Lithium is essential for producing lithium-ion batteries — and therefore essential to the global electrification goals. Moreover, the battery metal plays a key role in multiple technologies central to sustainability. Analyst expectations indicate that by 2040, we could see lithium demand grow more than 40 times what it is today, especially driven by new legislation intended to increase the supply of critical minerals, such as the Inflation Reduction Act in the United States.
One challenge not often discussed regarding lithium supply is sustainability. Traditional lithium mining typically requires immense volumes of energy and generates considerable waste. Even lithium brine extraction, typically viewed as the more sustainable option, has the potential to cause environmental harm.
Enter Lancaster Resources (CSE:LCR,OTCQB:LANRF,FSE:6UF0), a dynamic, junior exploration company focused on developing the resources required for the global transition to clean energy and electrification. The company intends to be one of North America's first climate-positive lithium producers. To achieve this, Lancaster plans to implement a number of innovative technologies and practices, including leveraging solar energy in its production and developing a carbon sequestration process for its operations.
Lancaster will also make full use of direct lithium extraction technology, allowing it to recover the majority of lithium from brine deposits with minimal environmental impact.
Lancaster Resources currently has the option to acquire a 100-percent interest in the Alkali Flat lithium project, which will become its flagship. The closed-brine deposit is situated in New Mexico, which many believe is the next frontier for lithium. Notably, Alkali Flat also displays very similar geology to Clayton Valley in Nevada, currently the site of the only producing lithium mine in the country.
Besides lithium, the company also has two high-impact mineral claims in the world-class Athabasca Basin, targeting high-grade uranium. The Catley Lake and Centennial East properties, spanning 3,036 hectares and 5,081 hectares, respectively, provide significant exploration opportunities. The Athabasca Basin in Saskatchewan, Canada hosts some of the world’s largest and highest-grade uranium deposits and home to some of the biggest mines, including Cameco’s McArthur River and Cigar Lake uranium mines. Lancaster’s assets are adjacent to Cameco's Centennial deposit claim block in the south-central area of the Athabasca Basin.
Lancaster has completed its spin-off of the Nelson Lake Copper project and its wholly owned subsidiary Nelson, which now operates as a separate company that owns 100 percent of the Nelson Lake copper project consisting of one mining claim of 5,746 hectares in Saskatchewan.
In April 2024, Lancaster acquired the Piney Lake gold property which covers an area of 2,267.8 hectares, and is nestled approximately 65 kilometers east of La Ronge Provincial Park and a mere 2.5 kilometres east of North Arrow Minerals' Pikoo property.
These promising projects are not the only reason to keep an eye on Lancaster Resources — the company also employs a highly experienced and respected technical team.
Exploration consultant Rodney Blakestad is a geologist with over forty years of experience in mineral exploration, having discovered multiple high-value deposits throughout his career. The esteemed Gary Lohman also sits on the company's advisory board, providing extensive expertise in geological, geochemical and geophysical exploration techniques.
With its new collaborative agreement with KorrAI Technologies, a pioneer in hyper-spectral imaging, Lancaster is also redefining and enhancing the efficiency and accuracy of mineral exploration, particularly for lithium, uranium, rare earth elements and other critical minerals. This cutting edge technology effectively minimizes environmental impact, optimizes resource discovery, and accelerates production.
Lancaster Resources currently plans to acquire a 100-percent interest in Alkali Flat, a lithium brine project that will serve as the company's flagship. Located in the Animas Valley near Lordsburg, the 233-claim property is also transected by Interstate 10. Historic research and geochemical data indicate the presence of anomalous levels of lithium.
Lancaster plans to evaluate potential direct lithium extraction partners once it has taken and assessed brine samples from the site.
Lancaster has an exclusive option to acquire 100 percent of the 3,520-acre Trans-Taiga lithium pegmatite property in Quebec, located between Patriot Battery Metals’ Corvette and Winsome Resources’ Cancet deposits. This underexplored yet highly prospective property has huge upside potential with access to hydroelectric power, providing clean, near-zero-carbon electricity. Lancaster plans to conduct surface exploration and a geophysics program in the spring of 2024.
Acquired by Lancaster in February 2024, Catley Lake and Centennial East cover 3,036 and 5,081 hectares, respectively, offering significant exploration opportunities. The properties are approximately 24 kilometers southwest of Cameco’s prospective Dufferin uranium deposit.
Lancaster plans to progress the exploration of these claims using new, modern technologies to identify favorable geology, structures and corridors that could host high concentrations of uranium. These strategic acquisitions reinforce Lancaster’s dedication to discovering critical minerals in support of the energy transition.
The Piney Lake gold property covers 2,267.8 hectares nestled approximately 65 kilometers east of La Ronge Provincial Park and 2.5 kilometers east of North Arrow Minerals' Pikoo property. It is surrounded by the prolific gold claims of SGO/SSR Mining in a region with a storied history of mineral discoveries. The Piney Lake property is accessible through provincial highways, placing it about 18 kilometers to the southwest of Pelican Narrows via Highway 135, and similarly accessible to Deschambault Lake via Highway 911.
Historical geochemical samplings for Piney Lake mention significant gold showings identified along a north-south trend. These include concentrations of 7.55 grams per ton (g/t) gold approximately 375 meters north, and an impressive 41.35 g/t gold approximately 4.1 kilometres north, among others. These findings underscore the high-grade gold potential awaiting modern exploration.
Penny White is an accomplished business leader with over 20 years of experience in the capital markets. As Lancaster Lithium's president and CEO, she brings a wealth of expertise and leadership to the company. White has a diverse background, with experience in sectors like mining, pharmaceuticals and clean energy. She co-founded a pharmaceutical company that was later acquired for $342 million and was the chairman of Highbury Energy for 10 years, overseeing the development of the company’s gasification technology and registration of a patent to create high-grade synthetic gas from biomass.
