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Latest Drilling At Salinas Lithium Project Confirms Continuity And Thickening Of Pegmatites Along Strike And Down Dip

Latin Resources Limited (ASX: LRS) (“Latin” or “the Company”) is extremely pleased to confirm that the ongoing diamond drilling campaign at the Company’s Salinas Lithium Project in Brazil (“Salinas” or the “Project”), is continuing to intersect thick, shallow dipping spodumene rich pegmatites, with SADD003 returning a best intercept of 16.17m true thickness. (Figure1).


HIGHLIGHTS

  • Three diamond holes completed, with all three intersecting multiple spodumene bearing pegmatites, confirming strike and dip continuity.
  • All pegmatites are open along strike and downdip.
  • Drilling 180m along strike to the south has intersected 16.17m (true thickness) spodumene bearing pegmatites.
  • Drillinghasconfirmedthe“pinch and swell”natureofthepegmatitesatSalinas, highlighting the significant nature of this greenfields discovery.
  • Drilling of the 14-hole program is ongoing, with SADD004 currently underway testing the down dip extensions of pegmatites intersected in SADD003.

As previously reported, the Company’s initial drillhole SADD001, intersected three separate spodumene bearing pegmatites down dip from high-grade lithium outcrop samples1. Drilling of the next two holes is now complete, with SADD002 targeting approximately 100m down dip from SADD001, and SADD003 some 180m to the south along strike (Appendix 1) (Figure 2). All three holes have intersected the same three layers of pegmatites

Latin Resources Figure 1: SADD003 – spodumene bearing pegmatite 65.6-81.77m, (16.17m true thickness) intersected in diamond drilling approximately 180m along strike to the south of previously reported intersections1

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This article includes content from latin Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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CleanTech Lithium (OTCQB:CTLHF)

Laguna Verde Project PFS Update

CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF, Frankfurt:T2N), an exploration and development company advancing lithium projects in Chile, announces that it now expects to publish the Pre-Feasibility Study (the "PFS") for the Laguna Verde Project in Q3 2024. In order to produce a more robust PFS, which will further support strategic partner discussions, the Board has decided to include data from the Company's DLE pilot plant as well as from the current drilling and field programme at Laguna Verde.

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SQM REPORTS EARNINGS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2023

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Highlights

Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today earnings for the twelve months ended December 31, 2023 , of US$2,012.7 million ( US$7.05 per ADR), a decrease of approximately 48.5% from US$3,906.3 million ( US$13.68 per ADR) for the twelve months ended December 31, 2022 .

Gross profit reached US$3,075.1 million (41.2% of revenues) for the twelve months ended December 31, 2023 , lower than US$5,736.6 million (53.6% of revenues) recorded for the twelve months ended December 31, 2022 . Revenues totaled US$7,467.5 million for the twelve months ended December 31, 2023 , representing a decrease of approximately 30.3% compared to US$10,710.6 million reported for the twelve months ended December 31, 2022 .

The Company also announced earnings for the fourth quarter of 2023 of US$203.2 million ( US$0.71 per share), a decrease of approximately 82.3% compared to US$1,151.0 million ( US$4.03 per share) for the fourth quarter of 2022. Gross profit for the fourth quarter of 2023 reached US$400.7 million , approximately 75.6% lower than the US$1,641.9 million reported for the fourth quarter 2022. Revenues totaled US$1,311.6 million for the fourth quarter of 2023, a decrease of approximately 58.1% compared to US$3,133.6 million for the fourth quarter of 2022.

SQM's Chief Executive Officer, Ricardo Ramos , stated: "Our fourth quarter 2023 results reflected record-high sales volumes in lithium business and increased sales volumes in iodine and potassium business lines when compared to the previous quarter and the same period last year. Despite a downturn in lithium market prices when compared to the previous year, our focus on operational efficiency and ability to successfully execute capacity expansion projects have facilitated notable production growth in lithium and iodine businesses over the past year. While we continue with our expansions in Chile and expect our lithium carbonate capacity to reach 210,000 metric tons during the first quarter of this year, we also celebrated first production of spodumene concentrate at our Mt. Holland operation site during the fourth quarter of 2023. In the iodine business, as a result of successful start-up of Pampa Blanca operation, record-high production volumes were achieved during the year, reconfirming SQM´s position as industry leader with ability to deliver growth ahead of competition."

He continued by saying: "As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials. However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance."

He finished by saying: "In December last year, we signed a Memorandum of Understanding with Codelco to jointly develop the Salar Futuro project and sustainably operate in the Salar de Atacama beyond 2030. Together with the communities, we are working on the definitive documentation in the upcoming months and will inform the market once this process is concluded. Last year, SQM was included into both DJSI World and Emerging Markets indices, several years ahead of our internal goal. This is the result of ongoing work and our commitments to increase the transparency and sustainability of our operations."

Total capital expenditure in 2023 was close to US$1.1 billion . For the period 2024-2025, total capex is expected to be approximately US$2.4 billion , including:

  • US$1.4 billion related to lithium capacity expansion projects in Chile , including US$130 million of maintenance.
  • US$700 million related to nitrates and iodine capacity expansion project in Chile , including US$160 million of maintenance.
  • US$340 million related to Mt. Holland lithium project in Australia and exploration projects.

The capex for 2024 is expected to be approximately US$1.3 billion , including maintenance.

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Irina Axenova  / irina.axenova@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the implementation of the MoU and potential partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

Cision View original content: https://www.prnewswire.com/news-releases/sqm-reports-earnings-for-the-twelve-months-ended-december-31-2023-302075007.html

SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)

News Provided by PR Newswire via QuoteMedia

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