Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM | OTCQB:NRVTF | Frankfurt:N7R) is pleased to report that the Company has completed hole CVZ-70 on its Zeus lithium clay deposit in Nevada to a total depth of 463 ft (141.1m). When logging and visual inspection of the core was completed, it was noted that mineralization appeared immediately near surface and extended down to approximately 387.0 ft (138m) for a total intersection of 380ft (116m).
Figure 1 shows the Zeus project drilling to date with the various drilling phases color coded. The arrow points to the recently completed CVZ-70 hole. Other planned Phase VI holes are indicated in purple.
Figure 1 - Location of all past drill holes (Phase I to Phase V) previously completed in addition to the 12 proposed holes for Phase V1 currently underway. CVZ-70 and other planned Phase VI holes are indicated in purple.
"Drill hole CVZ-70 is an incredibly encouraging hole for Noram. Figure 2 below shows a cross section with CVZ-70 and two adjacent, previously drilled, holes. The blue, green, black and magenta layers in the figure indicate claystone layers that have been shown to host the higher lithium assays from past drilling. The 380-foot (116-meter) intersection in CVZ-62 was one of the thickest claystone intersections by far. CVZ-70 appears to likely rival this and prior holes from prior programs. Thicker intersections such as this one will have profound implications on future resource tonnage calculations" commented Brad Peek M.Sc. CPG., VP of Exploration and Qualified Person for this and all 5 of the previous drilling phases of Noram's Zeus lithium property.
Figure 2. Comparative stratigraphy for drill holes CVZ-70 as compared to CVZ-61 and CVZ-62, which were drilled as part of the Phase V program. CVZ-61 and CVZ-62 were two of the longest intercepts drilled on the property to date. All of the claystone units except the brown silty claystone have relatively high lithium concentrations in previous drill holes on the property. The histogram on the sides of CVZ-61 and CVZ-62 are the composited lithium grades in ppm Li.
CVZ-70 is the first of the 12-hole Phase VI drilling program which is expected to upgrade approximately 175 million tonnes of the current 827 million tonne Inferred Resource to the Indicated category. Core samples from CVZ-70 have been shipped to ALS Laboratory in Reno, Nevada for assay processing on a "rush" basis. Assay results are pending.
The technical information contained in this news release has been reviewed and approved by Brad Peek., M.Sc., CPG, who is a Qualified Person with respect to Noram's Clayton Valley Lithium Project as defined under National Instrument 43-101.
About Noram Lithium Corp.
Noram Lithium Corp. (TSXV: NRM | OTCQB: NRVTF | Frankfurt: N7R) is a well-financed Canadian based advanced Lithium development stage company with less than 90 million shares issued and treasury exceeding US$18 million. Noram is aggressively advancing its Zeus Lithium Project in Nevada from the development-stage level through the completion of a Pre-Feasibility Study in 2022.
The Company's flagship asset is the Zeus Lithium Project ("Zeus"), located in Clayton Valley, Nevada. The Zeus Project contains a current 43-101 measured and indicated resource estimate* of 363 million tonnes grading 923 ppm lithium, and an inferred resource of 827 million tonnes grading 884 ppm lithium utilizing a 400 ppm Li cut-off. In December 2021, a robust PEA** indicated an After-Tax NPV(8) of US$1.3 Billion and IRR of 31% using US$9,500/tonne Lithium Carbonate Equivalent (LCE). Using the LCE long term forecast of US$14,000/tonne, the PEA indicates an NPV (8%) of approximately US$2.6 Billion and an IRR of 52% at US$14,250/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Chief Executive Officer and Director
C: 778.999.2159
For additional information please contact:
Peter A. Ball
President and Chief Operating Officer
peter@noramlithiumcorp.com
C: 778.344.4653
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the completion transactions completed in the Agreement. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws. *Updated Lithium Mineral Resource Estimate, Zeus Project, Clayton Valley, Esmeralda County, Nevada, USA (August 2021) **Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Click here to connect with Noram Lithium Corp. (TSXV:NRM) to receive an Investor Presentation.
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is providing a corporate update and an update on its 100% owned Zeus Lithium Project ("Zeus" or the "Project"), located in Clayton Valley, Nevada
Zeus Lithium Project Update
In mid-March, the Company produced an updated Mineral Resource Estimate (MRE) for Zeus which outlined a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1. Following the updated MRE, the Company initiated a number of Project de-risking initiatives:
"The last four months have been very successful at de-risking the Zeus Project," stated Greg McCunn, CEO of noram. "Early results from the metallurgical test program are confirming and validating our process flowsheet as well as identifying efficiencies to reduce overall operating costs. By focusing the project on the high-grade core of the Zeus Project, we are expecting to materially increase grades of material fed to the processing plant for the first 15-20 years of operations. This will allow us to reduce the scale of the process facility, which is expected to result in lower capital costs, while still maintaining meaningful levels of lithium carbonate production for the electric vehicle battery market.
