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Ioneer’s Lithium Project in Nevada Gets $700M Boost
ioneer Ltd (ASX:INR, Nasdaq:IONR) received approval for up to $700 million conditional loan from the US Department of Energy to finance the construction of the Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
According to an article published by 2news.com, the loan is the latest indication of the Biden administration's commitment to strengthening the nation's battery supply chain, electrifying the transportation sector and cutting reliance on fossil fuels and foreign supplies of raw materials.
Rhyolite Ridge is the most advanced undeveloped US lithium project with a definitive feasibility study modeled on a 26-year mine life. The project has progressed into the final stage of
federal permitting with the decision by the US Bureau of Land Management (BLM) to publish a Notice of Intent (NOI) in the Federal Register.
The loan from the DOE is contingent on the completion of an environmental impact statement, as Ioneer works to minimize the project’s impact on an endangered Nevada wildflower, Tiehm's buckwheat, which the Fish and Wildlife Service has said is on the brink of extinction, the article said.
To read the full article, click here.
Click here to connect with ioneer Ltd (ASX:INR, Nasdaq:IONR) for an Investor Presentation.
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Brightstar Resources
Investor Insight
A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration. Brightstar also recently announced the results from DFS-level metallurgical testwork programs at Cork Tree Well with returned recoveries over 90 percent, including a high gravity gold content, ranging from 25 percent - 60 percent.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than 3 million ounces of gold resources and an on-site processing infrastructure across its project locations in Laverton, Menzies and Sandstone in Western Australia.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6 g/t gold for 511 koz gold and the Menzies gold project has 13.8 Mt @ 1.3g/t gold for 595 koz gold.
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar has recently completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML), and has entered into an agreement to acquire Alto Metals (ASX:AME) further creating the company’s third district-scale resource base known as the Sandstone Hub.
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
Highlights:
- Cork Tree Well, Alpha and Beta have current total JORC mineral resource estimate of 9.7 Mt @ 1.6 g/t gold for 511 koz (52 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 303 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of ~0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Scoping Study outcomes include:
- Pre-production capex of $12 million required (maximum capital drawdown)
- Open pit mine at Lord Byron and underground mine at Fish
- Production of 141 koz over four years (35 koz per annum)
- LOM EBITDA of $135 million (@ AU$3,000/oz)
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 13.7 Mt at 1.3 g/t gold for 595 koz gold (36 percent measured and indicated)
- September 2023 scoping study showed the simultaneous development of open pit mining at Lady Shenton system and underground mining at Yunndaga:
- 1.9 Mt @ 1.63 g/t Au (100 koz) in open pit mining at Lady Shenton
- 650 kt @ 2.91 g/t (60 koz) in underground mining at Yunndaga
- Low capex of $22 million
- Significant opportunities to find virgin discoveries and brownfields mineral resource growth:
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
- A focused, multi-rig infill drill out to take the inferred mineralisation into measured and indicated status to underpin mining studies and project advancement
- The application of Brightstar’s dedicated in-house geological and mining engineering team to retain crucial project IP and fast-tracked mining studies;
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- A 60-person accommodation camp
- An airstrip at the Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
LU7 Announces Strategic Partnership with Polyechnique Montréal
Lithium Universe Limited (referred to as "Lithium Universe" or the "Company," ASX: "LU7”) is pleased to announce the signing of a Memorandum of Understanding (MOU) with La Corporation de l’École Polytechnique de Montréal (Polytechnique Montréal). Lithium Universe Limited and Polytechnique Montréal have entered into a strategic partnership aimed at advancing lithium processing technologies and strengthening the local supply chain for critical battery materials in Canada. The collaboration, outlined in a Memorandum of Understanding, seeks to enhance education, research, and innovation in areas of mutual interest, with a primary focus on building Canadian expertise in the lithium battery sector.
