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Lithium, gold and base metals exploration company Golden State Mining Limited (ASX code: “GSM” or the “Company”) is pleased to provide rock chip assay results following a geochemical program conducted at its Paynes Find lithium project in Western Australia.
Paynes Find (Li) Project
- Paynes Find North - Significant lithium-rubidium-caesium assay results
- First pass reconnaissance rock chips demonstrate encouraging pegmatites with LCT affinity over an area of broad anomalous geochemistry
- Rock chip results include: 0.9% Li₂O, 0.3% Rb₂O K 178ppm Cs
- Paynes Find Central
- Widespread rubidium anomalism in rock chips up to 0.12% Rb₂O
- Follow-up field work campaign to orientate and sample prospective pegmatites for drill planning
Figure 1: Paynes Find North Rock Chip locations and results.
Golden State’s Managing Director, Michael Moore commented: “Despite the very limited fieldwork coverage thus far, GSM has already validated its original targeting criteria at the Paynes Find lithium project – a self-generated asset in the greater Murchison region of Western Australia.
These encouraging results come from a recent field trip which identified outcropping pegmatites and further enhanced the prospectivity of the project. This data provides the basis for a robust drilling campaign in 2024.
GSM looks forward to carrying out further fieldwork during this quarter, assisting drill-hole placement, target vectoring and updating shareholders as work progresses.”
Paynes Find (Li) Project
GSM has received assay results for 18 rock chip samples collected from a range of pegmatite outcrops at the Paynes Find North (Figure 1) and Paynes Find Central project areas (refer to ASX announcement dated 8 November 2023). These results were taken from a preliminary reconnaissance field mapping exercise only with no comprehensive sampling undertaken. The sampled rock chip locations were selected within areas previously highlighted by soils anomalous in lithium (Li), rubidium (Rb), caesium (Cs) and other lithium pathfinder elements (refer to ASX announcement dated 13 June 2023). A results table of significant elements and key element ratios is provided in Appendices 1 E 2.
Figure 2: Paynes Find North Rock Chip Sample PFNR016 images on sub-crop.
Paynes Find North (E59/2660, 2661, 2662 E E59/2701)
At Paynes Find North, assay results for seven rock chip samples returned several highly encouraging results with significant lithium, rubidium and caesium values along with elevated tantalum and niobium. The best result was reported from rock chip sample PFNR016, which recorded a lithium assay approaching an ore grade of 4,170ppm Li (0.9% Li₂O), 2,650ppm Rb (0.29% Rb₂O) and 178ppm Cs. This sample (Figure 2) was collected from a weathered pegmatite sub-crop approximately 3 metres wide with a very coarse-grained K-feldspar-muscovite with opaque quartz pegmatitic mineral assemblage trending approximately 110 degrees east-southeast.
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Green Technology Metals: Delivering the Next Lithium Hub in North America
Green Technology Metals (ASX:GT1) is progressing Ontario’s first integrated lithium business, anchored by its Seymour, Root, and Junior projects, with plans to supply a proposed lithium hydroxide facility in Thunder Bay.
GT1 is leveraging Canadian policy support for critical minerals, with Ontario’s Building More Mines Act and federal programs. The company has secured conditional approval for C$5.5M from the Critical Minerals Innovation Fund (CMIF) for Seymour infrastructure, a C$100M financing LOI from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including C$5M tied to Root. These mechanisms help de-risk financing and advance development.
GT1’s three-phase strategy starts with Seymour production using a DMS concentrator, followed by construction of the Thunder Bay lithium hydroxide facility with EcoPro Innovation, and finally, development of Root as a larger, long-life mining hub feeding Thunder Bay.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
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Green Technology Metals
Investor Insight
Green Technology Metals aims to build Ontario’s first integrated lithium business, developing two mining hubs and a downstream conversion facility to supply North America’s fast-growing EV and battery industry. The company’s approach is straightforward: bring Seymour into production, secure the downstream footprint at Thunder Bay with EcoPro, and then layer in Root as a long-life second feed. The plan is underpinned by offtake agreements, government funding and a management team with direct experience building lithium mines.
