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Quarterly Activities and Cash Flow Report
The Board of Galan Lithium Limited (Galan or the Company) is pleased to provide this Quarterly Activities Report for the quarter ended 31 March 2024 and to the date of this report. The main focus for the quarter was the ongoing construction works/activities at the Company’s 100% owned, high- grade/low-impurity Hombre Muerto West (HMW) Project in the Catamarca Province, Argentina. Galan continues its steady progress in advancing its low cost, high grade HMW project to production in a timely manner.
Hombre Muerto West (HMW)
- Galan’s 100% owned HMW Project is a low cost, tier one project that will produce a premium high grade lithium chloride (LiCl) concentrate of 6% Li, comparable to 13% Li2O or 32% Lithium Carbonate Equivalent (LCE) in H1 2025
- Low all-in sustaining costs; HMW is expected to be in the 1st quartile of lithium industry’s cost curve with an initial reserve estimate of 40 years
- Phase 2 Operating cost to LiCl concentrate of $US3,510/t LCE equates to a low Li2O equivalent operating cost of SC6 (Spodumene Concentrate) $US310/t-$US350/t; solid production margins at current spot prices
- Resource recently increased to 7.8Mt LCE @ 883 mg/L Li; the highest grade published resource in Argentina
- Galan signs commercial agreement with the Catamarca Government to enable the commercialisation of lithium chloride concentrate, locally and internationally as well as enhancing downstream processing routes
- Pond 1 and 2 evaporation continues, approx. 1,000t LCE contained inventory
- Pond 3 earthworks almost complete, liner installation at 60% and filling of pond 3 commenced; Pond 4 earthworks have commenced
- Overall project completion and budget spend now at 33%, with pond construction 45% complete; project execution is advancing as planned
- Key processing parameters; average brine flow rate, average Li grade from wells and evaporation rates in line with the Feasibility Study
- The project remains on track to commence production in H1 2025
- Opportunities to reduce the Capex and Opex for HMW Phase 1 identified; engineering and procurement teams working to quantify these opportunities within the next two months
Corporate
- Cash and liquid assets at the end of quarter ≈A$12 million
- Acuity Capital ATM Subscription Deed in place
OPERATIONS
Mineral Resource Estimate
The latest HMW Mineral Resource estimate was announced on 27 March 2024 (Refer ASX Announcement entitled “Galan Increases Total Mineral Resource by 18% to 8.6Mt LCE @ 859mg/L Lithium”. An Addendum to this ASX Announcement was announced on 4 April 2024 as per ASX Listing Rule 5.8.1 which requires various items of disclosure in the body of an announcement as well as in the JORC Tables.
The maiden HMW Project Mineral Resource Estimate (refer Galan ASX release dated 12 March 2020) was prepared by SRK and was further upgraded on 17 November 2020, 24 October 2022 and 1 May 2023. Each upgrade has not only significantly increased the Total Resource inventory but also enhanced the Resource category classifications and hence confidence in the viability and robustness of the HMW project. This latest resource upgrade enhances Galan’s objective to achieve the necessary production conditions for Stage 3 (40Ktpa LCE), towards our four-stage lithium production target of up to 60ktpa LCE (including Candelas).
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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Yalgoo Fieldwork Commences Over Main Target Areas
Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is pleased to announce the commencement of fieldwork at its Yalgoo lithium projects. Target delineation work includes tenement - wide soil and rock chip sampling over the main target areas previously identified by machine learning (ML) in the northern part of the Yalgoo project and the southeastern part of the Yalgoo West project. A total of 930+ soil samples will be collected on a 200x200m grid for Yalgoo and on a 100x200m grid for Yalgoo West (subject to pending land access approvals).
HIGHLIGHTS
- Fieldwork commenced at the Yalgoo lithium projects
- Large scale soil and rock chip sampling program underway
- First phase to test main ML targets with almost 1000 soil samples to be collected
- Proximate to known lithium occurrences
The two projects are located within the northern part of the Yalgoo-Singleton greenstone belt (YSGB) in the Murchison province. Both sequences are typical greenstones consisting of submarine tholeiitic and high-Mg basalt lava flows, large intrusive gabbro bodies overlain by BIF and volcanic rocks with minor ultramafic and felsic rocks. The greenstone belt is intruded and bounded by granitoids, predominantly granodiorite and monzogranite to tonalite with minor syenogranite. Pegmatites associated with the granites are recognised throughout the project area and especially along the granite greenstone contacts.