White has been recognized in PROFIT Magazine's W100 list of top entrepreneurs and has raised over $50 million for companies she has founded. In addition to her Law Degree, Penny has completed the Oxford Leading Sustainable Corporations Programme and the Oxford Climate Emergency Programme from Saïd Business School, University of Oxford. She is deeply committed to fighting climate change and working towards a more sustainable future.
White believes that by taking care of our planet, we can create a better world for ourselves and future generations.
Andrew Watson brings with him 21 years of rich technical leadership, operations, corporate strategy, and commercialization experience in lithium, hydrogen, and conventional oil and gas production. Watson’s experience includes working at Prism Diversified, as chief operating officer, to lead the technical development of two substantial battery metal critical mineral opportunities. While at Prism Diversified, Watson is spearheading the lithium brine development opportunities on over 850 square miles of highly prospective brine resources. His previous positions include VP engineering and operations at CleanInnoGen Energy, where he led the development of the world’s first-of-a-kind pilot project to capture industrial waste heat to produce on-site, low-cost, near-zero emission hydrogen and oxygen. Prior to this, as the VP of engineering and operations at Hyak Energy, he managed the operations of a 60MMbbl medium crude oil field in SW Saskatchewan, using an Alkali-Surfactant-Polymer chemical enhanced oil recovery scheme, increased production by over 250 percent, and spearheaded corporate sale leading to a successful divestment in January 2020.
Rick Huang has been the CFO of Lancaster Resources for 2 years. He has over 15 years’ experience as a director and officer in public companies. Between 2012 and 2014, he chaired the compensation and corporate governance committee for Great Northern Gold Exploration Corporation. For 11 years, from 2007 to 2018, he was the CFO of Hanwei Energy Services (TSX:HE), managing its finance, banking, and compliance departments. He has overseen accounting for subsidiaries in Canada, China, and Kazakhstan. His roles have encompassed investor relations, AGM preparations, and international joint venture negotiations. His experience also spans roles at companies like Pepsi Bottling Group (Canada) and Coca-Cola China. Huang has been involved with Datable Technology (TSXV:TTM) since May 2015 and previously with Poydras Gaming Finance. (TSXV:PYD). He’s been a designated CPA, CGA since 2005 and has an MBA from the University of Western Ontario in 2001.
Rodney Blakestad is a highly experienced consulting geologist with a successful career spanning over 40 years. Throughout his career, Blakestad has been involved in the discovery of numerous commercial-grade deposits, including the bulk-tonnage potential of the largest operating gold mine in Alaska (Fort Knox, now at 10M ounces), the first leached-cap porphyry systems discovered in Alaska (Taurus-Bluff and others), Cerro Caliche bulk-tonnage gold discovery near Cucurpe, Sonora, Mexico, the Anderson Mountain and Red Mountain VMS deposits in the Alaska range, USA and numerous volcanogenic massive sulfide deposits (VMS) in the Delta District, Alaska, USA. He has also discovered several gold placers in Alaska, USA.
Blakestad's expertise in minerals exploration was developed through his university education at the University of Alaska, where he studied advanced geochemistry, with special topical studies on gold geochemistry, the origin and transport of large gold particles and leached outcrop interpretation. Additionally, he has traveled throughout western Canada, the US and Mexico studying alteration facies and leached cap rocks of porphyry systems and some gold deposits to distinguish between barren deposits and mineralized systems.
In addition to his geological expertise, Blakestad has a Juris Doctor from the University of Denver Law School, where he studied natural resources and environmental law. This background has led him to focus on brine lithium deposits that can be processed with minimal surface degradation, and water consumption, and use alternatives to fossil fuels for the entire recovery process. Blakestad is a certified professional geologist with the American Institute of Professional Geologists and a registered professional geologist in the State of Alaska. He has also been a board of director and/or vice-president of exploration for several publicly traded companies.
Danial Card, P.Geo, RPGeo, a professional Geophysicist, holds a BSc. Hons degree from the University of Manitoba and is currently registered in Canada and Australia. His career started with Xstrata (now Glencore) where he worked his way up to project geophysicist at Raglan Mine in northern Quebec then went on to serve at Xstrata’s Western Australian operations Cosmos and Sinclair in the Leinstern-Wiluna nickel camp, where he played a key role in the discovery and definition of the 9 MT Odysseus nickel sulphide deposit.
Following his tenure at Xstrata, Card went on to work as senior geophysicist for Southern Geoscience Consultants in Perth, WA, where he served as the staff electromagnetics specialist. He also served as the technical lead on many mineral exploration projects. Card continued as a senior technical consultant to Abitibi Geophysics and an expert peer reviewer for the journal “Exploration Geophysics”. He then founded EarthEx, a company specialized in geophysical prospecting, data interpretation, 3D modeling and target definition,
Gary Lohman is one of the founding members of and currently serves as the chief operating officer for both Royal Stewart Resources Corp and Thistle Resources. He also holds the position of vice-president at Nine Mile Metals. With four decades of management experience, Lohman brings a wealth of knowledge in precious and base metal exploration both inside and outside the mining industry.
A graduate of the esteemed geology programme at the University of Toronto in 1981, Lohman’s proficiency spans various geological, geochemical and geophysical exploration techniques. He has applied these skills in numerous geological contexts, including volcanogenic massive sulphides (VMS), porphyry copper/molybdenum and iron oxide copper gold (IOCG) style deposits. His expansive experience extends to conducting evaluations and research on bonanza grade and bulk tonnage gold-silver properties located in Canada, Mexico, California, Ecuador and Chile.
