International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that all resolutions proposed at the Company's annual general meeting of shareholders held on September 16, 2024 were passed. All agenda items outlined in the information circular for the meeting were approved and all director nominees were elected, with over 99% of votes cast in favour of all the motions. The directors elected for the ensuing year are John Wisbey, Maurice Brooks, Anthony Kovacs, Ross Thompson, and Geoffrey Baker.
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International Lithium Announces Private Placement
International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC"), is pleased to announce a non-brokered private placement (the "Offering") of up to 40,000,000 units (each, a "Unit") at CAD $0.05 per Unit to raise gross proceeds of up to $2,000,000. Each Unit will be comprised of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share at an exercise price of CAD $0.10 per common share for a period of three years from the date of issue.
Proceeds of the private placement will be used for exploration on the Company's Raleigh Lake Project in Ontario and other projects and for general corporate and administrative costs. It is expected that the Company will be able to announce a Preliminary Economic Assessment on Zone 1 of Raleigh Lake in November 2023 or shortly after then.
It is anticipated that some directors and insiders will participate in this Offering. The Units (to the extent subscribed for by insiders) constitute "related party transactions" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), as the subscribers include directors of the Company. The Company is exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Units in reliance on the exemptions contained in sections 5.5(b) and 5.7(1)(b) of MI 61-101 as the Company is not listed on a specified market and the fair market value of the Units being issued to insiders in connection with the Offering does not exceed $2,500,000, as determined in accordance with MI 61-101.
About International Lithium Corp.
International Lithium Corp. believes that the world faces a significant turning point in the energy market's dependence on oil and gas and in the governmental and public view of climate change. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada to safeguard their supplies of critical battery metals and to become more self-sufficient. Our Canadian projects are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes optimizing the value of our existing projects in Canada and Ireland as well as finding, exploring and developing projects that have the potential to become world class lithium and rare metal deposits. We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and we hope to be able to make announcements over the next few weeks.
A key goal has been to become a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board of the Company considers that ILC is now well placed in that respect with a strong net cash position. The board intends to be proactive in keeping that position strong.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
The Company's primary strategic focus at this point is on the Raleigh Lake Project's lithium and rubidium project in Canada and on identifying additional properties in Canada and Zimbabwe.
The Raleigh Lake Project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. The exploration results there so far, which are on only about 8% of ILC's current claims, have shown significant quantities of rubidium and caesium in the pegmatite as well as lithium. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520 or email us on ir@internationallithium.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or caesium recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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International Lithium
Overview
As the demand for clean technologies grows, so too does the demand for high-tech rechargeable batteries to power the green economy. However, the United States and the European Union’s current dependence on Japan, South Korea and China for 80 percent of the world’s battery production is threatening their auto industry. As the largest processor and producer of these battery materials, China alone can significantly influence pricing and supply chain flows.
The United States and the European Union are working to reduce dependence on these countries and restructure supply chains. Both regions have identified Canada as a secure and stable source of sustainable raw materials, such as lithium, which is critical to the growing electric vehicle market. As a result, mining companies with Canada-based projects that supply materials needed for high-tech rechargeable batteries such as lithium may be an interesting opportunity for investors to consider.
International Lithium (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a mineral exploration company focused on developing a portfolio of lithium and rare metals projects and royalties in Canada and Ireland. The company is led by an experienced management team with a proven track record of advancing prospective projects with low technical risk in established mining jurisdictions.International Lithium delivers shareholder value through project development, strategic partnerships and project sales. The company’s projects include the Raleigh Lake and Avalonia projects.
The company’s flagship Raleigh Lake project is a wholly owned and highly prospective lithium, rubidium and caesium project in Ontario. Raleigh Lake spans 48,500 hectares adjacent to the Trans-Canada highway and CPR railway, just outside the town of Ignace, and features promising drill results. Drilling identified stacked tabular dyke-like bodies that gently dip from surface, covering an area of 600 meters along strike by 400 meters downdip with each dyke having grades akin to the 3.78-meter interval grading 1.72 percent lithium oxide and 2,829 parts per million (ppm) rubidium in drill hole RL21-03. Prospecting on newly acquired claims discovered 20 new pegmatites at surface level over several kilometers.
A positive preliminary economic assessment for Raleigh Lake, released in December 2023, shows an annual after-tax cash flow of C$634 million, NPV of C$342.9 million, IRR of 44.3 percent.
International Lithium’s Avalonia project is a joint venture lithium project located in Leinster, Ireland, spanning 29,200 hectares covering a 50-kilometer belt. Drilling on the Avalonia project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6 meters and 1.50 percent lithium oxide over 5.6 meters. The Avalonia project is currently under an option agreement. International Lithium currently owns 45 percent.
“International Lithium. is now in by far the strongest financial position that it has been since its listing in 2011, and we look forward to building successfully on that both at our lithium and rubidium project at Raleigh Lake in Ontario and on our other present and future projects,” said chairman and CEO John Wisbey.
In October 2021, the company sold its share in the Mavis Lake joint venture lithium and caesium project in Ontario to Critical Resources (ASX:CRR) with proceeds totaling C$1.48 million and a possible further C$1.38 million linked to resource discovery milestones.
The company also sold its remaining interest in the Mariana project in Argentina for US$13.17 million, which has placed International Lithium in a strong financial position to further increase its liquidity. In 2021 alone, the company raised C$4.9 million in equity financing.
International Lithium is currently focused on developing its flagship Raleigh project, but the company also continues to identify additional properties to grow its portfolio. In February 2024, International Lithium entered into an agreement to acquire 90 percent interest in the Firesteel project, a highly prospective grassroots copper and cobalt property in Northwestern Ontario, signaling an expansion of the company’s critical minerals portfolio. The company completed the purchase of the Firesteel property in May 2024 and has filed applications for permits to conduct the first drilling program at Firesteel targeting copper mineralization and test up to six distinct targets with up to 2,000 metres of core drilling.
Company Highlights
- International Lithium is developing a portfolio of lithium and rare metals projects and royalties in Canada and Ireland, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
- The company’s flagship Raleigh Lake project is a wholly owned and highly prospective lithium, rubidium and caesium project in Ontario, Canada.
- The company produced its maiden resource estimate for lithium and rubidium and has released a positive preliminary economic assessment for Raleigh Lake.
- International Lithium has signed an agreement to purchase 90 percent interest in the Firesteel project, a highly prospective grassroots copper and cobalt property in Northwestern Ontario.
- The company’s 29,200-hectare Avalonia project is a joint venture lithium project located in a large belt in Leinster, Ireland. Drilling on the project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6.0 meters and 1.50 percent lithium oxide over 5.60 meters.
- Alongside Canada and Ireland, International Lithium has identified Zimbabwe as a strategic jurisdiction in the company’s global lithium strategy.
- International Lithium is led by an experienced management team with a proven track record of advancing prospective projects with low technical risk in established mining jurisdictions.
Key Projects
Raleigh Lake
The flagship Raleigh Lake project is a fully owned lithium, rubidium and caesium project located immediately west of Ignace in Ontario, Canada. The Raleigh Lake project spans 48,500 hectares and is accessible via the Trans-Canada Highway. The project also features access to the Canadian Pacific railway, natural gas pipelines and a hydropower line that crosses through the property.
Drilling on the property began in April 2021 and returned promising grades of lithium, sizable amounts of rubidium and small amounts of caesium. Drilling identified mineralization hosted in at least four main pegmatites and more observed in outcrops. Drill results include 2.80 of lithium oxide over 9.0 meters as well as 1.05 meters grading 2.69 percent lithium oxide from 31.04 meters and 1.18 meters grading 4210 ppm rubidium from 29.86 meters within a 3.78-meter interval grading 1.72 percent lithium oxide and 2829 ppm rubidium.
In 2021, International Lithium focused on evaluating the regional potential for additional lithium-bearing pegmatites in and around the Raleigh Lake area and, as a result, has expanded the project from 3,000 hectares to more than 47,700 hectares, based on analysis of regional geophysical and geological data.
Phase 3 of the diamond drilling program, which began in September 2022 at Zone 1 of the Raleigh Lake Lithium project intersected spodumene-bearing pegmatite, demonstrating tremendous continuity of the mineralized body.
Phase 3 drill highlights
- All Phase 3 holes testing Pegmatite 1 in Zone 1 intersected spodumene-bearing pegmatite, demonstrating tremendous continuity of the mineralized body
- Thicker and higher-grade mineralization intersected closer to the surface as anticipated.
- Phase 1, 2 and 3 pierce points have intersected Pegmatite 1 along a strike length of over 800 meters and along its dip for over 400 meters.