Overview
Green Technology Metals (ASX:GT1) is building Ontario, Canada’s first integrated lithium business, anchored by three upstream assets and a planned downstream conversion facility. The portfolio consists of the flagship Seymour project, the large-scale Root lithium project, and the Junior exploration project, which together provide a clear pipeline of feed into a proposed lithium hydroxide facility in Thunder Bay, Ontario.
The company is actively leveraging Canadian policy support for critical minerals development and supporting a growing number of EV and battery manufacturers in Ontario. The province’s Building More Mines Act, alongside several federal programs, is creating a supportive funding environment for new projects. GT1 has already received conditional approval for C$5.5 million from the Critical Minerals Innovation Fund (CMIF) to support road and infrastructure upgrades at Seymour. In addition, the company has received a letter of intent for a C$100-million project financing support from Export Development Canada, and has pending applications with SIF/NRCan and CMIF Round 2, including a C$5-million submission tied to the Root project. These mechanisms substantially de-risk the financing path and provide tangible momentum toward development.
The strategy is being executed in three phases. First, Seymour will be brought into production with a concentrator based on a dense media separation flowsheet, taking advantage of coarse spodumene mineralogy and proven metallurgical performance. Second, GT1 will construct the Thunder Bay lithium conversion facility in partnership with EcoPro Innovation, replicating proven hydrometallurgical technology to produce battery-grade lithium hydroxide. Finally, Root will be developed as the company’s second, larger mining hub, designed to provide long-life scale and additional feed into the Thunder Bay facility.
Pilot processing of 600 kg of Seymour concentrate produced exceptional overall recoveries averaging >94 percent.
Strategic partnerships reinforce this integrated model. LG Energy Solution has secured a binding offtake for a portion of Seymour’s concentrate production and has invested directly into GT1, providing early validation of the project’s place in the EV supply chain. EcoPro Innovation, as the company’s technical partner on the Thunder Bay facility, has already piloted Seymour concentrate into high-purity lithium hydroxide.
Company Highlights
- Integrated strategy in Ontario: The Seymour and Root projects form the foundation for a vertically integrated lithium business, supported by a proposed lithium hydroxide plant in Thunder Bay, Ontario, with rail, port, power, gas and water access.
- Marketing and offtake secured: LG Energy Solution has a binding offtake for 25 percent of Seymour concentrate and has invested directly into the company, demonstrating strong downstream demand.
- Strategic process partner: EcoPro Innovation is co-developing the conversion facility. Pilot work has already produced battery-grade lithium hydroxide with high recoveries.
- Government backing: GT1 has secured conditional approval for significant funding programs, including C$5.5 million for road upgrades, a C$100 million project financing support LOI from EDC, and additional CMIF and SIF applications.
- Resource base: A combined inventory of over 30 Mt @ ~1.2 percent lithium oxide across Seymour and Root, providing both near-term production and long-life scale.
- By-product upside: Seymour hosts a significant rubidium resource in mica streams that could be recovered alongside lithium, creating an additional revenue line.
Key Projects
Seymour Lithium Project
The Seymour lithium project, near Armstrong, Ontario, contains a total resource of 10.3 million tonnes (Mt) @ 1.03 percent lithium oxide, including 6.1 Mt indicated @ 1.25 percent lithium oxide. Mineralization is hosted in the North and South Aubry pegmatites, which remain open along strike and at depth. An optimized preliminary economic assessment (PEA) demonstrated strong project economics based on a DMS-only concentrator producing 130 ktpa. Key numbers include a C1 cash cost of US$680/t, an after-tax NPV of US$251 million, an IRR of 33 percent, and a three-and-a-half-year payback.
The project benefits from existing road and rail access, low strip ratios, and simple metallurgy with coarse spodumene that responds well to dense medium separation (DMS). Mining leases were granted in August 2025, the environmental assessment submission has been lodged, and the closure plan is nearing completion.
An offtake agreement with LG Energy Solution secures sales for 25 percent of initial concentrate production. Seymour also includes a maiden rubidium resource (8.3 Mt @ 0.27 percent rubidium oxide, with a 3.4 Mt high-grade core at 0.40 percent), which can be recovered from mica streams already separated in the flow sheet, creating potential for a by-product circuit.