Patrick Cruickshank brings over 20 years of experience from the wealth management sector working for Merrill Lynch, Legg Mason and Citigroup Capital Markets, where he focused on creating and protecting wealth while specializing in funding growth companies. Cruickshank was an NFLPA Advisor from 2000 to 2012, until transitioning into the private equity sector. Since 2012, he has concentrated on acquiring, funding and growing companies in the energy and resource sector.
Cruickshank is the current Chief Executive Officer and Director of Nine Mile Metals (CSE:NINE). He also serves on a number of private resource companies and is a frequent speaker/interviewee on the resource sector investment space, in Australia, Chile, Canada and the USA.
Cruickshank is a former Canadian Olympic/U23 soccer player, US NCAA Division 1 collegiate player and coach. He received his MBA from the Schulich School of Business at York University in 1989.
Heather Williamson is a seasoned finance and legal professional with over 20 years of experience in the industry. She has worked as a paralegal and in corporate finance for several public companies, including Boston Pizza International and Angiotech Pharmaceuticals. Williamson's expertise in finance and the legal industry is demonstrated by her successful completion of over $10 million in financing for a public company, including spearheading all aspects of an initial public offering and successful listing on the Canadian Securities Exchange (CSE).
She is well-versed in finance closings, IPOs and compliance with securities and stock exchange regulations. In addition to her extensive experience, Williamson is currently working towards her MBA at Royal Roads University. She currently serves as the director and vice-president of corporate finance for Lancaster Lithium, where she leads the company's corporate and securities compliance strategy.
William Feyerabend brings with him a vast wealth of experience in the exploration and development of Lithium projects across the American West, Mexico, and South America. He has authored technical reports for claim blocks in Nevada’s lithium development epi-center, including the Clayton and Fish Lake Valleys. His expertise in lithium exploration began in 2015, with a specific focus on Esmeralda County, NV and especially Clayton Valley. Notably, Feyerabend set the discovery well for Pure Energy.
Feyerabend has extensive experience in generating lithium brine targets and serving as a Qualified Person for lithium projects in Nevada, California, Utah, and Argentina. He has had roles with major companies such as US Borax and Gold Fields Mining and played a part in the discovery and development of four significant mineral projects. His international exposure is equally extensive, having worked on projects in Argentina, Bolivia, Chile, China, Colombia, Ghana, Guyana, Mexico, Peru, Saudi Arabia, United States, and Venezuela. This wealth of international experience will prove invaluable as Lancaster Resources continues to expand and enhance its operations.
Mohammad Asefi received his B.Sc. and M.Sc. degrees in antennas and microwave engineering from the American University of Sharjah, United Arab Emirates, in 2009 and 2011 respectively, and his PhD in electrical and computer engineering in 2016 from the University of Manitoba, Winnipeg, MB, Canada. From 2016 to 2017 he was a postdoctoral fellow at the electromagnetic imaging laboratory at the University of Manitoba. He was the director of research at 151 Research Inc. between 2017 and 2020 with a focus on biomedical imaging, stored grain monitoring using electromagnetic waves, and the development of electromagnetic imaging systems, and near-field measurements. He was the product development manager (Advanced Research) at Agco Winnipeg between 2020 and 2023 with a focus on the research and development of electromagnetic imaging systems/techniques for monitoring grain bins. He is currently the CTO of EarthEx Geophysical Solutions where he works on cutting-edge technologies for drone-based magnetic and electromagnetic data acquisition and analysis systems.
Greg Foofat brings over 20 years of robust experience in investor relations, Corporate communications, capital markets, corporate governance, and corporate strategy. Foofat has contributed to transactions exceeding $24 billion in M&A and A&D, as well as approximately $5 billion in equity and debt financing. His analytical prowess contributed to a two-person team being ranked #1 in idea generation and #3 in overall small and mid-cap oil and gas equity research by Brendan Wood International in 2010. Foofat is an invaluable addition to our advisory board, bringing a wealth of knowledge and strategic insight.
Patrick Laperrière brings more than 25 years of extensive experience in capital markets, recognized for his expertise as a portfolio manager overseeing small-cap and mining portfolios for Canada's largest pension funds. He has also led substantial equity raises for Canadian brokerage firms and provided seasoned guidance on investment strategies and sector allocation. Laperrière's recent role as the director of investor relations and corporate development at Critical Elements Lithium emphasized his leadership in the development of a significant lithium project in Northern Quebec.
Jay Swartzentruber has more than 30 years in commercial building and development, particularly in constructing water and wastewater treatment facilities. Swartzentruber is a director at CanAm Metals Inc. and under his direction, CanAm is set to produce lithium and gold with exceptionally low production costs. Swartzentruber is committed to sustainable and profitable mining practices, supported by strategic partnerships with Hargrove Engineering and Constructors and Lawrence Livermore National Labs, which focus on advanced research and development.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Lancaster Resources Inc. (CSE:LCR | OTCQB:LANRF | FRA:6UF0) ("Lancaster" and the "Company") announces an update on its exploration plans for its Uranium prospective Catley Lake & Centennial East properties in the Athabasca Basin of Saskatchewan, Canada.
The Catley Lake and Centennial East properties are contiguous and together cover 8,117 hectares. The properties are immediately adjacent to the Cameco Centennial deposit claims. The Cameco Centennial deposit is located just 12km to the west and has notable uranium concentrations of up to 8.78% U 3 O 8 over 33.9m and 25.6% U 3 O 8 over 0.5m.
Approximately 24km southwest of Lancaster's claims is the Cameco Dufferin deposit, which has shown assays of up to 1.73% U 3 O 8 over 6.5m. Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster's properties.
Exploration Plans
Lancaster's exploration plans include an initial detailed surface outcrop mapping, using hyperspectral data to identify vegetation stress indicative of subsurface uranium, acquiring high-resolution optical imagery, and purchasing corrected imagery for hyperspectral analysis (HSI).