Pegmatite 1 Spodumene Zone Intersection Highlights*
- RL22-45: 4.85 meters grading 2.06 percent lithium oxide in lower spodumene zone (from 89.5 meters);
- RL22-48: 15.82 meters grading 2.25 percent lithium oxide (from 65.56 meters);
- RL22-49: 2.21 meters grading 2.47 percent lithium oxide (from 72.69 meters);
- RL22-50: 4.62 meters grading 2.29 percent lithium oxide (from 56.12 meters);
- RL22-56: 2.96 meters grading 2.13 percent lithium oxide (from 72.42 meters);
Pegmatite 1 Rubidium-bearing Microcline Intersection Highlights*
- RL22-45: 3.98 meters grading 1.21 percent rubidium oxide from 85.52 meters;
- RL22-57: 4.69 meters grading 0.60 percent rubidium oxide from 152.51 meters.
Maiden Mineral Resource Estimate
International Lithium released its lithium and rubidium mineral resource estimates (MRE), which are closely related due to their spatial relationships, but their respective resource estimates are considered separate and unique.
Lithium MRE
This is a summary of the lithium MRE for lithium-caesium-tantalum (LCT) pegmatites of the Raleigh Lake pegmatite field. The open pit and underground MREs are constrained via optimized pit shell and minable shape wireframes, respectively.
Rubidium MRE
An independent MRE has been calculated for the rubidium contained within microcline zones of the LCT pegmatites. Rubidium also occurs throughout the LCT pegmatites within the lithium-bearing spodumene at a lower cutoff but is not included in this rubidium MRE. Rubidium reaching grades greater than 4,000 ppm is attributed to pockets of high modal abundance of microcline (potassic feldspar). The open pit and underground MREs are constrained via optimized pit shell and minable shape wireframes, respectively.
Rubidium Open Pit and Underground MRE
In December 2023, International Lithium released its positive preliminary economic assessment (PEA) for a proposed lithium mining operation to produce spodumene concentrate at Raleigh Lake. The PEA has demonstrated a highly favourable economic scenario based on the production of a spodumene concentrate containing 6 percent lithium oxide. Project economics show an after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent per annum, with a nine-year mine life and project duration of 11 years.
Avalonia
Spodumene in boulder at Avalonia
The Avalonia project is a joint venture lithium project located in Leinster, Ireland. The property spans 29,200 hectares covering a 50-kilometer belt with around 29 significant lithium pegmatite occurrences. Drilling on the Avalonia project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6.0 meters and 1.50 percent lithium oxide over 5.60 meters. However, some drill results on the property are still pending.
International Lithium currently owns 45 percent of the project while Ganfeng Lithium owns 55 percent. Ganfeng Lithium has the option to acquire 79 percent of the project by spending C$10 million for exploration activities by September 2024 or by producing a positive feasibility study. If the option is exercised, International Lithium will retain 21 percent of the Avalonia project which may reduce further if the company does not contribute to the project. However, if the company’s ownership becomes less than 10 percent then its share will convert to a 1 percent NSR.
Firesteel Copper Project
The 6,600-hectare Firesteel property consists of 17 mining claims, making up 316 mining claim units in Northwestern Ontario. The property is adjacent to Highway 17, less than 10 kilometers west of Upsala, Ontario stretching westward to the Firesteel River for approximately 16 kilometers.
Firesteel is located within the central Wabigoon Sub-province at the eastern limit of the Lumby Lake Greenstone Belt, which contains massive mafic flows or gabbro interspersed with thin felsic meta volcanic and rare pillowed mafic units. Historical assay results from samples taken at locations approximately 1.6 kilometers northeast and 2.8 kilometers southwest of the Roadside 1 Copper Zone returned values of up to 2.6 percent copper, 3.327 ppm gold and 2.6 percent copper, 4.294 ppm gold, respectively (Bumbu 1995).
Management Team
John Wisbey - Chairman and CEO
John Wisbey joined the board of ILC in 2017. After a few months, he became deputy chairman and then he became chairman and CEO in March 2018. He has personally invested significant funds in ILC since joining the board and is now ILC’s largest shareholder. He has had a career as a technology entrepreneur and is also a former banker. More recently, Wisbey was a green energy entrepreneur. He founded two London AIM-listed companies –– IDOX plc which provides software for the UK local government and Lombard Risk Management plc which specializes in software for bank risk management and regulation. He also established CONVENDIA Ltd. which is a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. Wisbey holds various non-executive director roles in the UK and Switzerland. He was formerly a banker at Kleinwort Benson. At Kleinwort Benson, he held various roles, including a director in the derivatives group, head of options and corporate lending. Wisbey has acted as a public company chairman, CEO, or director for twenty years. He is a graduate of Cambridge University.
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 to 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 distinguished 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.
International Lithium Corp. Reports Results of 2024 Annual General Meeting
The world has seen a significant governmental and public drive to move away from the energy market's historic dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their supplies of critical metals and to become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes optimizing the value of our existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world class deposits. We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and that we have applied for and hope to receive EPOs there. We hope to be able to make announcements over the next few weeks and months.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
Name | Metal | Location | Area (Hectares) | Current Ownership Percentage | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
Raleigh Lake | Lithium Rubidium | Ontario | 48,500 | 100% | 100% | ILC |
Firesteel | Copper Cobalt | Ontario | 6,600 | 90% | 90% | ILC |
Wolf Ridge | Lithium | Ontario | 5,700 | 0% | 100% | ILC |
Mavis Lake | Lithium | Ontario | 2,600 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
Avalonia | Lithium | Ireland | 29,200 | 0% | 2.0% Net Smelter Royalty | Ganfeng Lithium |
Forgan/ Lucky Lakes | Lithium | Ontario | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
The Company's primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project and the Firesteel copper project in Canada and on obtaining EPOs and mineral claims in Zimbabwe.
The Raleigh Lake Project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment( PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free. The project has excellent access to roads, rail and utilities.
A continuing goal has been to remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in January 2022, and the Avalonia project in 2024, ILC has achieved sufficient inward cashflow to be able to make progress with its exploration projects, even before any fundraising.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, increased value of shareholder investments, the potential from the company's third party earn-out or royalty arrangements, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223556
News Provided by Newsfile via QuoteMedia
International Lithium Corp. to Receive CAD$2.2m plus a 2% Net Smelter Royalty Following Reduction of Interest in Its Non-Core Avalonia Project
The Board of International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it has signed a variation agreement in respect of its non-core Avalonia project in Ireland, which is a Joint Venture ("JV") with GFL International, Co. Ltd. ("Ganfeng") whereby:
- The option period under which Ganfeng has to spend CAD$10m to increase its share in the Avalonia project from 55% to 79% is further extended to 31 December 2025; and
- In consideration of a payment schedule from Ganfeng totalling CAD$2.2m between the period of September 2024 and 31 October 2025, and in further consideration of a 2% Net Smelter Royalty to ILC, the JV agreement will be varied such that ILC will reduce its stake in the Avalonia project to nil.
Background
The Avalonia project in Blackstairs, Ireland, has been a JV between ILC and Ganfeng since 2014, and Ganfeng has had management control of the project since 2017. While there were some historic resource estimates, drilling since then has not yet resulted in further resource estimates or an economic analysis.
Although the project is thought to have promise, it has remained relatively early stage and has not been a priority for either Ganfeng or ILC's expenditure.
Use of sale proceeds
The Company plans to use part of the CAD$2.2m net proceeds, which will be payable mainly in 2025, for exploration in Ontario at its Raleigh Lake and Firesteel projects and in Zimbabwe, with the remainder used for working capital. The expenditure in Zimbabwe is dependent on the grant of Exclusive Prospecting Orders ("EPOs") there, which is believed to be relatively imminent.
Regulatory Approval
The transaction is below the level that would make it a "Reviewable Disposition" under TSXV policies and is, therefore, not subject to TSXV approval.
John Wisbey, Chairman and CEO of the Company, commented:
"We are pleased to have concluded this transaction, strengthening our balance sheet and enabling the Board to focus on its other operations.
"We had for some time regarded our stake in Avalonia as a non-strategic asset, the more so as it would have reduced to 21% with further expenditure by our partner Ganfeng, and the project still requires appreciable investment to reach the resource milestones which could make it valuable. Therefore, it made sense to sell the stake to Ganfeng while at the same time receiving a 2% Net Smelter Royalty that would be valuable if the Avalonia project achieves its goals and comes to fruition. Our relationship with Ganfeng remains strong and important for us.
