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Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce that it’s K-feldspar testing program conducted at its Black Mountain hard rock lithium project (“Black Mountain”) has confirmed the moderately to highly fractionated state of the outcropping LCT pegmatites at the project.
HIGHLIGHTS:
- Analysis of the Rb content in K-feldspar crystals collected from outcropping pegmatites at Black Mountain confirms the moderately to highly fractionated state of the outcropping lithium-caesium-tantalum (LCT) pegmatites
- The K-feldspar potassium to rubidium (K:Rb) ratios of less than 30 are concentrated in the southern group of pegmatites, confirming that they remain the most prospective for lithium mineralization and, accordingly, are now the primary targets for future drilling
- The results of this work have demonstrated to the Company that K-feldspar testing can quickly and cost-effectively distinguish fractionated LCT pegmatites prospective for lithium mineralisation from unmineralised pegmatites and, accordingly, will be used at Chariot’s other projects in the U.S.A.
Chariot has identified a fractionation trend within the property, with fractionation increasing towards the south and the presence of moderate-to-highly fractionated LCT pegmatites in the central and southern pegmatite clusters at Black Mountain (“Southern Target Area”).
A pXRF (portable X-ray fluorescence) device was used on 218 potassium-feldspar (“K-feldspar”) samples collected from the outcropping pegmatites at Black Mountain.
Many of these samples also displayed anomalous caesium (Cs) and tantalum (Ta) values, further supporting the existence of LCT pegmatites in the area.
The Company will expand its drilling plans and drill test the Southern Target Area.
Chariot engaged Environmental Resources Management (ERM) to assist with an orientation sampling program at the Black Mountain project to:
1) determine fractionation states of pegmatites by sampling the K-feldspar minerals;
2) identify any fractionation trends (based on K/Rb ratios), in order to define and rank zones for further drill testing; and
3) test for LCT-pegmatite suite elements (Cs, Rb, Ta, and Sn), as further indication of LCT type pegmatites.
The results of this work demonstrate the effectiveness of using K-feldspar testing to distinguish prospective lithium mineralized LCT pegmatites from less fractionated pegmatites. K-feldspar testing has enabled the Company cost-effectively to sharpen the focus of its exploration activities at Black Mountain and will also be used to focus exploration at the Company’s other projects. K-feldspar sampling is currently being conducted at the Copper Mountain and South Pass projects in Wyoming U.S.A.
Figure 1: Black Mountain Leapfrog model showing the mapped pegmatites over the DEM, downhole pegmatite intersections and outcrop K/Rb fractionation data. Oblique view looking northeast.
Fractionation State of the Pegmatites
ERM’s experience and global dataset of K-feldspar K/Rb fractionation data indicates that pegmatites with a K/Rb value of less than 30, have the highest potential to host lithium mineralization (see also Chariot’s ASX announcement dated 19 June 20241). It was determined that the K-feldspar fractionation data from the Black Mountain pegmatites (see Table 1) are consistent with moderately to highly fractionated pegmatites with significant potential for LCT mineralization.
The pXRF analyses of K-feldspar (see Table 1) show elevated content of LCT-pegmatite suite elements (Cs, Rb, Ta, and Sn) and moderate to high fractionation states.
Table 1 Summary results of pXRF data from K-feldspar from the Southern Target Area
Table 2 Summary results of pXRF data from K-feldspar from the Northern Area
The Black Mountain pegmatites located in the project’s Southern Target Area exhibited K/Rb ratios averaging 24 and are associated with high-grade lithium mineralization encountered at surface and in drill holes. This drill data was provided by the Company in its ASX announcement dated 3 May 20242. The data indicates that the sampled pegmatites are all LCT-type.
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.
CC9:AU
Chariot Corporation
Investor Insights
Chariot Corporation presents a unique value proposition for seasoned investors, with its strategic ownership of the largest land package for lithium exploration in the US and a portfolio of non-core assets providing significant revenue opportunities.