The HSI results will be incorporated to support prioritizing and focusing follow-up field geology, geochemical sampling, and geophysics programs on the selected areas from the HSI program that show positive indications for uranium. Upon completion of the field work and geophysics program, target locations will be identified for an initial drilling program planned for Q4 2024.
Uranium as a Clean Energy Solution
Uranium is increasingly recognized as a vital component in the transition to clean energy. Nuclear power plants, which use uranium as fuel, produce no carbon emissions during operation, making them a key player in reducing greenhouse gas emissions. With its high energy density, uranium generates a substantial amount of energy from a small amount of material, resulting in a minimal environmental footprint. Moreover, nuclear energy is highly reliable and capable of providing consistent, baseload power, unlike intermittent renewable sources such as solar and wind. This reliability makes it a crucial component in ensuring a stable and clean energy supply as the world moves towards net-zero carbon emissions by 2050 ( IEA ) ( World Economic Forum ) ( Elements by Visual Capitalist ) ( Yale E360 ).
Financing
To fund the uranium exploration, the Company is offering Critical Mineral Flow-Through units ("FT Units") at $0.05 per FT Unit. Each FT Unit consists of one flow-through common share and one share purchase warrant, with each whole warrant entitling the holder to purchase one non-flow-through common share for a period of 3 years at a price of $0.10. The Company may pay finders' fees up to 8% cash and 8% non-transferable finder warrants in connection with the issuance of FT Units. Each finder warrant is exercisable to purchase one common share for a period of 3 years at a price of $0.05.
To fund its maiden drill program at Alkali Flat in New Mexico, USA, the Company is offering a non-brokered private placement for Units at $0.03 per Unit, each consisting of one non-flow-through common share and one share purchase warrant, with each whole warrant entitling the holder to purchase one non-flow-through common share for a period of 3 years at a price of $0.06. The Company may pay finders' fees up to 8% cash and 8% non-transferable finder warrants in connection with the issuance of non-flow-through Units. Each finder warrant is exercisable to purchase one common share for a period of 3 years at a price of $0.03.
All securities issued and sold under the offering will be subject to a four-month and one-day hold period.
The proceeds from the offering will be used for exploration at the Catley Lake and Centennial East Properties, including outcrop mapping, hyperspectral analysis, and initial drilling, drilling at the Alkali Flat Project in New Mexico, accounting fees, general and administrative expenses, and accounts payable.
Qualified Person
Andrew Watson, P.Eng., a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects, reviewed and approved this news release's scientific and technical information. Mr. Watson is the VP, Engineering and Operations for Lancaster.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring critical minerals. Lancaster owns 100% of the uranium-prospective contiguous Catley Lake and Centennial East claims in the Athabasca Basin in Saskatchewan, Canada, which together cover 8,117 hectares. The properties are immediately adjacent to the Cameco Centennial deposit claims. The Cameco Centennial deposit is located just 12km to the west and has notable uranium concentrations of up to 8.78% U 3 O 8 over 33.9m and 25.6% U 3 O 8 over 0.5m Approximately 24km southwest of Lancaster's claims is the Cameco Dufferin deposit, which has shown assays of up to 1.73% U 3 O 8 over 6.5m. Management cautions that mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the presence of similar mineralization or geology on Lancaster's properties.
The Company has rights to acquire 100% of the Alkali Flat Project, near Lordsburg, New Mexico, USA, a set of claims approximately 5,200 acres (8.1 square miles) in size, and has been permitted for drilling. Guiding Lancaster Resources' journey is a skilled management and technical team with collective involvement in over 42 mineral discoveries and endowed with extensive experience in the exploration and development of projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer
Lancaster Resources Inc.
Email: penny@lancasterlithium.com
Tel: 604 923 6100
Website: www.lancaster-resources.com
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster's future performance. The use of any of the words "could," "expect," "believe," "will," "projected," "estimated," and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, obtain exploration and drilling permits, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties, and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as may be expressly required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this news release.
News Provided by GlobeNewswire via QuoteMedia
Lancaster Resources Inc. (CSE:LCR) (OTCQB: LANRF) (FRA:6UF0) (" Lancaster "), a critical mineral exploration company, is pleased to announce the appointment of Miguel Paucar, B.Sc., M.Sc. to its Advisory Board. With over 28 years of extensive experience in the international mining sector, Miguel brings a wealth of knowledge and expertise from his work across diverse geographical regions including South Africa, Australia, Chile, Mexico, Peru, and Brazil. His career has encompassed significant roles in both underground and open-pit mining as well as geomechanics.
Miguel notably served as the Mining Director at Sigma Lithium from 2021 to 2022, where he spearheaded major advancements in lithium extraction technologies and sustainability practices. Under his leadership, the company implemented initiatives such as using 100% renewable energy and recycled water, producing "quintuple zero green" lithium with a focus on zero tailings dams and zero hazardous waste.
His broad experience extends to managing significant operations and projects involving other commodities like gold, copper, diamonds, and base metals. Miguel's strategic insight is expected to be invaluable in enhancing operational efficiencies and environmental compliance at Lancaster Resources.
Educated with a Bachelor of Science in Mining Engineering from the National University of Peru and a Master of Science from the Nancy School of Mines in France, Miguel's technical and strategic skills are well-founded.
"I am excited to participate in the development of Lancaster's Alkali Flat Lithium Brine project in New Mexico. This project aligns with my professional vision and commitment to sustainable mining practices, and I look forward to contributing to its success," says Miguel Paucar.