"We still have great expectations for the future demand for lithium, and for Raleigh Lake and our other lithium projects, despite the lithium price trends we have seen since the end of 2022. In addition, we are excited by the significant valuation upside from our rubidium deposits at Raleigh Lake, for which a Maiden Resource Estimate for rubidium was declared in March 2023, the potential to find copper-rich Volcanogenic Massive Sulphide ("VMS") deposits at our Firesteel copper project, and by our strategic interests in Zimbabwe. We look forward to updating the market on these various initiatives in due course."
About International Lithium Corp.
The world has seen a significant governmental and public drive to move away from the energy market's historic dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their supplies of critical metals and to become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.
Our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. This includes optimizing the value of our existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world class deposits. We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and that we have applied for and hope to receive EPOs there. We hope to be able to make announcements over the next few weeks and months.
The Company's interests in various projects now consists of the following, and in addition the Company continues to seek other opportunities:
Name | Metal | Location | Area (Hectares) | Current Ownership Percentage | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
Raleigh Lake | Lithium Rubidium | Ontario | 48,500 | 100% | 100% | ILC |
Firesteel | Copper Cobalt | Ontario | 6,600 | 90% | 90% | ILC |
Wolf Ridge | Lithium | Ontario | 5,700 | 0% | 100% | ILC |
Mavis Lake | Lithium | Ontario | 2,600 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
Avalonia | Lithium | Ireland | 29,200 | 0% | 2.0% Net Smelter Royalty | Ganfeng Lithium |
Forgan/ Lucky Lakes | Lithium | Ontario | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
The Company's primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project and the Firesteel copper project in Canada and on obtaining EPOs and mineral claims in Zimbabwe.
The Raleigh Lake Project consists of 48,500 hectares (485 square kilometres) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment( PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty free. The project has excellent access to roads, rail and utilities.
A continuing goal has been to remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021, the Mavis Lake project in Canada in January 2022, and the Avalonia project in 2024, ILC has achieved sufficient inward cashflow to be able to make progress with its exploration projects, even before any fundraising.
With the increasing demand for high tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil", and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and with solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue to build value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include: the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, increased value of shareholder investments, the potential from the company's third party earn-out or royalty arrangements, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein, and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223555
News Provided by Newsfile via QuoteMedia
International Lithium Completes Purchase of the Highly Prospective Firesteel Copper Project Near Upsala, Ontario and Application for Drilling Permits
International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") is pleased to announce that it has completed the purchase of a 90% interest in a highly prospective grass roots copper and cobalt property in Northwestern Ontario (Company news release dated February 20, 2024).
The Firesteel project ("Firesteel" or the "Project" or "Property"), previously referred to as the Honeyjack project, is located less than 10 km directly west of Upsala along Highway 17 and stretches for 16 km to the Firesteel River (Figure 1 and 2).
Under the terms of the Agreement, the Company will acquire an undivided 90% right, title, and interest in Firesteel by:
- Paying on the Effective Date CAD $55,000 to the Vendor (paid);
- Within 15 calendar days paying CAD $110,000 to the Vendor (paid); and
- Granting the right to receive the following milestone payments:
- if ILC establishes a Resource Calculation equal to or exceeding 10,000,000 metric tonnes at 1% Copper (the "First Resource Bonus Threshold"), ILC shall pay to the Vendor CAD $1,000,000
- if ILC establishes a Resource Calculation equal to or exceeding 15,000,000 metric tonnes at 1% Copper (the "Second Resource Bonus Threshold"), ILC shall pay to the Vendor a further CAD $1,000,000
Under this structure TSX Venture Exchange approval is not required and the original application to TSX Venture Exchange that also carried a provision for the Company to issue shares at its option as payment for the above Resource Bonus Thresholds has been withdrawn.
Drilling Program
At the same time the Company announces that it has filed applications for permits to conduct the first drilling program at Firesteel targeting copper mineralization within the 6,600 hectare property. The Company intends to test up to six distinct targets with up to 2,000 metres of core drilling.
The six target areas were predominantly identified from the airborne geophysical survey conducted by the Company in late 2023 as part of the due diligence process. A number of the most promising anomalies (magnetic and conductive) correlate well, either directly or on trend, with surface samples returning anomalous copper and/or historic drill holes, of which there are four drilled by the Canadian Nickel Company that returned up to 30 metre intervals of massive pyrrhotite with chalcopyrite, pyrite and sphalerite also present. No assays were reported in the historic drill logs.
Drilling is expected to commence shortly after permits are received.
Project Highlights
- Resident Geologist Program site visit confirms*:
- up to 2.8% Cu at the Roadside 1 occurrence on Highway 17; and
- 5802 ppm Cu with 217.5 ppm Co and 1728 ppm Cu with 309 ppm Co at the Roadside 2, approximately 2.8 km west (along strike) from the Roadside 1 occurrence.
- 2.6% Cu in a historical sample* at the Roadside 2 occurrence;
- 316 mining claim units covering an area of approximately 6,600 hectares;
- Excellent infrastructure and access to technical and logistical support services; and
- 16 km of strike potential for VMS style Cu-Co mineral deposits in parallel structures.
The Company completed a 1,392 line-km airborne magnetic and electromagnetic survey utilizing the RESOLVE frequency domain electromagnetic system. The data will be interpreted to identify near-surface highly conductive zones that may represent massive sulphide mineralization consisting of pyrrhotite, chalcopyrite, pyrite and bornite as witnessed at the Roadside 1 occurrence (Figure 3).
Several conductive zones, including one coincident with the Roadside 1 and 2 occurrences, are evident in the raw data. Final products from the airborne data are expected in the next month. Following the review of this data, the Company will follow up with prospecting and ground geophysics in preparation for drill testing later in 2024.
Project Overview
The Project consists of 17 mining claims, making up 316 mining claim units covering an area of approximately 6,600 hectares in Northwestern Ontario. The property is adjacent to Highway 17, less than 10 km west of Upsala, Ontario. It stretches westward to the Firesteel River for approximately 16 km.
The Trans Canada natural gas pipeline and CP Rail corridor transects the project making for easy access to existing infrastructure (Figure 2).
The Project is located within the central Wabigoon Sub-province at the eastern limit of the Lumby Lake Greenstone Belt. The Lumby North assemblage in the vicinity of Upsala is described in "Stone, D. 2010. Precambrian geology of the central Wabigoon Subprovince area, northwestern Ontario; Ontario Geological Survey, Open File Report 5422, 130p," as mafic sequences interlayered with iron formation and quartz arenite adjacent to the Marmion batholith. It contains massive mafic flows or gabbro interspersed with thin felsic meta volcanics and rare pillowed mafic units.
On October 5, 2021, D. Campbell (RRG), accompanied by B. Holbik, completed a property visit on the Property (then known as the Honeyjack property). 17 samples were collected from historic copper and gold occurrences.
They included various styles of mineralization and alteration including: i) quartz veins with stringers, blebs and disseminations of pyrite, pyrrhotite and trace chalcopyrite, ii) silicious metasedimentary rocks and iron formations with associated sericite alteration, pyrite, pyrrhotite, trace chalcopyrite and fuchsite, and iii) lenses of semi-massive and net-textured sulphides consisting of pyrite, pyrrhotite, chalcopyrite and bornite as indicated by the bright peacock colours (Figure 3-A).
RRG collected 6 samples of semi-massive and net-textured sulphides at the Roadside 1 Cu Zone on the south side of Highway 17, centred at 677465E 5435937N. The highest copper assay returned 28637 ppm Cu.
"Historical assay results from samples taken at locations approximately 1.6 km northeast and 2.8 km southwest of the Roadside 1 Cu Zone returned values of up to 2.6% Cu, 3.327 ppm Au and 2.6% Cu, 4.294 ppm Au, respectively (Bumbu 1995). RGP collected 2 samples (21DCHJ016-017) approximately 2.8 km southwest of the Firesteel Cu Zone, returning 5802 ppm Cu and 217.5 ppm Co, respectively. Approximately 225 m north of sample 21DCHJ017, Bumbu sampling returned 1728 ppm Cu and 309 ppm Co" (D. Campbell, 2022).
* International Lithium Corp. has not independently verified samples collected under the Resident Geologist Program and as with samples referred to as "historical" above, these analytical results are collectively being treated as historical in nature until the Company can carry out its own investigations with QA/QC protocols under the supervision of a Qualified Person as defined by NI 43-101.
D. Campbell (RRG) summarized:
"The potential for a highly metamorphosed volcanogenic massive sulphide pyrrhotite-chalcopyrite stringer zone or a volcanic-associated sedimentary copper system, perhaps up to 20 m wide and spanning up to 1 km or more in length, should not be overlooked."