Preliminary results from Phase 1 of the PFS have outlined a robust business case for the Project and we are now optimizing the business case based on a series of trade off studies. We are expecting to begin releasing preliminary result from this important work when it becomes available later in the third quarter."
Corporate Update
On May 31st, the Company announced that it had engaged Creative Direct Marketing Group, Inc. (CDMG) to provide the Company with marketing services and to raise public awareness of the Company. Over the past two months, the Company has been working with CDMG to prepare for the upcoming campaign which is expected to include both digital and direct mail campaigns. The campaign is expected to get underway in September.
Executive Chairman, Sandy MacDougall said "We are looking forward to communicating the exciting results from our technical work so far this year as they become available later this quarter. We are making extensive efforts with this new investor awareness campaign. noram is looking forward to widening its reach by broadening our audience and sharing the merits of this incredible project with a largely untapped investor base. While the campaign will be focused largely on the United States, our existing investor base in Europe will continue to be communicated with through our VP of Corporate Development, Simon Studer, who is multi-lingual and based in Switzerland."
For additional information:
Contacts:
In Europe: VP Corporate Development simon.studer@noramlithium.com
Elsewhere: Investor Relations at ir@normanlithiumcorp.com
Website: www.noramlithiumcorp.com
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
About noram lithium corp.
noram lithium corp. (TSXV: NRM| OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital.
Footnote
1 Refer to the report entitled "Updated Resource Estimate Zeus Lithium Project, Esmeralda County Nevada" with an effective date of March 17, 2023 and filed under the Company's filings on www.sedar.com
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. Although noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announces that it has engaged Creative Direct Marketing Group Inc. ("CDMG") to provide the Company with marketing services and to raise public awareness of the Company
"A leader in targeted advertising, Creative Direct Marketing Group, Inc is a full-service, direct response advertising and digital marketing agency with one goal in mind: increasing your response, market presence, and profits through ‘accountable advertising.' For more than 40 years, we've helped turn entrepreneurial start-ups into large companies and large companies into multibillion-dollar businesses" commented CDMG.
"This is another significant step forward for noram. The Zeus Project is a US-based project and yet Americans hold a relatively small market share. Engaging the expertise of CDMG, who hosts an enormously successful track record, will allow noram to further establish its rightful place in the heart of the push for a clean energy economy. America's domestic supply of battery-grade lithium is an indispensable part of this goal; as evidenced by the late 2022 U.S. Department of Energy funding initiatives for domestic supply" said Executive Chairman, Sandy MacDougall. "There is a vulnerability in the domestic supply chain and noram is well-positioned to be a key part of the solution."
Services to be provided by CDMG are anticipated to include investor awareness advertising over an initial term of twelve months commencing June 1, 2023 and continuing through May 31, 2024. CDMG has invoiced the Company for an initial amount of US$1,003,970 which is payable in tranches.
CDMG does not have any prior relationship with the Company and is an arm's length party. To the best of the Company's knowledge, CDMG does not hold, directly or indirectly, any securities of the Company or have any right to acquire any such securities. The proposed compensation for CDMG does not include any securities of the Company.
About noram lithium corp.
noram lithium corp. (TSXV: NRM| OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$11 million in cash on March 31, 2023 and no debt.
Please visit our web site for further information: www.noramlithiumcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. Although noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE:noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announced today it has appointed Mr. Glenn Barr as Vice President, Project Development, effective immediately
Mr. Barr has more than 25 years of experience in complex mining project development. Most recently he was Vice President, Project Development at Twin Metals Minnesota (TMM). His work included leading engineering studies, overseeing metallurgical test work programs and integrating environmental protection measures into project design. Prior to TMM, he held various roles at Stantec and Teck. As an Engineering Liaison at Stantec, he guided the environmental and engineering consultants in ensuring alignment and work efficiencies. While at Teck, he was integral in the development and commercialization of a novel hydrometallurgical process, and was a key member of the team that engineered and constructed a hydrometallurgical processing plant in Brazil. Mr. Barr holds a Bachelor of Science, Chemistry from the University of Victoria.
