Metals Australia Ltd

Quarterly Activities Report – to 30 September 2024

Metals Australia Limited (“Metals Australia”, the “Company” or “MLS”) is pleased to report its activities for theQuarter ended 30 September 2024 (“Quarter”):


Corporate

  • The Company’s cash balance at the end of the Quarter was $16.02 million (Q4 $17.35 million), following net outflows of $1.33M, which included $1.17M spent on exploration, metallurgical test work and project studies. Staffing, consultant and administration costs, offset by interest on fixed term deposits resulted in net outflow of $159 K for the quarter. Please see details in the Appendix 5b.

Highlights

  • Commenced and completed phase 1 of an exploration campaign at the Corvette River Project in the James Bay region of Quebec Canada1. The program was aimed at advancing three highly prospective Gold, Silver and base metals projects – Felicie, West Eade and East Eade. Post quarter end the company announced results from the program, further enhancing the potential of the three project areas at a time when gold prices have reached all-time highs. Further work for a Phase 2 field program is being planned.
  • Announced comprehensive exploration plans for three Critical and Precious metals projects in Australia2, representing the beginning of the most significant exploration period in the company’s history. The projects include Warambie in WA’s Pilbara region (prospective for Gold, base metals and Lithium), Big Bell North Gold in WA’s Murchison Region and the Warrego East Copper, Gold and Bismuth project in the NT.
  • Launched the Warambie aircore drilling program in the Pilbara in September3, following receipt of approvals from the regulator and land holder and the award of a competitively bid drilling tender.
  • Launched Gravity and Soil sampling programs at the Big Bell North Gold project in the Murchison3, which together with an extensive aeromagnetic survey, recently completed, represented the most significant exploration ever undertaken on the tenements. Post quarter end, the company announced significant drill targets had been identified and that a 4500m air core drilling program was contracted to begin.
  • Significantly advanced its Lac Carheil Graphite project in Quebec, Canada4 – Provided a comprehensive update on the Metallurgical test work program, the design of the Process Flow Sheet for the Flake graphite concentrates plant and the prefeasibility study during the quarter. Significant time was spent in Canada by the CEO, advancing the project with Government and key stakeholder groups. The Company also added to its project land bank, increasing the claims area held by more than 60%. The additional claims extend ground holdings on identified graphite trends as well as land provisioning for the placement of project infrastructure.
  • In addition to the above work, the release of the Canadian Federal Governments Critical Minerals Strategy Annual Report 20245 during the quarter further highlighted the significance of our Lac Carheil Graphite project. The growing urgency to develop domestic supplies of graphite, including 5 graphite mines and CSPG refineries, is directly connected to the over 200 GWH of committed battery manufacturing plants in Canada. Four plants are progressing, including one in Quebec (Northvolt) and three in Ontario.
Exploration & Project Development Review

Canadian Projects:

Lac Carheil Graphite – Critical Minerals Project, Quebec, Canada:

During the Quarter the Company applied significant effort to the advancement of its flagship Critical Minerals project. Significant progress was made in key areas4, including metallurgical test work, design of flake graphite concentrates plant process flow sheet and the prefeasibility study for the project. In parallel, considerable engagement was undertaken with government and key stakeholders in Canada and within Quebec. Engagement with government also resulted in submissions for grant funding – both in Canada and the USA, with further applications under development to support funding for the project. The land holding for the project was also extended by 62%, by pegging additional claims, including extensions of identified graphite trends and provision of land for project infrastructure placement. The company continues to advance consultation in support of its drilling permit application, for which an Impact Exploration Assessment was completed and submitted in alignment with new regulatory requirements in Quebec. Consultation discussions in support of the project, including drilling, continue in an open and productive manner with all stakeholders. Metals Australia is aligned with the Canadian and Quebec governments commitment to ensuring that indigenous communities benefit holistically from critical minerals projects.

Further, the Company notes the release of the Canadian Federal Governments Critical Minerals Strategy Annual Report, 20245 and the significance that report attaches to Critical Mineral projects such as ours. A link to the report is available on our website. Of note is the urgency with which Canada is progressing to secure supply of critical and strategic minerals for a rapidly advancing battery manufacturing base. The report notes the commitments of major battery and car manufacturers to rapidly progress the production of over 200 GWH of battery production capacity, annually. The report outlines the requirement for 5 graphite mines and 5 coated spherical purified graphite plants (CSPG) – all of which are required to help supply the capacity planned, in construction or already in operation. The environment for critical mineral project development in Canada and the USA is rapidly accelerating – which positions the Lac Carheil Graphite project as one of increasing significance, given its potential to be one of the largest, highest grade graphite projects in North America.


Click here for the full ASX Release

This article includes content from Metals Australia Ltd, 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.

MLS:AU
Metals Australia

Metals Australia Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Metals Australia

Metals Australia


Keep reading...Show less

High-quality graphite project with accelerated development pathway and outstanding portfolio of exploration properties, highly prospective for lithium, gold and copper-gold discoveries.