John Wisbey, Chairman and CEO of ILC, commented:
"We are very glad to have finally closed this transaction for Firesteel. Since we signed the original deal in February the copper price has gone up by over 20% which is obviously a positive for the project. There has also been a lot of press coverage of copper and how dependent North America is on imported copper, so we believe this project fits in well with the U.S. and Canadian critical metals strategy."
"Firesteel is primarily a copper project. Initial studies reveal highly prospective amounts of copper at Firesteel, and there is also a smaller amount of cobalt and some gold there too."
"Exposure to copper fits our battery metals strategy well and is geographically a very natural follow-on for ILC from our investment in 2022 in the nearby Wolf Ridge claims. Moreover, our flagship Raleigh Lake lithium and rubidium project is also only an hour's drive away on a major road. This is, therefore, a very good project for us to add to our Canadian exploration portfolio."
"Our key focus remains lithium, but copper is also a vital metal in the battery revolution, so we now have copper and rubidium as important metals in our projects to complement our lithium. The access of Firesteel to infrastructure is, like Raleigh Lake, excellent."
Figure 1: Location of the Firesteel Copper-Cobalt project relative to Thunder Bay, the Raleigh Lake Lithium-Rubidium deposits and the Wolf Ridge project area.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/209946_27322316343caae3_003full.jpg
Figure 2: Firesteel Copper-Cobalt project claims outline and local infrastructure.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/209946_27322316343caae3_004full.jpg
Figure 3: The Firesteel Roadside 1 occurrence. A) hand sample of semi-massive and net-textured sulphides consisting of pyrite, pyrrhotite, chalcopyrite and bornite, B) folded iron formation and metasedimentary rocks (hammer is 30 cm long), and C) cut and polished sample showing semi-massive and net-textured sulphides.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3232/209946_ilcfig3.jpg
About International Lithium Corp.
At ILC, our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. The world has seen significant governmental and public drive to move away from the energy market's historic heavy dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their critical metals supplies and become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.
We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and we hope to be able to make announcements over the next few weeks and months.
A key goal has been to become and remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, the Board considers that ILC is well placed in that respect with no debt and a respectable net cash position.
The Company's interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:
Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | 100% | 100% | ILC |
Firesteel | Cu | Ontario | 6,600 | Exploration | 90% | 90% | ILC |
Wolf Ridge | Li | Ontario | 5,700 | Exploration | 0% | 100% | ILC |
Avalonia | Li | Ireland | 29,200 | Exploration | 45% | 21% | Ganfeng Lithium |
Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd. |
Forgan Lake & Lucky Lake | Li | Ontario | Exploration | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. |
The Raleigh Lake Project consists of 48,500 hectares (485 square km) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment (PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty-free. The project has excellent access to roads, rail and utilities.
With the increasing demand for high-tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil" and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue building value for its shareholders in the '20s, the decade of battery metals.
Patrick McLaughlin, P. Geo., a Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this news release.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper or other metal recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, the increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis, which are available at www.sedarplus.ca. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties, or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209946
News Provided by Newsfile via QuoteMedia
Market Disclosure in Advance of PDAC 2024
In advance of the PDAC (Prospectors & Developers Association of Canada) conference, 'The World's Premier Mineral Exploration & Mining Convention', which starts on March 3, 2024, in Toronto, International Lithium Corp. (TSXV: ILC) ("ILC" or the "Company") wishes to put several matters into the public domain for full disclosure, enabling the Company to talk openly about anticipated questions and topics of a strategic nature.
Raleigh Lake Lithium and Rubidium Project
The Company will speak about the PEA announced on December 4, 2023, and the related NI43-101 report announced on January 18, 2024. These reports only dealt with the economic value of the lithium at Raleigh Lake, leaving the rubidium as a possible appreciable upside.
Firesteel Copper Project
The Company will speak about the News Release for this copper acquisition issued on February 20, 2024.
Zimbabwe
The Company announces that it has applied for several Exclusive Prospecting Orders ("EPOS") in Zimbabwe. It is anticipated that the Company will be able to announce an award shortly. If awarded, the area covered will be significant. Zimbabwe is the sixth largest lithium-producing country in the world at present and is the largest producer in Africa.
It must be stressed that such awards are very hard to obtain, and their grant is in the hands of the Government of Zimbabwe. Consequently, there is no guarantee of success.
Fundraising
The Company has had indications in principle from John Wisbey, Chairman and CEO, Ross Thompson, Non-executive Director and from two other parties that they are together willing to participate in the amount of CAD$ 1.1 million in the Company's proposed fundraising, which, subject to Exchange approval, will be at a premium quantum of CAD$ 0.05 per share for units which include ILC shares and warrants. This compares with ILC's current market share price of CAD$ 0.03.
The Company is withdrawing the private placement announced on October 24, 2023. Still, it will relaunch it when it is confident that funds are available, provided that Exchange approval is obtained for the terms. At the same time, the Company wishes to expand its investor base to new investors capable of supporting the Company's expansion. It is in discussions with other parties who have expressed serious interest.
The lithium market
The rise in the lithium price from circa USD$ 12,000 per tonne of lithium carbonate in mid-2021 to a high of USD$ 80,000 at the end of 2022 has been followed by a fall back to around USD$ 13,000. Moreover, the significant money printing during and after the pandemic has appreciably escalated mining costs. In such a price and cost environment, it is no surprise that, without exception, lithium stocks are trading well below their 1-year high or 3-year high. In a study produced by the Company of 21 Canadian and Australian companies operating in hardrock lithium in Canada with a market capitalisation of less than CAD$ 1 billion, and based on closing prices on February 23, 2024, the percentage of the current market price versus the highest one year and three-year market prices was as follows:
Market stock price Feb 23, 2024 as % of 1 year high | Market stock price Feb 23, 2024 as % of 3 year high | |
Best performer | 54.5% | 41.5% |
ILC | 35.3% | 20.0% |
Average | 29.1% | 19.99% |
Worst performer | 3.1% | 1.57% |
The Company is not satisfied with being just over the average, and this situation arguably takes little or no account of our recent copper acquisition, our significant plans in Zimbabwe, or the upside of our rubidium at Raleigh Lake. We remain hopeful that these factors will, in due course, help the shares re-rate.
About International Lithium Corp.
At ILC, our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. The world has seen significant governmental and public drive to move away from the energy market's historic heavy dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their critical metals supplies and become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.
We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and we hope to be able to make announcements over the next few weeks and months.
A key goal has been to become and remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, and fundraising underway in 2024, the Board considers that ILC is well placed in that respect with no debt and a strong net cash position.
The Company's interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:
Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | 100% | 100% | ILC |
Firesteel | Cu | Ontario | 6,600 | Exploration | 90% | 90% | ILC |
Wolf Ridge | Li | Ontario | 5,700 | Exploration | 0% | 100% | ILC |
Avalonia | Li | Ireland | 29,200 | Exploration | 45% | 21% | Ganfeng Lithium |
Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
Forgan Lake & Lucky Lake | Li | Ontario | Exploration | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
The Raleigh Lake Project consists of 48,500 hectares (485 square km) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment (PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty-free. The project has excellent access to roads, rail and utilities.
With the increasing demand for high-tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil" and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue building value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper or other metal recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, the increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis, which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties, or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199850
News Provided by Newsfile via QuoteMedia
Visit International Lithium Corp. at PDAC 2024, Booth #2350
Come visit International Lithium Corp. (TSXV: ILC) (OTCQB: ILHMF) (FSE: IAH) (the "Company" or "ILC") at Booth #2350 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 3 to Wednesday, March 6, 2024.
John Wisbey, Chairman and CEO, will be on hand with Anthony Kovacs, Director and COO, to discuss the recently announced positive PEA* for the Raleigh Lake Lithium project (located along Highway 17 just outside of Ignace, Ontario) and the recently acquired highly prospective Firesteel Copper project** (just down the road near Upsala) - all in Northwestern Ontario.
* "The Raleigh Lake Project, NI43-101 Technical Report – PEA," was filed on SEDAR on January 18, 2024 (Company news release dated January 18, 2024).
** Company news release dated February 20, 2024.
About PDAC
The World's Premier Mineral Exploration & Mining Convention is the leading convention for people, governments, companies and organizations connected to mineral exploration. In addition to meeting more than 1,100 exhibitors, 2,500 investors and 24,000 attendees in person in 2023, participants could also attend programming, courses and networking events.