Highlights
- Collaboration in lithium processing with renowned local University
- Build local Canadian expertise in battery materials
- Enhance education, training, and research in critical mineral industry in Canada
- Drive innovation in engineering solutions for sustainability
- Promote student and faculty practical experience in lithium industry
- Support the onshoring of the lithium battery supply chain in Canada
About Polytechnique Montréal
Polytechnique Montréal is one of Canada’s leading engineering schools, renowned for its research and innovation in applied sciences and technology. Located in Montréal, Quebec, it is affiliated with the Université de Montréal and serves as a hub for multidisciplinary research and development. Polytechnique's commitment to addressing global challenges, including sustainability and energy transition, aligns closely with LU7’s mission to support the advancement of critical materials for clean energy. With a focus on academic excellence and technological innovation, Polytechnique provides a dynamic environment for students, researchers, and industry partners to collaborate and drive impactful solutions.
Key Objectives of the Partnership
The primary aim of the partnership is to enhance local expertise and innovation in Canada. This involves developing and strengthening capabilities in lithium processing through various initiatives such as joint research, innovation projects, and educational programs. Specifically, the focus will be on building local expertise in lithium processing tailored for the battery industry and conducting research to innovate in lithium processing technologies.
Another crucial objective is education and talent development. The partnership seeks to foster educational growth by offering numerous opportunities including internships, fellowships, co-ops, and joint academic projects. This effort is geared towards supporting diversity, encouraging entrepreneurship, and incubating start- ups within the lithium battery sector.
Furthermore, strategic educational partnerships will be established to facilitate collaboration in the development and delivery of postgraduate and short courses. These partnerships will also encompass student placements and co-developed research projects, enhancing the educational landscape and practical experience in the field.
Lastly, the partnership underscores the importance of sustainability and commercialization. It aims to drive sustainable practices within the industry while also supporting the commercialization of new technologies. This initiative will help bolster Canada's role in the global energy transition by turning innovative research into market- ready solutions.
This partnership is set to last for an initial term of five years, with the possibility for further collaboration through additional project agreements.
Lithium Universe Chairman, Iggy Tan said, "It is a privilege to partner with this prestigious university as we ignite innovation and cultivate a thriving lithium battery industry in Canada. Together, we are committed to educational excellence and sustainable industry growth, shaping a future where Canadian expertise leads the global stage.”
Polytechnique Director of the Office of Partnerships and Research Infrastructure, Augustin Brais said, “We are enthusiastic about this new, synergetic and innovative partnership that will enhance our educational and research mission towards a greener and more sustainable societal electrical energy future."
Click here for the full ASX Release
This article includes content from Lithium Universe, 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.
Arizona Lithium Updates Development Plan for Prairie DLE Facility, Outlines Modular Approach
Arizona Lithium (ASX:AZL,OTCQB:AZLAF) provided an update on development plans for its Prairie lithium brine project, saying the Saskatchewan-based asset will be brought into production in three phases.
The company said on February 6 that Phase I will involve the start of production at Pad #1. It will use a commercial-scale direct lithium extraction (DLE) unit that can produce 150 tonnes of lithium carbonate equivalent annually.
The goal is to process brine at about 1,000 cubic meters a day to ensure the system works under real conditions. Arizona Lithium said it will use the resulting product to de-risk end market opportunities.
"2025 will be a year of facility construction and commissioning Phase I at Pad #1. Our phased development plan clearly articulates how we will continue to de-risk and develop the project," said Managing Director Paul Lloyd
"Modularisation allows rapid and cost-effective scale-up to increase production in Phase II and III.”
Construction work at Pad #1 is due to start in the second quarter, with CAPEX for Phase I set at AU$35 million. According to Arizona Lithium, Phase I will create one of the world's largest DLE facilities.
Upon achieving commissioning and operating targets, the company will proceed to Phase II of Prairie’s development, which will expand Pad #1's output with the addition of commercial-scale DLE units at the site.
During Phase III, the company will replicate its pad design across Pad #2 and Pad #3.
Lloyd also outlined the work that has led the company to this point at Prairie, saying that a prefeasibility study was released in 2023, while in 2024 Arizona Lithium partnered with three landowners to secure pad locations.
Additional pad locations are currently being finalised by the company.
Aside from Prairie, the company holds the Big Sandy sedimentary lithium project in Arizona.
Only 4 percent of the property has been explored to date, but work at the site is currently on hold.