Tectonically the greenstone is bounded by major faults and shear zones, with the major Mulloo and Wagga Wagga Shear Zones on the eastern contact covered by the Yalgoo project and the major Salt River Shear Zone covered by the Yalgoo West project. Premier1 (utilising SensOre ML technology) identified a large, predicted lithium target within a region not previously highlighted for its lithium exploration potential. During target analysis lithium mineralised LCT pegmatites were identified by a number of adjoining companies, including Firetail Resources and Zenith Minerals, validating the emerging potential of the area for LCT pegmatites.
At Yalgoo, the predicted target forms a large cluster of Li prospectivity that was previously unidentified and untested representing lithium potential over the northern portion of the greenstone belt. Additionally, the eastern portion of the project is prospective for VMS copper and zinc. At Yalgoo West another cluster of Li prospectivity predicted unidentified and untested lithium potential over the western portion of the greenstone belt.
The greater Yalgoo project area encompasses two joint ventures. In the eastern portion of the project area (Yalgoo), Premier1 has the rights to earn up to 70% of all commodities except Rare Earth Elements in a farm-in announced on 12 May 2023 with Venture Minerals (ASX:VMS). In the western portion of the project area (Yalgoo West), the Company is in a farm in with Firetail Resources (ASX:FTL) where Premier1 may earn 80% of lithium rights by spending announced 7 November 2023..
The next steps on the broader Yalgoo project involve extensive target delineation activities to generate drilling targets for the second half of 2024.
Figure 1: Regional geological map of the greater Yalgoo project area including identified ML targets.
Figure 2: Planned first phase soil samples over greater Yalgoo project area.
Click here for the full ASX Release
This article includes content from Premier1 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.
Fully-Permitted Drilling Program to Test Priority Gold, Silver and Lithium Targets at Corvette River in Quebec
19-hole diamond drilling program expanded to include new high-grade gold & silver targets of up to 29.7 g/t gold & 44.1 g/t silver, along a22km strike within the prolific Lac Guyer Greenstone Belt
Metals Australia Ltd (ASX: MLS) (“the Company”) is pleased to announce that it has received all permitting approvals for an extensive new drilling and trenching program to test key high-grade gold/silver/copper targets and key lithium-caesium-tantalum (LCT) pegmatites identified within the Company’s Corvette River Project, along strike and on a parallel belt to the world-class Corvette Lithium Project of Patriot Battery Metals (ASX:PMT)1 in Quebec, Canada (see Figure 1).
Metals Australia has received all required permitting approvals for a major new drilling and trenching program. This fully-funded program will test new high-grade gold and silver targets and priority lithium bearing (LCT) pegmatite targets at the Company’s Corvette River Project.
The Project is along strike and on a parallel belt to Patriot Battery Metals’ world-class Corvette Lithium Project1 on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
High-Grade Gold with Silver and Copper Targets (see Figure 1 for locations):
- East Eade Gold Target on the Corvette South Trend, where previous rockchip sampling2 across a 300m wide complex fold-closure, never before drill-tested, included assays of up to 29.7 g/t gold (Au) and 12 g/t Au2 (see Figure 2).
- West Eade Gold Target on the Corvette South Trend (see Figure 3), which produced historical assays of up to 11.45g/t Au2 and more recent rockchip sampling results including 3.37 g/t Au over 3m2.
- Felicie Gold-Silver-Copper Target on the Corvette Trend (see Figure 1), where previous rockchip sampling produced grades of up to 4.16 g/t Au, 44.1 g/t silver (Ag) and 0.23% copper (Cu)2 from a zone of 180m strike-length open in all directions, and never before drill-tested.
Priority Lithium Pegmatite Targets (see Figure 1 for locations):
- CR1 Lithium-Caesium-Tantalum (LCT) Pegmatite3 which has been mapped over a 1.6km strike- length and across a 100m thick zone within the Company’s Felicie tenements. CR1 is located on the Corvette (CV) Lithium Trend, 2.5km west of the Patriot Battery Metals’ (ASX: PMT) CV9 pegmatite, which includes a 100m drill-intersection of spodumene-bearing pegmatite4 (Figure 1).
- CS1 LCT Pegmatite5 which produced high lithium results of 370ppm Li and 290ppm Li from the only two first-pass samples collected from the outcropping coarse-grained LCT pegmatite, located on the western side of the West Eade property (Figure 1). The two samples are located 44m apart on a north-south section, which indicates a more than 40m thick pegmatite zone, which remains open to both the east and west.