The annual convention is held in Toronto, Canada. It has grown in size, stature and influence since it began in 1932 and today is the event of choice for the world's mineral industry.
For more information and/or to register for the conference please visit: https://www.pdac.ca/convention.
We look forward to seeing you there.
About International Lithium Corp.
At ILC, our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time helping to create a greener, cleaner planet and less polluted cities. The world has seen significant governmental and public drive to move away from the energy market's historic heavy dependence on oil and gas. In addition, we have seen the clear and increasingly urgent wish by the USA and Canada and other major economies to safeguard their critical metals supplies and become more self-sufficient. Our Canadian projects, which contain lithium, rubidium and copper, are strategic in that respect.
We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and we hope to be able to make announcements over the next few weeks and months.
A key goal has been to become and remain a well-funded company to turn our aspirations into reality, and following the disposal of the Mariana project in Argentina in 2021 and the Mavis Lake project in Canada in January 2022, and fundraising underway in 2024, the Board considers that ILC is well placed in that respect with no debt and a strong net cash position.
The Company's interests in various projects now consist of the following, and in addition, the Company continues to seek other opportunities:
Name | Metal | Location | Area (Hectares) | Stage | Current Ownership % | Future Ownership percentage if options exercised or work carried out | Operator or JV Partner |
Raleigh Lake | Li, Rb | Ontario | 48,500 | PEA for Lithium 2023. Resource Estimate for Rubidium 2023 | 100% | 100% | ILC |
Firesteel | Cu | Ontario | 6,600 | Exploration | 90% | 90% | ILC |
Wolf Ridge | Li | Ontario | 5,700 | Exploration | 0% | 100% | ILC |
Avalonia | Li | Ireland | 29,200 | Exploration | 45% | 21% | Ganfeng Lithium |
Mavis Lake | Li | Ontario | 2,600 | Resource Estimate for Lithium 2023 | 0% | 0% (carries an extra earn-in payment of CAD$ 0.7 million if resource targets met) | Critical Resources Ltd (ASX: CRR) |
Forgan Lake & Lucky Lake | Li | Ontario | Exploration | 0% | 1.5% Net Smelter Royalty | Ultra Lithium Inc. (TSXV: ULT) |
The Raleigh Lake Project consists of 48,500 hectares (485 square km) of mineral claims in Ontario and is ILC's most significant project in Canada. Drilling has so far been on less than 1,000 hectares of our claims. A Preliminary Economic Assessment (PEA) was published for ILC's lithium at Raleigh Lake in December 2023, with a detailed economic analysis of ILC's separate rubidium resource still to come. Raleigh Lake is 100% owned by ILC, is not subject to any encumbrances, and is royalty-free. The project has excellent access to roads, rail and utilities.
With the increasing demand for high-tech rechargeable batteries used in electric vehicles and electrical storage as well as portable electronics, lithium has been designated "the new oil" and is a key part of a green energy sustainable economy. By positioning itself with projects with significant resource potential and solid strategic partners, ILC aims to be one of the lithium and rare metals resource developers of choice for investors and to continue building value for its shareholders in the '20s, the decade of battery metals.
On behalf of the Company,
John Wisbey
Chairman and CEO
For further information concerning this news release please contact +1 604-449-6520
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release or other releases contain certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information or forward-looking statements in this or other news releases may include the effect of results of anticipated production rates, the timing and/or anticipated results of drilling on the Raleigh Lake or Firesteel or Wolf Ridge or Avalonia projects, the expectation of resource estimates, preliminary economic assessments, feasibility studies, lithium or rubidium or copper or other metal recoveries, modeling of capital and operating costs, results of studies utilizing various technologies at the company's projects, budgeted expenditures and planned exploration work on the Company's projects, the increased value of shareholder investments, and assumptions about ethical behaviour by our joint venture partners or third party operators of projects. Such forward-looking information is based on assumptions and subject to a variety of risks and uncertainties, including but not limited to those discussed in the sections entitled "Risks" and "Forward-Looking Statements" in the interim and annual Management's Discussion and Analysis, which are available at www.sedar.com. While management believes that the assumptions made are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Should one or more of the risks, uncertainties, or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information herein and all subsequent written and oral forward-looking information are based on expectations, estimates and opinions of management on the dates they are made that, while considered reasonable by the Company as of the time of such statements, are subject to significant business, economic, legislative, and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect and are expressly qualified in their entirety by this cautionary statement. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/199526
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White Cliff Minerals Limited (ASX: WCN) – Trading Halt
Description
The securities of White Cliff Minerals Limited (‘WCN’) will be placed in trading halt at the request of WCN, 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, 26 November 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 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.
Sayona Mining and Piedmont Lithium to Merge, Form US$623 Million Lithium Miner
Australian lithium company Sayona Mining (ASX:SYA,OTCQB:SYAXF) and US-based Piedmont Lithium (ASX:PLL,NASDAQ:PLL) have announced a merger agreement that would create a consolidated entity valued at approximately US$623 million.
This move aims to strengthen their positions in the global lithium supply chain and enhance operations in North America and beyond.
The agreement involves an all-stock transaction, with Sayona acquiring Piedmont to become the parent company. Under the terms, existing Piedmont shareholders will receive Sayona American Depository Shares (ADS) or Sayona shares listed on the Australian Securities Exchange (ASX) in proportion to their holdings.
Ownership of the merged company will be split approximately evenly post-merger. Shareholders of both companies are expected to hold equal stakes in the newly formed entity.
The combined portfolio of the merged entity will include lithium assets across North America, Australia and Ghana.
The two companies are already partners in North American Lithium (NAL), a spodumene mining operation in Québec, Canada. Currently, Sayona holds a 75 percent stake in NAL, with Piedmont owning the remaining 25 percent.
The merger will consolidate NAL’s ownership under the newly formed entity, allowing for greater operational efficiency and flexibility in securing funding or government support if required.
NAL began operations in early 2023 and has produced approximately 140,000 metric tons of spodumene concentrate since its restart. The facility is targeting an annual production rate of 226,000 metric tons. Half of its output is sold to Piedmont under an existing offtake agreement.
Despite its production capacity, NAL faced financial losses in the third quarter of 2024, reflecting the current state of the lithium market.
Sayona’s portfolio features three lithium projects in Québec and a series of mining leases in Western Australia.
Meanwhile, Piedmont contributes its lithium projects in North Carolina and Ghana, developed in partnership with Atlantic Lithium (ASX:A11,LSE:ALL,OTCQX:ALLIF).
The merger seeks to capitalize on these complementary assets to create a more integrated and scalable operation.
Keith Phillips, President and CEO of Piedmont, said that the merger will enable the company to focus on future development while adapting to less than favorable industry conditions.
“The merger financing, corner-stoned by leading mining private equity group RCF, will enable us to weather the current industry downturn while making intelligent investments in our growth projects to be positioned for the recovery in lithium markets that we expect in the medium-term,” Phillips said in the official announcement.
The merger decision continues an ongoing trend in the lithium sector toward consolidation.
Recent months have seen increased M&A activity, notably Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) US$6.7 billion acquisition of Arcadium Lithium (NYSE:ALTM,ASX:LTM), as companies seek to strengthen their market positions amid fluctuating demand and pricing dynamics.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Atlantic Lithium is a client of the Investing News Network. This article is not paid-for content.
Major Milestone Achieved: Pilot-Scale Lithium Carbonate Production
CleanTech Lithium PLC (AIM: CTL), an exploration and development company advancing sustainable lithium projects in Chile, is pleased to announce the downstream conversion process is successfully producing pilot scale samples of lithium carbonate. CTL is a leader in Chile in producing lithium carbonate using Direct Lithium Extraction ("DLE") at the pilot scale, marking a major milestone for the Company. The samples will be sent to a laboratory to confirm the grade and impurity profile, which is expected to be battery-grade and prepared for strategic partner qualification.
Image 1: CTL Director Gordon Stein and CEO of Conductive Energy Haafiz Hasham
with first Lithium Carbonate produced from Conversion Process
The Company shipped four tanks with a total of 88m3 of concentrated eluate from its DLE pilot plant in Copiapó, Chile, to the facilities of Conductive Energy in Chicago, USA, for conversion into lithium carbonate. The first tank with 20m3 of eluate is currently being processed and produced the first 50kg of lithium carbonate on November 19th. The full tank will be processed over the next week and is expected to produce approximately 150kg of battery grade lithium carbonate.
To mark the commencement of production a site visit to the conversion facility was held showcasing the innovative process. The conversion process utilises forward osmosis at the concentration stage rather than the conventional evaporator helping to reduce water consumption and energy use before solution purification and then carbonation into the final product.
