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Nevada Lithium Resources Inc. (CSE: NVLH; OTCQB: NVLHF; FSE: 87K) (“Nevada Lithium” or the “Company”) is pleased to provide an updated mineral resource estimate (“Mineral Resource Estimate”) at its 100% owned Bonnie Claire Lithium Project (the “Project” or “Bonnie Claire”), located in Nye County, Nevada. The Mineral Resource Estimate was prepared by Global Resource Engineering (“GRE”) in accordance with Canadian Institute of Mining and Metallurgy and Petroleum (“CIM”) definitions, as required under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) and has an effective date of September 24, 2024. Most notably, the Lower Zone (as defined below) gives an indicated resource of 275.85 million tonnes (“Mt”) at 3,519 parts per million (“ppm”) lithium (“Li”) (5.167 Mt lithium carbonate equivalent (“LCE”)) and 275.85 Mt at 8,404 ppm boron (“B”) (2.318 Mt B), together with an inferred resource of 1,561.06 Mt at 3,085ppm lithium (25.634 Mt LCE).
Nevada Lithium’s CEO, Stephen Rentschler, comments:
“We are excited to announce the impact of the new drilling in the Lower Zone of mineralized lithium and boron at Bonnie Claire. With the significantly increased tonnage and higher grades, Bonnie Claire is potentially unrivaled by other sediment hosted lithium projects in Nevada and is now amongst the largest lithium resources in the world and amongst the highest-grade in Nevada.
Compared to Bonnie Claire’s previous resource report, the new drilling in the Lower Zone has led to a 68% increase in LCE tonnage, at an average grade that has tripled from 1,000 ppm to over 3,000 ppm. It includes intervals where grades exceed 6,000ppm. These increases have occurred using a cut-off grade that has more than doubled to 1,800 ppm. For the first time, we are also able to report a significant high-grade boron resource that we believe further enhances the Project’s value.
The Lower Zone remains open to the NW, NE and SE, for future resource expansion. Furthermore, the new infill drilling has resulted in an indicated resource classification. We are confident that the continuity of the mineralization will allow us to easily upgrade additional resources from the inferred classification into indicated resources and add new inferred resources.
The results from this report will feed directly into ongoing work on an updated Preliminary Economic Assessment (“PEA”) that we are targeting for completion at the end of Q1 2025. This PEA will reflect the increased tonnages and grades reported today. The PEA will also include the metallurgical processes currently being developed by Fluor Enterprises Inc., as reported in our news release dated October 23, 2024.
I would like to offer my congratulations and thanks to Nevada Lithium’s technical team for this tremendous success. Their dedication and vision has led to results that are of global significance and, in my opinion, will lead to future increases in shareholder value.”
Highlights:
- Resources for the deposit have been separated into two zones; a Lower Zone (i.e., mineralization hosted by Lower Claystone and Lower Sandstone units) (the “Lower Zone”) and an Upper Zone (i.e., mineralization hosted by an Upper Claystone unit) (the “Upper Zone”).
- The updated Mineral Resource Estimate includes assays from eleven (11) additional exploration and infill drill holes completed since the 2021 maiden resource estimate. 2023 & 2024 drilling intersected the lower claystone which hosts the high grade (up to 7,160ppm) lithium, and which remains open in three directions. It is reasonably expected that the bulk of inferred resources can be upgraded to indicated through additional infill drilling.
- The Lower Zone gives an indicated resource of 275.85 Mt at 3,519 ppm lithium (5.167 Mt LCE) and 275.85 Mt at 8,404 ppm Boron (2.318 Mt B), together with an inferred resource of 1,561.06 Mt at 3,085ppm lithium (25.634 Mt LCE). This base-case resource is based on a 1,800ppm lithium cutoff, constrained by hydraulic borehole mining (“HBHM”) parameters, and an assumed 60% recovery of the host strata.
- The Upper Zone gives an indicated resource of 188.08 Mt at 1,074 ppm lithium (1.075 Mt LCE) and 152.11 Mt at 1,519 ppm boron (0.231 Mt B), together with an inferred resource of 451.10 Mt at 1,106 ppm lithium (2.655 Mt LCE) and 270.53 Mt at 1,505 ppm boron (0.407 Mt B). This resource is calculated at a 900 ppm lithium cut-off, within a constraining pit shell, and would be mined by conventional open-pit methods
- The 60% HBHM recovery is based purely on a cylindrical cavity and does not account for any improved recoveries from the expected plastic deformation of the deep zone material.
- The updated Mineral Resource Estimate will be included into ongoing work on an updated PEA expected for completion at the end of Q1 2025.
Join Stephen Rentschler, CEO of Nevada Lithium for a LIVE virtual event
to learn more about the Company’s findings and ask questions during the interactive Q&A.
Date and time: Tuesday, November 19th at 1 pm ET / 10 am PT
to learn more about the Company’s findings and ask questions during the interactive Q&A.
Date and time: Tuesday, November 19th at 1 pm ET / 10 am PT
Results and Interpretation
Bonnie Claire consists of a sedimentary package of volcaniclastic origin, laid down in a NW-SE basin striking basin. Lithium and boron mineralization are located within an Upper Zone, hosted within an upper claystone unit encountered by drilling from surface to about 425 ft (130m), and a Lower Zone, hosted within lower claystone and lower sandstone units intersected from 1,500-2,850ft (457-853m). Lithium mineralization appears to be hosted within non-swelling clay phases such as illite, or as lithium carbonate or salt within the sedimentary matrix. Boron mineralization appears to be associated with searlesite, a sodium borosilicate mineral.
