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Galan Response to AFR Street Talk Article
August 05, 2024
Galan Lithium Limited (ASX:GLN) (Galan or the Company) refers to a recent media report that it has received a takeover bid.
Galan advises that it has not received a takeover bid but that it has received an unsolicited, confidential, conditional, non-binding indicative proposal from Energy Exploration Technologies, Inc. (EnergyX) in relation to a potential acquisition of Galan’s Argentinian lithium assets (Proposal).
The Proposal is to acquire assets and real property held by Galan related to its holdings in Salar del Hombre Muerto and Candelas (Project Assets) for US$50 million in cash, and common shares in EnergyX which EnergyX values at US$50 million. EnergyX is a corporation incorporated under the laws of Puerto Rico and its securities, including its common shares, are not quoted or traded on any stock exchange.
Under the Proposal EnergyX would also provide:
US$50 million, which it is noted would not be payable to Galan but rather to EnergyX’s wholly owned subsidiary which would own the Project Assets, with those funds to be committed and wholly dedicated to completing the first commercial phase of lithium production at Hombre Muerto West and maintaining the Project Assets; and a 10% gross revenue royalty to Galan for 10 years starting from commercial production.
Galan has been seeking to negotiate a confidentiality agreement with EnergyX in respect of the Proposal. The confidentiality agreement currently sits with EnergyX.
The Proposal is conditional on, amongst other things, completion of satisfactory due diligence and negotiation and execution of definitive, binding transaction documentation. The Proposal remains subject to consideration by Galan’s board, and given the early stage nature of discussions and its conditionality, there is no certainty a transaction will eventuate. Given the Proposal contemplates the disposition of Galan’s main undertaking, Galan shareholder approval would be a necessary condition to completion under a binding agreement, if such an agreement were to eventuate.
Galan confirms that it is in compliance with ASX Listing Rules, particularly, Listing Rule 3.1, and will keep shareholders informed in accordance with its continuous disclosure obligations.
The Galan Board has authorised this release.
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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06 September
Galan Lithium Limited (ASX: GLN) – Trading Halt
Description
The securities of Galan Lithium Limited (‘GLN’) will be placed in trading halt at the request of GLN, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 10 September 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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05 September
Offtake Deal with Chemphys Signals Strong Future for Lithium, Galan Lithium Exec Says
On the heels of a new memorandum of understanding (MOU) for a potential offtake deal, Galan Lithium (ASX:GLN) Managing Director Juan Pablo Vargas de la Vega has expressed confidence in a “very strong” future for lithium.
On August 26, Galan signed an MOU with Chinese battery producer Chengdu Chemphys Chemical Industry for an offtake prepayment agreement. Once a definitive deal is reached, Chemphys will purchase a total of 23,000 tonnes of lithium carbonate equivalent, as a lithium chloride product, over the first five years of Phase 1 production from Galan’s Hombre Muerto West project in Argentina. The Chinese firm will also provide Galan with a prepayment facility of US$40 million for the offtake.
“It tells you that the long-term future for lithium and the lithium battery revolution that we are seeing is very strong,” de la Vega told the Investing News Network.
“When you look at the converters, they’re in expansion mode, the battery makers are in expansion mode because they have to supply lithium to the battery converters. This tells you a story that China is hungry for further feed, and this feedstock, in our view, won't be enough in the long term. So what has to give is price. Price will come back," he said.
"I cannot tell exactly when that's going to happen — whether it's three months, six months, 12 months … and by the time we start coming to production, we believe that we'll be in a different pricing environment, and we'll be set to start taking the rewards from all the hard work that we've been doing all these years to become a producer," de la Vega added.
Galan is in a strong position to also look into Phase II and take production from 5,000 tonnes up to 21,000 tonnes, he added. Galan is on track to begin production at its Hombre Muerto West project in 2025.
Watch the full interview with Galan Lithium Managing Director Juan Pablo Vargas de la Vega above.
Disclaimer: This interview is sponsored by Galan Lithium (ASX:GLN). This interview provides information which was sourced by the Investing News Network (INN) and approved by Galan Lithium in order to help investors learn more about the company. Galan Lithium is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Galan Lithium and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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05 September
Arcadium Halts Mount Cattlin Expansion, Plans Transition to Care and Maintenance
Arcadium Lithium (NYSE:ALTM,ASX:LTM) announced on Wednesday (September 4) that it will place its Mount Cattlin spodumene operation in Western Australia on care and maintenance by mid-2025.