Figure 1: MLS’s Corvette River Project - key gold & lithium targets with proposed drilling on geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“We are delighted to have received all necessary approvals to advance this priority drilling and trenching program at our Corvette River Project, which is located within one of Canada’s most prospective lithium, gold, and base metals regions.
In addition to the highly-prospective lithium pegmatite targets we have identified analogous to Patriot Battery Metals’ world-class Corvette Trend lithium deposits, we have also identified multiple new high- grade gold and silver target zones based on our geological team’s extensive re-interpretation of previous rockchip sampling results and magnetics. Significantly, these high-grade targets are located along Quebec’s highly-endowed Lac Guyer greenstone belt which, apart from the Corvette lithium discovery, also hosts many significant gold and silver deposits including Newmont Corp’s ~215,000 ounce per annum Eleonore gold mine6.
With the permitting now in place, Metals Australia is in the final stages of operational planning, budgeting, and contracting with our full-service exploration contractor, Magnor Exploration, to commence the drilling and trenching program as soon as possible.
I’d like to acknowledge the great work of the team at Magnor for working diligently with all required stakeholders, including members of the Cree First Nations community and the Quebec Ministry of Natural Resources and Forestry (MRNF) to apply, consult and achieve permit approvals as quickly as they have. This has all occurred in a positive and collaborative manner and we are now looking forward to demonstrating our credentials as a responsible explorer.
Supported by the Company’s extensive cash reserves, the initiation of the Corvette River drilling and trenching program is a further demonstration of the board’s strategy to accelerate exploration and development across its suite of assets in Canada and Australia in the wake of the recent strategic workshops to identify our next development project after the Lac Rainy graphite project. In addition to Corvette River and Lac Rainy, we expect to provide further announcements over the Quarter regarding plans we are finalising to unlock value from our other exploration assets, which we believe will provide catalysts for a valuation re-rating of Metals Australia shares, which are trading well below cash backing.”
Click here for the full ASX Release
This article includes content from Metals Australia Ltd, 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.
Where Does Tesla Get its Lithium? (Updated 2024)
As the energy transition continues to unfold, US electric vehicle (EV) pioneer Tesla (NASDAQ:TSLA) has been making moves to secure supply of the raw materials it needs to meet its production targets.
Lithium in particular has caught the attention of CEO Elon Musk. Back in 2020, the battery metal had a spotlight moment at Tesla’s Battery Day, when Musk shared that the company had bought tenements in the US state of Nevada, and was looking for a new way to produce lithium from clay — a process yet to be proven at commercial scale.
Since then, lithium prices went on to hit all-time highs before swiftly declining throughout 2023 and have remained subdued into the first half of 2024. Prices for other key battery metals have also decreased as EV sales growth has fallen across most global markets in the face of economic uncertainty and higher interest rates. According to Goldman Sachs research, EV battery costs are at record lows are are forecasted to fall by 40 percent between 2022 levels to 2025.
In a mid-2023 Tesla earnings call, Musk seemed relieved to see prices for the battery metal had declined. “Lithium prices went absolutely insane there for a while,” he said. Lower battery prices will bring EVs closer to cost parity with internal combustion engines vehicles, leading to wider adoption and increased demand.
Most lithium mining happens in Australia from hard-rock sources and in Chile from brines. But lithium refining is dominated by China, which currently accounts for more than 75 percent of global lithium processing capacity.
Read on to learn more about where Tesla gets its lithium, how much lithium is in a Tesla battery and what the EV maker is doing to better secure its lithium supply chain.
Which lithium companies supply Tesla?
Tesla has deals with multiple lithium suppliers, some of which are already producing and some that are juniors developing lithium projects.
At the end of 2021, Tesla inked a lithium supply deal with top lithium producer Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460). Under the agreement, the Chinese company began providing products to Tesla for three years starting in 2022. Major miner Arcadium Lithium (NYSE:ALTM) also has supply contracts in place with the EV maker, and China’s Sichuan Yahua Industrial Group (SZSE:002497) agreed to supply battery-grade lithium hydroxide to Tesla through 2030.
The company also holds deals with junior miners for production that is yet to come on stream. Liontown Resources (ASX:LTR,OTC Pink:LINRF) is set to supply Tesla with lithium spodumene concentrate from its AU$473 million Kathleen Valley project. The deal is for an initial five year period set to begin this year, and production is currently expected to begin in mid-2024.