Conversations with potential strategic partners interested in testing the product have begun. After laboratory analysis, the Company will be aiming to send samples of battery-grade lithium carbonate to such partners initially in the several kilograms to tens of kilograms, to start the product qualification process.
Highlights:
· CTL has produced pilot scale lithium carbonate from Laguna Verde brine following successful commencement of the downstream conversion process
· CTL is a leader in Chile producing lithium carbonate at the pilot scale using sustainable DLE which, with spent brine reinjection, prevents aquifer depletion and through innovative downstream processing, minimises water and energy consumption
· Lithium carbonate product will be sent to a laboratory in North America to be verified as battery-grade (>99.5%)
· A site visit to Conductive Energy's conversion facility took place on Tuesday 19th November to mark the commencement of production from what is the largest pilot plant in operation in North-East USA.
· Conversations with strategic partners have started and samples will be available for product qualification
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"CleanTech Lithium has reached an important milestone by commencing pilot scale lithium carbonate production using a sustainable and innovative DLE based process. As a leader in the DLE sector in Chile with a focus on efficiency and sustainability, this accomplishment marks a significant step forward. Years of hard work have led to this important milestone, and it sets the stage for future development with a commitment to supporting the transition to electric vehicles and clean energy. Thank you to the partners involved and we look forward to enter the next phase of development."
Haafiz Hasham, Chief Executive Officer, Conductive Energy, said:
"The successful conversion to lithium carbonate in partnership with CleanTech Lithium and Forward Water Technologies represents a significant milestone for all the companies involved. This achievement highlights our commitment to developing innovative, efficient, and sustainable processes that meet the growing global demand for lithium, a critical component in green energy solutions. We are excited to continue advancing Direct Lithium Extraction, which we believe represents the future of battery-grade lithium production."
Image 2: Site visit at Conductive Energy's facilities was held on 19th November
to see the conversion process to lithium carbonate
Image 3: Filter press used in the conversion process to separate precipitated
Li2CO3 from solution. White powder is lithium carbonate
Image 4: Two tanks of concentrated eluate arrive on site in Chicago, USA
Image 5: Industrial Forward Osmosis unit
**ENDS**
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com
Geophysical Anomalies Reveal New Copper Targets at Rae Project
Conductivity anomalies show link between surface showings and vein-system targets
White Cliff Minerals Limited (“the Company”) is pleased to announce further results of the first project scale geophysical survey at the Rae Copper Project (“Rae” or “the Project”), Nunavut, Canada.
- The Stark target, a newly identified anomaly sits along a known copper conduit, the Herb Dixon Fault. The Herb Dixon Fault forms the western boundary of the HULK sedimentary targets and extends south, to the Company’s Vision District where rock chip assays included 64.02% (F005965), 62.02% (F005966), 55.01% (F005977) and 50.48% (F005959) copper
- The Stark target presents as a highly conductive signature over more than 14km strike length and up to 2.2km wide that is coincident within a well-defined structure
- A further western target at Hulk, West - Target D (Cliff) presents another target for large scale vein hosted systems with a strong conductivity anomaly, constrained within a major structure over 5.7 km strike length and up to 1 km wide which crosses the basalt-sediment contact
- This new target at Hulk further increases the interpreted dimensions of the Hulk target to 23km by 10.5km
- Within the Thor District at the Halo target, high grade samples over > 800m strike length including results up to 54.02% Cu (F005921) a conductivity response spanning 2.7km strike length has expanded the initial high grade target, inferring a significant extension to the mineralisation observed on surface
- Field truthing at Halo identified significant quantities of copper mineralisation embedded within basalts and sediments at surface. This field observation, now corroborated by the Mobile MT electromagnetic survey results, offers scope for further discoveries at other conductivity anomalies within the Thor District
- The ongoing review of the MobileMT geophysical data, in parallel with the integration of magnetic and conductivity datasets with assay results from the maiden campaign will generate an evolving pipeline of new targets. Follow up ground truthing is being planned to operate in parallel with the maiden drilling campaign at Rae where mobilizing works are planned for Q1 of 2025
“These airborne geophysical results have revealed kilometre scale conductive signals which seem to be constrained to the interpreted dimensions and structures of the regional fault networks. It is this constraint that provides us with additional confidence in the geophysical responses, as these conductive anomalies, in those shapes are what we were hoping to see.
These large scale vein system targets are unique in that they provide super high grade copper targets and a major conduit of hydrothermal copper fluids; seeing the entire Herb Dixon fault in this regard and its connection into the sedimentary structures at Hulk is very exciting.
Being able to link high grade surface showings with extensions into the sub surface, like the Halo target, is significant given the consistent high grades returned during the summer sampling program. We have now identified, nearby, conductive sub surface signatures, offering up scope for further discoveries in the Thor District.
This ongoing generation of targets will feed into the 2025 ground sampling program (ground truthing geophysical anomalies) that will run in tandem with our maiden drilling campaign at the Project.”
Troy Whittaker - Managing Director
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.
Inside Billionaire Gina Rinehart's Key Mining Investments (Updated 2024)
Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.
After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.
One of those investments is Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), which even in a low price environment for rare earths has managed to secure nearly AU$1.5 billion in debt financing and is, as of November 2024, pursuing equity financing to advance its Nolans project in the Northern Territory. With a 10 percent equity stake, Rinehart’s Hancock Prospecting is Arafura's largest shareholder.
In addition to Arafura, entrepreneur Rinehart’s investment portfolio also contains other ex-China, green-transition-focused companies such as Australian lithium firm Liontown Resources (ASX:LTR,OTC Pink:LINRF), as well as rare earths producers MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF). Rinehart’s role in the acquisition of Azure Minerals’ Andover lithium project in Western Australia alongside lithium giant SQM (NYSE:SQM) also made headlines in May of this year.In this article:
- Who is Gina Rinehart?
- How did Gina Rinehart get rich?
- What mining companies does Gina Rinehart own?
- Where does Hancock Prospecting mine iron?
- Gina Rinehart’s iron ore investments
- Gina Rinehart’s lithium investments
- Gina Rinehart’s rare earths investments
- Gina Rinehart’s copper investments
- Gina Rinehart’s oil and gas investments
- Gina Rinehart’s potash and agriculture investments
- FAQs for Gina Rinehart
Who is Gina Rinehart?
Gina Rinehart is an Australian iron ore magnate and the executive chair of Hancock Prospecting, as well as the richest person in Australia and one of the world’s richest women. Rinehart is the daughter of Australian mining mogul and Hancock Prospecting founder, the late Lang Hancock. As the current executive chair of Hancock Prospecting, Rinehart won the inaugural Lifetime Achievement Award from CEO Magazine in 2019.
Rinehart was appointed as an Officer of the Order of Australia in 2022 for her “distinguished service to the mining sector, to the community through philanthropic initiatives, and to sport as a patron.”
How did Gina Rinehart get rich?
Gina Rinehart inherited Hancock Prospecting after her father’s passing in 1992. The following year, Gina Rinehart’s company acquired the Roy Hill tenements. Centering the massive project as the cornerstone of the company, Hancock Prospecting has greatly benefited from the iron ore market boom that began in the early 2000s.
Today, Roy Hill is Australia’s largest iron ore mine, producing 60 million tonnes of iron ore per year. The mine was recently approved to increase its annual production to 70 million tonnes. Success at Roy Hill has made Hancock Prospecting Australia’s most valuable private company, worth an estimated AU$15.6 billion.
As with many of the world’s most successful billionaires, Gina Rinehart has developed an investment strategy based on strategic partnerships as well as diversification to mitigate risk and build value. Under her leadership, Hancock Prospecting Pty Limited (HPPL) as well as the HPPL Group of companies has expanded into some of the world’s most economically important markets, such as real estate, agriculture, energy and critical metals.
For the 2024 fiscal year, Rinehart's Hancock Prospecting reported a bumper profit of AU$5.6 billion, up 10 percent from the previous year.
What mining companies does Gina Rinehart own?
Through her company Hancock Prospecting, Gina Rinehart owns interest in mining companies across many sectors, including iron ore, lithium, rare earths, copper, oil and gas, as well as potash. While much of her investment portfolio is focused on Australia and ASX companies, Rinehart is actively strengthening the geographical diversification of her investments.
In recent years, Rinehart has made a series of key investments in mining companies, especially targeting critical metals projects in Germany, Brazil, Ecuador and the United States. These include exploration-stage firms such as Titan Minerals (ASX:TTM) and Azure Minerals as well as producers such as Atlas Iron and MP Materials.