The company said in a press release that it will halt Stage 4A waste stripping, as well as any expansionary investment beyond Stage 3 following a sustained drop in spodumene prices.
According to Fastmarkets, spodumene prices fell close to 90 percent between January 2023 and January of this year, dropping from the US$7,500 to US$7,790 per metric ton range to US$800 to US$950.
Data from S&P Global Commodity Insights shows prices are now at the US$720 level.
The sharp drop has primarily been attributed to oversupply and reduced demand for electric vehicles.
“Production at Mt Cattlin beyond the current stage of the open pit cannot be justified in the current price environment for spodumene,” said Arcadium CEO Paul Graves. “We will maintain open and transparent dialogue with all of our stakeholders while supporting our employees and communities in Western Australia during this transition period."
The Australian Financial Review quotes Citi analysts as saying that Mount Cattlin breaks even at a spodumene price of US$1,200, with few Australian lithium mines being viable below US$1,000.
Romano Sala Tenna, portfolio manager at Katana Asset Management, told the news outlet that while the suspension of Mount Cattlin is expected to support lithium prices, there will be a delay before any significant impact is felt.
“There will be a lag because there are healthy stockpiles at the mines and in China on the docks,” he said.
Other lithium companies are also adjusting their strategies in response to the price drop.
Core Lithium (ASX:CHR,OTC Pink:CXOXF) suspended operations at its Finniss project in Australia's Northern Territory back in January, while this week Piedmont Lithium (NASDAQ:PLL,ASX:PLL) withdrew its application for a US government loan. The company originally intended to use the funds to finance its expansion plans.
Meanwhile, Albemarle (NYSE:ALB), the world’s largest lithium producer, implemented job cuts at the start of the year and at the end of July announced plans to downsize its Kemerton refinery in Western Australia.
Arcadium's decision on Mount Cattlin comes after the company said at the beginning of August that it would be deferring investments in two of its four expansion projects. Graves explained at the time that while the long-term outlook for lithium remains strong, the market is "clearly indicating" that new supply isn't needed at the pace previously expected.
The firm said it would pause investment in its Galaxy spodumene project in Canada, and would look at bringing in a partner to provide capital. It also said it would revisit the sequencing of its lithium carbonate projects in Argentina's Salar del Hombre Muerto. These moves are expected to cut capital spending by US$500 million over 24 months.
The company will provide further insight on its strategy and market outlook on its Investor Day on September 19.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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04 September
Clarification to Chariot’s ASX Announcement dated 30 August 2024
Chariot Corp Limited (ASX:CC9) (“Chariot”) refers to the announcement dated 30 August 2024 entitled “Chariot and Mustang Lithium LLC repossess Horizon and Halo lithium projects” (the “Original Announcement”) pursuant to which the Company announced that Mustang Lithium LLC (“Mustang”), in which Chariot holds a 24.1% interest, was in the process of terminating property option agreements entered into by two of its wholly-owned subsidiaries, Horizon Lithium LLC and Halo Lithium LLC, with Canadian Securities Exchange (CSE) listed Pan American Energy Corp. (CSE:PNRG) (“Pan American Energy”) and POWR Lithium Corp. (CSE:POWR) (“POWR”), respectively. This action by Mustang will result in Horizon Lithium LLC’s and Halo Lithium LLC’s repossession of full and unencumbered ownership of the Horizon Lithium Project and Halo Lithium Project, respectively.
As disclosed in the Original Announcement:
- Each of Pan American Energy and POWR decided not to make the required payment of claims maintenance fees to the U.S. Bureau of Land Management (“BLM”) and to surrender their respective interests in the mineral claims constituting the Horizon Lithium Project and the Halo Lithium Project (together, the “Projects”). Both have cited current lithium market conditions as the principal reason for terminating their respective property option agreement.
- Mustang completed a capital raising of US$250,000 through the issue of convertible notes and has used the funds raised to pay the maintenance fees to the BLM to maintain its interest in the Projects.