Miguel's expertise and vision will greatly contribute to Lancaster Resources as the company continues to explore and develop high-potential lithium and other projects. His involvement is expected to play a crucial role in advancing the company's strategic goals and commitment to sustainable resource development.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is actively engaged in the exploration of lithium and other critical minerals. Its flagship Alkali Flat Lithium Project in Lordsburg, New Mexico, encompasses approximately 5,200 acres, including 260 mineral placer claims at the core of the Alkali Flats playa. The project aims to produce Net-Zero Lithium using direct lithium extraction technology powered by solar energy. Lancaster's portfolio also includes the Piney Lake Gold Property in Saskatchewan, the Trans-Taiga Lithium Property in Quebec's James Bay lithium district and the Catley Lake and Centennial East Uranium projects in Saskatchewan's Athabasca basin. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 40 mineral discoveries and endowed with extensive experience in the development of lithium brine projects and the exploration and development of mineral projects internationally.
Penny White, President & Chief Executive Officer, Lancaster Resources Inc.
penny@lancasterlithium.com
Tel: 604 923 6100
www.lancaster-resources.com
The Canadian Securities Exchange has neither reviewed, approved, nor disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated", and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
News Provided by GlobeNewswire via QuoteMedia
Lancaster Resources Inc. (CSE:LCR) (OTCQB: LANRF) (FRA:6UF0) (" Lancaster "), a critical mineral exploration company, is pleased to announce the appointment of Paola Rojas as a member of its Advisory Board. With her extensive experience in metals, energy, and technology investments, Paola will provide strategic insights and guidance to support Lancaster's growth and development.
Paola Rojas is a recognized corporate advisor, investor, and director with a significant track record in the Australian and American markets. As a principal at Synergy Resource Capital, she has spearheaded numerous successful initiatives, overseeing more than USD $80 million in mergers, acquisitions, and capital raising efforts with a strong focus on lithium, copper and precious metals. Her expertise in cross-border deal design, financial analysis, and investor relations will be invaluable to Lancaster as it continues to expand its project portfolio.
Synergy Resource Capital, founded in 2014 and based in Sydney, operates globally. The firm focuses on early-stage resource and technology opportunities, combining capital, ideas, and partnerships to unlock value. Synergy Resource Capital has benefited greatly from Paola's leadership in navigating complex market dynamics and her extensive network across the Americas as well as on social media.
"We are thrilled to welcome Paola to our Advisory Board," said Penny White, CEO of Lancaster Resources. "Her broad expertise and international perspective are perfectly aligned with Lancaster's strategic goals. We are confident that her contributions will enhance our ability to identify and develop high-potential projects in the lithium and gold spaces."
Paola commented on her appointment, "I am excited to join the Lancaster Resources advisory team and contribute to its journey in these dynamic sectors. The company's focus on sustainable and strategic resource development resonates with my professional vision, and I look forward to helping shape its future successes."
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is actively engaged in the exploration of lithium and other critical minerals. Its flagship Alkali Flat Lithium Project in Lordsburg, New Mexico, encompasses approximately 5,200 acres, including 260 mineral placer claims at the core of the Alkali Flats playa. The project aims to produce Net-Zero Lithium using direct lithium extraction technology powered by solar energy. Lancaster's portfolio also includes the Piney Lake Gold Property in Saskatchewan and the Trans-Taiga Lithium Property in Quebec's James Bay lithium district. The company holds complete interests in the Catley Lake and Centennial East Uranium projects in Saskatchewan's Athabasca basin. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 40 mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer, Lancaster Resources Inc.
penny@lancasterlithium.com
Tel: 604 923 6100
www.lancaster-resources.com
The Canadian Securities Exchange has neither reviewed, approved, nor disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated", and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
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Highlights
Lancaster Resources Inc. (CSE:LCR) (OTCQB:LANRF) (FRA:6UF0) (" Lancaster "), a critical mineral exploration company, is delighted to welcome three distinguished professionals to its advisory board: Greg Foofat, Patrick Laperrière, and Jay Swartzentruber.
Greg Foofat brings over 20 years of robust experience in Investor Relations, Corporate Communications, Capital Markets, Corporate Governance, and Corporate Strategy. Greg has contributed to transactions exceeding $24 billion in M&A and A&D, as well as approximately $5 billion in equity and debt financing. His analytical prowess contributed to a two-person team being ranked #1 in idea generation and #3 in overall small and mid-cap oil and gas equity research by Brendan Wood International in 2010. Greg is an invaluable addition to our advisory board, bringing a wealth of knowledge and strategic insight.
Patrick Laperrière brings more than 25 years of extensive experience in capital markets, recognized for his expertise as a portfolio manager overseeing small-cap and mining portfolios for Canada's largest pension funds. He has also led substantial equity raises for Canadian brokerage firms and provided seasoned guidance on investment strategies and sector allocation. Patrick's recent role as the Director of Investor Relations and Corporate Development at Critical Elements Lithium emphasized his leadership in the development of a significant lithium project in Northern Quebec.
Jay Swartzentruber, with over 30 years in commercial building and development, particularly in constructing water and wastewater treatment facilities, joins Lancaster from his current role as Director at CanAm Metals Inc. Under his direction, CanAm is set to produce lithium and gold with exceptionally low production costs. Jay is committed to sustainable and profitable mining practices, supported by strategic partnerships with Hargrove Engineering and Constructors and Lawrence Livermore National Labs, which focus on advanced research and development.
Penny White, CEO of Lancaster Resources, commented on the appointments, stating, "The strategic foresight and deep industry knowledge of these advisors will be pivotal as Lancaster expands its advisory board and enhances its strategic planning and execution."