While the Upper Zone and Lower Zones exhibit lithium and boron mineralization, they are separated spatially, and exhibit differences in metallurgical behaviour, leading the Company to treat them as two distinct deposits with different mining methods.
Lower Zone
While early exploration concentrated on mineralization in the Upper Zone, the Company has shifted its focus to mineralization in the Lower Zone, hosted in the lower claystone and sandstone units and containing the bulk of lithium and boron. This Lower Zone remains open to the NW, NE and SE. The current plan is to use an underground HBHM method, with a higher 1,800ppm cut-off. The Mineral Resource Estimate for the Lower Zone is presented in Table 1-1 and the sensitivity of the Lower Zone to cutoff grade is presented in Table 1-2.
Table 1-1: Bonnie Claire Lower Zone Mineral Resource Estimate With 60% Hydraulic Borehole Mining Recovery
- The effective date of the Mineral Resource Estimate is September 24, 2024.
- The Qualified Person (as such term is defined in NI 43-101) for the estimate is Terre Lane of GRE.
- Mineral resources are not mineral reserves and do not have demonstrated economic viability.
- Mineral resources are reported at an 1,800 ppm Li cutoff, an assumed lithium carbonate (Li2CO3) price of $20,000/tonne, 5.323 tonnes of Li2CO3 per tonne Li.
- Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
Table 1-2: Bonnie Claire Lower Zone Resource Estimate Sensitivity to Cutoff Grade With 60% Hydraulic Borehole Mining Recovery
Upper Zone
The Upper Zone extends from surface to about 425ft (130m) depth and would be mined by conventional open-pit methods, reflected in a lower 900 ppm cutoff. The Mineral Resource Estimate for the Upper Zone is presented in Table 1-3, and the Upper Zone sensitivity to cutoff grade is presented in Table 1.4
Table 1-3: Bonnie Claire Upper Zone Mineral Resource Estimate Within a Constraining Pit Shell
- The effective date of the Mineral Resource Estimate is September 24, 2024.
- The Qualified Person for the estimate is Terre Lane of GRE.
- Mineral resources are not mineral reserves and do not have demonstrated economic viability.
- Mineral Resources are reported at a 900 ppm Li cutoff, an assumed lithium carbonate (Li2CO3) price of $20,000/tonne, 5.323 tonnes of Li2CO3 per tonne Li, 75% recovery, a slope angle of 18 degrees, no royalty, processing and general and administrative cost of $26.52/tonne, mining cost of $3.52/tonne, and selling costs of $100/tonne Li2CO3.
- Numbers in the table have been rounded to reflect the accuracy of the estimate and may not sum due to rounding.
Table 1.4: Bonnie Claire Upper Zone Resource Estimate Sensitivity to Cutoff Grade Within a Constraining Pit Shell
Cautionary Statements Regarding Mineral Resource Estimates:
Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves. Inferred mineral resources are that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. It is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.
Resource Estimation Parameters
The updated Mineral Resource Estimate for Bonnie Claire was performed using Leapfrog® Geo and Leapfrog® Edge software. Leapfrog® Geo was used to update the geologic model, and Leapfrog® Edge was used for geostatistical analysis and grade modeling in the block model. An oblique view of the block model at Bonnie Claire is illustrated by Figure 1.1
Figure 1.1: Oblique view from southwest of block model for Bonnie Claire generated by Leapfrog® Edge software. Lithium ppm legend to right.
The drill hole database used for the estimation included:
- 21 exploration drill holes, including 8 reverse circulation holes and 11 vertical diamond core holes
- 9,159.54 meters of drilling in exploration drill holes
- 1,898 assay intervals in exploration drill holes
- Minimum grade of 18 ppm Li in exploration drill holes
- Maximum grade of 7,160 ppm Li in exploration drill holes
Cumulative probability plots of lithium and boron assay values did not exhibit grade breaks that would indicate the presence of outlier data, so the data were not capped or clipped. A specific gravity of 1.7 grams per cubic centimeter (g/cm3) for all lithological units, comparable to other similar lithium deposits. Drill hole assay values were composited to intervals of equal length to ensure that the samples used in statistical analysis and estimations were equally weighted. The majority of samples were collected at 6.096-meter (20-foot) intervals, with some samples collected at other intervals up to a maximum of 12.192 meters (40 feet). Down-the-hole composites were created from the Li and B assays within upper claystone, lower claystone, and lower sandstone mineralized domains, with the following specifications: 6.096-meter (20-foot) intervals, with anything less than 3.048 meters (10 feet) added to the previous interval. This resulted in 1,313 Li composite intervals with Li grades from 40.37 ppm to 5,764.48 ppm and 857 B composite intervals with B grades from 10 ppm to 14,658.8 ppm.