In January 2023, Tesla amended its agreement with Piedmont Lithium (ASX:PLL,NASDAQ:PLL), which is now set to supply the US automaker with spodumene concentrate from the past-producing North American Lithium operation — a project Piedmont is developing with Sayona Mining (ASX:SYA,OTCQB:SYAXF).
Even though Tesla has secured lithium from all these companies, the EV supply chain is a bit more complex than buying lithium directly from miners. Tesla also works with battery makers, such as Panasonic and CATL (SZSE:300750), which themselves work with other chemical companies that secure their own lithium deals.
What are Tesla batteries made of?
Tesla vehicles use several different battery cathodes, including nickel-cobalt-aluminum (NCA) cathodes and lithium-iron-phosphate (LFP) cathodes.
Tesla is known for using NCA cathodes developed by Japanese company Panasonic (OTC Pink:PCRFF,TSE:6752). This type of cathode has higher energy density and is a low-cobalt option, but has been less adopted by the industry compared to the widely used nickel-cobalt-manganese (NCM) cathodes. Aside from that, South Korea's LG Energy Solutions (KRX:373220) supplies Tesla with batteries using nickel-cobalt-manganese-aluminum (NCMA) cathodes.
As mentioned, it wasn’t just lithium that saw prices climb in 2021 — cobalt doubled in price that same year, and although it has declined since then, the battery metal remains essential for many EV batteries. Most cobalt mining takes place in the Democratic Republic of Congo, which is often associated with child labor and human rights abuses, fueling concerns over long-term supply.
That said, not all Tesla’s batteries contain cobalt. In 2021, Tesla said that for its standard-range vehicles it would be changing to lithium-iron-phosphate (LFP) cathodes, which are cobalt- and nickel-free. At the time, the company was already making vehicles with LFP chemistry at its factory in Shanghai, which supplies markets in China, the Asia-Pacific region and Europe.
In April 2023, Tesla announced that it planned to use this type of cathode chemistry for its short-range heavy electric trucks, which it calls "semi light." The company is also looking to use LFP batteries in its mid-sized vehicles.
At the top of this year, Tesla made moves to produce LFP batteries at its Sparks, Nevada battery facility in reaction to the Biden Administration's new regulations on battery materials sourcing, especially on those sourced from China. Reuters reports Tesla battery supplier CATL will sell idle equipment to the car maker for use at the plant, which will have an initial capacity of about 10 gigawatt hours.
What company makes Tesla’s batteries?
Tesla works with multiple battery suppliers, including Panasonic, its longtime partner, as well as LG Energy Solutions, the second largest battery supplier in the world. They supply the EV maker with cells containing nickel and cobalt.
China's CATL has been supplying LFP batteries to Tesla for cars made at its Shanghai plant since 2020. It’s also been reported that BYD Company (OTC Pink:BYDDF,SZSE:002594) is supplying Tesla with the Blade battery — a less bulky LFP battery — which the car manufacturer has used in some of its models in Europe.
How much lithium is in a Tesla battery?
How much lithium do Tesla batteries actually contain? That question is tricky because many factors are at play. Typically, it depends on battery chemistry, as demonstrated by the chart below, as well as battery size.
For example, the standard Tesla Model S contains about 138 pounds, or 62.6 kilograms, of lithium; it is powered by a NCA battery which has a weight of 1,200 pounds or 544 kilograms.
The amount of lithium in a Tesla battery can also vary based on model and year as the battery chemistries and weights are often changing with each new iteration. For example, the newer Tesla Model S Long Range reportedly contains as much as 771 pounds, or 350 kilograms, of lithium.
Back in 2016, Musk said batteries don't require as much lithium as they do nickel or graphite — he described lithium as "the salt in your salad." As the chart below shows, the metal only makes up about a 10th of the materials in each battery.
Metal content of battery chemistries by weight.
Chart via BloombergNEF.
But a key factor to remember is volume — given the amount of batteries Tesla needs to meet its ambitious goals, it could hit a bottleneck if it can’t secure a steady supply of raw materials. Of course, this is true not just for Tesla, but for every carmaker producing EVs today and setting targets for decades to come.
For that reason, demand for lithium-ion batteries is expected to soar in the coming years. By 2030, Benchmark Mineral Intelligence forecasts that demand will grow by 400 percent to reach 3.9 terawatt-hours. Over the same forecast period, the firm sees the current surplus in the lithium supply coming to end.