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is actively engaged in the exploration of lithium and other critical minerals. Its flagship Alkali Flat Lithium Project in Lordsburg, New Mexico, encompasses approximately 5,200 acres, including 260 mineral placer claims at the core of the Alkali Flats playa. The project aims to produce Net-Zero Lithium using direct lithium extraction technology powered by solar energy. Lancaster's portfolio also includes the Piney Lake Gold Property in Saskatchewan and the Trans-Taiga Lithium Property in Quebec's James Bay lithium district. The company holds complete interests in the Catley Lake and Centennial East Uranium projects in Saskatchewan's Athabasca basin. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 40 mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer, Lancaster Resources Inc.
penny@lancasterlithium.com
Tel: 604 923 6100
www.lancaster-resources.com
The Canadian Securities Exchange has neither reviewed, approved, nor disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or Lancaster's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated", and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, raise capital, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
News Provided by GlobeNewswire via QuoteMedia
Lancaster Resources Inc. (CSE:LCR) (OTCQB:LANRF) (FRA:6UF0) (" Lancaster ") announces that the United States Department of the Interior Bureau of Land Management (" BLM ") has provided Lancaster with approval for the Plan of Operations regarding the Alkali Flat Lithium Brine Phase 1 drill program. This follows permit approval granted by the New Mexico Mining and Minerals Division (" MMD "), as announced on April 30, 2024.
"The BLM approval of our Plan of Operations application is further proof of Lancasters' vision of providing sustainable and minimal impact critical minerals for the energy transition," says Andrew Watson, Lancaster's VP Engineering & Operations. "We are rapidly progressing to drilling our maiden exploration well at Alkali Flat and showing the significant potential lithium brine deposit in the subsurface aquifers identified by our 2023 geophysics program."
Pursuant to BLM regulations 43 CFR 3715, the Plan of Operations submitted to the BLM in September 2023 has been formally approved. This approval includes the potential to drill up to three wells on the playa allowing for an expedited regulatory process pending results of the maiden well in Q2 2024. In addition to the approval are conditions for access, safety, and protecting the environment that the BLM and Lancaster have worked very closely on. Lancaster intends to meet or exceed all requirements to ensure the safety and protection of the environment and all stakeholders.
As previously released, Lancaster must submit a financial assurance instrument, such as a letter of credit, for USD $63,783 to be jointly held by the BLM and MMD. Once the financial assurance is received and approval from the New Mexico Office of the State Engineer is received, Lancaster will be able to access and drill on the playa.
The Alkali Flat Lithium Project targets a closed-basin brine deposit in a playa lake setting. The project is conveniently situated next to a major rail line and interstate highway, providing excellent access. The Drill Permit area lies about 8 miles north of the renowned 15MW Lightning Dock Known Geothermal Resource Area (KGRA).
Closed basin brine deposits contain an estimated 58% of the world's lithium resources. The only location of lithium production currently active in the United States is the brine operation at Clayton Valley, Nevada.
Qualified Person
Andrew Watson, P.Eng., a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Watson is the VP, Engineering and Operations for Lancaster.
About Lancaster Resources Inc.
Lancaster Resources (CSE:LCR | OTCQB:LANRF | FRA:6UF0) is engaged in exploring lithium, and other critical minerals. Its Alkali Flat Lithium Project, in Lordsburg, New Mexico, USA, spans ~5,200 acres and comprises 260 mineral placer claims which cover the heart of the Alkali Flats playa near Lordsburg, Mexico where Lancaster is exploring a below-surface lithium brine target. Lancaster's goal at Alkali Flat is to produce Net-Zero Lithium through the use of direct lithium extraction (DLE) technology and solar power. Lancaster is also collaborating to deploy advanced satellite hyperspectral acquisition, geospatial data aggregation, and AI-driven predictive modelling services exploration.
Lancaster's project portfolio includes 100% ownership of the Piney Lake Gold Property in Saskatchewan and rights to acquire the Trans-Taiga Lithium Property located within the James Bay lithium district of Quebec. Lancaster also holds a 100 percent interest in the Catley Lake and Centennial East Uranium projects in the Athabasca basin in Saskatchewan, Canada. It also has a minority interest in Nelson Lake Copper Corp., an unlisted reporting issuer which owns 100 percent of the Nelson Lake Copper Project in Saskatchewan, Canada. Guiding Lancaster's journey is a skilled management and technical team with collective involvement in over 40 mineral discoveries and endowed with extensive experience in the creation of lithium brine targets and the exploration and development of exploration projects across Canada, the American West, Mexico, and South America.
Penny White, President & Chief Executive Officer, Lancaster Resources Inc.
penny@lancasterlithium.com
Tel: 604 923 6100
www.lancaster-resources.com
The Canadian Securities Exchange has not reviewed, approved nor disapproved the contents of this news release.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events, or Lancaster's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Lancaster's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, the ability of Lancaster to execute its exploration plans, ability to enter into a long form agreement for the acquisition of the Trans Taiga Lithium Propety, retain key personnel, identify, acquire, explore, and develop high-quality mineral-rich properties and integrate sustainable energy sources and innovative technologies for climate-positive resource production constitute forward-looking information. Actual results and developments may differ materially from those contemplated by forward-looking information.
Readers are cautioned not to place undue reliance on forward-looking information. The statements made in this press release are made as of the date hereof. Lancaster disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
News Provided by GlobeNewswire via QuoteMedia
Highlights:
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"We undertook a plant location study as part of our ongoing PFS for the Laguna Verde project resulting in the decision to locate the DLE and eluate concentration stages at the project site, and the carbonation plant in Copiapó. This will have various benefits such as reducing the footprint and impacts at Laguna Verde, and taking advantage of existing infrastructure, power supply and skilled workforce in Copiapó. The plant at Copiapó can then be expanded to treat material from our Viento Andino project and potentially others. The decision on plant configuration will feed directly into the wider PFS which is due to be completed later this year."