Overview
Chariot Corporation (ASX:CC9) is the largest landholder for lithium exploration in the US. It has a strategy to target both hardrock lithium in Wyoming and claystone lithium in Nevada and Oregon. The flagship Black Mountain project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. Chariot’s six other hard rock projects in Wyoming span 443 claims covering 3,585 hectares.
The second flagship project, Resurgent, has the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass with 44.5 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt at 21.5 Mt LCE). The recent $955-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
As the world's demand for lithium continues to grow, Chariot's exploration and development efforts in the US are well-timed and offer investors exposure to the rapidly growing lithium market.
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States. Chariot has completed its phase 1 drill program at the Black Mountain project consisting of nine shallow holes, drilled from a total of 1,132 metres. Phase 2 drilling has commenced, which includes up to 18 drill holes targeting a high-grade spodumene resource to support the establishment of a pilot mine.
Chariot Corporation announced a revised strategy for the Black Mountain hard rock lithium project to establish a small-scale “pilot mine”. Chariot aims to supply spodumene concentrate to several lithium hydroxide refineries under construction in the southwestern United States. Strategically located in Wyoming, Chariot can leverage Wyoming’s small-mine permit system to provide short-term cash flow and potentially optimize the development of larger-scale mining operations in the future.
Chariot boasts a world-class team with strong track records in mining, exploration and the financial services sectors. The management has significant corporate and investment banking experience. CEO, Shanthar Pathmanathan was an oil and investment banker with Macquarie and Deutsche Bank. On the geological side, Neil Stuart who is a non-executive director is a lithium industry veteran having previously founded Orocobre Ltd (which merged with Galaxy Resources and later with Livent) to form Arcadium Lithium, one of the largest lithium producers in the world which has recently been acquired by Rio Tinto. The exploration team is led by Dr. Edward Max Baker, a geologist with over 40 years of experience and several discoveries. He was the chief geologist at Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. The collective experience of the management team, from investment banking (with fundraising and M&A experience) to resource discoveries, will be useful in advancing the company’s core projects.
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Largest lithium exploration land holdings in the US
Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
International Lithium Corp.
Investor Insight
International Lithium offers investors exposure to the growing critical metals sector through its advanced-stage Raleigh Lake lithium-rubidium project in Ontario, early-stage copper-cobalt exploration at Firesteel in Ontario, and strategic focus on Southern Africa, all supported by strong infrastructure and a seasoned leadership team.
With strategic divestments, a robust financial position, and a focused growth strategy, International Lithium is well-positioned to meet the rising demand for lithium and other critical metals
Overview
International Lithium (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a Canada-based mineral exploration company focused on the discovery and development of lithium and other critical metals essential for the transition to a cleaner, greener planet. With a portfolio of projects located in mining-friendly jurisdictions, the company’s primary objective is to build shareholder value by advancing its key assets towards production while expanding its presence in emerging critical metals regions.
International Lithium's flagship asset is the 100 percent owned Raleigh Lake lithium and rubidium project in Ontario. A preliminary economic assessment (PEA) for the Raleigh Lake project, completed in December 2023, demonstrated strong project economics and significant resource growth potential, including an annual after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent, with a nine-year mine life and project duration of 11 years. This assessment did not yet include rubidium, which represents significant additional potential pending further market analysis.
Complementing its lithium focus, the company is advancing the Firesteel copper-cobalt project in northwestern Ontario, targeting high-grade base metal mineralization to further diversify its critical metals exposure.
In addition to its Canadian projects, International Lithium is positioning for further international growth with a strategic focus on Southern Africa. It has applied for exclusive prospecting orders (EPOs) in Zimbabwe, one of the world's most prospective regions for hard rock lithium exploration.
Recent strategic divestments, including the sale of the Avalonia project stake, have strengthened ILC's financial position, enabling focused investment in its core projects.
In 2025, International Lithium acquired an option from Lepidico (Canada) Inc. to purchase 100 percent of Lepidico (Mauritius) for C$975,000. Lepidico Mauritius holds an 80 percent stake in Lepidico Chemicals Namibia (Pty) Ltd., which owns the Karibib Lithium, Rubidium and Cesium Project in Namibia.