Qualified Person Terre Lane estimated Li and B grades into the block model using inverse distance to the second power (“ID2”) and for each method, a single pass was conducted at the ellipsoid ranges (1,600 meters x 900 meters x 150 meters). All blocks with modeled grade were coded as inferred resources. The search was restricted to a minimum of four samples and a maximum of 12 samples per block and a maximum of three samples per drill hole, thereby requiring data from a minimum of two drill holes to populate a block. For statistical comparison, nearest neighbor (“NN”) and ordinary kriging (“OK”) models were run to serve as comparisons with the estimated results from the ID2 method. The estimate means for the global population as well as the means for the estimation domains are similar, suggesting the ID2 estimate is not biased or overestimating the grades. The reduction in mean, coefficient of variation, and maximum from composites to the ID2 estimate shows an appropriate amount of smoothing. Swath plots and visual comparison of composites versus block model values by section and plan show good correlation.
Mining Methods
Hydraulic Borehole Mining of Lower Zone
As disclosed in their April 16, 2024, news release, Nevada Lithium contracted Kinley Exploration LLC (“Kinley”) to provide a preliminary evaluation of HBHM for Bonnie Claire.
Kinley was asked to establish a reasonable and economic mining strategy utilizing HBHM within the Bonnie Claire Lithium resource deposit to extract lithium in a continuous, efficient, cost effective and safe manner in the targeted higher grade zone from 1,500-2,800ft (457-853m) deep.
Kinley’s analysis took into consideration that the mineralization is highly plastic and with the assistance of jetting and pumping would likely flow. With this information, coupled with the significant cost of backfilling and then the consideration of subsidence, Kinley evaluated HBHM without backfilling and using directional drilling from a stable position.
The Kinley model assumed the highly mobile mineralization within the target section would behave plastically and flow in a fluid state or caving condition to the mining system intake. This relies on flow of the mobilized mineralization, accelerated by high pressure jetting to a centralized well, then pumped back to surface. GRE assumes a more conservative recovery of 60% because of potential mass flow issues that need to be evaluated during test mining.
Open Pit Mining of Upper Zone
Open pit mining of the Upper Zone at Bonnie Claire would likely use conventional mining equipment of hydraulic shovels and mining haul trucks but could possibly use scrapers. The soil is extremely soft and typically saturated. As a result, pit wall slopes would need to be relatively shallow; for the Lerchs-Grossman pit exercise in Section 14, the GRE Qualified Person used 18° side wall slopes. Additional geotechnical testing would need to be completed to determine stable side wall slope angles, bench heights, and catch bench widths. Dewatering portions of the pit, freezing, or other forms of stabilizing pit slopes and bottom may be required.
Mineral Processing and Metallurgical Testing
The mineral assemblage changes with depth. The Upper Zone generally shows lower grade lithium and boron and higher calcite content, while the Lower Zone tends to be significantly higher-grade lithium and boron and lower calcite content. The final mine design has not been completed, and the project may have several options: mine the upper portion, mine the lower portion, or mine the entire deposit. As a result, two distinct treatment options have been evaluated.
For the Upper Zone, a thermal treatment was developed that involved a sulfate calcination followed by a hot water leach. This process had the advantage of not solubilizing as many impurities, particularly iron. High lithium extractions (up to 80%) were achieved.
New drill samples from the Lower Zone were tested, and the calcination process was not effective due to the low melting point of the boron minerals (searlesite). Subsequently, sulfuric acid leaching was evaluated to treat the deeper deposit material. The acid treatment demonstrated that the lithium host is readily soluble in a strong sulfuric acid solution, achieving extractions of approximately 85%. The conventional downstream purification of the acid liquor had challenges for the upper sections of the deposit due to high iron solubilization.
Boron concentrations in the Lower Zone warrant a separate boron recovery circuit. Boron is recovered from the leach liquor after primary impurity removal via ion exchange to produce a boric acid product.
Quality Assurance / Quality Control
A quality assurance / quality control protocol following industry best practice was incorporated into the drill program by Nevada Lithium. Drilling was conducted by Major Drilling Group International Inc. (“Major Drilling”). Core was transported by Major Drilling from the collar location and received by Nevada Lithium staff at the Company storage facility in Beatty, Nevada. The facility is only accessible to Nevada Lithium staff and remains otherwise locked. Received core was logged and cut at the facility by Nevada Lithium staff. Logging and sampling included the systematic insertion of blanks, duplicates and certified reference material (“CRM”) MEG Li.10.12 and OREAS 750 into sample batches at an insertion rate of approximately 10%. All core samples collected were transported by Company staff to ALS USA Inc.’s laboratory in Reno, Nevada. for sample preparation. Sample preparation comprises initial weighing (Code WEI-21), crushing quality control test (CRU-QC), pulverizing quality control test (PUL-QC), fine crushing at 70% <2mm (CRU-31), sample split using Boyd rotary splitter ((SPL-22Y), pulverizing up to 250g 85% <75 µm (PUL-31), crush entire sample (CRU-21), pulp login (LOG-24) and a crusher wash (final crusher wash between samples (WSH-21). Samples were shipped to ALS USA Inc.’s Vancouver laboratory in Burnaby British Columbia, where the samples were analyzed using 48-element four-acid inductively coupled plasma mass spectrometry (ME-MS61) and B/Li N₂O₂ fusion inductively coupled plasma atomic emission spectroscopy high-grade (ME-ICP82b) procedures.
