC1024: 22m at 0.85% Li2O from 141m
- GRC1030: 16m at 1.08% Li2O from 111m
- GRC1032: 12m at 1.11% Li2O from 83m
- Results at Dog-Leg are significant; drilling has intersected shallow dipping, near surface mineralised pegmatite bodies with true thicknesses up to 35m outside of the MRE1, proving potential for significant resource growth.
- The Company is advancing the drilling programme to be undertaken in 2024:
- Plant site sterilisation drilling now completed for a total of 3,177m in 21 holes, with no mineralisation intersected, providing confidence in the proposed plant site location.
- A further 804m of RC drilling and 70m of diamond core drilling recently completed at Dog-Leg, with assay results pending.
- Further resource extension and exploration drilling planned alongside ongoing regional exploration.
- MRE upgrade, for both lithium and feldspar, to incorporate all 2023 and 2024 drilling, targeted for H2 2024.
Commenting on the Company’s latest progress, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
“The final assay results from drilling completed in 2023 have again delivered impressive intersections, providing further confidence in the growth potential of the current 35.3Mt @ 1.25% Li2O Resource at the Ewoyaa Lithium Project.
“These results are from the new mineralised area at the Dog-Leg target, located on the northern tip of the Ewoyaa Main deposit, outside of the current MRE, where drilling has returned multiple high-grade and broad near surface extensional intersections, including 69m at 1.25% Li2O from 45m. This follows the intersection of 83m at 1% Li2O from 36m in hole GRC1020 reported at Dog-Leg last month.
“On the back of the encouraging results delivered from drilling completed in 2023 at Dog-Leg, we are excited to have recently completed a further 874m of resource extension drilling at the target as part of our resource growth programme for 2024. We look forward to receiving further drilling results and delivering a MRE upgrade for the Project, targeted for H2 2024. The MRE upgrade will include updates to both the lithium and feldspar and incorporate all of the results received from drilling completed in 2023 and results pending for 2024.
“In addition, we are pleased to have recently completed the plant site sterilisation programme without any surprises, allowing us to continue with our mine site designs and permitting.
“We look forward to updating shareholders on our ongoing progress.”
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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26 June 2024
Atlantic Lithium
Overview
Atlantic Lithium Limited (AIM: ALL, ASX: A11,GSE: ALLGH, OTCQX:ALLIF) is an African-focused lithium exploration and development company advancing its flagship Ewoyaa Lithium project through to production as Ghana’s first lithium mine. Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location, between Europe, the Americas and Asia, to serve the global battery metals market. Ghana is also home to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium resources.Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for use in electric vehicle batteries, helping drive the transition to decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability. After drilling at the new Dog-Leg target, with high-grade assay results, the JORC mineral resource estimate at Ewoyaa now stands at 36.8 million tons (Mt) at 1.24 percent lithium oxide, 81 of which is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent in the measured category, 26.1 Mt at 1.24 percent in the indicated category, and 7 Mt @ 1.15 percent in the Inferred category).
Through simple open-pit mining, three-stage crushing and conventional Dense Media Separation (DMS) processing, the DFS (also considering the fiscal terms agreed upon the grant of the Mining Lease for the project in October 2023) outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, delivering US$6.6 billion life-of-mine revenues, a post-tax NPV8 of US$1.3 billion and an internal rate of return of 94 percent.
The project is expected to deliver nameplate production from its plant as early as 2026.
As of October 2024, Atlantic Lithium has secured all the regulatory approvals to take the company closer to mine construction at the Ewoyaa project, including a granted mining lease, the Environmental Protection Agency permit, introduction and commencement of trading on the Main Market of the Ghana Stock Exchange, and finally, the receipt of the mine operating permit.
The mining lease for the Ewoyaa project has been submitted to the Ghana parliament to undergo a ratification process.
Project Funding
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total development expenditure indicated by the DFS.
In accordance with the agreement, Piedmont has completed funding of US$25 million towards studies and exploration, and will sole fund an initial US$70 million, plus 50 percent of costs thereafter (shared 50:50 between Atlantic Lithium and Piedmont), towards the total development expenditure for the project, as indicated by the DFS.
In return, Piedmont will receive 50 percent of the spodumene concentrate produced at Ewoyaa, providing a route to consumers through several major battery manufacturers, including Tesla.
The Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign wealth fund, has also agreed to invest a total of US$32.9 million in the company and at the project-level to expedite the development of the project.
Representing the first part of the Strategic Investment, MIIF completed a Subscription for US$5 million Atlantic Lithium shares in January 2024, to become a major strategic shareholder in the company.
Representing the second part of the Strategic Investment, MIIF has agreed to invest, subject to the company reaching a binding agreement with MIIF, US$27.9 million in the company's Ghanaian subsidiaries to acquire a 6 percent contributing interest in the project. The US$27.9 million project-level investment and the contributing interest are expected to take the form of funding for development, exploration and studies expenditure to support the advancement of the project.
In addition, Atlantic Lithium is in the final stages of a competitive offtake partnering process to secure funding for a portion of the remaining 50 percent available feedstock from Ewoyaa.
The objective of the process is to attract funding offers to sufficiently cover the Company's allocation of development expenditure for the Project, to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure a well-credentialled partner that will support the company's and Ghana's objectives of supplying lithium into the global electric vehicle market.
The company has indicated its preferred terms of up to 500,000 tons of spodumene concentrate to be contracted over a 3- to 5-year period, using a favourable market-based pricing mechanism, for a consideration of up to US$100 million in the form of a pre-payment arrangement, which is expected to sufficiently cover the company’s allocation of development expenditure.
Ghana
Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to over 800 personnel at Ewoyaa and, through its community development fund, whereby 1 percent of profits will be allocated to local initiatives, will deliver long-lasting benefits to the region and Ghana.
Through its proven lithium discovery, exploration and evaluation methodologies, Atlantic Lithium has the potential to capitalise on its extensive exploration portfolio and deliver upon its objectives of becoming a leading producer of lithium in West Africa.
Company Highlights
- A lithium exploration and development company operating in West Africa, Atlantic Lithium is set to deliver its flagship Ewoyaa lithium project as Ghana’s first lithium-producing mine.
- The June 2023 definitive feasibility study for the project indicates the production of 3.6 Mt of spodumene concentrate over a 12-year mine life (steady state production of 365,000 tonnes per annum), making it one of the largest mines by production capacity globally.
- The Ewoyaa project has an updated mineral resource estimate of 36.8 Mt at 1.24 percent lithium oxide.
- The DFS confirms Ewoyaa as one of the lowest capital and operating cost hard rock lithium projects globally, with strong commercial viability and exceptional profitability potential.
- The Ewoyaa lithium project was awarded a mining lease in October 2023, an EPA permit in September 2024, and a mine operating permit in October 2024. The project is co-funded under an agreement with Piedmont Lithium. The Ghana Environmental Protection Agency granted the EPA permit
- Atlantic Lithium holds a portfolio of lithium projects within 509 sq km and 774 sq km of granted and under-application tenure across Ghana and Côte d'Ivoire respectively.