Metals Australia Limited Invites Shareholders and Investment Community to visit them at Booth 2333 at PDAC 2025 in Toronto, March 2-5

Metals Australia Limited Invites Shareholders and Investment Community to visit them at Booth 2333 at PDAC 2025 in Toronto, March 2-5

Visit Metals Australia Limited (ASX: MLS) at Booth #2333 at the Prospectors & Developers Association of Canada's (PDAC) Convention at the Metro Toronto Convention Centre (MTCC) from Sunday, March 2 to Wednesday, March 5, 2025.

About Metals Australia Limited

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Lithium periodic symbol highlighted on periodic table.

European Metals Receives US$36 Million Grant for Cinovec Lithium-Tin Project

European Metals Holdings (ASX:EMH,LSE:EMH,OTCQX:EMHXY) confirmed the approval of a US$36 million Just Transition Fund (JTF) grant for its Cinovec lithium-tin project on Monday (April 28).

The JTF is run by the European Commission, supporting projects that align with the economic diversification and reconversion of concerned territories such as Bulgaria, the Czech Republic and Hungary.

JTF states on its website that the number of supported projects varies annually, depending on the proposals. The grant also forms part of the European Union’s efforts to transition to clean energy and achieve climate goals.

Cinovec was chosen as it was designated as a strategic project under the Critical Raw Minerals Act in March, underlining its importance in Europe’s journey toward securing stable supply of critical raw minerals. It was also declared a strategic deposit by the Czech government, a designation that accelerates certain permitting processes.

"The grant funding will be utilised to fast track a number of critical path items with regards to the Cinovec Project,” commented European Metals Executive Chair Keith Coughlan in a press release. “This confirmation builds on recent project momentum and is another clear indicator of the support the European Union and the Czech government is willing to provide to assist in getting Cinovec into production in the timeliest manner possible."

Keep reading...Show less
Atlantic Lithium (ASX:A11)

Atlantic Lithium


Keep reading...Show less
Lithium metal chunks and a label on a gray surface.

Atlantic Appeals for Fiscal Re-evaluation for Ewoyaa Lithium Project

Atlantic Lithium (ASX:A11,LSE:AAL,OTCQX:ALLIF) is appealing to the Ghanaian government to re-evaluate fiscal terms regarding its flagship Ewoyaa lithium project, which is located in the country.

The company’s board of directors acknowledged media reports on the situation in a press release late last week, saying it wants to ensure the successful development of the asset.

Atlantic notes that lithium prices have significantly declined since the mining lease for Ewoyaa was granted in October 2023, and is urging officials to adjust fiscal terms based on current price levels. Lithium prices remained low in 2024, and the downtrend has continued in 2025, with some price segments falling to four year lows.

Adam Webb, head of battery raw materials at Benchmark Mineral Intelligence, said at the Benchmark Summit in March that lithium carbonate prices are expected to remain about where they are, at US$10,400 per metric ton.

“But if we look further ahead, from 2026 onwards, that market is switching into the deficit, albeit quite small to start with, and that will end up being supportive of prices,” he explained at the Toronto-based event.

Australian spot spodumene concentrate prices have also declined.

Starting the year at the US$990 per metric ton level, values contracted through the first quarter of 2025 and are now sitting at the US$765 level, a 23.5 percent drop from January 2024's price of US$1,000.

Keep reading...Show less
European Metals

USD 36 Million Just Transition Fund Grant Approved for Cinovec Project

European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to announce the following update in relation to grant funding by the European Union for the Cinovec Project (“Cinovec” or “the Project”).

Keep reading...Show less
Lithium periodic symbol and electric vehicle.

7 Biggest Lithium-mining Companies in 2025

For a long time, most of the world's lithium was produced by an oligopoly of US-listed producers. However, the sector has transformed significantly in recent years.

Interested investors should cast a wider net to look at global companies — in particular those listed in Australia and China, as companies in both countries have become major players in the industry.

While Australia has long been a top-producing country when it comes to lithium, China has risen quickly to become not only the top lithium processor and refiner, but also a major miner of the commodity. In fact, China was the third largest lithium-producing country in 2024 in terms of mine production, behind Australia and Chile.

Chinese companies are mining in other countries as well, including top producer Australia, where a few are part of major lithium joint ventures. For example, Australia’s largest lithium mine, Greenbushes, is owned and operated by Talison Lithium, which is 51 percent controlled by Tianqi Lithium Energy Australia, a joint venture between China’s Tianqi Lithium (SZSE:002466,HKEX:9696) and Australia’s IGO (ASX:IGO,OTC Pink:IPDGF). The remaining 49 percent stake in Talison is owned by Albemarle (NYSE:ALB). Joint ventures can offer investors different ways to get exposure to mines and jurisdictions.

Keep reading...Show less
Galan Lithium

Galan Lithium


Keep reading...Show less
Metals Australia

Metals Australia Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×