Data verification by GRE staff included: an on-site inspection of the Project site and core, reverse circulation and chip tray storage facilities, check sampling, geologic maps and reports, and manual auditing of the Project drill hole database. GRE’s Qualified Persons have been involved with the project since 2018. They visited the site in 2018 after drilling, during drilling in 2020 and 2022. The results from the site inspection, visual sample inspection and check sampling for each drilling campaign are given below. Based on the results of GRE’s Qualified Persons check of the sampling practices, verification of drill hole collars in the field, results of the check assay analysis, visual examination of selected core intervals, and the results of both manual and mechanical database audit efforts, GRE considers the collar, lithology, and assay data contained in the project database to be reasonably accurate and suitable for use in estimating mineral resources.
The data verification of the drilling campaigns shows that data from the rotary mud drilling was suspect and not used in the resource estimate. Open pit mining and processing methods, costs and infrastructure needs were verified by Ms. Lane in comparison to other similar sized open pit mines operating in the western USA. Borehole mining costs were developed by Kinley with coordination with GRE. Other cost data used in the report was sourced from the most recent infomine cost data report. All costs used to determine reasonable prospects for economic extraction were verified and reviewed by GRE and were assessed to be current and appropriate for use.
Metallurgical testing was completed for Bonnie Claire by a well-known commercial metallurgical laboratory. GRE reviewed all available metallurgical reports. GRE confirmed that the mineralization found at the Project is similar to another project where GRE has performed other consulting work and finds that the test work for Bonnie Claire shows that the material behaves in a similar manner, specifically in lithium extraction and recovery and reagent consumption. Given the similarities of the Bonnie Claire material to other similar projects, this provides a good basis for benchmarking the metallurgical test. The work appears to be professionally completed and is well documented and is suitable for estimation of lithium extraction and recovery calculations in the Mineral Resource Estimate.
About Nevada Lithium Resources Inc.
Nevada Lithium Resources Inc. is a mineral exploration and development company focused on shareholder value creation through its core asset, the Bonnie Claire Lithium Project, located in Nye County, Nevada, where it holds a 100% interest.
For further information on Nevada Lithium and to subscribe for updates about Nevada Lithium, please visit its website at: https://nevadalithium.com/
Qualified Person Disclosure
The technical information in the above disclosure has been reviewed and approved by the designated Qualified Person under NI 43-101, Dr. Jeff Wilson, PhD, P.Geo, Vice President of Exploration for Nevada Lithium. Dr. Wilson is not independent of Nevada Lithium, as he is Vice President of Exploration for Nevada Lithium.
The technical information in the above disclosure has also been reviewed and approved by Terre Lane, a ‘Qualified Person’ as defined under NI 43-101. Ms. Lane is Principal Mining Engineer with GRE and considered to be “independent” of the Company under Section 1.5 of NI 43-101.
On behalf of the Board of Directors of Nevada Lithium Resources Inc.
“Stephen Rentschler”
Stephen Rentschler, CEO
For further information, please contact:
Nevada Lithium Resources Inc.
Stephen Rentschler
CEO and Director
Phone: (647) 254-9795
E-mail: sr@nevadalithium.com
Media Inquiries
E-mail: info@nevadalithium.com
Find Nevada Lithium on Twitter and LinkedIn
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release. The Canadian Securities Exchange has not approved or disapproved of the contents of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. These statements relate to matters that identify future events or future performance. Often, but not always, forward looking information can be identified by words such as “could”, “pro forma”, “plans”, “expects”, “may”, “will”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved.
The forward-looking statements contained herein include, but are not limited to, statements regarding: the performance of the Project; results of the 2023 Exploration and Development Plan (including, without limitation, its mineral resources, current claims and its ability to utilize global lithium needs); any plans following the Mineral Resource Estimate; the preparation of an updated PEA in 2025; and the performance of lithium as a commodity, including the sustained lithium demand and prices.
In making the forward looking statements in this news release, Nevada Lithium has applied several material assumptions, including without limitation: market fundamentals that result in sustained lithium demand and prices; the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of Bonnie Claire in a timely manner; the availability of financing on suitable terms for the development; construction and continued operation of Bonnie Claire; the Project containing mineral resources; and Nevada Lithium’s ability to comply with all applicable regulations and laws, including environmental, health and safety laws.
Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect Nevada Lithium’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable at the date the statements are made. Although Nevada Lithium believes that the expectations reflected in such forward- looking statements are reasonable, such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements expressed or implied by Nevada Lithium. Among the key risk factors that could cause actual results to differ materially from those projected in the forward- looking statements are the following: operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project; estimation or realization of mineral reserves and mineral resources, requirements for additional capital; future prices of precious metals and lithium; changes in general economic, business and political conditions, including changes in the financial markets and in the demand and market price for commodities; possible variations in ore grade or recovery rates; possible failures of plants, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays or the inability of Nevada Lithium to obtain any necessary approvals, permits, consents or authorizations, financing or other planned activities; changes in laws, regulations and policies affecting mining operations; currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities; risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on Nevada Lithium’s business; as well as those factors discussed under the heading “Risk Factors” in Nevada Lithium’s latest Management Discussion and Analysis and other filings of Nevada Lithium filed with the Canadian securities authorities, copies of which can be found under Nevada Lithium’s profile on the SEDAR+ at www.sedarplus.ca.