Further Information
The Company engaged Worley, utilising its local Santiago based office, to undertake the PFS for the Laguna Verde project, and selected Lanshen as designer and supplier of the entire DLE processing plant. Worley recently performed various trade-off or options studies to consider the most favourable configuration of the project and a plant location option study which assessed three scenarios for location of the plant, of which two of the scenarios, labelled Scenario 1 and Scenario 3 in the report, provided the relevant trade-off comparison:
Laguna Verde is connected to Copiapó via a 270km paved international highway, as shown in Figure 1. Copiapó is a major regional mining centre in Chile with a population of 175,000, having well established infrastructure, a skilled workforce, and existing supply hubs for reagents and other materials. While basing the entire plant at the project site is feasible and most lithium projects in the lithium triangle are proceeding on such a basis, the good transport link and relative proximity to Copiapó made a trade-off study valuable.
Figure 1: Regional Map
An analysis of the difference in transport volumes was undertaken showing a minimal overall difference between the two scenarios. For Scenario 3 where impurity removal and carbonation stages are in Copiapó, there will be no transport of reagents or bulk chemicals to Laguna Verde which has a positive environmental and community impact.
A qualitative assessment was then undertaken by the Company across the range of metrics as shown in Figure 2. There are only two metrics in which Scenario 1 where the entire plant is located at site has a significantly positive comparison. The first one is storage during the construction phase, in that it will require a single storage facility rather than storage at both locations for tools, materials and spare parts. The second is disposal of solids, which is largely Sodium Chloride (NaCl or table salt) that is dissolved in the eluate and removed in the impurity removal stage before carbonation. In Scenario 1, these would be re-dissolved in the spent brine and re-injected. In Scenario 3, the report assumed NaCl would need to be disposed in Copiapó at a cost. However there should be a ready market for NaCl and further evaluation of this is required.
Figure 2: Qualitative Comparison- All on site (1) and split plants (3)
Across a range of other metrics the Scenario 3 of locating the downstream plant at Copiapó has major advantages. According to Lanshen, approximately 70% of the operational labour force will work at the downstream plant, which provides a far superior option for skilled workforce based in Copiapó. The footprint at the project site will be greatly reduced, from power supply, storage, camp and plant facilities, construction phase impacts, and environmental impacts. The Board has accepted the study and the decision to split the plant facilities between the project site and Copiapó will be the basis for the PFS.
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 sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major 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 direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
Argentina is no stranger to lithium mining. The South American nation is one of three encompassed in the prolific Lithium Triangle, a region that holds more than half of the world’s lithium deposits. Argentina ranks third in the world in terms of lithium reserves at 2.7 million metric tons (MT), concentrating lithium operations in the provinces of Jujuy, Salta and Catamarca.
Amidst electrification and decarbonization, analysts have forecasted a global supply deficit of 89,000 tons of lithium carbonate equivalent (LCE) in 2023 and the Argentinian government aims to double down on lithium to meet the increasing demand. Argentina has committed to $7 billion worth of investment for lithium production with strong growth projected for exports at $1.1 billion in 2023.
Galan Lithium (ASX:GLN,FSX:9CH) is an Australia-based international mining development company focused on its high-quality lithium brine projects in Argentina – Hombre Muerto West and Candelas. The company also holds a highly prospective lithium project in Australia – Greenbushes South.
The company’s flagship Hombre Muerto West (HMW) project hosts some of Argentina’s highest grade and lowest impurity levels with an inventory of 8.6 million tons (Mt) contained LCE @ 859 mg/L lithium, with 4.7 Mt contained LCE @ 866 mg/L Li in the measured category. The 100-percent-owned property also leverages close proximity to Livent Corporation’s El Fenix operation and Allkem’s Sal de Vida projects.
Galan has signed a commercial agreement with the Catamarca Government supporting the grant of permits to enable the commercialisation of lithium chloride concentrate from HMW to be sold locally or exported internationally.
Catamarca Governor Raúl Jalil and Galan Lithium Managing Director Juan Pablo Vargas de la Vega in Catamarca.
Galan’s secondary Candelas project comprises a sizable valley-filled channel with a potential indicated presence of substantially high-volume brine characteristics. The project’s maiden resource estimates stand upwards of 685 kilotons (kt) LCE, based on surveying from October 2019, and demonstrate exceptional discovery opportunities across this underexplored asset. Candelas has been rolled into Phase 4 of Galan’s targeted expansion plans, towards 60 ktpa LCE production by 2030.
Galan’s 100-percent-owned Greenbushes South Project is located in Western Australia and boasts advantageous positioning 3 kilometers south of the prolific Greenbushes lithium mine owned by Talison, Tianqi, IGO and Albermarle. Drilling of the first target was completed in July 2023. Galan is currently developing land access agreements for future drilling campaigns at Greenbushes South. An exploration license has been granted to the company for an additional key tenement, E70/4629 targeting lithium-bearing pegmatites for five years to February 2029. The tenement is approximately 260 kilometres south of Perth, the capital of Western Australia, and less than 30 kilometres south of the Greenbushes pegmatite at the Greenbushes Mine.
In 2023, Galan entered into an exclusive binding agreement with Redstone Resources to acquire 100 percent of the Camaro-Taiga-Hellcat property blocks from Infinity Stone Ventures (CSE:GEMS,GEMSF,FSE:B2I). The assets are located in the world-class James Bay Lithium Province in Quebec, collectively covering 5,187 hectares. The joint venture also includes an option to acquire 100 percent of the PAK East and PAK Southeast Lithium Project, spanning 1,415 hectares in Ontario’s Electric Avenue near Frontier Lithium’s PAK Lithium Project.
Galan has a highly experienced management team with over a century of professional expertise in the resource, finance and energy sectors. This results-oriented board and their vested interest in the company's success prime Galan for exceptional discovery potential and advanced development of its high-quality projects.