Key Assets
Ewoyaa
Atlantic Lithium's flagship Ewoyaa lithium project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce.
Atlantic Lithium has been granted a mining lease, an EPA permit and a mine operating permit in respect of the project in October 2023, September 2024 and October 2024, respectively. The company is currently advancing the project towards production.
Highlights:
- Promising DFS Results: Atlantic Lithium's DFS reaffirmed Ewoyaa as an industry-leading asset with low capital intensity and excellent profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Average LOM EBITDA of US$316 million per annum
- NPV of US$1.3 billion
- Life-of-mine revenues of US$6.6 billion
- Modest $185 million development expenditure
- Robust US$675/t All in sustaining cost and US$377 C1 cash cost.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate (as of July 2024) at is 36.8 Mt at 1.24 percent lithium oxide, of which 81 percent is now in the higher confidence measured and indicated categories (3.7 Mt at 1.37 percent lithium oxide in the measured category, and 26.1 Mt at 1.24 percent lithium oxide in the indicated category, and 7 Mt @ 1.15 percent lithium in the inferred category).
- Potential for Further Exploration: There remains significant exploration potential, with only 1 percent of Atlantic Lithium's total tenure having been drilled to date.
- Strong Partnerships: Atlantic Lithium has a 50-percent offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem, and has an agreed with Ghana’s Minerals Income Investment Fund to expedite the development of the Project.
- Positive Presence: Atlantic Lithium will generate significant economic benefits for the region. Once operational, the project is expected to employ over 800 personnel and deliver approximately US$4.9 billion in value to Ghana, including through taxes, royalties, employment and local procurement.
Côte d'Ivoire
Atlantic Lithium currently has two applications pending for an area of roughly 774 square kilometres in the West African country of Côte d'Ivoire. The underexplored yet highly prospective region is known to be underlain by prolific birimian greenstone belts, characterised by fractionated granitic intrusive centres with lithium and colombite-tantalum occurrences and outcropping pegmatites. The area is also incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission line within 100 kilometres of the country's economic capital, Abidjan.
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies, both as an executive and as an investor, for over 25 years.
Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company. Prior to this, Herbert was a director of resource investment company Galahad Gold, after which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raise US$400 million in equity financing and negotiate the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing.
Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia and, prior to that, Muller served as operations manager and senior mining engineer at Simec.
Muller holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Prior to joining Atlantic Lithium, she worked in several sectors, including healthcare, insurance, retail and professional services, across Asia, Europe and the U.S. Harsas holds a Bachelor of Business from the University of Technology, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of Growth and Strategic Development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec, prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the Global Head of Strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a mining geologist responsible for the mining-related geology and resources of Assore’s subsidiary companies (comprising the pyrophyllite and chromite mines) and is also concerned with the company's iron and manganese mines. She has been the Assore group geologist since 2013 and is involved with the strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP and the GSSA.
Edward Nana Yaw Koranteng - Non-executive Director
Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He has served as the chief executive officer of the Minerals Income Investment Fund (MIIF), Ghana’s sovereign minerals wealth fund, since 2021.
Prior to joining MIIF, Koranteng held the role of Business Head for East, Central and Southern Africa for Ghana International Bank plc ("GHIB"), where he was responsible for GHIB's energy and mining portfolio. He also worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, as group head for energy, oil, gas and mining. Koranteng currently sits on the boards of Asante Gold Corporation, MIIF and Glico General Insurance Ltd.
Koranteng holds a BA (Hons) from the University of Ghana, a Master of Laws in International Banking and Finance from the University of Leeds in the UK, a Postgraduate Diploma from BPP Law School in the UK and the Ghana School of Law. He has practiced as a barrister in both the UK and Ghana and holds various executive and postgraduate certifications, including in oil, gas and mining from the Blavatnik School of Government, University of Oxford in the UK.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is an experienced Non-Executive Director, having held various leadership and board roles for nearly two decades. Henry has significant expertise working across capital markets, business development, project financing, key stakeholder engagement, and the reporting and implementation of ESG-focused initiatives. Henry has a wealth of experience projects towards production and commercialisation to deliver shareholder value.
Henry also serves as non-executive chair of Toronto Venture Exchange-listed (TSX-V) Giyani Metals Corporation, a battery development company advancing its portfolio of manganese oxide projects in Botswana, having previously held the role of executive chair. His previous roles include as executive chair and non-executive director at Ormonde Mining plc, non-executive director at Ashanti Gold Corporation, president, director and chief executive officer at Gabriel Resources Limited and various roles, including chief executive officer and managing director, at Avocet Mining PLC. He holds a BA (Hons) in Natural Sciences from Trinity College, Dublin.
Michael Bourguignon – Head of Capital Projects
Michael Bourguignon is a distinguished project management professional with a rich history of leading significant initiatives in the mining and energy sectors. Most recently, he served as the COO at Evolution Energy Minerals in Tanzania, where he managed the optimisation and update of the Definitive Feasibility Study, managed the Front-End Engineering Design package, and oversaw the completion of the Relocation Action Plan and other community-related works.
Prior to this, Bourguignon worked with Rio Tinto in Australia as a consulting construction manager, as well as Glencore’s Mopani Copper Mines in Zambia, where he was the project director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, where he was project director. He has also previously worked in Ghana and Cote d’Ivoire with Perseus Mining.
Bourguignon holds an MBA from Murdoch University and is a member of the Australian Institute of Project Management.
Andrew Henry – General Manager, Commercial and Finance
Andrew Henry is an accomplished General Manager with over a decade’s experience in the operational mining sector, specialising in strategy, planning and analysis, contracts, large-scale project development and site operations.
Before joining Atlantic Lithium, Henry held the role of commercial manager at global lithium chemicals company Allkem and, prior to that, he spent over four years with major gold mining company Newcrest Mining.
Henry holds a Bachelor of Commerce from the University of South Australia and is a member of CPA Australia.
Ahmed-Salim Adam – General Manager, Operations
Ahmed-Salim Adam is an experienced mining general manager with over 15 years of experience leading various large-scale projects in Ghana across all stages of mine development, production, and closure, with a focus on safety and sustainability.
Adam has previously held a number of leadership roles, including as senior consultant of Metallurgy at GEOMAN Consult Ltd, as a director for FGR Bogoso Prestea Ltd’s Refractory Project and as general manager at Golden Star Resources Ltd.
He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, both from the University of Mines and Technology, Ghana. He is also a member of The Institute of Materials, Minerals and Mining (IOM3) in the United Kingdom and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.
Simone Horsfall - General Manager, People
Simone Horsfall joins Atlantic Lithium as General Manager, People with over 25 years of experience working across a broad range of industries, with a focus on the mining sector. Previously, Horsfall spent over a decade at AngloGold Ashanti Australia as human resources manager and, more recently, at 29Metals as group manager of human resources.