Thunder Bay Lithium Conversion Facility
GT1 and EcoPro Innovation are developing a lithium hydroxide monohydrate facility in Thunder Bay. The selected site is fully serviced with rail access, 44 kV power, municipal water and gas, and port facilities. The plant will replicate EcoPro’s operating hydromet trains, with two parallel ~13 ktpa back-end lines designed to scale with Seymour and Root concentrate supply.
Pilot-scale processing of 600 kg of Seymour concentrate at EcoPro’s Pohang facility achieved battery-grade lithium hydroxide, meeting downstream specifications with >94 percent overall recovery. This demonstration significantly de-risks the conversion step and supports ongoing financing discussions with Invest Ontario, SIF and EDC. The project is being advanced through PFS-level engineering, with permitting and JV structuring underway.
Root Lithium Project
Located in Northwestern Ontario, Root is GT1’s scale project, hosting 14.6 Mt @ 1.21 percent lithium oxide (10.0 Mt Indicated @ 1.32 percent). The April 2025 optimized PEA outlined a combined open-pit and underground mining scenario producing ~213 ktpa. The project carries a C1 cost of ~US$677/t, an after-tax NPV of US$668 million, an IRR of 53.5 percent, and a three-year payback.
Root enjoys outstanding infrastructure advantages: road and rail access, proximity to port, and most critically, grid hydro power delivered by the Watay transmission line, reducing both operating costs and upfront capex for power infrastructure. Drilling has confirmed stacked pegmatite bodies that remain open along strike and down dip, leaving scope for significant resource expansion. A bulk sample has been completed, with further testwork and pilot runs at EcoPro planned. Permitting is in its early stages, with a PFS targeted for 2026 and potential construction by late 2027.
Junior Lithium Project
The Junior project is located near Seymour and contains three drill-ready targets. Its proximity to the planned Seymour concentrator makes it a strategic satellite project, with the potential to extend Seymour’s mine life and provide incremental feed. Drilling is expected to test these targets in upcoming campaigns, potentially increasing the overall feed available for the Seymour hub.
Management Team
John Young – Non-executive Chairman
John Young co-founded Pilbara Minerals and played a key role in transforming it into a multi-billion-dollar lithium producer. His background as a geologist spans more than three decades, with significant contributions across discovery, development and financing of lithium and gold projects. At GT1, Young provides strategic oversight and proven operational expertise to scale a lithium developer into a fully integrated producer.
Cameron Henry – Managing Director
Cameron Henry was appointed managing director in June 2024, stepping up from his earlier role as executive director. A founder and substantial shareholder of GT1, Henry has over 20 years’ experience in minerals processing and project delivery. Prior to GT1, he built Primero Group into a respected global leader in lithium infrastructure EPC, successfully executing major projects in Australia and globally. His role is to drive Seymour into production and to lead the execution of the Thunder Bay downstream strategy.
Patrick Murphy – Non-executive Director
Patrick Murphy brings nearly two decades of experience in resource sector investment and deal-making. He has held senior positions at Macquarie and AMCI Group, with expertise in capital deployment, project financing and strategic partnerships. His presence on GT1’s board ensures strong connectivity to the financial community and a disciplined approach to structuring project funding.
Robin Longley – Non-executive Director
With more than 30 years of experience in exploration and project evaluation, Robin Longley is a seasoned geologist who has led successful exploration and development programs across lithium, gold and other critical minerals in Australia, Canada and Africa. His practical technical knowledge and management experience strengthen GT1’s ability to evaluate and expand its Ontario portfolio.
Han Seung Cho – Non-executive Director
Representing EcoPro Innovation, Han Seung Cho serves as a direct link between GT1 and its strategic partner on the Thunder Bay conversion facility. As general manager of EcoPro’s strategic business team, he brings decades of experience in lithium procurement, downstream offtake structuring, and project development for LHM plants. His position ensures that GT1’s downstream ambitions remain closely aligned with end-user requirements in the battery sector.