Where does Hancock Prospecting mine iron?
Vehicles hauling ore at Roy Hill iron ore mine.
Photo of Roy Hill iron ore mine via Roy Hill.
Hancock Prospecting’s Roy Hill and Hope Downs iron ore mines are located in the resource rich Pilbara region of Western Australia.
Roy Hill has attracted strategic partnerships with major global enterprises: Marubeni (TSE:8002) with a 15 percent equity stake; POSCO (NYSE:PKX,KRX:005490) holds a 12.5 percent stake; and China Steel (TPE:2002) has a 2.5 percent equity position. The minority partners purchase a combined 28.75 million tonnes of iron ore annually from Roy Hill’s production.
This September, Hancock Prospecting got the green light for its AU$600 million McPhee iron mine located about 100 kilometres north of the Roy Hill mine after a long approval process. The McPhee iron mine is expected to produce around 10 million tonnes of the metal each year over an estimated 15 year mine life. First production is expected to kick off next year, and ore will be transported by road trains to Roy Hill for processing and blending. The goal is to improve the larger mine's product mix and sustain its production volumes.
The Hope Downs iron ore complex is another of Australia’s largest iron ore projects. A 50/50 joint venture partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), Hope Downs hosts four open-pit mines and has an annual production capacity of 47 million tonnes. Hope Downs has also been the subject of a more than decade-long civil dispute in a Western Australian court over royalties, put forth by the descendants of Lang Hancock's business partner Peter Wright as well as Rinehart’s own children. A judgment in the case is expected this year.
Gina Rinehart’s iron ore investments
Gina Rinehart’s iron ore investments in Western Australia extend beyond Roy Hill and Hill Downs to its subsidiary Atlas Iron’s three producing mines and a pipeline of development projects, as well as an earn-in agreement on Legacy Iron Ore (ASX:LCY) and Hawthorn Resources’ (ASX:HAW) Mt Bevan project through its subsidiary Hancock Magnetite Holdings.
Rinehart’s Hancock Prospecting acquired Atlas Iron in 2018 through a AU$427 million deal that turned out to be dirt cheap as the company would go on to deliver AU$1.5 billion in revenues over the next three years alone.
Today, Atlas Mines operates the Mt Webber, Sanjiv Ridge and Miralga Creek mines. Production from these mines in its fiscal year ended June 2023 led to a AU$222 million dividend payment for Rinehart’s Hancock Prospecting.
At Mt Bevan, as part of its earn-in agreement, Hancock completed a prefeasibility study( PFS) for a 12 million tonne per year high-grade magnetite project in July of this year. The PFS incorporated a mineral resource estimate totalling 1,291 million tonnes, which was completed by Atlas, and delineates a capital cost of AU$5 billion to develop the potential Mt Bevan mine.
Completion of the PFS increased Hancock’s stake in the JV ownership from 30 percent to 51 percent with Legacy now holding 29.4 percent and Hawthorn 19.6 percent.
Like iron, coal is another essential material in steel manufacturing. To this end, Rinehart is also pursuing an investment in a past-producing metallurgical coal mine in Alberta, Canada. Hancock Prospecting subsidiary Northback Holdings is the owner of the proposed Grassy Mountain steelmaking coal project in the province’s Crowsnest Pass region. Northback is awaiting approval of its exploration licenses for the project.
Gina Rinehart’s lithium investments
Gina Rinehart's lithium investments include Azure Minerals’ Andover lithium project, Liontown Resources, Delta Lithium (ASX:DLI) and Vulcan Energy Resources (ASX:VUL). The majority of her lithium investments have came in a flurry over the past year.
In June 2023, Rinehart’s Hancock Prospecting signed a separate joint venture earn-in agreement for the Mt Bevan magnetite project, which is discussed above, this time for the lithium, nickel and copper mineralization at the project. The agreement will similarly see Hancock able to earn a 51 percent interest by completing certain milestones.
Last September, Rinehart made headlines when she took a position in Liontown Resources and then rapidly increased the position to 19.9 percent over the following month. This allowed Hancock, which was now Liontown's largest shareholder, to effectively block Albemarle’s (NYSE:ALB) accepted takeover of the smaller lithium company.
However, since then, Liontown’s stock has taken a hit as the economics for its near-production Kathleen Valley lithium project in Western Australia have been damaged by the effects of high inflation and low lithium prices. Ultimately, in January, Albemarle decided to sell off its 4 percent stake in Liontown Resources. The lack of any further moves or comment by Rinehart in relation to Liontown Resources has led to speculation she may be waiting for the right opportunity to buy up the lithium company at a discount.
Kathleen Valley entered production in late July 2024, and is expected to produce approximately 2.8 million tonnes per year of spodumene concentrate by the end of FY 2027.
That wasn't the only lithium bid Rinehart blocked in October 2023. As is her strategy, Rinehart scooped up an 18.9 percent stake in Azure Minerals last year after SQM announced its intention for a total takeover of the company and its Andover lithium project in the West Pilbara region of Western Australia. This story had a different ending, though, as Hancock Prospecting instead joined the lithium giant in a AU$1.7 billion deal to become a co-owner of the exploration-stage Andover project, which also hosts nickel, copper and cobalt mineralisation. The deal closed in May 2024.
Shortly after its Liontown and Azure moves last year, Hancock Prospecting continued investing in Western Australia's lithium prospects when it participated in a AU$70.2 million fundraising for Delta Lithium in November 2023. The proceeds of the fundraising will help Delta Lithium to fund the development of its Mt Ida lithium-gold project, which is adjacent to Hancock's Mt Bevan joint venture project, through to a final investment decision. As of November 2024, Hancock Prospect owns 10.65 percent of Delta Lithium.
Rinehart has made lithium investments outside of Australia as well. Looking further afield to Germany, with a 7.5 percent stake, Hancock Prospecting is the second largest shareholder in Vulcan Energy and its flagship Zero Carbon lithium project in Germany’s Upper Rhine Valley, a milestone Rinehart's company reached after investing an additional AU$20 million in Vulcan, which made headlines in June. The Zero Carbon project is slated to produce an initial 24,000 tonnes of lithium hydroxide by the end of 2025, targeting Europe’s electric vehicle manufacturing sector.
In November 2024, Vulcan Energy reached another major milestone with first production at its downstream lithium hydroxide optimisation plant, which is designed to produce lithium hydroxide and battery-grade lithium hydroxide monohydrate.
Gina Rinehart’s rare earths investments
Facilities at MP Materials' Mountain Pass rare earths mine.
clayton harrison / Shutterstock
Through Hancock Prospecting, Gina Rinehart has recently made investments in some of the world’s most well known rare earths producing companies — US-based MP Materials and Australia’s Lynas Rare Earths — as well as development-stage Arafura Rare Earths and exploration-stage Brazilian Rare Earths (ASX:BRE). Rinehart taking a position in these rare earths companies shows she is looking to capitalise on the significant need for these critical metals outside of China.
As mentioned in the introduction to this article, Rinehart’s Hancock Prospecting is the largest shareholder of Arafura Rare Earths, giving it a 10 percent stake in the advanced-stage Nolans project in the Northern Territory. Rinehart made the investment in December 2022.
In April of this year, Rinehart made two significant moves into the sector. The first came on April 9, when it was revealed that Hancock Prospecting had acquired a 5.3 percent stake in MP Materials, the second largest rare earths producer outside of China. The company’s California-based Mountain Pass mine is the only integrated rare earth mining and processing operation in North America.
Rinehart’s investment in MP Materials could later bring in “Roy Hill-type cash flow,” Dylan Kelly, head analyst at Terra Capital, told Australian Financial Review. “Anything that is producing and not China-aligned is highly strategic. These materials are very, very hard to make and there’s a lot of demand in making magnets for electric vehicles and wind turbines."
One week later, Rinehart’s Hancock Prospecting also took up a 5.82 percent interest in Lynas Rare Earths, the largest ex-China rare earths producer. The Australian rare earths miner produces the critical metals at its Mount Weld mine in Western Australia and ships the raw material to Malaysia for processing. Lynas is also ramping up processing at its Kalgoorlie rare earth processing facility in Australia, and building light rare earths processing facilities and a heavy rare earths separation facility in Texas, US.
Rinehart’s near simultaneous investments in both Lynas and MP Materials comes after merger talks between the two rare earths behemoths stalled in February. There is speculation stirring that Rinehart’s participation could renew merger discussions, Reuters reported. In November, the mining mogul increased her position in MP Materials to 8.5 percent, further raising the possibility of a merger down the road.