"We welcome Glenn to noram to the newly created position of Vice President, Project Development," stated Greg McCunn, CEO of noram. "His extensive experience with flowsheet development, engineering studies and the permitting environment in the United States will be instrumental to our continued de-risking of the Zeus Lithium Project. Glenn's initial focus will be managing the Prefeasibility Study for Zeus being led by Ausenco."
About noram lithium corp.
noram lithium corp. (TSXV: NRM| OTCQB: NRVTF | Frankfurt: N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.
About the Zeus Project (100% noram)
The Zeus Lithium Project contains a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1.
Please visit our web site for further information: www.noramlithiumcorp.com.
Footnote
1 Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Zeus Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. Although noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announces it has engaged Ausenco Engineering Canada Inc. ("Ausenco") to lead the Pre-Feasibility Study ("PFS") of its 100% owned Zeus Lithium Project ("Zeus" or the "Project") in Clayton Valley, Nevada
The Company recently engaged SRK Consulting Inc ("SRK") to produce an optimized mine plan for Zeus (see news release dated February 7, 2023) and initiated a further round of metallurgical testing with Kemetco Research Inc ("Kemetco") to confirm and refine the process design for the Project (see news release dated February 14, 2023). Both of these ongoing work streams will form the basis of the PFS, now being managed by Ausenco.
The PFS will consist of two phases of work, as follows:
"We are pleased to be partnering with Ausenco to continue to advance and de-risk the Zeus Lithium Project," stated Greg McCunn, noram's CEO. "The appointment of Ausenco marks a key milestone in the development of the project as we move Zeus, one of the largest lithium resources in North America, towards commercial production. Ausenco has a strong reputation in the global mining sector with a proven track record of delivering rigorous technical studies and executing successful projects."
About Ausenco
Ausenco is a global engineering consulting firm with its team based across 26 offices in 14 countries, with completed projects in over 80 locations worldwide. Combining a deep technical expertise with a 30-year track record, Ausenco provides innovative, value-add consulting and engineering studies and project delivery, asset operations and maintenance solutions to the mining & metals, oil & gas and industrial sectors.
About noram lithium corp.
noram lithium corp. (TSXV:NRM) | (OTCQB:NRVTF) | (Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.
About the Zeus Project (100% noram)
The Zeus Lithium Project contains a Measured and Indicated Resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1.
Please visit our web site for further information: www.noramlithiumcorp.com.
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
Footnote
1 Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, the results from this round of test work will confirm the Company's ability to recover high-purity lithium carbonate from Zeus mineralized material. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes. Although noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
noram lithium corp. ("noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announced today that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") technical report (the "Report") titled "Updated Resource Estimate Zeus Lithium Project". The technical report supports the updated Mineral Resource Estimate announced on January 30, 2023 and is available for review on both SEDAR (www.sedar.com) and the Company's website (www.noramlithiumcorp.com). There are no material differences in the mineral resources reported in the news release of January 30, 2023 and those described in the report
About noram lithium corp.
noram lithium corp. (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.
About the Zeus Project (100% noram)
The Zeus Lithium Project contains a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1.
In December 2021, a robust PEA2 indicated the Project could produce an annual average of 31,900 tonnes of Lithium Carbonate for supply to battery manufacturers with a modelled mine life of 40 years (resources support a +100 year mine life). The PEA outlined a US$528 million capital cost to construct the Project with a robust after-tax NPV(8%) of US$1.3 billion and an IRR of 31% using US$9,500/tonne LCE pricing. The PEA indicates an after-tax NPV(8%) of US$2.7 billion and an IRR of 52% at US$14,250/tonne LCE pricing. Note that the current daily prices have increased to over US$45,000/tonne LCE.
Please visit our web site for further information: www.noramlithiumcorp.com.
Footnote
1 Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).
2 Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).
Qualified Person
The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for noram.
ON BEHALF OF THE BOARD OF DIRECTORS
Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159
For additional information please contact:
Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward Looking Information
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. Although noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE: noram lithium corp.
News Provided by ACCESSWIRE via QuoteMedia
CleanTech Lithium PLC (AIM: CTL), an exploration and development company advancing sustainable lithium projects in Chile, is pleased to announce the downstream conversion process is successfully producing pilot scale samples of lithium carbonate. CTL is a leader in Chile in producing lithium carbonate using Direct Lithium Extraction ("DLE") at the pilot scale, marking a major milestone for the Company. The samples will be sent to a laboratory to confirm the grade and impurity profile, which is expected to be battery-grade and prepared for strategic partner qualification.