In August 2024, the Hualapai Tribe sued the US Department of the Interior and Bureau of Land Management over Big Sandy, citing risks to Ha’Kamwe’, a sacred spring, and other cultural sites.
According to a November release from Arizona Lithium, the US District Court for the District of Arizona favoured the tribe, granting the project a preliminary injunction and halting drilling until the case is resolved.
Arizona Lithium said that Big Sandy remains one of its core projects.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Chariot Corporation
Investor Insights
Chariot Corporation presents a unique value proposition for seasoned investors, with its strategic ownership of the largest land package for lithium exploration in the US and a portfolio of non-core assets providing significant revenue opportunities.
Overview
Chariot Corporation (ASX:CC9) is the largest landholder for lithium exploration in the US. It has a strategy to target both hardrock lithium in Wyoming and claystone lithium in Nevada and Oregon. The flagship Black Mountain project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. Chariot’s six other hard rock projects in Wyoming span 443 claims covering 3,585 hectares.
The second flagship project, Resurgent, has the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass with 44.5 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt at 21.5 Mt LCE). The recent $955-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
As the world's demand for lithium continues to grow, Chariot's exploration and development efforts in the US are well-timed and offer investors exposure to the rapidly growing lithium market.
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States. Chariot has completed its phase 1 drill program at the Black Mountain project consisting of nine shallow holes, drilled from a total of 1,132 metres. Phase 2 drilling has commenced, which includes up to 18 drill holes targeting a high-grade spodumene resource to support the establishment of a pilot mine.
Chariot Corporation announced a revised strategy for the Black Mountain hard rock lithium project to establish a small-scale “pilot mine”. Chariot aims to supply spodumene concentrate to several lithium hydroxide refineries under construction in the southwestern United States. Strategically located in Wyoming, Chariot can leverage Wyoming’s small-mine permit system to provide short-term cash flow and potentially optimize the development of larger-scale mining operations in the future.
Chariot boasts a world-class team with strong track records in mining, exploration and the financial services sectors. The management has significant corporate and investment banking experience. CEO, Shanthar Pathmanathan was an oil and investment banker with Macquarie and Deutsche Bank. On the geological side, Neil Stuart who is a non-executive director is a lithium industry veteran having previously founded Orocobre Ltd (which merged with Galaxy Resources and later with Livent) to form Arcadium Lithium, one of the largest lithium producers in the world which has recently been acquired by Rio Tinto. The exploration team is led by Dr. Edward Max Baker, a geologist with over 40 years of experience and several discoveries. He was the chief geologist at Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. The collective experience of the management team, from investment banking (with fundraising and M&A experience) to resource discoveries, will be useful in advancing the company’s core projects.
Company Highlights
- Chariot Corporation is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the US.
- Chariot holds the largest land position for lithium exploration in the US with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed AU$9 million initial public offering (which is in addition to AU$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain project, a hard rock lithium project located in Wyoming; and (2) the Resurgent project, a claystone lithium project located in Oregon and Nevada.
- Chariot also holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- Through the company’s interest in Mustang Lithium, Chariot also has exposure to two claystone projects where substantial initial drilling has been completed - Horizon Lithium and Halo Lithium. Horizon Lithium has a lithium resource estimate of 1.3 million tonnes indicated LCE and 8.8 million tonnes LCE inferred.
- Chariot recently announced a revised strategy for the Black Mountain hard rock lithium project to develop a small-scale “pilot mine” to supply spodumene concentrate to several lithium hydroxide refineries under construction in the southwestern United States.
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. A publicly listed counterparty operates each of the divested projects and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing US lithium market.
Key Projects
Black Mountain Project, Wyoming
The Black Mountain project is Chariot’s flagship hard rock lithium project located in Natrona County, approximately midway between Casper and Riverton, Wyoming. Chariot initially held a 91.9 percent stake in the project with 134 mining claims covering 878 hectares. In 2024, the company expanded the project with 218 contiguous claims resulting in a 206 percent increase in project tenure area. Black Mountain now comprises 352 claims covering 2,686 hectares of tenure which subsequently increased Chariot's ownership interests in its Wyoming lithium portfolio to 93.9 percent.
The project is well-serviced by existing roads and infrastructure. The claim area was acquired via claim staking of public land administered by the US Bureau of Land Management.
