Oceana Lithium

Solonópole Lithium Project – Exploration Update

Oceana Lithium Limited (ASX: OCN, “Oceana” or “Company”) is pleased to report the preliminary results of the phase one scout RC drilling campaign at its Solonópole Lithium Project in Ceará State, Brazil (Figure 1), which was successful in intercepting multiple thick pegmatites and some anomalous Lithium grades at shallow depth.


Highlights

  • Preliminary assay results received from 21 out of 30 shallow scout RC drill holes at Solonópole
  • Anomalous lithium grades returned from four drill holes (NGR-RC-002, NGR-RC-009, SOL-RC-001 and SOL-RC-005)1
  • Approximately 6,200 soil samples collected from Solonópole and analysed by XRF for lithium-caesium-tantalum (LCT) pathfinders
  • Series of high-resolution drone geophysics (magnetometry) surveys flown over high-priority LCT pegmatite target areas (BJdB, Lapinha, Urubu, Rolados, Nira and Zilcar)
  • Oceana is the first listed Lithium exploration company to complete RC drilling in this highly prospective Lithium region of Brazil
  • RC results and other field data to be used to plan a robust diamond drilling campaign

Oceana’s Senior Exploration Geologist James Abson said: “Although early days, I am encouraged by the preliminary results of the scout drilling program, as the anomalous Lithium grades intercepted suggests that the Lithium mineralization observed at surface continues at depth. The follow-up Diamond Drilling campaign being planned by Oceana will not only assist to confirm the exact extension of this Lithium mineralization at the BJdB targets but also test other new pegmatites intercepted at other locations within the various Li-anomalous soil grids. The following Diamond Drilling campaign at Solonópole will now be supported by robust geological and geophysical data sets generated by Oceana.”

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 to four hours by road from the state capital Fortaleza and the deep-water Port of Pecém and is well serviced by sealed highways and high voltage electricity.

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

As reported by Oceana on 7 August 2023, a ~2,000 metre RC scout drilling program comprising 30 mostly shallow holes up to 60m in depth was completed in July 2023. The 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 preliminary results for Lithium grade and mineralogy. Oceana is still at an early stage of exploration, testing new hypotheses and exploration methods to increase the geological knowledge of the region for Lithium.

These shallow holes returned individual pegmatite intercepts of up to 37m wide and combined intercepts of up to 46m1. Best combined pegmatite intercepts included:

  • 46m from surface to end of hole (EoH), including 37m continuous from surface1 (NGR-RC-15, Tin Mine target)
  • 21m from surface to EoH, including 18m continuous from 21m to 39m1 (SOL-RC-06, Zilcar II target)
  • 19m from surface to EoH, including 18m continuous from 39m to 57m1 (SOL-RC-08, Zilcar II target)

The first 22 RC holes (NGR-RC-001 to NGR-RC-022) confirmed the presence of thick pegmatites in five different outcropping areas (BJdB Pit, BJdB Central, BJdB East, “Tin Mine” and “Lidiane”) on Permit 800306 (see Figure 2).


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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Australian billionaire Gina Rinehart has become a formidable force in the global mining industry.

After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • 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 net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

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.

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

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.

News Provided by PR Newswire via QuoteMedia

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