Where is Tesla's lithium refinery?
Tesla broke ground on its in-house Texas lithium refinery in the greater Corpos Christi area of the state last year. Tesla's lithium refinery capacity is expected to produce 50 GWh of battery-grade lithium per year. Musk said in late 2023 that construction of the lithium refinery would be completed in 2024, followed by full production in 2025.
Will Tesla buy a lithium mine?
For carmakers, securing lithium supply to meet their electrification goals is becoming a challenge, which is why the question of whether they will become miners in the future continues to come up.
But mining lithium is not easy, and despite speculation, it's hard to imagine an automaker being involved in it, SQM’s (NYSE:SQM) Felipe Smith said. “You have to build a learning curve — the resources are all different, there are many challenges in terms of technology — to reach a consistent quality at a reasonable cost,” he noted. “So it's difficult to see that an original equipment manufacturer (OEM), which has a completely different focus, will really engage into these challenges of producing.”
Even so, OEMs are coming to the realization that they might need to build up EV supply chains from scratch after the capital markets' failure to step up, Benchmark Mineral Intelligence’s Simon Moores believes. Furthermore, automotive OEMs that are making EVs will in effect have to become miners.
“I don't mean actual miners, but they are going to have to start buying 25 percent of these mines if they want to guarantee supply — paper contracts won't be enough,” he said.
However, last year Musk made it clear to investors that Tesla is more focused on developing its lithium refining capabilities, rather than getting into the mining game.
This is an updated version of an article first published by the Investing News Network in 2022.
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Securities Disclosure: I, Melissa Pistilli, 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.
A$14 Million Capital Raise for Continued Ongoing Development of HMW Phase 1
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that it has received firm commitments for an equity raising of A$14 million to institutional, sophisticated and professional investors (Placement) at A$0.23 per share.
- Galan has received firm commitments to raise A$14 million at A$0.23 per share
- Strong support received from offshore and domestic institutional and sophisticated investors, with the Placement oversubscribed
- Funds will be used for the further development of the Hombre Muerto West lithium brine project (HMW) in Argentina, corporate overheads and working capital
- HMW phase 1 developments costs; and
- Corporate overheads, working capital and transaction costs
Canaccord Genuity (Australia) Limited and Petra Capital Pty Limited acted as Joint Lead Managers and Bookrunners to the Placement.
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented: “We are delighted with the support for the Placement and welcome a number of new investors to the register. In addition, on behalf of the Board of Directors, I would like to thank our shareholders for their ongoing support.
Funds raised from the Placement will allow the Company to further progress negotiations to complete the already advanced development of its 100% owned Hombre Muerto West lithium brine project in Argentina. We look forward to putting investors funds to work.”
Placement
The Company has received firm commitments for a Placement of A$14 million at A$0.23. Participants under the Placement will also receive one new unlisted option for every two shares subscribed (New Options). New Options will be issued subject to shareholder approval at a general meeting of the Company to be held in early to mid-July 2024. New Options will have an exercise price of A$0.35 and an expiry date two years from their issue.
Under the Placement, the Company will issue 56,521,740 fully paid ordinary shares in the Company at A$0.23 per share (New Shares) (39,718,322 under ASX Listing Rule 7.1A and 16,803,418 under ASX Listing Rule 7.1) plus, subject to receipt of shareholder approval, 28,260,870 New Options , raising a total of A$13 million (before costs), to institutional, sophisticated and professional investors. Additionally, Galan directors will be subscribing for up to 4,347,828 New Shares plus 2,173,914 New Options on the same terms raising a total of A$1 million (before costs) (“Director Placement”) in a second tranche that will be subject to shareholder approval at a forthcoming General Meeting (GM).
The issue price of A$0.23 per share, represents a 20.7% discount to the last closing price of A$0.29 on 15 May 2024 and a 23.8% discount to the 10-day VWAP of A$0.3018 as at the same date.
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.
Priority Targets Confirmed at Great Bear Lake (Radium Point) U-Cu- Au-Ag Project in Readiness for Field Activities to Commence
Ongoing data digitisation reveals additional high priority targets
White Cliff Minerals Limited (“the Company”) (ASX: WCN) is pleased to provide an update on its activities as it prepares for its upcoming maiden field campaign in Northwest Territories and Nunavut, Canada. The Company has now prioritised a number of highly prospective targets, which includes additional targets from the initial review of the southern half of the Great Bear Lake Project, Northwest Territories, as new areas are realised through the digitisation and GIS integration of historic datasets.