The project features large pegmatite outcrops at the surface with spodumene and tantalum mineralisation. Surface rock chip samples returned assays of up to 6.38 percent lithium oxide.
Black Mountain may represent a significant hard rock lithium opportunity in a tier-1 mining jurisdiction in the US. The asset features an excellent combination of geological factors, and a supportive regulatory regime and is located in a largely unpopulated part of Wyoming.
In connection to the company’s shift to establishing a pilot mine, the following factors relating to the Black Mountain Project render it particularly suitable for this goal:
- Indications of near-surface lithium mineralization at Black Mountain make it suitable for a shallow, open-pit pilot mine.
- Wyoming’s advantageous small-mine permit system offers a pathway for small mine permits that does not impose limits on the mineral volume which can be extracted but rather places annual limits on the mining activities to 10 acres (4.05 hectares) of disturbance and 35,000 cubic yards (26,760 cubic metres) of overburden removal (refer Part 3 of this announcement).
- Black Mountain’s proximity to US lithium hydroxide refineries currently under construction in the southwestern United States is expected to provide a geographic advantage in marketing product extracted from the mine.
Resurgent Project, Nevada and Oregon
The Resurgent project is a claystone-hosted lithium project located in the McDermitt Caldera in Oregon and Nevada. The company owns a 79.4 percent stake in this project. The Resurgent project comprises 1,450 claims covering 12,128 hectares and is further subdivided into two principal claim areas, identified as ‘Resurgent North’ and ‘Resurgent East.’ Chariot has the second-largest land position in the McDermitt Caldera, which hosts two of the largest lithium mineral resources in North America, with a combined mineral resource estimate of over 40 Mt LCE - Thacker Pass at 19.1 Mt LCE and McDermitt at 21.5 Mt LCE.
The Resurgent North project targets the same sedimentary units that host Jindalee Resources' (ASX:JRL) McDermitt project with a mineral resource estimate of 21.5 Mt LCE. A surface sampling campaign at Resurgent North conducted in 2021 involving 289 samples returned values as high as 3,865 ppm lithium (over three times typical lithium claystone MRE cut-off grade). Of the 289 samples, 70 samples returned values greater than 100 ppm lithium, 20 samples returned values greater than 1,000 ppm lithium and 10 samples returned values greater than 2,000 ppm lithium.
The Resurgent East project targets the same sedimentary units that host Lithium Americas’ (NYSE:LAC) Thacker Pass lithium deposit (MRE at 19.1 Mt LCE). The similarity in geological characteristics with the two largest lithium deposits in the US further validates the potential for a large-scale high-grade lithium discovery at Resurgent.
Exploration Pipeline Projects
Besides the two core projects, the company has a pipeline of six lithium exploration projects comprising 443 claims and covering 3,585 hectares. Each of them is described below:
- Copper Mountain Project: The project is located ~80 kilometres northwest of Black Mountain in Fremont County, Wyoming. It comprises 83 mining claims covering 648 hectares. Copper Mountain has a long history of prospecting and artisanal-scale production having been historically mined for mica, feldspar, beryl, lepidolite and tantalite. The company has already identified multiple pegmatite target areas and has plans for a geochemical and ground magnetics survey in addition to geological mapping.
- South Pass Project: The project is located in Fremont County, Wyoming, and comprises 214 mining claims covering 1,750 hectares. This is a large and highly prospective project with an abundance of outcropping pegmatites that occur in swarms. The company notes the individual pegmatites at the project could range up to several hundred metres wide and several thousand metres long. There has been no prior exploration for hard rock lithium in the South Pass project area.
- Regional Wyoming Exploration Pipeline Projects: It comprises four hard rock lithium mining projects namely Tin Cup, Pathfinder, Barlow Gap and JC, comprising 146 mining claims covering 1,146 hectares.
- Barlow Gap Project: This project is located in Natrona County, Wyoming, and comprises 60 mining claims covering 501 hectares. This is an early-stage hard rock lithium exploration project with outcropping pegmatites on a northeast trend.