Horsfall holds a diploma in Human Resource Management, a university certificate in Psychology from Edith Cowan University, Sydney, and a post-graduate diploma in Human Resources from Deakin University.
Belinda Gethin – General Manager, Corporate Finance and Company Secretary
Belinda assumed the role of general manager, corporate - finance and company secretary in January 2024, having initially joined the company as financial reporting manager in June 2023. To her role at Atlantic Lithium, Gethin brings a wealth of experience in all aspects of statutory, financial and corporate reporting, including the preparation of financial statements and accounting for complex transactions. Before joining Atlantic Lithium, Gethin worked as the chief financial officer for Lumus Imaging and, prior to that, as the group reporting manager at Healius. Gethin is a chartered accountant and holds a Bachelor of Commerce from UNSW in Sydney, Australia.
Iwan Williams – General Manager, Exploration
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and west African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Africa having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak – Exploration Manager, Ghana
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental in establishment of the current development team and defining Ghana’s maiden lithium resource estimate.
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Building Ghana’s first lithium mine
30 January
Quarterly Activities/Appendix 5B Cash Flow Report
26 March
Top 5 Canadian Lithium Stocks of 2025
The lithium market continued to battle headwinds during the first quarter of 2025 as residual oversupply weighed on prices, pushing them to a four year low.
Weaker-than-expected demand to start the year also added pressure to the oversupplied market, resulting in the lithium carbonate CIF North Asia price to fall below US$9,550 per metric ton, its lowest point since 2021.
Analysts have suggested the persistent downturn is the signaling of a market bottom. This theory is further supported by a projected production reduction that will help absorb market oversupply.
“Lithium market conditions — particularly during the latter part of 2024 – led to growing producer restraint, both in China and elsewhere,” wrote Fastmarkets’ head of battery raw material analytics Paul Lusty. “Australian production cuts started in January 2024 but built momentum during the year, with several miners announcing production cuts, plans to place plants on care and maintenance and the suspension of planned expansions owing to market conditions.”
The global commodities firm is forecasting a shift in market dynamics, with analysts projecting a much tighter balance ahead. Initial estimates peg 2025’s surplus at 10,000 metric tons before the market moves into a deficit position in 2026.
How are Canadian lithium stocks performing against this backdrop?
The Investing News Network has created an overview of the top-performing Canadian lithium stocks. While companies on the TSX, TSXV and CSE were considered, only stocks on the TSXV made the list this time.
This list was created on March 25, 2025, using TradingView's stock screener, and all data was current at that time. Only companies with market caps above C$10 million for the TSX and TSXV and above C$5 million for the CSE are included.
1. Power Metals (TSXV:PWM)
Year-to-date gain: 163.04 percent
Market cap: C$196.57 million
Share price: C$1.21
Exploration company Power Metals holds a portfolio of diversified assets in Ontario and Québec, Canada. The company’s flagship Case Lake project in Ontario hosts spodumene-bearing lithium-cesium-tantalum pegmatites.
In November 2024, Power Metals identified a new pegmatite zone at Case Lake through soil sampling. The samples from the zone, located north-northwest of its West Joe prospect, revealed elevated levels of cesium, tantalum, lithium and rubidium, which the company said "affirmed prospective drill targets" for its winter program.
On February 10, Power Metals announced the beginning of work associated with the maiden mineral resource estimate and preliminary economic assessment for Case Lake, which it plans to release in Q1 and Q2 of 2025 respectively. Days later on February 14, the company followed that announcement by releasing the final assays from its Phase 3 drilling at Case Lake, including “exceptional cesium oxide and tantalum intercepts” from the West Joe prospect.
The company's share price rose in the weeks following the pair of announcements to reach a Q1 high of C$1.46 on February 25.
2. NOA Lithium Brines (TSXV:NOAL)
Year-to-date gain: 41.18 percent
Market cap: C$46.99 million
Share price: C$0.36
NOA is a lithium exploration and development company with three projects in Argentina’s Lithium Triangle region. The company’s flagship Rio Grande project and prospective Arizaro and Salinas Grandes land packages total more than 140,000 hectares.
In late January, NOA reported its completion of 28 vertical electrical sounding geophysics tests at the Rio Grande project as part of its 2025 exploration program.
The recent testing expands on past studies and will aid NOA's water exploration program, refining one of three identified potential water sources.
In a subsequent corporate update on February 7, NOA outlined its plans for Q1 2025, which largely focused on the advancement of the Rio Grande project through geophysical evaluation and water exploration drilling. The company also plans to review engineering proposals for preliminary economic assessment work.
The company's share price began climbing in early February and reached a Q1 high of C$0.37 on March 13.
The high came days after a Simply Wall Street report highlighted insider buying at the company, a signal of strong internal confidence. According to the report, NOA insiders invested C$862,600 over the prior six months, with C$358,000 of that coming in a single transaction by CEO and Director Gabriel Rubacha. Additionally, they had not sold any shares in the prior 12 months.
3. Frontier Lithium (TSXV:FL)
Year-to-date gain: 35.56 percent
Market cap: C$141.38 million
Share price: C$0.61
Pre-production mining company Frontier Lithium aims to be a strategic and integrated supplier of premium spodumene concentrates as well as battery-grade lithium salts in North America.
The Company's flagship PAK lithium project, which is a joint venture with Mitsubishi (TSE:8058), holds the “largest land position and resource” in a premium lithium mineral district located in the Great Lakes region of Ontario, Canada. Frontier also owns the Spark deposit, located northwest of the PAK project.
Shares of Frontier Lithium reached a Q1 high of C$0.79 on March 4. After already trending upwards through February, its share price peaked alongside news that the Government of Canada and the Ontario Government supported the company's plans to build a critical minerals refinery in Northern Ontario.
Once complete the proposed lithium conversion facility will process lithium from PAK into around 20,000 metric tons of lithium salts per year. “This expected capacity would support the production of batteries for approximately 500,000 electric vehicles per year,” Frontier's statement reads.
4. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 30.77 percent
Market cap: C$144.59 million
Share price: C$1.02
Exploration firm Q2 Metals is exploring three lithium properties — Cisco, Mia and Stellar — in the Eeyou Istchee James Bay region of Québec, Canada. Its Mia project hosts the Mia trend, which spans over 10 kilometers, and its Stellar lithium property comprises 77 claims 6 kilometers north of the Mia property.
In 2024, Q2 Metals acquired the Cisco lithium property and spent much of the year exploring the area. In December, Q2 acquired a 100 percent interest in 545 additional mineral claims, tripling its land position at the Cisco lithium property. A February 12 update reported that metallurgical testing on 2024 drill core showed that the primary lithium-bearing mineral in Cisco pegmatite is spodumene.