Chariot disclosed the mineral resource estimate stated in Figure 1 (the “Horizon NI 43-101 Mineral Resource Estimate”) in relation to the Horizon Lithium Project in the Original Announcement which was prepared by Pan American Energy in accordance with Canadian National Instrument 43-101 (“NI 43-101”) standards. This mineral resource estimate is considered a “foreign estimate” for the purposes of the ASX Listing Rules (“Listing Rules”) as it relates to a “material mining project” that the Company is reacquiring an interest in and therefore is required to be reported in compliance with Chapter 5 of the Listing Rules (particularly Listing Rule 5.12). The purpose of this announcement is to include the requisite disclosures required by Listing Rule 5.12 in respect to the Original Announcement.
Pan American Energy reported the Horizon NI 43-101 Mineral Resource Estimate to the Canadian Securities Exchange on 20 November 2023 and subsequently released an NI 43-101 compliant technical report on 4 January 20241.
Table 1: Horizon Lithium Project Mineral Resource1
Effective Date 15 November 2023, reported by Pan American Energy Corp. Resources are reported above a cut-off grade of 300 ppm Li.
A “mineral resource” is as defined in the JORC Code (“Mineral Resource”) and the “competent person” is as defined in the JORC Code (the “Competent Person”).
The Horizon NI 43-101 Mineral Resource Estimate contained in this announcement and the Original Announcement has been prepared in accordance with NI 43-101 standards and has not been reported in accordance with the JORC Code.
Investors and other users of the Horizon NI 43-101 Mineral Resource Estimate are cautioned that, as is the case with any Mineral Resource, reported tonnages and grades obtained from sparse points of observation, are subject to change as further data that adds to knowledge of the Mineral Resource are received and interpreted. The reported Mineral Resource may also be subject to variation when compiled by a different Competent Person, reflecting differences in interpretation of available data and previous experience with the commodity and style of mineralisation being reported.
The reported tonnes and grades have been reported and classified in compliance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014). The CIM Definition Standards are closely comparable with the JORC Code.
The Competent Person for this announcement has yet to complete sufficient work to classify the foreign estimate in accordance with the JORC Code.
However, the Competent Person confirms that the information contained in this announcement and the Original Announcement is an accurate representation of the available data and studies for the Horizon Lithium Project.
Click here for the full ASX Release
This article includes content from Chariot Corporation, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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03 September
5 Best-performing Lithium Stocks of 2024
As the market moves into the second half of year, the lithium sector has continued to experience challenges.
However, after 2023's broad fluctuations, the lithium sector exhibited greater stability in the first half of 2024.
While oversupply and weak prices kept some companies from registering large gains during the period, others saw share price growth. Read on to discover which lithium-focused companies on Canadian and Australian exchanges have performed the best in 2024.
The list below was generated using TradingView’s stock screener, and data was gathered on August 27, 2024. While US lithium companies were considered for the list, none were up year-to-date at the time data was gathered. All lithium stocks had market caps above $10 million in their respective currencies when data was gathered.
1. Q2 Metals (TSXV:QTWO)
Year-to-date gain: 140 percent; market cap: C$76.02 million; current share price: C$0.60
Exploration firm Q2 Metals is exploring its flagship Mia lithium property in the Eeyou Istchee James Bay region of Québec, Canada. The property contains the Mia trend, which spans over 10 kilometers. Also included in Q2 Metals' portfolio is the Stellar lithium property, comprising 77 claims and located 6 kilometers north of the Mia property.
This year, Q2 Metals has also focused on exploring the Cisco lithium property, which is situated in the same region. On February 29, the company entered into three separate option agreements to gain a 100 percent interest in Cisco, news that caused its share price to skyrocket; it reached a year-to-date high of C$0.54 on March 4.
In mid-May, Q2 Metals released re-assayed results from 2023 drilling conducted at Cisco by the property's vendors. The company used the analytical method it has applied to its Mia drill cores.
“We are pleased with the positive outcome of the re-analysis of the Cisco drill results,” said Q2 Metals Vice President of Exploration Neil McCallum. “A thorough review of the quality control measures has solidified that the new results are more accurate than the original results previously announced. It’s not an unexpected change as the analytical methods now used are more accurate at higher grades above roughly 1.5 percent Li2O and we have several samples above that range.”
Later that month, the company announced the start of a summer drill program at the Cisco property. It has since released multiple significant updates, including the confirmation of eight new mineralized zones on July 8.
