Oceana Lithium

Quarterly Activities Report for the Period Ended 30 September 2023

Oceana Lithium Limited (ASX: OCN, “Oceana” or “Company”) is pleased to present its activities report for the September 2023 quarter.


Highlights

Solonópole Project, Ceará, Brazil

  • 2,000 metres of shallow RC scout drilling completed at the Bom Jesus de Baixo (BJdB) and Soledade West prospects. Individual pegmatite intercepts of up to 37m wide and combined intercepts of up to 46m1 (refer ASX announcement 7 August 2023). All pegmatites intercepted remain open along strike and down dip. Assay results are pending.
  • The large-scale infill soil sampling and trenching program commenced in March 2023 continued, covering mapped pegmatites and artisanal workings designed to cut across all typical pegmatite strike directions in this area. As of 30 September 2023, about 6,000 soil samples were collected by Oceana with results pending.

Monaro Project, Québec, Canada

  • Option acquired over a 100% interest in the Monaro Project located in James Bay, Québec.
  • Field exploration due diligence program commenced in September after delays caused by extensive wildfires.
  • High priority targets identified which include two reported Québec Government SIGÉOM pegmatites; some 114 large linear structures with surface signs of pale outcrop, some up to 1.25 km in length identified from high resolution satellite imagery, as well as 26 spectral targets selected from Sentinel 2 remote sensing data.

Napperby Project, Northern Territory, Australia

  • A review of data from a Hyperspectral survey conducted by the Company has confirmed previously mapped pegmatite outcrops with reasonable accuracy and revealed several potential new major pegmatite dykes previously unmapped by other explorers.

Corporate

  • Mr Caue Araujo, a highly experienced geologist and mining industry professional, appointed as CEO.
  • $4.1m raised through strongly supported placement at $0.32 per share
  • The Company remains well-funded with cash at 30 September 2023 of ~$4.7m.
OPERATIONS

Solonópole Project, Brazil

The Solonópole Project area is located in the state of Ceará, north-eastern Brazil and consists of ten (10) exploration permits covering approximately 124km2 (Figure 1), owned by Oceana’s subsidiary Ceará Litio. The project is approximately three hours by road from the state capital Fortaleza and deep-water Port of Pecém and is well serviced by sealed highways and high voltage electricity.

Figure 1: Solonópole Project permits and targets drilled May – July 2023 (red dots)

A 2,000 metre RC scout drilling program comprising 30 mostly shallow holes up to 60m in depth commenced in May 2023 was completed in July 2023. The initial focus was at the Bom Jesus de Baixo Prospect (“BJdB”) at the BJdB Pit area, where high-grade spodumene Lithium mineralisation has been identified, then eastwards over the other two identified pegmatite outcrops at BJdB Central and BJdB East. These three linear outcrops lie over a combined east-west strike length of over 500m. This first phase of scout drilling was planned on a 20m x 20m grid to assist in determining the actual pegmatite dimensions and dip at each location, as well as its Lithium grade and mineralogy.

A progress report on the first 14 RC holes covering 1,035 metres of this first phase of drilling was reported by Oceana on 21 June 2023. Drilling confirmed the presence of thick pegmatites in three different outcropping areas (BJdB Pit, BJdB Central and BJdB East), aligned along strike and dipping north. All pegmatites intercepted remain open along strike and down dip, with provisional logging results suggesting they are part of a stacked pegmatite system.


Click here for the full ASX Release

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

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

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Highlights

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

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

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

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

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

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

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

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

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

About SQM

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

For further information, contact:

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

For media inquiries, contact:

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

Cautionary Note Regarding Forward-Looking Statements

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

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

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

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

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