Highlights:
- Priority targets will include:
- Thompson Showing: a high-grade polymetallic area south of the historic Echo Bay and Eldorado mines that includes untested U anomalies from prior airborne radiometry surveys. Historic rock chips include 14.15% U3O8, 6.22g/t Au, 122g/t Ag.
- Hunter Bay Extension (Sloan): The target is immediately along strike from the historic (non JORC/NI 43-101) estimate of 100,000t at 8.4% Cu at the Sloan Deposit1. Limited sampling in 2006 returned up to 1.69% Cu and 321ppm U3O8 along the NE extension of the vein complex.
- Sparkplug Lake: An E/W trending structure adjacent to an obvious caldera collapse feature similar to the NICO and Sue Dianne IOCG deposits2. Historic grab samples span a strike length of 1.8km returning up to 8.28g/t Au, 44g/t Ag and 3.97% Cu. Several structures of similar orientation exist for a further 2.5km south.
- Spud Bay: Lies along strike from the historic Bonanza Silver Mine3, striking NW/SE between granite and monzodiorite hosts several high grade, Ag, Cu, Co, Zn occurrences. Historic grab samples include 11.7% Cu, 8.3% Zn and 1330g/t Ag and 22.7% Cu and 619g/t Ag.
- Evidence of IOCG and epithermal style mineralisation have been identified in the southern half of the Great Bear Lake Project generating new and additional priority targets:
- Luv Lake: Located 8 km NE of the historic Terra silver mine, a 3km2 IOCG target with historical rock chips that include 10.4% Cu and 23g/t Ag
- OMNI: Located 9.3km east of the Luv Lake target area, a quartz stockwork hosted Au-Cu with historical rock chips that include 5.4% Cu and 4g/t Au
- HD44: Located just 5km SW of the Terra Mine, a polymetallic quartz-carbonate epithermal out cropping vein with historical rock chips that include 2.18% Cu, 1.95% Co and 22.26% Bi
Commenting on the update, White Cliff Managing Director, Troy Whittaker said:
“Historic rock chips results from the southern parts of the Great Bear Lake Project have continued to reveal an underexplored, district scale opportunity which will be assessed during the upcoming 2024 field work. Whilst works continue on this review, these initial results continue to demonstrate the district and regional potential of the entire Project area.
Integration of this historic data, coupled with observations and sample results from the upcoming field program alongside outputs from the MobileMT survey will provide a robust dataset for drill target definition. The diligent and exceptional work done by the team has allowed us to rank priority targets across the Great Bear Lake Project which allow for efficient and appropriate provision of field works and capital allocation ahead of the 2024 season.
Given the target rich environment, and different advancing stages of exploration across the Project, the Company is now in an envious position where it can progress and develop a pipeline of targets“.
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 9 Lithium-producing Countries (Updated 2024)
Interest in lithium continues to grow due to its role in the lithium-ion batteries that power electric vehicles (EVs). As a result, more and more attention is landing on the top lithium-producing countries.
About 80 percent of the lithium produced globally goes toward battery production, but other industries also consume the metal. For example, 7 percent of lithium is used in ceramics and glass, while 4 percent goes to lubricating greases.
According to the US Geological Survey, lithium use in batteries has increased in recent years due to the use of rechargeable batteries in portable electronic devices, as well as in electric tools, EVs and grid storage applications.
Manufacturers commonly use lithium carbonate or lithium hydroxide in these batteries rather than lithium metal. Lithium-ion batteries also include other important battery metals, such as cobalt, graphite and nickel.
As demand for lithium continues to rise, which countries will provide the lithium the world requires? The latest data from the US Geological Survey shows that the world’s top lithium-producing countries are doing their best to meet rising demand from energy storage and EVs — in fact, worldwide lithium production rose sharply from 2022 to 2023, coming in at 180,000 metric tons (MT) of lithium content last year (not including US production), compared to 146,000 MT in 2022.
What are the top lithium-producing countries?
Australia, Chile and China were the top three lithium countries in 2023, and Brazil and Zimbabwe rose significantly in the ranks. Read on for an overview of global lithium production by country. As the EV lithium-ion battery market continues to grow, it’s likely these countries will vie for larger roles in supplying the metal in the years to come.