Q2 Metals closed the acquisition of Cisco in June and now wholly owns the project.
2. Volt Lithium (TSXV:VLT)
Year-to-date gain: 104.3 percent; market cap: C$66.96 million; current share price: C$0.47
Volt is a lithium development and technology company aiming to become a premier North American lithium producer utilizing its proprietary direct lithium extraction (DLE) technology to extract lithium from oilfield brine. It has a Canadian field simulation center in Calgary, Alberta, and is deploying its technology starting in the Permian Basin in West Texas.
On April 29, Volt announced a strategic investment of US$1.5 million by an unnamed company operating in the Delaware Basin in West Texas for the deployment of a field unit to produce lithium hydroxide monohydrate.
In the lead-up to the deployment, Volt significantly increased its DLE production capacity to 96,000 liters per day.
In August, the company announced the successful deployment, installation and commencement of function-testing of its first field unit at the operator's site. According to the statement, Volt has scaled up the field unit again, and it is now capable of processing over 200,000 liters of oilfield brine per day.
3. Foremost Lithium (CSE:FAT)
Year-to-date gains: 16.02 percent; market cap: C$21.44 million; share price: C$3.91
Foremost Lithium is an exploration company with several hard rock lithium properties, which it calls the Lithium Lane projects, in the Snow Lake district of Manitoba, Canada, as well as the Lac Simard South project in Québec, Canada.
In early June, Foremost announced plans to spin out its Winston gold-silver project in New Mexico, US, into a new wholly-owned subsidiary, Rio Grande Resources. Winston includes three historic mine sites.
In May, the company completed its winter drill program at the Zoro lithium project in Manitoba. The drilling encompassed 21 diamond drill holes over 5,826 meters and targeted previously untested mineralization southeast of Dyke 1, where the company has an inferred resource of 1.07 million metric tons with a 0.91 percent lithium oxide grade.
According to the statement, the preliminary results “demonstrated the continuity of lithium mineralization along Dyke 1.”
In mid-August, Foremost Lithium announced positive results from the program, with one hole intersecting 1.15 percent lithium oxide over 4.97 meters and 1.52 percent over 5.02 meters, and another hitting 1.1 percent lithium oxide over 9.88 meters. These results could enhance the project's overall resource potential.
1. Vulcan Energy Resources (ASX:VUL)
Year-to-date gain: 31.72 percent; market cap: AU$718.8 million; current share price: AU$3.82
Europe-focused Vulcan Energy Resources aims to support a carbon-neutral future by producing lithium and renewable energy from geothermal brine. The company is currently developing the Zero Carbon lithium project in Germany's Upper Rhine Valley. Vulcan is utilizing a proprietary alumina-based adsorbent-type direct lithium extraction process to produce lithium with an end goal of supplying sustainable lithium for the European electric vehicle market.
On April 11, Vulcan announced the commencement of lithium chloride production at its lithium extraction optimization plant in Germany. According to the company, the milestone marks the first lithium chemical production in Europe using local supply. The plant consistently exhibited over 90 percent lithium extraction efficiency.
Vulcan will now prepare the 40 million euro facility for commercial production. The company already has binding lithium offtake agreements in place with major automakers and battery manufacturers, and expects to supply enough lithium for 500,000 electric vehicles during the first phase of production.
In August, Vulcan reported that commissioning of its lithium hydroxide optimization plant, CLEOP, near Frankfurt, had begun. As noted in the statement, this step is key in Vulcan's plan to produce Europe's first battery-grade lithium hydroxide from a European source, supporting the local battery market.
2. Prospect Resources (ASX:PSC)
Year-to-date gain: 23.6 percent; market cap: AU$57.06 million; share price: AU$0.11
Africa-focused explorer Prospect Resources holds a diversified portfolio of assets located in Zimbabwe, Zambia and Namibia. The company’s lithium projects, Omaruru and Step Aside, are in Namibia and Zimbabwe, respectively.
In late June, Prospect released an update on its exploration activities at the projects. The company reported strong assay results from Phase 4 diamond drilling at Step Aside, and shared results from follow-up Phase 2 drilling at Omaruru.
In a release, Managing Director Sam Hosack highlights the significant mineralization potential at both projects.
Moving forward, Prospect plans to slow down spending at its lithium projects as it turns to its newly acquired Mumbezhi copper project. The company believes it can monetize Step Aside in the near term to aid in this goal.