Image 1: CTL Director Gordon Stein and CEO of Conductive Energy Haafiz Hasham
with first Lithium Carbonate produced from Conversion Process
The Company shipped four tanks with a total of 88m3 of concentrated eluate from its DLE pilot plant in Copiapó, Chile, to the facilities of Conductive Energy in Chicago, USA, for conversion into lithium carbonate. The first tank with 20m3 of eluate is currently being processed and produced the first 50kg of lithium carbonate on November 19th. The full tank will be processed over the next week and is expected to produce approximately 150kg of battery grade lithium carbonate.
To mark the commencement of production a site visit to the conversion facility was held showcasing the innovative process. The conversion process utilises forward osmosis at the concentration stage rather than the conventional evaporator helping to reduce water consumption and energy use before solution purification and then carbonation into the final product.
Conversations with potential strategic partners interested in testing the product have begun. After laboratory analysis, the Company will be aiming to send samples of battery-grade lithium carbonate to such partners initially in the several kilograms to tens of kilograms, to start the product qualification process.
Highlights:
· CTL has produced pilot scale lithium carbonate from Laguna Verde brine following successful commencement of the downstream conversion process
· CTL is a leader in Chile producing lithium carbonate at the pilot scale using sustainable DLE which, with spent brine reinjection, prevents aquifer depletion and through innovative downstream processing, minimises water and energy consumption
· Lithium carbonate product will be sent to a laboratory in North America to be verified as battery-grade (>99.5%)
· A site visit to Conductive Energy's conversion facility took place on Tuesday 19th November to mark the commencement of production from what is the largest pilot plant in operation in North-East USA.
· Conversations with strategic partners have started and samples will be available for product qualification
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"CleanTech Lithium has reached an important milestone by commencing pilot scale lithium carbonate production using a sustainable and innovative DLE based process. As a leader in the DLE sector in Chile with a focus on efficiency and sustainability, this accomplishment marks a significant step forward. Years of hard work have led to this important milestone, and it sets the stage for future development with a commitment to supporting the transition to electric vehicles and clean energy. Thank you to the partners involved and we look forward to enter the next phase of development."
Haafiz Hasham, Chief Executive Officer, Conductive Energy, said:
"The successful conversion to lithium carbonate in partnership with CleanTech Lithium and Forward Water Technologies represents a significant milestone for all the companies involved. This achievement highlights our commitment to developing innovative, efficient, and sustainable processes that meet the growing global demand for lithium, a critical component in green energy solutions. We are excited to continue advancing Direct Lithium Extraction, which we believe represents the future of battery-grade lithium production."
Image 2: Site visit at Conductive Energy's facilities was held on 19th November
to see the conversion process to lithium carbonate
Image 3: Filter press used in the conversion process to separate precipitated
Li2CO3 from solution. White powder is lithium carbonate
Image 4: Two tanks of concentrated eluate arrive on site in Chicago, USA
Image 5: Industrial Forward Osmosis unit
**ENDS**
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
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 lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced 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 good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com
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.”
Gina Rinehart inherited Hancock Prospecting after her father’s passing in 1992. The following year, Gina Rinehart’s company acquired the Roy Hill tenements. 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 tonnes of iron ore per year. The mine was recently approved to increase its annual production to 70 million tonnes. Success at Roy Hill has made Hancock Prospecting Australia’s most valuable private company, worth 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.
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.
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 located in the resource rich Pilbara region of Western Australia.
Roy Hill has attracted strategic partnerships with major global enterprises: Marubeni (TSE:8002) with a 15 percent equity stake; POSCO (NYSE:PKX,KRX:005490) holds a 12.5 percent stake; and China Steel (TPE:2002) has a 2.5 percent equity position. The minority partners purchase a combined 28.75 million tonnes of iron ore annually from Roy Hill’s production.
This September, 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. A judgment in the case is expected this year.
Gina Rinehart’s iron ore investments in Western Australia extend beyond Roy Hill and Hill Downs to its subsidiary Atlas Iron’s three producing mines and a pipeline of development projects, as well as an earn-in agreement on Legacy Iron Ore (ASX:LCY) and Hawthorn Resources’ (ASX:HAW) Mt Bevan project through its subsidiary Hancock Magnetite Holdings.
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 Mt 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.
At Mt 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 of this year. The PFS incorporated a mineral resource estimate totalling 1,291 million tonnes, which was completed by Atlas, and delineates a capital cost of AU$5 billion to develop the potential Mt Bevan mine.
Completion of the PFS increased Hancock’s stake in the JV ownership from 30 percent to 51 percent with Legacy now holding 29.4 percent and Hawthorn 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. Northback is awaiting approval of its exploration licenses for the project.