1. Australia
Mine production: 86,000 MT
Kicking off this lithium production by country list is Australia, which produced 86,000 MT of lithium last year, up from 74,700 MT the year before. Following that increase, it's likely the country's lithium production will see a decline in 2024 as demand for EVs has stalled in the current slowing economic climate, leading to much lower lithium prices. In fact, Australia's lithium miners have already begun to curb production rates.
Who owns Australia's largest lithium mines? The Greenbushes lithium mine in Western Australia is operated by Talison Lithium, a subsidiary that is jointly owned by miners Albemarle (NYSE:ALB), Tianqi Lithium (OTC Pink:TQLCF,SZSE:002466) and IGO (ASX:IGO,OTC Pink:IPDGF). Greenbushes has been in operation for over a quarter of a century, making it the longest continuously running mining area in the state. Mount Marion, a joint venture between Mineral Resources (ASX:MIN,OTC Pink:MALRF) and Ganfeng Lithium (OTC Pink:GNENF,SZSE:002460,HKEX:1772), is another key lithium mine in Australia. The mine is located in the Yilgarn Craton, southwest of Kalgoorlie.
Australia also holds over 4.8 million MT of identified JORC-compliant lithium reserves, which puts it behind Chile. It is worth noting that most of the country’s lithium supply is exported to China as spodumene.
2. Chile
Mine production: 44,000 MT
Lithium miners in Chile increased the nation's output from 38,000 MT of lithium in 2022 to 44,000 MT last year, making it the second top lithium producer in the world. Unlike Australia, where lithium is extracted from hard-rock mines, Chile’s lithium is found in lithium brine deposits.
The Salar de Atacama salt flat in Chile generates roughly half the revenue for SQM (NYSE:SQM), a top lithium producer. The Salar de Atacama is also the home of another top lithium brine producer — US-based Albemarle.
In April 2023, market participants and lithium miners were surprised by the Chilean government's plans to nationalize the lithium industry. While ultimately it wasn't a true nationalization, the country is moving to gain controlling stakes in lithium assets in the Salar de Atacama and Maricunga through its state-owned mining company Codelco.
SQM has signed an arrangement with Codelco that will allow it to continue operations in the Salar de Atacama until 2060. The two companies will create a new entity for the operations, with Codelco owning 50 percent plus one share of the company. Albemarle recently agreed to a deal that will give it the option to raise its production quota by meeting certain conditions. In March 2024, Chile also opened over two dozen other salt flats for private investment.
Lithium brine operations in Chile's Salar de Atacama.
Freedom_wanted / Shutterstock
3. China
Mine production: 33,000 MT
China came third for lithium production in 2023, beating fourth place Argentina significantly. The Asian country saw its lithium supply grow to 33,000 MT last year from 22,600 MT the year prior.
China is the largest consumer of lithium due to its electronics manufacturing and EV industries. It also produces more than two-thirds of the world’s lithium-ion batteries and controls most of the world’s lithium-processing facilities. China currently gets the majority of its lithium from Australia, but it is looking to expand its capacity.
In January of this year, China announced the discovery of a massive million-metric-ton lithium deposit in the country's Sichuan Province. However, China's lithium production capacity is unlikely to increase much in 2024 as slowing EV demand in the country has in turn dampened demand for lithium.
4. Argentina
Mine production: 9,600 MT
Lithium producer Argentina’s output ticked up by 3,010 MT from 2022, with the nation putting out 9,600 MT in 2023.
It’s well known that Bolivia, Argentina and Chile make up the Lithium Triangle. Argentina’s Salar del Hombre Muerto district hosts significant lithium brines, and its reserves are enough for at least 75 years.
At present, lithium mining in the country consists of two major brine operations currently in production and 10 projects that are in development. Analysts at consultancy firm Eurasia Group project that Argentina’s lithium production has the potential to grow approximately tenfold by 2027, as per CNBC.
One of the largest lithium miners in Argentina is Arcadium Lithium (ASX:LTM,NYSE:ALTM), the result of the January 2024 merger of Livent and Allkem. The new entity is the third largest lithium producer in the world.
5. Brazil
Mine production: 4,900 MT
Lithium production in Brazil has taken off in the last several years, catapulting it onto the list of the top lithium-producing countries. After achieving output of 400 MT or less from 2011 to 2018, the country’s production hit 2,400 MT in 2019. Brazil saw another significant jump last year, when its lithium output rose by 2,270 MT over 2022's 2,630 MT.