On February 26, Q2 announced that investors exercised 12.8 million share purchase warrants at C$0.60 each, generating C$7.68 million in proceeds for the company. The warrants were issued through a private placement in February 2023.
Shares of Q2 jumped to a Q1 high price of C$1.08 on March 18. The following day, later the company released some early results from its ongoing winter drill program, which is targeting 6,000 to 8,000 meters of drilling using two diamond drill rigs. The first four holes intersected “multiple wide intercepts of spodumene pegmatite, expanding previously identified mineralization.” The longest continuous interval of spodumene mineralization is 179.6 meters.
5. Wealth Minerals (TSXV:WML)
Year-to-date gain: 20 percent
Market cap: C$18.47 million
Share price: C$0.06
Lithium exploration company Wealth Minerals owns three exploration-stage projects — Kuska, Pabellón and Yapuckuta— all located in Chile.
On February 3, Wealth Minerals released its first news of the year, announcing it penned a joint venture development deal with the Quechua Indigenous Community of Ollagüe for the development of the Kuska project.
Under the deal the Quechua community will hold a 5 percent free-carried interest and a board seat in the JV, ensuring community participation. The partnership may also explore additional projects in the region.
On February 6, Wealth Minerals acquired the Pabellón lithium project, consisting of a portfolio of 26 mineral exploration licenses with an area of 7,600 hectares located in Northern Chile near the Chile-Bolivia border. The project may serve as an additional source of material to Kuska.
The surface of Pabellón hosts South America's only geothermal power plant, Cerro Pabellón, which is majority owned by electricity company ENEL (MIL:ENEL). Wealth Minerals stated it is considering installing a direct lithium extraction unit next to the plant.
The company's share price spiked in mid-January, and touched a Q1 high of C$0.095 on January 31, February 7 and February 10.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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25 March
Results of General Meeting, Admission of Retail Offer Shares and Total Voting Rights
CleanTech Lithium PLC (AIM: CTL), an exploration and development lithium company in Chile, is pleased to announce that at the General Meeting ("GM") held earlier today all the resolutions were duly passed.
Retail Offer
On 10 March 2025 the Company announced the Retail Offer had conditionally raised £143,980, in addition to the £2.4 million raised from a Placing announced on 11 February 2025. 899,873 new ordinary shares ("Retail Offer Shares") will be issued to existing retail shareholders who subscribed via the BookBuild platform at a price of 16 pence per Retail Offer Share pursuant to the Retail Offer.
It is expected that Admission will become effective, and trading of the Retail Offer Shares will commence on AIM, at 8.00 a.m. on 25 March 2025.
Total Voting Rights
Following the issue of the Retail Offer Shares, the Company will have a total of 100,346,774 Ordinary Shares in issue. The Company does not hold any Ordinary Shares in treasury and accordingly the total number of voting rights in the Company is 100,346,774.
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 10 March 2025 shall have the same meaning in this announcement.
For further information please visit https://ctlithium.com/
For further information contact: | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
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.
Notes
CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced 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 good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com
Click here for the full release
This article includes content from Cleantech Lithium PLC, 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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24 March
Funding the Energy Transition: The Role of Public and Private Finance in Building Supply Chains
The energy transition demands substantial funding as participants look to build out infrastructure and supply chains, but experts say new solutions are emerging to help navigate this landscape.
During the "Financing the Energy Transition" panel at the Benchmark Summit, participants discussed the role of government and public sector investment, as well as the outlook for Canada's electric vehicle (EV) supply chain.
Moderated by Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, the discussion at the Toronto-based event opened with a snapshot of Canada’s EV battery supply chain buildout.
Daanish Hussein, senior manager of grants and direct funding at BDO Canada, highlighted the downstream, midstream and upstream development happening in Ontario and Québec.
“If you look at the last four years, just looking at Ontario, we've secured over C$45 billion in this industry,” he said, adding that Ontario's strategy has initially been focused on downstream growth.
“Whereas in Québec, I think what you've seen is a bigger focus on the midstream and upstream,” added Hussein.
Moving forward, he expects both provinces to prioritize midstream and upstream expansion.
“We want to make sure that Canada has the breadth and depth to get supply chain security, but also it's an economic development imperative to develop the north, and there's a lot of private and public sector support for this,” he noted.
Federal support for Canada's mining industry
During the Prospectors & Developers Association of Canada (PDAC) convention, which coincided with the Benchmark Summit, Jonathan Wilkinson, Canada’s minister of energy and natural resources, made several announcements aimed at supporting the country’s exploration, mining and development sectors.
The first was an extension to the Mineral Exploration Tax Credit (METC) until March 31, 2027.
The 15 percent METC aims to support junior exploration, mining and mineral processing companies, providing an estimated C$110 million to drive exploration investment.
Wilkinson also announced a second round of funding under Canada's Critical Minerals Infrastructure Fund. It will offer up to C$500 million for energy and transportation projects to boost the mining sector.
Last year’s round approved over 31 projects with C$300 million pending final review.
Hussein noted that these types of funding initiatives are imperative to encourage northern development.
Will US tariffs derail Canadian growth?
Despite focusing largely on Canada, the panel could not escape talks of US tariffs.
While acknowledging the uncertainty that the tariff threat presents, Hussein explained that the EV supply chain project pipeline in Québec and Ontario is robust and financially strong.
He pointed to Linamar’s (TSX:LNR,OTC Pink:LINAF) C$1 billion investment in six Ontario automotive technology sites, announced in January, as an example. The Ontario-based global auto parts manufacturer is also receiving support from the provincial (C$100 million) and federal (C$169.4 million) governments.
“So yes, there is reason for trepidation, but I think there's a lot of compelling reasons to be optimistic,” said Hussein.
Battery metals investors must rejig expectations
Webb next asked where investors are currently finding value.
Arun Viswanathan, senior equity analyst for chemicals and packaging at RBC (TSX:RY,NYSE:RY), told the audience that investors are currently grappling with three issues.
“First off, they're a little bit anchored to the recent peak as a potential possibility as to how high they think prices can go, and there isn't really support for investors to get to that level,” he said.
In addition to unrealistic expectations about metals prices returning to peaks seen in late 2021 and early 2022, Viswanathan pointed to apprehension in EV sales growth in the EU and North America.
“Investors are also struggling with the idea that (in) North America and Europe, EV demand is very weak, and that demand has coincided with this downturn in pricing,” Viswanathan said.
“Even though 80 percent of the supply chain in lithium is in China, 99 percent of LFP capacity production is there, people actually do think that the North American and European markets do matter to drive pricing.”
A lack of transparency was the final factor impacting investor sentiment Viswanathan underscored.
“The third thing I would mention is opacity in the market,” he said. “And when you think about what is actually observable in China and elsewhere, I think investors struggle with data.”
He suggests that investors often “hone in” on inventory numbers, which do not always paint a complete picture.