Should one or more of these risks or uncertainties materialized, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Nevada Lithium has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Nevada Lithium does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
NVLH:CC
Inside Billionaire Gina Rinehart's Key Mining Investments
In addition to Arafura, entrepreneur Rinehart’s investment portfolio contains other ex-China, green-transition-focused companies like Australian lithium firm Liontown Resources (ASX:LTR,OTC Pink:LINRF), as well as rare earths producers MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF). Rinehart’s role in the acquisition of Azure Minerals’ Andover lithium project in Western Australia alongside lithium giant SQM (NYSE:SQM) also made headlines.
In this article
- Who is Gina Rinehart?
- How did Gina Rinehart get rich?
- What mining companies does Gina Rinehart own?
- Where does Hancock Prospecting mine iron?
- Gina Rinehart’s iron ore investments
- Gina Rinehart’s lithium investments
- Gina Rinehart’s rare earths investments
- Gina Rinehart’s copper investments
- Gina Rinehart’s oil and gas investments
- Gina Rinehart’s potash and agriculture investments
- FAQs for Gina Rinehart
Who is Gina Rinehart?
Gina Rinehart is an Australian iron ore magnate and the executive chair of Hancock Prospecting, as well as the richest person in Australia and one of the world’s richest women. Rinehart is the daughter of Australian mining mogul and Hancock Prospecting founder, the late Lang Hancock. As the current executive chair of Hancock Prospecting, Rinehart won the inaugural Lifetime Achievement Award from CEO Magazine in 2019.
Rinehart was appointed as an Officer of the Order of Australia in 2022 for her “distinguished service to the mining sector, to the community through philanthropic initiatives, and to sport as a patron.”
How did Gina Rinehart get rich?
Gina Rinehart's Hancock Prospecting acquired the Roy Hill tenements in 1993. Centering the massive project as the cornerstone of the company, Hancock Prospecting has greatly benefited from the iron ore market boom that began in the early 2000s.
Today, Roy Hill is Australia’s largest iron ore mine, producing 60 million to 70 million tonnes of iron ore per year. Success at Roy Hill has made Hancock Prospecting Australia’s most valuable private company at an estimated AU$15.6 billion.
As with many of the world’s most successful billionaires, Gina Rinehart has developed an investment strategy based on strategic partnerships as well as diversification to mitigate risk and build value. Under her leadership, Hancock Prospecting Pty Limited (HPPL) as well as the HPPL Group of companies has expanded into some of the world’s most economically important markets, such as real estate, agriculture, energy and critical metals.
For the 2024 fiscal year, Rinehart's Hancock Prospecting reported a bumper profit of AU$5.6 billion, up 10 percent from the previous year.
What mining companies does Gina Rinehart own?
Through her company Hancock Prospecting, Gina Rinehart owns interest in mining companies across many sectors, including iron ore, lithium, rare earths, copper, oil and gas, as well as potash.
While much of her investment portfolio is focused on Australia and ASX companies, Rinehart is actively strengthening the geographical diversification of her investments.
In recent years, Rinehart has made a series of key investments in mining companies, especially targeting critical metals projects in Germany, Brazil, Ecuador and the United States. These include exploration-stage firms such as Titan Minerals (ASX:TTM) and Azure Minerals as well as producers such as Atlas Iron and MP Materials.
Where does Hancock Prospecting mine iron?
Vehicles hauling ore at Roy Hill iron ore mine.
Photo of Roy Hill iron ore mine via Roy Hill.
Hancock Prospecting’s Roy Hill and Hope Downs iron ore mines are in Western Australia's resource-rich Pilbara region.
Roy Hill has attracted strategic partnerships with major global enterprises: Marubeni (TSE:8002) has a 15 percent equity stake, POSCO Holdings (NYSE:PKX,KRX:005490) has a 12.5 percent stake and China Steel (TPE:2002) has a 2.5 percent stake. The minority partners purchase a combined 28.75 million tonnes of iron ore annually from Roy Hill’s production.
In September 2024, Hancock Prospecting got the green light for its AU$600 million McPhee iron mine located about 100 kilometres north of the Roy Hill mine after a long approval process.
The McPhee iron mine is expected to produce around 10 million tonnes of the metal each year over an estimated 15 year mine life. First production is expected to kick off next year, and ore will be transported by road trains to Roy Hill for processing and blending. The goal is to improve the larger mine's product mix and sustain its production volumes.
The Hope Downs iron ore complex is another of Australia’s largest iron ore projects. A 50/50 joint venture partnership with Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), Hope Downs hosts four open-pit mines and has an annual production capacity of 47 million tonnes. Hope Downs has also been the subject of a more than decade-long civil dispute in a Western Australian court over royalties, put forth by the descendants of Lang Hancock's business partner Peter Wright as well as Rinehart’s own children.
Gina Rinehart’s iron ore investments
Gina Rinehart’s iron ore investments in Western Australia extend beyond Roy Hill and Hill Downs to Atlas Iron’s three producing mines and a pipeline of development projects.
Rinehart’s Hancock Prospecting acquired Atlas Iron in 2018 through a AU$427 million deal that turned out to be dirt cheap as the company would go on to deliver AU$1.5 billion in revenues over the next three years alone.
Today, Atlas Mines operates the Mount Webber, Sanjiv Ridge and Miralga Creek mines. Production from these mines in its fiscal year ended June 2023 led to a AU$222 million dividend payment for Rinehart’s Hancock Prospecting.