Brazil's government plans to invest more than US$2.1 billion by 2030 into expanding the nation's lithium production capacity. At the state level, in 2023 the Minas Gerais government launched the Lithium Valley Brazil initiative, which is aimed at promoting investment in lithium mining. The program includes four publicly listed lithium companies with assets in the state's Jequitinhonha Valley: Sigma Lithium (TSXV:SGML,NASDAQ:SGML), Lithium Ionic (TSXV:LTH,OTCQX:LTHCF), Atlas Lithium (NASDAQ:ATLX) and Latin Resources (ASX:LRS,OTC Pink:LRSRF).
6. Zimbabwe
Mine production: 3,400 MT
Zimbabwe's lithium output has grown exponentially in a short space of time. Just a few years ago, in 2021, the African nation's output came in at only 710 MT. As of 2023, that figure has grown by 378 percent to reach 3,400 MT of the battery metal. Total reserves in Zimbabwe stand at 310,000 MT, as per the US Geological Survey.
In December 2022, Zimbabwe banned the export of raw lithium in an effort to build out the nation's capacity to process battery-grade lithium domestically. The ban excludes companies that are already developing mines or processing plants in Zimbabwe. Lithium concentrate is now on track to become Zimbabwe's third biggest mineral export, behind gold and platinum-group metals, reported Reuters in November 2023.
Lithium-producing countries in Africa have attracted much attention from Chinese firms in recent years, especially Zimbabwe. Sinomine Resource Group (SZSE:002738), for example, bought a stake in Zimbabwe's emerging lithium industry with the purchase of the Bikita mine, the African nation's oldest lithium mine.
Zimbabwe's other key lithium mines include Zhejiang Huayou Cobalt's (SHA:603799) Arcadia mine and state miner Kuvimba Mining House’s Sandawana mine. A few other advanced lithium projects reached the pilot plant production stage in 2022 and 2023: Premier African Minerals' (LSE:PREM) Zulu lithium-tantalum project; Chengxin Lithium's (SZSE:002240) Sabi Star lithium-tantalum mine; and Lonosphere Investment's open-pit mine in Mataga Mberengwa. Pilot plant stage production is not typically included in total global lithium supply estimates.
6. Canada
Mine production: 3,400 MT
Canada's lithium production for 2023 was on par with Zimbabwe's 3,400 MT. The North American nation substantially increased its production of the battery metal with a rise of more than 553 percent from the previous year.
While Canada is home to a wealth of hard-rock spodumene deposits and lithium brine resources, much of it remains underdeveloped. In an effort to grow a strong North American lithium supply chain for the battery industry, the government has invested in a number of lithium projects, including C$27 million for E3 Lithium (TSXV:ETL,OTCWX:EEMMF), a lithium resource and technology company, and C$1.07 million to Prairie Lithium.
Taking it further, in November 2023, the Canadian government launched the C$1.5 billion Critical Minerals Infrastructure Fund. The fund seeks to address gaps in the infrastructure required for the sustainable development of the nation’s critical minerals production, including battery metals like lithium.
Canada's efforts were rewarded in early 2024, when BloombergNEF gave the nation the top spot in the fourth edition of its Global Lithium-ion Battery Supply Chain Ranking.
8. Portugal
Mine production: 380 MT
Portugal's lithium production dropped by two-thirds in 2022, coming in at 380 MT compared to 900 MT in the previous year. For 2023, the European nation's lithium output remained at 380 MT. The dramatic decline is attributed to public backlash against the environmental impact of lithium mining.
Most of Portugal's lithium comes from the Gonçalo aplite-pegmatite field. Despite this lithium-producing country’s comparatively low output, Portugal’s lithium reserves stand at 60,000 MT.
9. United States
Mine production: withheld
In the final place on this top lithium-producing countries list is the US, which has withheld production numbers to avoid disclosing proprietary company data. Its only output last year came from two operations: a Nevada-based brine operation, most likely in the Clayton Valley, which hosts Albemarle’s Silver Peak mine, and the brine-sourced waste tailings of Utah-based US Magnesium, the largest primary magnesium producer in North America.
There are a handful of major lithium projects underway in the US, including Lithium Americas’ (TSX:LAC,NYSE:LAC) Thacker Pass lithium claystone project, Piedmont Lithium’s (ASX:PLL,NASDAQ:PLL) hard-rock lithium project and Standard Lithium’s (TSXV:SLI,OTCQX:STLHF) Arkansas Smackover lithium brine project.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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