Andy Forster, Lynas investor and senior investor of Argo Investments, had his interest piqued by Rinehart’s move "given she's clearly made a play across the whole space. She obviously wants to potentially have a seat at the table if there's any chance of consolidation."
Rinehart is also getting her foot in the rare earths door at the exploration level. Last year, Rinehart’s Hancock Prospecting made a pre-IPO investment for a 5.85 percent share in Brazilian Rare Earths, which went on to list on the ASX in December. The rare earths explorer is working its district-scale Rocha da Rocha rare earth province in the state of Bahia, Brazil. The province is highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides found. The company expects to complete an updated JORC mineral resource estimate this year.
Gina Rinehart’s copper investments
Gina Rinehart’s copper investments are centered on Ecuador’s Andean copper-gold belt, and include explorer Titan Minerals and Ecuador's state-owned Empresa Nacional Minera (ENAMI).
Ecuador has seen a rush of major mining companies taking up positions in key copper and gold projects in recent years, placing Hancock Prospecting in the company of Barrick Gold (TSX:ABX,NYSE:GOLD), Zijin Mining (HKEX:2899) and Anglo American (LSE:AAL,OTCQX:AAUKF).
Rinehart’s Ecuadorian copper investments are in line with her shift toward the critical metals necessary for the green transition and her strategy to expand the global footprint of her mining empire.
Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining has been in the region since 2017, but recently began making more investments. In March 2024, Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining acquired a 49 percent stake in six mining concessions for AU$186.4 million. The deal sees it partner with state mining company ENAMI for the concessions, which surround the stalled Llurimagua copper-molybdenum project in Northern Ecuador.
In late April, Ecuador’s constitutional court nixed appeals by ENAMI and its partner in the Llurimagua project, Chile’s state-owned CODELCO, to review the March 2023 decision by Imbabura’s provincial supreme court suspending the environmental license for Llurimagua.
Shortly after the investment with ENAMI, Rinehart's Hanrine made another play in Ecuador by striking an earn-in agreement with Titan Minerals for up to an 80 percent ownership stake in the explorer’s Linderos copper-gold project contingent on up to AU$120 million in exploration spending. Linderos is an early-exploration stage project with the potential to host a large-scale copper porphyry system. Hanrine has made an initial investment of AU$2 million for a 5 percent stake.
Gina Rinehart’s oil and gas investments
Gina Rinehart’s oil and gas investments include private firms Warrego Energy in Western Australia and Senex Energy in Queensland.
In February 2023, Hancock Prospecting won a protracted bidding war for the then-public Warrego with Warrego's joint venture partner Strike Energy (ASX:STX) for a price of AU$0.36 per share. Warrego and operator Strike Energy maintain their 50/50 joint venture on the West Erregulla onshore gas field within exploration permit EP 469 near Perth in Western Australia.
In mid-August 2024, the West Erregulla project received its production licence and the partners expect to start operations once a final investment decision is made later this year. During phase one, the project is expected to produce 87 terajoules per day.
As for Senex Energy, it is a joint venture between POSCO (50.1 percent) and Hancock Prospecting subsidiary Hancock Energy (49.9 percent) that holds the Atlas and Roma North natural gas developments in Queensland’s Surat Basin. The two JV partners acquired Senex in 2022, with Rinehart’s company putting up AU$440.89 million.
Senex Energy is embarking on a AU$1 billion expansion endeavor at Atlas and Roma North this year that will see 60 petajoules of natural gas delivered to Australia’s east coast market annually by the end of 2025. This figure represents more than 10 percent of the region’s demand. Regulatory approval for the expansion was finally approved following an uphill battle with a Federal government more keen on renewable energy projects than the natural gas variety.
Rinehart once had a significant stake of nearly 20 percent in Lakes Oil, now Lakes Blue Energy (ASX:LKO), through subsidiary Timeview Enterprises. Timeview's stake in Lakes Blue Energy has been lowered in recent years, but it remains the company's fourth largest shareholder at 4.63 percent.
More recently, Rinehart offered financial assistance to Mineral Resources (ASX:MIN,OTC Pink:MALRF), a diversified mining company with lithium, iron ore and oil and gas operations in Western Australia. Headed by another mining heavyweight, Chris Ellison, Mineral Resources, or MinRes, is reportedly drowning in debt and embroiled in a tax evasion investigation. Hancock Prospecting has agreed to a AU$1.13 billion buyout of MinRes' oil and gas projects in the Perth Basin and an exploration acreage in the Carnarvon Basin.
Gina Rinehart’s potash and agriculture investments
Gina Rinehart’s potash and agricultural investments center on Hancock Prospecting’s ownership interests in multiple premium cattle stations in Australia, and the company's royalty revenue generated from the Anglo-American-controlled Woodsmith potash project currently under construction in the United Kingdom.
With an original investment of AU$380.6 million in 2016 to then-owner Sirius Minerals, Hancock Prospecting has a 5 percent revenue royalty on the first 13 million tonnes of fertiliser produced from Woodsmith and 1 percent thereafter. Hancock also has a 20,000 tonne-a-year offtake option. The timeline for Rinehart’s royalty revenue has been pushed back, however, as Anglo is cutting spending at Woodsmith following BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) failed mega-merger with Anglo American.
Investor takeaway
With Gina Rinehart at the helm of Hancock Prospecting, the Roy Hill iron ore mine has generated stellar revenues. That wealth creation not only made her Australia's richest person, but has also built a powerful war chest from which Rinehart is expanding her mining empire.
Investors can take cues from her recent and future moves in the mining sector. Although she may be defensive toward renewable energy technologies encroaching on agricultural land, she understands the strategical importance of investing in critical metals for the green transition such as lithium, rare earths and copper.
FAQs for Gina Rinehart
How much is Gina Rinehart worth?
Gina Rinehart's net worth is reported to be AU$40.61 billion as of May 31, 2024. That's up 8.5 percent over the previous year, according to figures from the Australian Financial Review's Rich List 2024.
"Rinehart’s net worth jumped $3.2b in the last year thanks to multiples in the sector expanding," the list's authors explain. "However, her iron grip on the Rich List top spot may be weakened by ore price declines in 2024, on the back of concerns over steel output reducing in China."
What company does Gina Rinehart own?
Gina Rinehart owns Hancock Prospecting, a private company founded by her late father Lang Hancock. Originally an iron ore mining company, today the firm has strategic stakes in a wide-range of metals and commodities from lithium and rare earths to copper and agriculture, which are detailed in this article.
Can I buy shares in Hancock Prospecting?
While investors can't buy public shares in privately held Hancock Prospecting, they can take equity positions in the publicly traded stocks in which the company itself holds interest. Some of these stocks include Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), Liontown Resources (ASX:LTR), MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC).
Does Gina Rinehart own Rio Tinto?
Although she has interest in many mining companies and the two companies share the Hope Downs joint venture, Gina Rinehart does not own mining giant Rio Tinto. Yahoo Finance reports that Aluminum Corporation of China (SHA:601600) is its largest shareholder at 11 percent, followed by BlackRock (NYSE:BLK) with 8.7 percent and the Vanguard Group at about 3.1 percent of shares.
What does Gina Rinehart think about nuclear energy?
Gina Rinehart is pro-nuclear energy. During a speech at The Australian Bush Summit in 2023, she railed against the impact of wind and solar farms on much needed agricultural land in Australia. She suggested that nuclear energy offers a more viable solution for reaching the country's net zero targets.
Is Gina Rinehart the richest person in Australia?
Gina Rinehart is the richest person in Australia. In 2024, she made the Australian Financial Review's Rich List for the fifth consecutive year in a row. The next richest Australian, real estate developer Harry Triguboff, trails her by about AU$14 billion.
Is Gina Rinehart the richest woman in the world?
Gina Rinehart is not the richest woman in the world, but she does rank as the world's ninth richest woman in 2024. The distinction of richest woman in the world goes to France's Francoise Bettencourt Meyer, the heir of L'Oréal (EPA:OR). Rinehart previously held the title in 2012.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024
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SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time). |
Participant Dial-In (Toll Free): 1-844-282-4852 |
Participant International Dial-In: 1-412-317-5626 |
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ |
SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2) for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.
Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .
The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.
SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."
He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."
Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."
Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."
About SQM
SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.
For further information, contact:
Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com
For media inquiries, contact:
Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.
1 Includes the net effect of accounting adjustments for the payments of the specific tax on mining activities for the exploitation of lithium for the nine months ended September 30, 2024 , in a total amount of US$1.303,3 million . For more detail, please refer to Note (1) to this Earnings release.
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SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)
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