As of July 1, 2025, Hancock Prospecting has consolidated its Roy Hill and Atlas Iron under the new name Hancock Iron Ore. The new entity represents combined iron ore exports of about 74 million tonnes per year.
Additionally, Hancock has an earn-in agreement on Legacy Iron Ore (ASX:LCY) and Hawthorn Resources’ (ASX:HAW) Mount Bevan project through its subsidiary Hancock Magnetite Holdings.
At Mount Bevan, as part of its earn-in agreement, Hancock completed a prefeasibility study (PFS) for a 12 million tonne per year high-grade magnetite project in July 2024. The PFS incorporates a resource estimate totalling 1,291 million tonnes, which was completed by Atlas, and delineates a capital cost of AU$5 billion to develop Mount Bevan.
Completion of the PFS increased Hancock’s stake in the joint venture from 30 percent to 51 percent, with Legacy now holding 29.4 percent and Hawthorn holding 19.6 percent.
Like iron, coal is another essential material in steel manufacturing. To this end, Rinehart is also pursuing an investment in a past-producing metallurgical coal mine in Alberta, Canada. Hancock Prospecting subsidiary Northback Holdings is the owner of the proposed Grassy Mountain steelmaking coal project in the province’s Crowsnest Pass region.
Exploration licences for the Northback project were greenlit by Alberta regulators in May 2025.
Gina Rinehart’s lithium investments
Gina Rinehart's lithium investments include Azure Minerals’ (ASX:AZS) Andover lithium project, Liontown Resources, Delta Lithium (ASX:DLI) and Vulcan Energy Resources (ASX:VUL).
The majority of her lithium investments came in a flurry in 2023 and 2024.
In June 2023, Rinehart’s Hancock Prospecting signed a separate joint venture earn-in agreement for the Mount Bevan magnetite project discussed above, this time for the lithium, nickel and copper mineralization at the project. The agreement will similarly see Hancock able to earn a 51 percent interest by completing certain milestones.
In September 2023, Rinehart made headlines when she took a position in Liontown Resources and then rapidly increased the position to 19.9 percent over the following month. This allowed Hancock, which was now Liontown's largest shareholder, to effectively block Albemarle’s (NYSE:ALB) accepted takeover of the smaller lithium company.
However, Liontown took a hit as the economics for its near-production Kathleen Valley lithium project in Western Australia were affected by high inflation and low lithium prices. In January 2024, Albemarle decided to sell off its 4 percent stake in Liontown. The lack of any further moves or comment by Rinehart in relation to Liontown Resources has led to speculation she may be waiting for the right opportunity to buy up the lithium company at a discount.
Kathleen Valley entered open-pit production in late July 2024, and is expected to produce approximately 500,000 tonnes per year of spodumene concentrate per year. In April of this year, the operation became Australia's first underground lithium mine when it commenced production from its Mount Mann deposit. Liontown plans to fully transition production to the underground mine in its fiscal 2026.
Albemarle's Liontown acquistion wasn't the only lithium bid Rinehart blocked in October 2023. As is her strategy, Rinehart scooped up an 18.9 percent stake in Azure Minerals after SQM announced its intention for a total takeover of the company and its Andover lithium project in the West Pilbara region of Western Australia.
This story had a different ending, though, as Hancock Prospecting instead joined the lithium giant in a AU$1.7 billion deal to become a co-owner of the exploration-stage Andover project. The deal closed in May 2024.
Shortly after its Liontown and Azure moves, Hancock Prospecting continued investing in Western Australia's lithium prospects when it participated in a AU$70.2 million fundraising for Delta Lithium in November 2023. The proceeds will help Delta Lithium to fund the development of its Mount Ida lithium-gold project, which is adjacent to Hancock's Mount Bevan joint venture project. As of November 2024, Hancock Prospecting owns 10.65 percent of Delta Lithium.
Rinehart has made lithium investments outside of Australia as well. Looking further afield to Germany, with a 7.5 percent stake, Hancock Prospecting is the second largest shareholder in Vulcan Energy and its flagship Zero Carbon lithium project in Germany’s Upper Rhine Valley, a milestone Rinehart's company reached after investing an additional AU$20 million in Vulcan, which made headlines in June 2024. The Zero Carbon project is slated to produce an initial 24,000 tonnes of lithium hydroxide by the end of 2025, targeting Europe’s electric vehicle manufacturing sector.
In November 2024, Vulcan Energy reached another major milestone with first production at its downstream lithium hydroxide optimisation plant, which is designed to produce lithium hydroxide and battery-grade lithium hydroxide monohydrate. In May 2025, Vulcan commenced drilling on its first new geothermal energy-lithium well in Landau, Germany, as part of its Phase 1 Lionheart project. The site currently holds four production and re-injection wells and the company aims to add 24 more that will produce hot lithium brine. Vulcan plans to use the new production to increase its geothermal energy production and begin commercial lithium production.
Gina Rinehart’s rare earth metals investments
Facilities at MP Materials' Mountain Pass rare earths mine.
clayton harrison / Shutterstock
Through Hancock Prospecting, Gina Rinehart has made investments in some of the world’s most well known rare earth mineral producing companies — US-based MP Materials and Australia’s Lynas Rare Earths — as well as development-stage Arafura Rare Earths and exploration-stage Brazilian Rare Earths (ASX:BRE). Rinehart taking a position in these rare earths companies shows she is looking to capitalise on the significant need for these critical metals outside of China.