Viswanathan went on to say that the lithium industry was once seen as a high-growth sector, but major producers are now scaling back their forecasts. For example, Albemarle (NYSE:ALB), has reduced its compound annual growth rate (CAGR) from double digits to low single digits for 2025 and possibly 2026.
With a significant surplus in the market, there’s little immediate catalyst for change. Many investors remain focused on the short term, limiting interest in long-term opportunities despite potential value over the next decade.
“I think in general, investors are optimistic on the long-term story. But even though prices have come down significantly, I don't know if we're at value stages yet,” he said.
Does ESG matter for financing?
From there, the discussion shifted to the importance of ESG credentials in financing projects.
Weighing in on the topic, Shelley Gilberg, markets leader of managed accounts at PwC, noted that it “depends on whose money you are taking" and said alternative forms of financing are emerging.
“You're starting to see the emergence of much more purpose capital that understands what they're investing in. They're prepared to potentially take a slightly lower rate of return in exchange for the thematic investing that they're doing.”
Gilberg highlighted the Canada Growth Fund’s recent equity stake in the Nouveau Monde Graphite (TSXV:NOU,NYSE:NGM) as part of the shift in financing strategies. Announced in December, the C$57 million investment aligns with the Canada Growth Fund’s goal of supporting national critical minerals development.
Gilberg went on to suggest that companies seeking financing have to pay attention to a multitude of factors, including boardroom dynamics, shareholder activism and industry partnerships.
In today’s geopolitical climate, some market expectations conflict — some US buyers reject ESG commitments, while European buyers demand them, leaving Canadian firms navigating a middle ground.
“I think the most difficult thing for every company right now — this isn't unique to mining — is how do you line up customer sentiment around this stuff with investor sentiment?” she said. “And I can tell you, it's difficult.”
Ultimately, Gilberg explained that these are strategic business decisions, not just ESG concerns.
Although the landscape is rough, companies that are able to mesh customer needs with investor concerns are likely to benefit from what Gilberg described as a “reset” of the sustainability and ESG lens.
"I think the greatest risk and the greatest opportunity right now for mining companies comes from aligning the customers you're going to serve with the investors whose money you're using,” she said. “That has to be the magic.”
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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20 March
International Lithium Plans PEA on Rubidium Resource at Raleigh Lake Project, CEO Says
John Wisbey, CEO of International Lithium (TSXV:ILC), discusses the company's strategic sale of its Irish lithium property, progress on the Raleigh Lake lithium-rubidium project in Canada and expansion efforts in Zimbabwe.
17 March
Lithium Universe
Investor Insight
Lithium Universe’s mine-to-battery-grade lithium strategy offers investors a compelling opportunity to capitalize on the rapidly expanding battery metals market.
Overview
Lithium Universe (ASX:LU7) is dedicated to closing the ‘Lithium Conversion Gap’ in North America by developing a mine-to-battery-grade lithium carbonate strategy in Québec, Canada. Our mission is to support the supply chain needs of original equipment manufacturers (OEMs), particularly in the automotive sector, by converting spodumene supply into lithium chemicals for EV battery plants in North America.
The company's business model focuses on converting spodumene supplies under "take or pay" agreements with OEMs. These agreements include protective pricing mechanisms, such as floor and ceiling prices, to ensure stable margins and mitigate market volatility. This approach guarantees our LU7 refinery's payback while providing OEMs with a reliable and sustainable supply of lithium chemicals.
Company Highlights
- Focused on closing the Lithium Conversion Gap in North America by establishing a 16,000 tpa lithium carbonate plant at Bécancour, Québec
- Lithium Universe announced the results of its Definitive Feasibility Study (DFS) for the Bécancour Lithium Carbonate Refinery in Québec, Canada confirming the viability of a strong lithium conversion project, even within a below-average pricing environment.
- Led by lithium development veteran Iggy Tan, who seeks to replicate his successes at Galaxy Resources with Lithium Universe.
- The company is composed of lithium industry leaders, named the ‘Lithium Dream Team’, representing multiple decades of combined experience in mining exploration, development, production and operations.
The ’Lithium Conversion Gap’
North America anticipates a surge in battery manufacturing, with over 20 major manufacturers planning to deploy an estimated 1,000 GW of battery capacity. These are companies such as General Motors, LG Energy Solution, Ford, Power Co, Northvolt, Tesla, AESC, Toyota and Honda. Assuming the planned battery manufacturing capacity of 1,000 GW by 2028, using a ratio of 850 g lithium carbonate equivalent (LCE) per KWh, the company estimates that 850,000 tons of LCE per annum will be required to satisfy demand in North America.
On the supply side, Canada has surpassed China to claim the top spot in BloombergNEF’s Global Lithium-Ion Battery Supply Chain Ranking, a comprehensive annual evaluation of 30 countries’ potential to develop secure, reliable, and sustainable lithium-ion battery supply chains. Québec has been established as one of the most prospective regions with over 40 companies dedicated to lithium exploration and development. The cumulative lithium resource in just Québec exceeds 500Mt at +1 percent lithium oxide across eight distinct projects, which has increased over 100 percent within the last 12 months. Many companies have plans to develop mines and concentrating facilities to produce spodumene concentrate.
Figure 1: Projected US EV Battery Demand and Announced Battery Production Capacity (2022-2032)
[Source: US Department of Energy, January 2023]
Spodumene concentrate needs to be converted to battery-grade lithium carbonate or hydroxide to be used in the production of cathode materials for lithium-ion batteries. Currently, there are no operational converters in North America and the company estimates approximately only 100,000 tons of planned hard rock converters are slated for construction in the region. The region seeks to decrease dependence on Chinese lithium converters, aligning with both commercial and national security goals. Canada, acknowledging the significance of energy security, has intensified efforts to reduce Chinese involvement in the sector as part of a “decoupling” or “de-risking” strategy, mirroring the actions taken by the United States.
In a bid to advance further development of lithium supply chain in Canada, Lithium Universe and Polytechnique Montréal have entered into a strategic partnership aimed at advancing lithium processing technologies and strengthening the local supply chain for critical battery materials in Canada. The collaboration, outlined in a memorandum of understanding, seeks to enhance education, research and innovation in areas of mutual interest, with a primary focus on building Canadian expertise in the lithium battery sector.
The ’Lithium Dream Team’
The company’s strategy involves assembling a seasoned team of lithium experts renowned for rapidly delivering successful projects, dubbed the 'Lithium Dream Team', boasting extensive expertise in both hard rock lithium extraction and downstream operations, all within a single company.
Lithium Universe is headed by the chairman, Iggy Tan, who is considered a pioneer in the modern lithium industry. Over 20 years ago, Tan was one of the first Australian mining executives to recognize the potential of the emerging lithium-ion battery industry. He led Galaxy Resources and built the Mt Cattlin spodumene project (137,000 tpa of spodumene product) and the downstream Jiangsu lithium carbonate project (with a capacity of 17,000 tpa). This was the first large-scale vertically integrated, mine-to-battery-grade lithium carbonate project in the world.