The project comprises two areas with fully permitted mining licences, known as Rubicon and Helikon. It also hosts one of the largest disclosed rubidium resources in Africa, along with significant lithium and cesium mineralization.
Exercising the Karibib option would position International Lithium to capitalize on an upswing in the lithium market while also cementing its role as one of the leading global players in rubidium. The project would expand its portfolio of some of the most significant cesium resources held by any non-Chinese company, strengthening its standing in three critical minerals that are increasingly vital to global supply chains.
The company is led by an experienced management team with a strong technical background in mineral exploration, project development and corporate finance. Supported by access to established infrastructure, a commitment to sustainable development practices, and a clear strategic focus, International Lithium is well-positioned to capitalize on the increasing global demand for lithium and other essential materials critical to the clean energy transition.
Company Highlights
- International Lithium is focused on developing lithium and critical metals projects in Canada and Southern Africa, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
- Raleigh Lake is ILC’s wholly owned flagship lithium-rubidium project in Ontario, Canada, with a positive PEA completed in December 2023.
- ILC holds a 90 percent interest in the Firesteel copper and cobalt project in Northwestern Ontario, with exploration permits filed and drilling programs planned.
- The company has applied for exclusive prospecting orders (EPOs) in Zimbabwe and is continuing to review further exploration opportunities in Southern Africa.
- ILC is debt-free with a robust financial position. It has monetized its non-core assets, including the sale of its stake in the Avalonia project in Ireland, resulting in a C$2.5 million payment and a 2 percent net smelter royalty.
- ILC secured an option to acquire 100 percent of Lepidico (Mauritius), which owns an 80 percent interest in Lepidico Chemicals Namibia, the owner of the Karibib Lithium, Rubidium and Cesium Project in Namibia.
- The company is led by an experienced management team with a proven track record in advancing mineral exploration projects.
Key Projects
Raleigh Lake
The Raleigh Lake project is ILC’s flagship asset, located approximately 25 kilometres west of Ignace, Ontario. The project covers a contiguous land package of 32,900 hectares and is 100 percent owned by the company. Raleigh Lake benefits from excellent infrastructure access, situated near the Trans-Canada Highway, a Canadian Pacific Railway line, and existing natural gas and hydroelectric infrastructure.
Major public infrastructure relative to the Raleigh Lake project
Raleigh Lake is notable for its dual potential to host both lithium and rubidium mineralization. The lithium is found primarily in spodumene-bearing pegmatites, while rubidium is associated with microcline-rich zones of the same lithium-cesium-tantalum pegmatite system. In 2023, International Lithium published a maiden mineral resource estimate (MRE) that delineated significant resources for both lithium and rubidium using separate cutoff criteria.
For lithium (Li₂O), the project hosts a measured and indicated resource of 5.88 Mt grading 0.79 percent Li₂O, and an inferred resource of 2.07 Mt grading 0.77 percent Li₂O, primarily within pegmatite #1. This lithium resource forms the basis of the company’s PEA, which demonstrated robust project economics with an after-tax NPV (8 percent) of C$342.9 million and an IRR of 44.3 percent.
The rubidium component, though not included in the PEA due to current market constraints, represents an additional potential value stream. The company has reported a measured and indicated resource of 133,000 tons at 6,163 ppm rubidium (0.67 percent Rb₂O) and an inferred resource of 123,000 tons at 4,224 ppm rubidium (0.46 percent Rb₂O), using a 4,000 ppm cutoff. The rubidium zones are found in association with potassic feldspar, offering a potentially recoverable byproduct pending further market and technical evaluation.
Given the project’s strong infrastructure position, mineral endowment, and defined development path, Raleigh Lake represents a compelling advanced-stage opportunity in North America's lithium supply chain. International Lithium is continuing infill and expansion drilling, environmental baseline studies, and metallurgical testing to support project advancement toward pre-feasibility.