As mentioned in the introduction to this article, Rinehart’s Hancock Prospecting is the largest shareholder of Arafura Rare Earths, giving it a 10 percent stake in the advanced-stage Nolans project in the Northern Territory, Australia. Rinehart made the investment in December 2022.
In April 2024, Rinehart made two significant moves into the sector. The first came on April 9, when it was revealed that Hancock Prospecting had acquired a 5.3 percent stake in MP Materials, the second largest rare earths producer outside of China. The company’s California-based Mountain Pass mine is the only integrated rare earth mining and processing operation in North America.
Rinehart’s investment in MP Materials could later bring in “Roy Hill-type cash flow,” Dylan Kelly, head analyst at Terra Capital, told Australian Financial Review. “Anything that is producing and not China-aligned is highly strategic. These materials are very, very hard to make and there’s a lot of demand in making magnets for electric vehicles and wind turbines."
One week later, Rinehart’s Hancock Prospecting also took up a 5.82 percent interest in Lynas Rare Earths, the largest ex-China rare earths producer. The Australian rare earths miner produces the critical metals at its Mount Weld mine in Western Australia and ships the raw material to Malaysia for processing. Lynas is also ramping up processing at its Kalgoorlie rare earth processing facility in Australia, and building light rare earths processing facilities and a heavy rare earths separation facility in Texas, US.
Rinehart’s near simultaneous investments in both Lynas and MP Materials comes after merger talks between the two rare earths behemoths stalled in February 2024. There was speculation stirring that Rinehart’s participation could renew merger discussions, Reuters reported.
In November 2024, the mining mogul increased her position in MP Materials to 8.5 percent, further raising the possibility of a merger down the road. As for Lynas, she raised her stake to 7.14 percent in July 2024 and then 8.21 percent in January 2025.
Rinehart is also getting her foot in the rare earths door at the exploration level. In 2023, Rinehart’s Hancock Prospecting made a pre-IPO investment for a 5.85 percent share in Brazilian Rare Earths, which went on to list on the ASX in December of that year. The rare earth explorer is working its district-scale Rocha da Rocha rare earth asset in the state of Bahia, Brazil. The province is highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides found. Brazilian Rare Earths is working to complete an updated JORC mineral resource estimate.
Gina Rinehart’s copper investments
Gina Rinehart’s copper investments are centered on Ecuador’s Andean copper-gold belt, and include explorer Titan Minerals and Ecuador's state-owned Empresa Nacional Minera (ENAMI).
Ecuador has seen a rush of major mining companies taking up positions in key copper and gold projects in recent years, placing Hancock Prospecting in the company of Barrick Mining (TSX:ABX,NYSE:B), Zijin Mining (HKEX:2899) and Anglo American (LSE:AAL,OTCQX:AAUKF).
Rinehart’s Ecuadorian copper investments are in line with her shift toward the critical metals necessary for the green transition and her strategy to expand the global footprint of her mining empire.
Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining has been in the region since 2017, and has continued to make more investments. In March 2024, Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining acquired a 49 percent stake in six mining concessions for AU$186.4 million. The deal sees it partner with state mining company ENAMI for the concessions, which surround the stalled Llurimagua copper-molybdenum project in Northern Ecuador.
In late April 2024, Ecuador’s constitutional court nixed appeals by ENAMI and its partner in the Llurimagua project, Chile’s state-owned CODELCO, to review the March 2023 decision by Imbabura’s provincial supreme court suspending the environmental licence for Llurimagua.
Shortly after the investment with ENAMI, Rinehart's Hanrine made another play in Ecuador by striking an earn-in agreement with Titan Minerals for up to an 80 percent ownership stake in the explorer’s Linderos copper-gold project contingent on up to AU$120 million in exploration spending. Linderos is an early-exploration stage project with the potential to host a large-scale copper porphyry system. Hanrine has made an initial investment of AU$2 million for a 5 percent stake.
Gina Rinehart’s oil and gas investments
Gina Rinehart’s oil and gas investments include private firms Warrego Energy in Western Australia and Senex Energy in Queensland.
In February 2023, Hancock Prospecting won a protracted bidding war for the then-public Warrego with Warrego's joint venture partner Strike Energy (ASX:STX) at a price of AU$0.36 per share. Warrego and operator Strike Energy maintain their 50/50 joint venture on the West Erregulla onshore gas field within exploration permit EP 469 near Perth in Western Australia.
In mid-August 2024, the West Erregulla project received its production licence. During Phase 1, the project is expected to produce 87 terajoules per day.
As for Senex Energy, it is a joint venture between POSCO (50.1 percent) and Hancock Prospecting subsidiary Hancock Energy (49.9 percent) that holds the Atlas and Roma North natural gas developments in Queensland’s Surat Basin. The two JV partners acquired Senex in 2022, with Rinehart’s company putting up AU$440.89 million.
Senex Energy has embarked on a AU$1 billion expansion endeavor at Atlas and Roma North that will see 60 petajoules of natural gas delivered to Australia’s east coast market annually by the end of 2025. This figure represents more than 10 percent of the region’s demand. Regulatory approval for the expansion was finally received following an uphill battle with a Federal government more interested in renewable energy projects than the natural gas variety. Hancock Prospecting reported the first flows of gas production from the expansion field in late November 2024.