- Tin Cup Project: The project is located in Fremont County, Wyoming, and comprises 45 mining claims covering 376 hectares. There is a long history of exploration at The Tin Cup mining district dating back to 1907. The region has been known for small-scale mining for gold, copper and various gemstones including red jasper, ruby and jade. This is an early-stage hard rock lithium exploration project with outcropping pegmatites.
- Pathfinder Project: This is an early-stage hard rock lithium project located in Natrona County, and comprises 32 mining claims covering 234 hectares.
- JC Project: Located in Fremont County, Wyoming, the project comprises nine mining claim blocks spanning 75 hectares. This is an early-stage hard rock lithium exploration project that features several small excavation pits and outcropping pegmatite dykes.
Divestment Projects
Chariot has been actively focused on creating value via divestment of selected lithium assets in its portfolio, which include the following assets: Lithic & Mustang (ownership 21.4 percent) and the WA Lithium portfolio (Chariot was the 100 percent owner of this property prior to the sale to St George Mining Ltd). In addition, Chariot through its interest in Mustang Lithium has exposure to the Horizon and Halo claystone lithium projects in Nevada, USA. Both projects have completed drilling campaigns and Horizon announced a resource of 1.3 million tonnes LCE and 8.8 million tonnes LCE inferred. These divestments and interests have the potential to generate more gross proceeds (cash and stock-based consideration) for Chariot in addition to future royalty payments.
The company has identified four more projects for divestment: Lida project (Nevada), Amargosa project (Nevada), Nyamukono project (Zimbabwe), and Mardabilla project (Western Australia).
Management Team
Shanthar Pathmanathan – Managing Director
Shanthar Pathmanathan has 14 years of investment banking experience in the metals and mining, oil and gas and chemicals sectors. He was the CEO and managing director of Lithium Consolidated, an ASX-listed company, which had one of the largest portfolios of hard rock lithium exploration assets, globally. Before that, he held various investment roles with Deutsche Bank and Macquarie Group. He has a Bachelor of Laws from the University of Western Australia.
Frederick Forni – Executive Director
Frederick Forni is a senior finance professional with over 25 years of investment banking experience. He was a former senior managing director of Macquarie Holdings (USA) and held non-executive director roles with numerous Macquarie Group entities and GLI Finance. He holds a B.A. in economics from Connecticut College, a J.D., awarded cum laude, from Georgetown University Law Center and an LL.M. in taxation from New York University Law School.
Neil Stuart – Non-executive Director
Neil Stuart is an exploration geologist with over 40 years' of experience and is a member of The Australian Institute of Geoscientists and a Fellow of The Australasian Institute of Mining and Metallurgy. He was a founding director of Orocobre Limited, now Alkem (ASX:AKE). He has considerable experience across several commodities and was heavily involved in project delineation and acquisition in Australia, Mexico and Argentina. Over the last 20 years, he was involved with the exploration and commercial development of lithium projects. Stuart is on the board of numerous ASX-listed companies and is a graduate of the University of Melbourne (BSc.) and James Cook University (MSc.).
Dr. Edward Max Baker – Geological Consultant
Dr. Edward Max Baker is a Ph.D. geologist and a fellow of AusIMM. Baker has over 40 years of experience and has made several discoveries. Baker was chief geologist for Newcrest Mining, MIM Holdings, Rennison Goldfields and Mount Isa Mines. Baker was co-founder and previously a vice-president of exploration at New York Stock Exchange-listed Integra Resources (NYSE:ITRG).
Ramesh Chakrapani – Chief Strategy Officer
Ramesh Chakrapani has over 20 years of experience in the investment banking and alternative asset investing space. Of which, over 15 years were spent at The Blackstone Group where he was a managing director and a member of the Hedge Fund Solutions Special Situations Investing Group. Chakrapani has invested across a diverse set of industries, asset classes, geographies and liquidity profiles, and has represented The Blackstone Group on the boards of selected investments. He has a B.A. from Yale University.
David Bethke – Exploration Geologist
David Bethke is an exploration geologist with 6 years of experience working primarily in the Mountain West and Alaska regions of the United States, specializing in both gold and lithium deposits. During his career, he has worked closely with companies such as Jindalee and United Lithium to explore, sample, drill, and map lithium deposits hosted in both hard rock and claystone. In Alaska, he has worked in production for multiple well-known gold mining companies, including Coeur Mining and Northern Star Resources. David graduated cum laude from the University of Idaho with degrees in geology and Spanish.