Firesteel Project
The Firesteel project is an early-stage copper-cobalt exploration property located in northwestern Ontario, approximately 10 km west of Upsala along Highway 17. Spanning a 16-km corridor to the Firesteel River, the property lies within a geologically favorable region characterized by Archean metavolcanic and metasedimentary rocks, which are prospective for volcanogenic massive sulphide (VMS) and sedimentary copper systems.
International Lithium completed the acquisition of a 90 percent interest in the Firesteel project in May 2024, aiming to diversify its critical metals portfolio beyond lithium. Historical sampling on the property has returned encouraging results, including copper assays up to 2.6 percent and cobalt values reaching 309 ppm. Notably, the "Roadside 1" occurrence features semi-massive sulphide mineralization comprising pyrite, pyrrhotite, chalcopyrite and bornite. These findings suggest the presence of a highly metamorphosed VMS or sedimentary copper system, potentially up to 20 meters wide and extending over a kilometer in length.
The project's proximity to major infrastructure, including highways and railways, coupled with its strategic location near the company's Raleigh Lake project, enhances its development potential. International Lithium plans to conduct systematic exploration, including geochemical sampling and geophysical surveys, to refine targets for future drilling campaigns.
Wolf Ridge Project
Wolf Ridge is a 5,700-hectare grassroots lithium project located 20 km southwest of Upsala and near ILC’s Firesteel copper claims. The area benefits from excellent infrastructure, including proximity to Highway 17, power, and road access.
The project was highlighted by the Ontario Geological Survey (2021–2022) for its standout lake sediment anomalies - among the highest lithium values in the region - indicating strong potential for LCT pegmatite mineralization.
Read more on page 54 of the report here.
Southern Africa Exploration Initiative
Southern Africa is recognized as a prospective region for hard rock lithium, and International Lithium’s strategic focus reflects a proactive move to establish a presence in this emerging jurisdiction.
As part of its strategy to expand its critical metals footprint, International Lithium has applied for Exclusive Prospecting Orders (EPOs) over several prospective areas in Zimbabwe. The targeted regions are known for hosting spodumene, lepidolite and petalite-bearing pegmatites, indicating potential for significant lithium resources.
Although the EPO applications are still pending approval, the company has already conducted initial due diligence, including geological reviews and desktop studies, to prioritize exploration targets once access is granted. Zimbabwe’s growing importance as a global lithium supplier, combined with favorable mining policies, offers a compelling backdrop for the company's expansion efforts. International Lithium intends to leverage its technical expertise and exploration experience to quickly evaluate and develop these opportunities upon receiving the necessary permits
Management Team
John Wisbey – Chairman and CEO
John Wisbey joined International Lithium in 2017, initially serving as deputy chairman before being appointed chairman and CEO in March 2018. Under his leadership, the company has undergone a significant transformation, including achieving 100 percent ownership of the Raleigh Lake project, divesting non-core assets, and expanding into new jurisdictions such as Zimbabwe. He founded two London AIM-listed companies: IDOX, which provides software for the UK local government; and Lombard Risk Management, which specializes in software for bank risk management and regulation. He also established CONVENDIA, a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. With a background in banking and financial technology entrepreneurship, Wisbey brings extensive experience in corporate leadership and strategic development. He is also the company's largest shareholder.
Maurice Brooks – Director and CFO
Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role in the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.
Anthony Kovacs – Director and COO
Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.
Ross Thompson – Non-executive Director
Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.
Geoffrey Baker – Non-executive Director
Geoff Baker joined the board of ILC at the end of 2022 and is a member of the audit committee. He has a career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors' Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor's degree from the University of Windsor in Ontario.
Muhammad Memon – Corporate Secretary and Financial Controller
Muhammad Memon became corporate secretary of ILC in 2021. He has over 10 years of experience in managing finance and compliance functions of public companies in various sectors including mining exploration, investment management, real estate and technology. He assists companies with debt and equity financings, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. He is a member of the Chartered Professional Accountants of Canada and a fellow of the Association of Chartered Certified Accountants, United Kingdom.
New mineralised pegmatites identified at Lithium Ridge as exploration drilling commences with SQM
HIGHLIGHTS
- 14 000 metres of Orientated Diamond Drilling ("DD") underway across priority lithium targets.