Rinehart once had a significant stake of nearly 20 percent in Lakes Oil, now Lakes Blue Energy (ASX:LKO), through subsidiary Timeview Enterprises. Timeview's stake in Lakes Blue Energy has been lowered in recent years, but it remains the company's fourth largest shareholder at 4.63 percent.
In late October 2024, Rinehart offered financial assistance to Mineral Resources (ASX:MIN,OTC Pink:MALRF), a diversified mining company with lithium, iron ore and oil and gas operations in Western Australia. Headed by another mining heavyweight, Chris Ellison, Mineral Resources (MinRes) is reportedly drowning in debt and embroiled in a tax evasion investigation. At that time, Hancock Prospecting agreed to a AU$1.13 billion buyout of MinRes' oil and gas projects in the Perth Basin and an exploration acreage in the Carnarvon Basin.
The 100 percent sale of two of MinRes' exploration permits to Hancock was completed in December 2024 for initial consideration of AU$780 million, with potential for up to AU$327 million depending on whether certain conditions and thresholds are met. The permits include the Moriarty Deep prospect and the Lockyer gas and Erregulla oil discoveries.
Separate to that sale, the two companies are also forming two 50/50 exploration joint ventures for MinRes' remaining permits in the Perth and Carnarvon Basins. Hancock will acquire 50 percent of the MinRes Explorer drill rig, which is the largest in Australia.
Gina Rinehart’s potash and agriculture investments
Gina Rinehart’s potash and agricultural investments center on Hancock Prospecting’s ownership interests in multiple premium cattle stations in Australia, and the company's royalty revenue generated from the Anglo-American-controlled Woodsmith potash project currently under construction in the United Kingdom.
With an original investment of AU$380.6 million in 2016 to then-owner Sirius Minerals, Hancock Prospecting has a 5 percent revenue royalty on the first 13 million tonnes of fertiliser produced from Woodsmith and 1 percent thereafter. Hancock also has a 20,000 tonne per year offtake option. The timeline for Rinehart’s royalty revenue has been pushed back, however, as Anglo is cutting spending at Woodsmith following BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) failed mega-merger with Anglo American.
Investor takeaway
With Gina Rinehart at the helm of Hancock Prospecting, the Roy Hill iron ore mine has generated stellar revenues.
That wealth creation not only made her Australia's richest person, but has also built a powerful war chest from which Rinehart is expanding her mining empire.
Investors can take cues from her recent and future moves in the mining sector. Although she may be defensive toward renewable energy technologies encroaching on agricultural land, she understands the strategical importance of investing in critical metals for the green transition such as lithium, rare earths and copper.
FAQs for Gina Rinehart
How much is Gina Rinehart worth?
Gina Rinehart's net worth is reported to be AU$38.11 billion, maintaining her spot as the richest Australian, according to figures from the Australian Financial Review's Rich List 2025. However, her total wealth is down 6 percent over the previous year.
"Iron ore magnate Rinehart has topped the Rich List for the sixth year in a row, but the falling iron ore price has hit the valuation of her Hancock Prospecting, wiping around $2b off her estimated net worth," the list's authors explain.
What company does Gina Rinehart own?
Gina Rinehart owns Hancock Prospecting, a private company founded by her late father Lang Hancock. Originally an iron ore mining company, today the firm has strategic stakes in a wide-range of metals and commodities from lithium and rare earths to copper and agriculture, which are detailed in this article.
Can I buy shares in Hancock Prospecting?
While investors can't buy public shares in privately held Hancock Prospecting, they can take equity positions in the publicly traded stocks in which the company itself holds interest. Some of these stocks include Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF), Liontown Resources (ASX:LTR,OTC Pink:LINRF), MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC).
Does Gina Rinehart own Rio Tinto?
Although she has interest in many mining companies and the two companies share the Hope Downs joint venture, Gina Rinehart does not own mining giant Rio Tinto. Market Screener reports that Aluminum Corporation of China (SHA:601600) is its largest shareholder at 14.5 percent, followed by BlackRock (NYSE:BLK) and others at around 3 percent and below.
What does Gina Rinehart think about nuclear energy?
Gina Rinehart is pro-nuclear energy. During a speech at The Australian Bush Summit in 2023, she railed against the impact of wind and solar farms on much needed agricultural land in Australia. She suggested that nuclear energy offers a more viable solution for reaching the country's net zero targets.
Is Gina Rinehart the richest person in Australia?
Gina Rinehart is the richest person in Australia with a net worth of AU$38.11 billion. In 2025, she topped the Australian Financial Review's Rich List for the sixth consecutive year in a row. The next richest Australian, real estate developer Harry Triguboff, trails her at AU$29.65 billion.
Is Gina Rinehart the richest woman in the world?
Gina Rinehart is not the richest woman in the world. While she did rank as the world's ninth richest woman in 2024, as of March 2025, she is no longer in the top ten. The distinction of richest woman in the world goes to Walmart (NYSE:WMT) heiress Alice Walton. Rinehart previously held the title in 2012.
This is an updated version of an article first published by the Investing News Network in 2024.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