Joining Iggy on the board are Pat Scallan and Dr. Jingyuan Liu. Scallan is a seasoned veteran of the lithium industry with over 25 years of managing the world-class Greenbushes Mine. He oversaw the mine's many expansions, increasing annual output from 200,000 in 1997 to over 1.4 million tpa today. Liu is widely regarded as a leading technical expert in the lithium industry. He was previously the general manager of development and technologies at Galaxy Resources, where he was responsible for overseeing the construction and commissioning of the Mt Cattlin spodumene project and the world-renowned Jiangsu lithium carbonate plant. Liu has acted as a special adviser to various lithium carbonate and lithium hydroxide projects globally.
Additional Dream Team members include Terry Stark, who previously served as the general manager of operations for both Mt Cattlin and James Bay projects; Roger Pover, with extensive experience as plant manager at Greenbushes and Mt Cattlin; and Huy Nguyen, known for his expertise in the design and construction of the Mt Cattlin mine. John Loxton, who was involved in the construction of the Jiangsu lithium carbonate plant for Hatch Engineering, has also joined the company. John Sobolewski, former CFO and company secretary of Galaxy Resources pivotal in financing both projects, assumes the role of chief financial officer role at Lithium Universe, marking a significant addition to the LU7 team's financial expertise in the lithium domain.
Lithium Carbonate Refinery
The Jiangsu lithium carbonate plant was designed to produce 17,000 tpa of battery-grade lithium carbonate. It adopted advanced Western style continuous process control techniques, setting a standard for lithium refineries globally. The plant now exceeds its design capacity, producing 20,000 tpa, and its battery-grade product ranks among the industry's finest.
Constructing and achieving steady-state quality was accomplished within two years of ground-breaking. Lithium Universe plans to replicate the successful design of the Jiangsu lithium carbonate plant entirely, employing the same suppliers, equipment and engineering firm – mitigating the second major risk. Lithium Universe has contracted Hatch Limited to conduct the definitive feasibility study (DFS), the same engineering company responsible for the original design and construction of the Jiangsu lithium carbonate plant.
Lithium Universe is advancing a mine-to-battery-grade lithium carbonate strategy in Canada through the Québec Lithium Processing Hub (QLPH). The QLPH includes a multi-purpose independent 1 Mtpa concentrator and an independent 16,000 tpa battery-grade lithium carbonate refinery. The QLPH concentrator and lithium carbonate plant aim to replicate the proven success of the Mt Cattlin spodumene operation and Jiangsu lithium carbonate plant to minimize startup and operational risks.
Figure 2: The Company’s proposed lithium carbonate refinery at layout at Bécancour, Québec.
The company has successfully executed an option agreement to acquire a commercial property in the Bécancour Waterfront Industrial Park (BWIP) between Québec City and Montréal. The industrial land secured is only 2.5 kms to the Bécancour deep-water port, allowing the import of spodumene to the facility. The company is taking a significant step towards the production of greener battery-grade lithium carbonate at the proposed Becancour lithium refinery.
Results of its preliminary feasibility study (PFS) for the Bécancour Lithium Carbonate Refinery confirm the viability of a strong lithium conversion project. A definitive feasibility study (DFS) for the Bécancour Lithium Carbonate Refinery was announced in February 2025 indicating strong project economics:
Financial Modelling:
- Economically viable with excellent pre-tax NPV of 8 percent of approximately US$718 million
- IRR (pre-tax) of approximately 21 percent and payback of 3.9 years based on;
- Price forecast of US$1,170/t SC6 and US$20,970/t for battery grade Li2CO3
- Current spot price is approx. US$775/t SC6 and US$10,680/t for battery grade LC
- Operating costs at around US$3,931/tonne;
- Capital cost estimate of US$549 million
- 11 percent increase from PFS mainly due to the Zero Liquid Discharge (ZLD) system and escalation
- Expected annual revenue of approx US$383 million and EBITDA of around US$148 million
- Project break even at around US$740 /t (SC6) and around US$14,000 per tonne LC
Lithium Universe Chairman, Iggy Tan said, “The strong NPV and returns for the project indicate an economically viable project and the Board has made the Financial Investment Decision (FID), and the project is now proceeding to the funding stage..." He added that the company will continue discussions with interested OEMs with spodumene offtake supply seeking conversion outside of China.
As an integral part of the company’s DFS, Lithium Universe has initiated metallurgical testing on various sources of spodumene. This process involves utilizing the flow sheet developed for the Québec Lithium Processing Hub refinery.
The testing is progressing smoothly, and no challenges have been identified with any of the spodumene samples. Each test program is thorough and spans several weeks, with two complete programs already concluded successfully achieving higher than the international battery grade specification of 99.5 percent lithium carbonate. All impurity levels were well within specification limits.
LU7 has signed a memorandum of understanding with Servitank, a local, Quebec-based company, that specializes in optimizing supply chain processes and logistics solutions across various industries, including chemicals and raw materials. The partnership aims to optimize supply chain processes and enhance the operational efficiency of both companies in the rapidly growing lithium sector.
Management Team
Iggy Tan - Executive Chair
Iggy Tan, a trailblazer of the modern lithium industry, was one of the first Australian mining executives to identify the significant opportunity within the emerging lithium-ion battery sector when he spearheaded Galaxy Resources Limited. Tan is looking to replicate that success with Lithium Universe, having built Galaxy’s Mt Cattlin Spodumene Project and the downstream Jiangsu Lithium Carbonate project. He also acquired the James Bay Spodumene Project in Canada and the Sal de Vida Brine Project in Argentina for Galaxy.
When Tan started at Galaxy, the company’s market capitalization was less than AU$10 million. It rose to AU$2.5 billion when the company merged with Orocobre Limited in August 2021. Tan's previous experience working with lithium dates back to the early 1990s when he briefly managed the Greenbushes Lithium Mine and commissioned the first lithium carbonate plant for Gwalia Consolidated.
Tan has over 30 years of chemical and mining experience and has served as executive director for a number of ASX-listed companies. He holds a Master of Business Administration from the University of Southern Cross, a Bachelor of Science from the University of Western Australia and is a graduate of the Australian Institute of Company Directors. He is currently CEO and managing director of Altech Batteries (ASX:ATC,FRA:A3Y)
Alex Hanly - Chief Executive Officer
Alex Hanly has over 10 years of experience in capital delivery and operational management for publicly listed companies within the mining, oil & gas, and manufacturing industries in Australia and Africa. Over the last three years, Hanly held the role of chief executive officer of ASX-listed gold company Polymetals Resources (ASX:POL). He was responsible for the successful IPO of the company, the operational management and the efficient execution of the fast-track strategy.
Hanly has a Bachelor of Mechanical Engineering and Master of Business Administration specialising in global project management.