- High resolution geological mapping and sampling already identifying new pegmatites with visible spodumene mineralisation.
- Programme builds on historical results of up to 2.13% Li₂O along a 6 km mineralised ridgeline.
Anthony Viljoen, Chief Executive Officer, commented:
"The commencement of drilling at Lithium Ridge with our tier-1 joint-venture partner, SQM, is a significant step forward in unlocking one of Namibia's most exciting lithium opportunities. The encouraging historical results of up to 2.13% Li₂O along the 6km ridge line, are already being complemented by a new geological mapping and sampling programme that has identified additional mineralised pegmatites containing visible spodumene crystals. This strengthens our confidence in the scale and quality of the project. The investment by SQM underscores Lithium Ridge's potential and Namibia's growing role in the global supply of critical minerals. We expect this programme to provide the foundation for fast-tracking the project towards development."
Lithium ridge exploration programme
The Lithium Ridge mining licence is located only 35 kilometres from Andrada's producing Uis tin mine and hosts multiple high-priority lithium-bearing pegmatites, with associated tin and tantalum credits.
The current programme is designed to:
- Unlock the full potential of the mineralised ridge and,
- Extend exploration across the wider licence area where new spodumene - bearing pegmatites have been identified.
The 14 000 metre DD programme will comprise approximately 120 orientated holes, to determine the depth extensions and continuity of the extensive mineralisation already identified at surface. Historical work confirmed grades of up to 2.13% Li₂O and metallurgical spodumene recoveries of up to 80%, producing a premium 6.8% Li₂O concentrate with low iron levels. These results were on drill chip samples produced during reverse circulation drilling at Lithium Ridge. (See announcement dated 5 December 2023). This programme is expected to significantly enhance the geological understanding of Lithium Ridge and demonstrate its economic potential as a large-scale, high quality lithium project.
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Geologists examining drill core at Lithium Ridge | Exploration drill rig at Lithium Ridge |
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Andrada CEO, Anthony Viljoen (L) and SQM International Lithium CEO, Mark Fones (R) carrying a spodumene crystal at Lithium Ridge (Namibia)
CONTACT | |
ANDRADA MINING LIMITED | |
Anthony Viljoen, CEO Sakhile Ndlovu, Head of Investor Relations | +27 (11) 268 6555 |
NOMINATED ADVISOR & BROKER | |
Zeus Capital Limited Katy Mitchell Andrew de Andrade Harry Ansell | +44 (0) 20 2382 9500 |
CORPORATE BROKER & ADVISOR | |
H&P Advisory Limited Andrew Chubb Jay Ashfield Matt Hasson | +44 (0) 20 7907 8500 |
Berenberg Jennifer Lee | +44 (0) 20 3753 3040 |
FINANCIAL PUBLIC RELATIONS | |
Tavistock (United Kingdom) Emily Moss Josephine Clerkin | +44 (0) 207 920 3150 |
About Andrada Mining Limited
Andrada Mining Limited, formerly Afritin Mining Limited, is a London-listed technology metals mining company with a vision to create a portfolio of globally significant, conflict-free, production and exploration assets. The Company's flagship asset is the Uis Mine in Namibia, formerly the world's largest hard-rock open cast tin mine and currently being re-developed as a major tin-tantalum-lithium producer. An exploration drilling programme is currently underway with the aim of expanding the tin resource over the fourteen additional, historically mined pegmatites that occur within a 5km radius of the current processing plant. The Company has set a mineral resource target of 200 Mt to be delineated within the next 5 years. The existing mine, together with its substantial mineral resource potential, allows the Company to consider economies of scale. Andrada is managed by a board of directors with broad industry knowledge and a management team with extensive commercial and technical skills. Furthermore, the Company is committed to the sustainable development of its operations and the growth of its business. This is demonstrated by the way the leadership team places significant emphasis on creating value for the wider community, investors, and other key stakeholders. Andrada has established an environmental, social and governance system that has been implemented at all levels of the Company and aligns with international standards.