Gina Rinehart's lithium investments include Azure Minerals’ Andover lithium project, Liontown Resources, Delta Lithium (ASX:DLI) and Vulcan Energy Resources (ASX:VUL). The majority of her lithium investments have came in a flurry over the past year.
In June 2023, Rinehart’s Hancock Prospecting signed a separate joint venture earn-in agreement for the Mt Bevan magnetite project, which is 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.
Last September, 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, since then, Liontown’s stock has taken a hit as the economics for its near-production Kathleen Valley lithium project in Western Australia have been damaged by the effects of high inflation and low lithium prices. Ultimately, in January, Albemarle decided to sell off its 4 percent stake in Liontown Resources. 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 production in late July 2024, and is expected to produce approximately 2.8 million tonnes per year of spodumene concentrate by the end of FY 2027.
That 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 last year 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, which also hosts nickel, copper and cobalt mineralisation. The deal closed in May 2024.
Shortly after its Liontown and Azure moves last year, 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 of the fundraising will help Delta Lithium to fund the development of its Mt Ida lithium-gold project, which is adjacent to Hancock's Mt Bevan joint venture project, through to a final investment decision. As of November 2024, Hancock Prospect 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. 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.
Facilities at MP Materials' Mountain Pass rare earths mine.
clayton harrison / Shutterstock
Through Hancock Prospecting, Gina Rinehart has recently made investments in some of the world’s most well known rare earths 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. Rinehart made the investment in December 2022.
In April of this year, 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. There is speculation stirring that Rinehart’s participation could renew merger discussions, Reuters reported. In November, the mining mogul increased her position in MP Materials to 8.5 percent, further raising the possibility of a merger down the road.
Andy Forster, Lynas investor and senior investor of Argo Investments, had his interest piqued by Rinehart’s move "given she's clearly made a play across the whole space. She obviously wants to potentially have a seat at the table if there's any chance of consolidation."
Rinehart is also getting her foot in the rare earths door at the exploration level. Last year, 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. The rare earths explorer is working its district-scale Rocha da Rocha rare earth province 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. The company expects to complete an updated JORC mineral resource estimate this year.
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 Gold (TSX:ABX,NYSE:GOLD), 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, but recently began making 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, 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 license 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 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) for 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 and the partners expect to start operations once a final investment decision is made later this year. During phase one, 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 is embarking on a AU$1 billion expansion endeavor at Atlas and Roma North this year 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 approved following an uphill battle with a Federal government more keen on renewable energy projects than the natural gas variety.
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.
More recently, 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, or MinRes, is reportedly drowning in debt and embroiled in a tax evasion investigation. Hancock Prospecting has 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.
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-a-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.
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.
Gina Rinehart's net worth is reported to be AU$40.61 billion as of May 31, 2024. That's up 8.5 percent over the previous year, according to figures from the Australian Financial Review's Rich List 2024.
"Rinehart’s net worth jumped $3.2b in the last year thanks to multiples in the sector expanding," the list's authors explain. "However, her iron grip on the Rich List top spot may be weakened by ore price declines in 2024, on the back of concerns over steel output reducing in China."
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.
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), MP Materials (NYSE:MP) and Lynas Rare Earths (ASX:LYC).
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. Yahoo Finance reports that Aluminum Corporation of China (SHA:601600) is its largest shareholder at 11 percent, followed by BlackRock (NYSE:BLK) with 8.7 percent and the Vanguard Group at about 3.1 percent of shares.
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.
Gina Rinehart is the richest person in Australia. In 2024, she made the Australian Financial Review's Rich List for the fifth consecutive year in a row. The next richest Australian, real estate developer Harry Triguboff, trails her by about AU$14 billion.
Gina Rinehart is not the richest woman in the world, but she does rank as the world's ninth richest woman in 2024. The distinction of richest woman in the world goes to France's Francoise Bettencourt Meyer, the heir of L'Oréal (EPA:OR). Rinehart previously held the title in 2012.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time). |
Participant Dial-In (Toll Free): 1-844-282-4852 |
Participant International Dial-In: 1-412-317-5626 |
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ |
SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2) for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.
Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .
The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.
SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."
He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."
Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."
Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."
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
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 completion and implementation of the proposed 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 and sales prices, 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.
1 Includes the net effect of accounting adjustments for the payments of the specific tax on mining activities for the exploitation of lithium for the nine months ended September 30, 2024 , in a total amount of US$1.303,3 million . For more detail, please refer to Note (1) to this Earnings release.
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SOURCE Sociedad Quimica y Minera de Chile , S.A. (SQM)
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