Stardust Power Signs Lithium Offtake Deal with Sumitomo Corporation
Stardust Power (NASDAQ:SDST) has signed a non-binding offtake agreement with Sumitomo Corporation, a major trading company headquartered in Japan, for up to 20,000 metric tons per annum of battery-grade lithium carbonate.
“This is a huge milestone for our company, having an offtake partner such as Sumitomo, a very credible and prestigious organization,” said Roshan Pujari, founder and CEO of Stardust Power. “And they can provide a lot of value add other than just acquiring the product — they can help with our marketing efforts.”
Under the agreement, Sumitomo will have the option to buy up to 20,000 metric tons of battery-grade lithium annually, which represents 80 percent of Phase 1 and 40 percent of the total annual capacity of Stardust’s planned lithium refinery.
Stardust Power is constructing one of the largest lithium refineries in the US, designed to produce up to 50,000 metric tons annually. It is located in Muskogee, Oklahoma, with easy access to road, rail and rivers, and a highly skilled workforce.
The refinery will be built in two phases, with each phase capable of producing up to 25,000 metric tons of refined battery-grade lithium per year. The company celebrated breaking ground at the site in January 2025, signaling a milestone in the refinery’s construction progress.
“Next, we'll be finishing our level three engineering study, which is really the last large gating item, from an engineering perspective, to start major construction. And so we are moving the project forward in a really quick time, and we're excited to start major construction later this year,” Pujari said.
Watch the full interview with Roshan Pujari, founder and CEO of Stardust Power, above.
Disclaimer: This interview is sponsored by Stardust Power (NASDAQ:SDST). This interview provides information which was sourced by the Investing News Network (INN) and approved by Stardust Power in order to help investors learn more about the company. Stardust Power is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Stardust Power and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Rio Tinto, Eurodia Team Up for Argentina Lithium Extraction
Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) has selected French engineering firm Eurodia to supply the industrial extraction unit for its Argentine lithium subsidiary Rincon, which holds the Rincon lithium project.
Rio acquired the Rincon asset from Rincon Mining in March 2022. The property is located in the Lithium Triangle in Argentina’s Salta province, which hosts more than half of the world’s lithium reserves.
According to an initial mineral resources and ore reserves report, released in December, Rincon's mineral resources, inclusive of ore reserves, stand at 1.54 million tonnes of lithium carbonate equivalent in the measured category, with 7.75 million tonnes in the indicated category and 2.29 million tonnes in the inferred category.
Eurodia is a global specialist in custom-designed, eco-efficient liquid purification processes. The company develops and implements innovative solutions for industries driving the eco-energy transition.
In a Monday (February 3) release announcing its deal with Rio Tinto, Eurodia said Rincon is "a breakthrough moment for lithium processing, proving that innovation and responsibility can come together to meet the demands of the future.”
Rincon has an expected annual capacity of 53,000 tonnes of battery-grade lithium carbonate over a 40 year mine life, although Rio Tinto plans to expand production at the site to 60,000 tonnes per year.
“Eurodia’s contribution is central to this vision, delivering a tailored, high-performance industrial lithium extraction unit that maximizes lithium yield while minimizing environmental impact,” Eurodia said.
“The project combines precision engineering with process efficiency, ensuring that Rio Tinto’s lithium ambitions are realized with both economic and sustainability objectives in mind.”
Rincon is Rio Tinto's first commercial-scale lithium operation. The major miner announced a US$2.5 billion investment to expand the project this past December, and first lithium was produced at a starter plant the previous month.
A pilot battery-grade lithium carbonate plant is in development at the site and scheduled for completion in H1 2025.
On the exploration side, Rio Tinto is collaborating at Rincon with private company Fleet Space Technologies.
Rio Tinto will use ExoSphere, an exploration solution developed by Fleet Space, to create 3D subsurface maps of the reservoir, basement-depth and brine-influencing structures at Rincon's salt flat and nearby subvolcanic structures.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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