In its most recent quarterly results, Prospect noted the completion of drilling and fieldwork for the Phase 4 diamond drilling program at the Step Aside lithium project in Zimbabwe, with no further exploration planned. The project is being prepared for sale to help fund Mumbezhi.
Meanwhile, the Omaruru lithium project in Namibia has completed Phase 2 drilling, and spending has been reduced to holding costs as focus shifts to the Mumbezhi project. At the Bikita Gem lithium project in Zimbabwe, Prospect has begun fieldwork and trenching after entering a joint venture earn-in agreement in May, with a limited drilling program planned to "to test the subsurface below a number of historical lithium-bearing (petalite) targets identified at the Project."
FAQs for investing in lithium
How much lithium is on Earth?
While we don't know how much total lithium is on Earth, the US Geological Survey estimates that global reserves of lithium stand at 22 billion metric tons. Of that, 9.2 billion MT are located in Chile, and 5.7 billion MT are in Australia.
Where is lithium mined?
Lithium is mined throughout the world, but the two countries that produce the most are Australia and Chile. Australia's lithium comes from primarily hard-rock deposits, while Chile's comes from lithium brines. Chile is part of the Lithium Triangle alongside Argentina and Bolivia, although those two countries have a lower annual output.
Rounding out the top five lithium-producing countries behind Australia and Chile are China, Argentina and Brazil.
What is lithium used for?
Lithium has many uses, including the lithium-ion batteries that power electric vehicles, smartphones and other tech, as well as pharmaceuticals, ceramics, grease, lubricants and heat-resistant glass. Still, it is largely the electric vehicle industry that is boosting demand.
How to invest in lithium?
Those looking to get into the lithium market have many options when it comes to how to invest in lithium.
Lithium stocks like those mentioned above could be a good option for investors interested in the space. If you’re looking to diversify instead of focusing on one stock, there is the Global X Lithium & Battery Tech ETF (NYSE:LIT), an exchange-traded fund (ETF) focused on the metal. Experienced investors can also look at lithium futures.
Unlike many commodities, investors cannot physically hold lithium due to its dangerous properties.
How to buy lithium stocks?
Through the use of a broker or an investing service such as an app, investors can purchase lithium stocks and ETFs that match their investing outlook.
Before buying a lithium stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it's critical to complete due diligence before making any investment decisions.
It's also important for investors to keep their goals in mind when choosing their investing method. There are many factors to consider when choosing a broker, as well as when looking at investing apps — a few of these include the broker or app's reputation, their fee structure and investment style.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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03 September
Lancaster Resources Announces Departure of Director
Lancaster Resources Inc. (CSE: LCR | OTCQB: LANRF | FRA:6UF0) ("Lancaster" and the "Company") announces that Heather Williamson has resigned from the Company's Board of Directors, effective September 1, 2024.
Heather Williamson is stepping down from the Board to focus on other professional and personal commitments. The Board of Directors and the Company's management team would like to thank Heather for her invaluable contributions to Lancaster Resources and extend their best wishes as she embarks on her next chapter.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Lancaster owns 100% of the uranium-prospective contiguous Catley Lake and Centennial East claims in the Athabasca Basin in Saskatchewan, Canada, which together cover 8,117 hectares. The properties are immediately adjacent to the Cameco Centennial deposit claims. The Cameco Centennial deposit is located just 12 km to the west and has notable uranium concentrations of up to 8.78% U3O8 over 33.9m and 25.6% U3O8 over 0.5m Approximately 24km southwest of Lancaster's claims is the Cameco Dufferin deposit, which has shown assays of up to 1.73% U3O8 over 6.5m. Management cautions that mineralization hosted on adjacent and/or nearby properties does not necessarily indicate the presence of similar mineralization or geology on Lancaster's properties. Lancaster has rights to acquire 100% of the Alkali Flat Project, near Lordsburg, New Mexico, USA, a set of claims approximately 5,200 acres (8.1 square miles) in size, and has been approved for drilling permits. Guiding Lancaster Resources' journey is a skilled management and technical team with collective involvement in over 42 mineral discoveries and endowed with extensive experience in the exploration and development of projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster's future performance. The use of any of the words "could," "expect," "believe," "will," "projected," "estimated," and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be expressly required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
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