Patrick Scallan - Non-executive Director
Patrick Scallan’s extensive experience in the lithium industry is a valuable addition to the LGX board. With over 25 years of management experience at the world-class Greenbushes Mine, he is a seasoned veteran. Greenbushes is the largest lithium hard rock mine globally and also hosts the highest-grade ore body in the world. This makes Greenbushes a unique anomaly, as no other lithium deposit worldwide compares to it.
Scallan oversaw the mine’s many expansions, increasing annual output from 200,000 in 1997 to 1.4 million tpa today, and navigated numerous ownership changes during his tenure. He is a specialist in hard rock mining and spodumene concentrating, with downstream relationships with major spodumene converters worldwide.
Scallan is also highly skilled in managing local community relationships, having acted as shire councillor for nearly 20 years during his time at Greenbushes, receiving his Order of Australia Medal for his community and local government contribution. His previous roles include management positions at Capel and Eneabba Mineral Sands in Western Australia and Western Deep Levels Gold Mine in South Africa.
Dr. Jingyuan Liu - Non-executive director
Dr Jingyuan Liu is widely regarded as a leading technical expert in the lithium industry. He previously held the position of general manager of development and technologies at Galaxy Resources, where he was responsible for overseeing the construction and commissioning of the Mt Cattlin Spodumene Project and the world-renowned Jiangsu Lithium Carbonate plant. Liu also played a key role in designing the flow sheet for the Sal de Vida brine project.
Following his work with Galaxy, he has acted as a special adviser to various lithium carbonate and lithium hydroxide projects globally, including the Lithium Hydroxide Plant operated by Tianqi in Kwinana, Western Australia.
Liu has over 30 years’ experience in project management, process and equipment design for minerals processing and the chemicals, non-ferrous metals, iron & steel and energy industries, both in Australian and internationally. He was awarded a PhD in chemical engineering from the University of Newcastle, Australia and has worked in senior chemical engineering roles with leading companies such as Hatch Engineering and Metso Minerals in Australia and Malaysia.
He is currently chief technology officer for Altech Batteries (ASX:ATC), developing high capacity silicon anode lithium-ion batteries.
John Sobolewski - Chief Financial Officer
John Sobolewski’s experience in the lithium industry offers another valuable addition to the LU7 dream team. At Galaxy Resources, he played a pivotal role during the feasibility, funding, construction and operation phases of the Mt Cattlin Spodumene mine and Jiangsu Lithium Carbonate refinery. He was also crucial in establishing teams and systems in Australia and internationally. His experience in financial modelling and debt modelling for both projects will be critical in Lithium Universe, completing definitive feasibility studies of the Québec Lithium Processing Hub concentrator and lithium carbonate refinery projects.
Sobolewski is a chartered accountant and a graduate of the Australian Institute of Company Directors. His previous roles include managing director and CEO with Mintrex, CFO and company secretary with Mintrex, Galaxy Resources Limited and Vital Metals Limited, financial controller and company secretary with Croesus Mining NL, and group accountant and company secretary with Titan Resources NL.
Justin Rivers - Head of Geology
Justin Rivers possesses more than 20 years of senior executive, technical and commercial experience in Africa, Australia, Asia, Arctic, Middle East, North America and South America in the major and junior space, with a particular focus on Iron Ore and Gold. He has a well-tenured strategic and tactical approach to the mining industry with intimate commercial, business development and M&A experience in Tier-1, publicly listed and private equity environments.
Prior to joining Lithium Universe Limited, Rivers held the position of executive director and CEO of Mauritian domiciled private equity company Convertible Resources, driving strategic development of its gold projects in the Siguiri region of northeast Guinea. He has a Bachelor of Science (first class honours) majoring in geology and environmental science from the University of Tasmania.
Terry Stark - Head of Mining
Terry Stark was previously managing director - resources division for Galaxy Resources (ASX:GXY), where he was responsible for all of Galaxy’s mineral resources assets such as exploration and mine operations. Stark oversaw the Mt Cattlin construction and subsequent successful start-up. He also managed the Galaxy James Bay project and had a good relationship with the local Cree Nation.
A veteran mining engineer, Stark holds a Bachelor of Applied Science specialising in mining engineering.
John Loxton - Head of Lithium Carbonate Refinery
John Loxton's lithium experience commenced in 2010 with work on the Jiangsu Lithium Carbonate Plant EPCM for Galaxy Resources in China where his responsibilities initially were at a Sponsor level, and further into the project. He was the project manager for the final stages of construction and commissioning. In 2019, Loxton was engaged by Tianqi Lithium as head of projects for the execution of their investment in a lithium hydroxide processing plant in Kwinana, Western Australia. He managed the commissioning of the first train achieving the first product in 2021 and undertook execution planning and establishing a project team for an identical second train in 2022. Loxton is a project manager with over 45 years of experience across a diverse range of energy, industrial, process, civil, and major infrastructure projects.
Roger Pover — Head of Processing
Roger Pover was previously the Mt Cattlin plant manager for Galaxy Resources (ASX:GXY). He was part of the commissioning and start up team and operated the plant for many years. Pover also directed all optimisation modifications made at Mt Cattlin.
Pover is a veteran in the lithium industry, having commenced his career at Greenbushes Lithium mine in the early 90s. He has a 45-year career in the mining and chemical processing industries involving mineral sands, alumina refining, lithium, iron ore, tantalum minerals and tin production.
Huy Nguyen — Engineering Manager
Huy Nguyen has been seconded from Mintrex to act as Lithium Universe Limited’s engineering client representative. Mintrex was the lead engineering company that designed and constructed (together with DRA Global) the Mt Cattlin Spodumene Plant.
Nguyen was part of the construction supervision when Mt Cattlin was built, so he is experienced with not only the design but also the construction process that delivered a project on time and on budget.
Nguyen has a Bachelor of Mechanical Engineering from Curtin University, Master of Business Administration and a member of Engineer Australia.
Victoria Vargas - Director, Lithium Universe Holdings (Canada)
Victoria Vargas brings to Lithium Universe (Holdings) more than 25 years of experience in the North American capital markets, with a significant focus on the Canadian mineral sector. She began her career at Kinross Gold Corporation and joined Alamos Gold in 2004. During her tenure, she played a pivotal role in enhancing investor exposure and facilitating the company's transition from the TSX Venture to the TSX. Before joining Alamos Gold, Vargas worked for H2O Innovation, a Québec-based company focused on providing best-in-class technologies and services for the water and wastewater treatment industry.Keep reading...Show less
06 March
Top 4 Largest Lithium Reserves by Country
Those interested in the lithium sector and investing in lithium stocks are often curious about which countries are the top producers of the battery metal, but they may not stop to consider the top lithium reserves by country.
Major lithium-producing countries are, of course, home to a large number of lithium companies. Many of the world’s top lithium producers also hold significant reserves, and their reserves can give an idea of how much room those countries have to grow. At the same time, nations with high reserves may become more significant lithium players in the future.