The 100-percent-owned Hombre Muerto West project is a large land property that sits on the west coast of the Hombre Muerto salar in Argentina, the second-best salar in the world for the production of lithium from brines. The property also leverages strategic positioning adjacent to notable competitors like Livent to the east.
Galan has increased HMW’s mineral resource to 8.6 Mt contained LCE @ 859 mg/L lithium (previously 7.3 Mt LCE @852 mg/L lithium), one of the highest grade resource estimates declared in Argentina. HMW’s measured resource is now at 4.7 Mt contained LCE @ 866mg/L lithium. Inclusion of the Catalina tenure adds ~1.3 Mt LCE to the HMW resource.
The pilot plant at HMW has validated the production of lithium chlorine concentrate, adding reagents to eliminate impurities, and generating a concentrate at 6 percent lithium. The plant comprises pre-concentration ponds, a lime plant, a filter press and concentration ponds.
Pilot Plant at HMW
Construction for Phase I has already commenced for 5.4 ktpa LCE production at HMW, and aims to deliver lithium chloride production in H1 2025. The fourth long-term pumping test (PBRS-03-23) results at HMW record an outstanding lithium mean grade of 981 mg/L - the highest reported grade from a production well in the Hombre Muerto Salar.
In April 2024, Galan announced 33 percent project completion with pond construction at 45 percent and project execution is advancing as planned.
A definitive feasibility study (DFS) for phase 2 shows a 20.85 ktpa LCE operation at HMW, targeting high-quality, 6 percent concentrated lithium chloride product (equivalent to 12.9 percent lithium oxide or 31.9 percent LCE) in 2026. The DFS also indicated phase 2 will deliver a post-tax NPV (8 percent) of US$2 billion, IRR of 43 percent and free cash flow of US$236 million per year. Phase 2 provides an exceptional foundation for significant economic upside in phases 3 and 4, targeting 60 ktpa LCE production by 2030.
The company has signed a binding term sheet with a wholly owned subsidiary of Glencore for offtake of up to 100 percent of its premium lithium chloride concentrate from HMW, and the offer to provide or facilitate a secured financing prepayment facility for US$70 to US$100 million, subject to conditions precedent being met.
Galan is targeting first-phase HMW lithium concentrate production in H1 2025
Galan now has 100 percent full ownership of the Catalina tenement that borders the Catamarca and Salta Provinces in Argentina. The newly secured Catalina tenure has a strong potential to significantly add to the existing HMW resource. The tenure also covers the Catalina, Rana de Sal II, Rana de Sal III, Pucara del Salar, Deseo I and Deceo II tenements.
The 100-percent-owned Greenbushes South lithium project is located near Perth, Western Australia, and is three kilometers south of the world-class Greenbushes lithium mine, managed by Talison Lithium. The Greenbushes South tenements can be found along the Donnybrook-Bridgetown Shear Zone geologic structure, which hosts the lithium-bearing pegmatites at the Greenbushes Lithium Mine.
Greenbushes South covers nearly 315 square kilometers, and hosts elevated pathfinder elements with well-defined anomalies adjacent to the property.
Richard Homsany is an experienced corporate lawyer and has extensive board and operational experience in the resources and energy sectors. He is the executive chairman of ASX-listed uranium exploration and development company Toro Energy Limited, executive vice-president of Australia of TSX-listed uranium exploration company Mega Uranium and the principal of Cardinals Lawyers and Consultants, a boutique corporate and energy & resources law firm. He is also the chairman of the Health Insurance Fund of Australia (HIF) and listed Redstone Resources and Central Iron Ore and is a non-executive director of Brookside Energy Homsany’s past career includes time working at the Minera Alumbrera Copper and Gold mine located in the Catamarca Province, northwest Argentina.
Juan Pablo Vargas de la Vega is a Chilean/Australian mineral industry professional with 20 years of broad experience in ASX mining companies, stockbroking and private equity firms. JP founded Galan in late 2017. He has been a specialist lithium analyst in Australia, has also operated a private copper business in Chile and worked for BHP, Rio Tinto and Codelco.
Daniel Jimenez is a civil and industrial engineer and has worked for a world leader in the lithium industry, Sociedad Química y Minera de Chile, for over 28 years. He was the vice-president of sales of lithium, iodine and industrial chemicals where he formulated the commercial strategy and marketing of SQM’s industrial products and was responsible for over US$900 million worth of estimated sales in 2018.
Terry Gardiner has 25 years’ experience in capital markets, stockbroking and derivatives trading. Prior to that, he had many years of trading in equities and derivatives for his family accounts. He is currently a director of boutique stockbroking firm Barclay Wells, a non-executive director of Cazaly Resources, and non-executive chairman of Charger Metals NL. He also holds non-executive positions with other ASX-listed entities.
María Claudia Pohl Ibáñez is an industrial civil industrial engineer with extensive experience in the lithium production industry. Until recently, she worked for world leader in the lithium industry Sociedad Química y Minera de Chile (NYSE:SQM, Santiago Stock Exchange:SQM-A, SQM-B) for 23 years, based in Santiago, Chile. During her time at SQM, she held numerous senior leadership roles including overseeing lithium planning and studies. Ibáñez brings significant lithium project evaluation and operational experience whilst joining the board at a critical juncture in Galan’s journey to becoming a significant South American lithium producer. Since leaving SQM in late 2021, Ibáñez has been managing partner and general manager of Chile-based Ad-Infinitum, a process engineering consultancy, with a specific focus on lithium brine projects under study and development, and the associated project evaluations.
Ross Dinsdale has 18 years of extensive experience across capital markets, equity research, investment banking and executive roles in the natural resources sector. He has held positions with Goldman Sachs, Azure Capital and more recently he acted as CFO for Mallee Resources. He is a CFA charter holder, has a Bachelor of Commerce and holds a Graduate Diploma in Applied Finance.