Looking forward, lithium demand is expected to continue increasing. That’s because, together with metals such as cobalt, lithium is a key raw material in the lithium-ion batteries used to power electric vehicles, and it is also essential for the energy storage sector.
“Demand for lithium-ion batteries is set to continue to grow rapidly in 2025. Benchmark forecasts that EV and ESS-related demand for lithium will both increase by over 30 percent year-on-year in 2025,” Adam Megginson, senior analyst at Benchmark Mineral Intelligence told the Investing News Network.
On that note, here’s an overview of lithium reserves by country, with a focus on the four countries that host the world's largest lithium deposits. Total worldwide lithium reserves stand at 30,000,000 metric tons as of 2024. Data is based on the most recent information from the US Geological Survey. Reserves data refers to contained lithium content.
1. Chile
Lithium reserves: 9.3 million metric tons
Chile holds the largest lithium reserves in the world at 9.3 million metric tons. The country reportedly hosts most of the world’s “economically extractable” lithium reserves, and its Salar de Atacama region houses approximately 33 percent of the world’s lithium reserve base.
Chile was the second biggest producer of lithium in 2024 at 44,000 metric tons (MT). SQM (NYSE:SQM) and Albemarle (NYSE:ALB) are the key lithium producers in Chile, with operations in the Salar de Atacama.
In late April 2023, Chilean President Gabriel Boric announced plans to partially nationalize the country's lithium industry in a bid to bolster the economy and protect the environment. “This is the best chance we have at transitioning to a sustainable and developed economy,” he said at the time.
Chile's state-owned mining company Codelco has negotiated for much larger stakes in both SQM and Albemarle's lithium assets in the country, and will have controlling interests in all operations in that salar going forward.
According to the Baker Institute, Chile's strict legal framework surrounding mining concessions has hamstrung the lithium powerhouse from gaining a bigger share of the global lithium market comparable with this mineral largess.
In early 2025, Chile received seven bids for lithium operation contracts across six salt flats, with a key contender beign a consortium of Eramet (EPA:ERA), Chilean miner Quiborax and state-owned Codelco. The government will announce winners in March 2025, while a second bidding phase has been extended to boost participation.
2. Australia
Lithium reserves: 7 million metric tons
Australia's lithium reserves stand at 7 million metric tons, the majority of which are found in Western Australia. Unlike those found in Chile and Argentina, Australia's lithium reserves are in the form of hard-rock spodumene deposits.
Although it is second to Chile in reserves, Australia was the largest lithium-producing country in the world in 2024, with many operational lithium mines in the country.
The country is home to the Greenbushes lithium mine, which is operated by Talison Lithium, a joint venture comprised of lithium producers Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466), Australian miner IGO (ASX:IGO,OTC Pink:IPGDF) and Albemarle. Greenbushes has been producing lithium since 1985.
A sharp decline in lithium prices has led some of the country's lithium companies to curtail or outright halt their lithium operations and development projects until market conditions improve.
While Western Australia dominates lithium exploration, new research highlights untapped potential in Queensland, New South Wales and Victoria. Published in "Earth System Science Data," the 2023 study — led by University of Sydney researchers with Geoscience Australia — maps regions with high lithium density, signaling broader opportunities for the growing battery metal market.
“We’ve developed the first map of lithium in Australian soils which identifies areas with elevated concentrations,” said Professor Budiman Minasny. “The map agrees with existing mines and highlights areas that can be potential future lithium sources.”
3. Argentina
Lithium reserves: 4 million metric tons
Argentina ranks third in terms of global lithium reserves at 4 million metric tons. It’s worth noting that Argentina, Chile and Bolivia comprise the “Lithium Triangle,” which hosts more than half of the world’s lithium reserves. The country is also the fourth largest lithium producer in the world, and last year it put out 18,000 MT of the metal.
In May 2022, the Argentine government committed to investing up to US$4.2 billion in its lithium industry over the next three years with the goal of increasing lithium output.
More recently, in April 2024, the government greenlit Argosy Minerals' (ASX:AGY,OTC Pink:ARYMF) expansion of its operations at the Rincon salar to raise annual lithium carbonate production from 2,000 MT to 12,000 MT.
Argentina hosts around 50 advanced lithium mining projects, reports Fastmarkets. “Argentina’s lithium production remains cost-competitive even in a low-price environment,” said Ignacio Celorrio, executive VP of legal and government affairs at Lithium Argentina.
In late 2024 mining major Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) announced plans to invest US$2.5 billion to expand lithium extraction at its operations on Argentina’s Rincon salar, increasing capacity from 3,000 to 60,000 MT, with full capacity reached following a three-year ramp up period beginning in 2028.
4. China
Lithium reserves: 3 million metric tons
China holds lithium reserves of 3 million metric tons. The country has a mix of deposit types; lithium brines make up the majority of its reserves, but it has spodumene and lepidolite hard-rock reserves as well.
Last year it produced 41,000 MT of the mineral, a 5,300 MT increase from the previous year. While it does have significant production and is working to increase it, the Asian nation currently still imports most of the lithium it needs for its battery cells from Australia.
China’s lithium usage is high due to its electronics manufacturing and electric vehicle industries. It also produces the majority of the world’s lithium-ion batteries and hosts most of the world’s lithium-processing facilities.
In October 2024, the US State Department accused China of flooding the market with lithium to create a low price environment to kill off ex-China competition.
“They engage in predatory pricing… (they) lower the price until competition disappears. That is what is happening,” stated Jose W. Fernandez, the US Under Secretary of State for Economic Growth, Energy and the Environment.
In early 2025, Chinese media reported that the country has significantly bolstered its lithium ore reserves, claiming national deposits now account for 16.5 percent of global resources, up from 6 percent.
The surge is attributed in part to the discovery of a 2,800 kilometer lithium belt in the western regions, with proven reserves exceeding 6.5 million tons of lithium ore and potential resources surpassing 30 million tons. Additionally, advancements in extracting lithium from salt lakes and mica have further expanded China’s reserves.
Other lithium reserves by country
While Chile, Australia, Argentina and China are home to the world’s highest lithium reserves, other countries also hold significant amounts of the metal. Here’s a quick look at these other nations:
- United States — 1,800,000 MT
- Canada — 1,200,000 MT
- Brazil — 390,000 MT
- Zimbabwe — 480,000 MT
- Portugal — 60,000 MT
As the lithium industry continues to grow, production has followed, and many of these countries with high reserves are becoming significant producers as well.
FAQs for lithium reserves
Where in the world are the best lithium reserves?
Chile has the largest lithium reserves, and the three countries that make up the Lithium Triangle — Argentina, Bolivia and Chile — together account for a large portion of the world’s lithium reserves.
What are the biggest lithium reserves in Europe?
Portugal has the biggest lithium reserves in Europe, coming in at 60,000 metric tons. The Southern European country produced 380 MT of lithium in 2024, the same as the previous year.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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