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October 29, 2024
White Cliff Minerals Limited (“the Company”) is pleased to present its Quarterly Activities and Cash Flow Report.
HIGHLIGHTS
- Heli supported maiden field sampling and reconnaissance programme that focused on priority areas close to existing and established infrastructure at Rae and Great Bear projects delivers extraordinary rock chip assay results across both.
- The Company appointed Mr. John Hancock as Strategic Advisor of the Company during the quarter. Post the end of the quarter, the Company successfully raised $5m (before costs) cornerstoned by Mr Hancock Cash completed at a premium ($0.025) of 8.5% to the preceding 15-day VWAP.
- The Company is now fully funded for its maiden drilling program at the Rae Copper Project in 2025.
Rae Project
- Rock samples from extensive outcropping massive chalcocite veins returned exceptional copper-silver ± gold and confirm what is believed to be the first major discovery at Rae.
- At Don project area, several parallel outcropping massive chalcocite veins running roughly NE/SW have been identified over an area of more than 2km2 and returned results of:
- 64.02% Cu and 152g/t Ag (4.88oz/t) (F005965)
- 62.02% Cu and 162g/t Ag (5.20oz/t) (F005966)
- 50.48% Cu and 102g/t Ag (3.28oz/t) (F005959)
- At Pat, ±4.4km along strike from DON & around 600m of visual outcrop, returned assays of:
- 55.01% Cu and 37g/t Ag
(F005977)
- 46.07% Cu and 46g/t Ag
(F005984)
- 44.43% Cu and 32g/t Ag (F005979)
- 55.01% Cu and 37g/t Ag
(F005977)
- At Rocket, host to the historic Cu-TAR occurrence, 3 parallel chalcocite dominant vein systems were sampled along a strike length exceeding 380m within an area of ±400m x 200m, returning:
- 54.12% Cu
and 14g/t
Ag
(F005950)
- 53.82% Cu
and 27g/t
Ag
(F005949)
- 53.47% Cu and 26g/t Ag (F005935)
- 54.12% Cu
and 14g/t
Ag
(F005950)
- At the Thor System, host to the historic HALO occurrence a total strike length of over >800m of copper mineralisation was identified and sampled, Results included:
- 54.02% Cu and 34g/t Ag
(F005921)
- 25.7% Cu and 22g/t Ag
(F005922)
- 24.4% Cu and 12g/t Ag (F005927)
- 54.02% Cu and 34g/t Ag
(F005921)
Post period, the Company announced geophysical results at its primary sedimentary hosted copper target – the Hulk district identifying significant conductive anomalies.
- the Hulk exploration district has expanded to cover 152km2 within a larger, broader sub-basin that has interpreted dimensions that exceed 20km by 10km as a result of a further land acquisition at Rae
- Analysis and interpretation of the survey completed in conjunction with Expert Geophysics has identified three, distinct, conductive anomalies at the Hulk sedimentary target
- These target areas are fault controlled, sub basins covering > 20km of strike across the Rae Group sediments within the Hulk target area. The three targets are:
Great Bear Project
- Widespread, high-grade, Copper, Gold and Silver IOCG mineralised structures confirmed within the Great Bear Lake Project. A 1.1km intensely mineralised E/W structure at Phoenix returned impressive Copper, Gold, Silver and Cobalt results include:
- 42.60% Cu, 2.28g/t Au, 159g/t Ag, 0.36% Co (F005437)
- 39.50% Cu, 3.54g/t Au, 181g/t Ag, 0.23% Co (F005436)
- 39.50% Cu, 2.28g/t Au, 131g/t Ag, 0.20% Co (F005435)
- 3.08% Cu, 7.96g/t Au, 310g/t Ag, 0.16% Co (F005434)
- At Coyote, just 5km east of the Phoenix district (Glacier, Cleaver & Rust), an outcropping zone of intense epithermal alteration and veining (440 x 195m) has been discovered on the northeastern rim of the Sparkplug collapsed caldera ring feature, results include:
- 17.4g/t Au, 1.47% Cu, 29.6g/t Ag (F005673)
- 16.95g/t Au, 10.55% Cu, 45.3g/t Ag (F005669)
- 15.1g/t Au, 0.18% Cu, 4.2g/t Ag (F005684)
- 14.35g/t Au, 1.75% Cu, 32.5g/t Ag (F005683)
- At Payback, 13km south of Phoenix, assays from massive sulphide rock chip samples returned:
- 42.20% Cu, 716g/t Ag (F005604)
- 30.20% Cu, 153g/t Ag (F005602)
- Results from Slider include bonanza silver concentrations shown below as percentage of silver, grammes of silver and ounces of silver:
- 7.54% Ag (75,439g/t Ag or 2,425 Oz/t Ag) (F005907)
- 5.35% Ag (53,506g/t Ag or 1,720 Oz/t Ag) (F005909)
- 0.91% Ag (9,070g/t Ag or 291 Oz/t Ag) (F005908)
- Cash equivalents of $2.21 million as of the end of September 2024.
OPERATIONS
RAE COPPER SILVER PROJECT
The Rae Copper-Gold-Silver Project (“Rae” or “the Project”) area includes multiple historic high grade copper projects in the Coppermine River area. The licence area is host to numerous extraordinarily high-grade copper lodes located along the same structural trend, primarily consisting of chalcocite, bornite, chalcopyrite and native copper (ASX announcement 8 November 2023).
Rae contains numerous historical non JORC or NI 43-101 and ‘blue sky’ mineral estimates that will be a priority for drill and conversion into JORC classifications.
The Project represents a district scale opportunity at the pre-discovery stage underpinned by the presence of both high-grade, volcanic hosted copper-silver lodes and the prospect of large tonnage sedimentary hosted copper deposits.
Rae hosts all required first order controls for formation of sedimentary hosted copper deposits, with proof-of- concept results from historic drilling - less than 2km east of the Company’s mineral claims, on adjacent ground - a 2015 drillhole returned 28.97m of 0.57% Cu from the basal Rae Group sediments.
The 2024 maiden field program focused on locating and sampling these occurrences identified through a detailed desktop study of historical records. Sampling efforts confirmed mineralisation and extended known strike lengths (refer to announcements dated 4 October and 14 October 2024).
Click here for the full ASX Release
This article includes content from White Cliff Minerals Limited, 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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04 June
Pursuit Dispatchs 99.5% Lithium Carbonate Samples to Potential Strategic Partners as Feasibility Studies Progress
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce that high- purity lithium carbonate samples have been dispatched to multiple parties as part of its engagement with prospective offtake and strategic partners. The samples were produced from the Company’s 250tpa Pilot Plant in Salta, Argentina, using synthetic brine chemically identical to that of the Rio Grande Sur Lithium Project.
HIGHLIGHTS
- Final product assays confirm 99.5% lithium carbonate purity, upgraded from pilot output via bench scale processing.
- Certified samples dispatched to multiple potential offtake and strategic partners for qualification.
- Feasibility study progressing for low cost, 5,000tpa operation at Rio Grande Sur.
- Ongoing small batch lithium carbonate production to support offtake qualification while preserving capital discipline in current market conditions.
- Pursuit continues to advance its dual-pronged growth strategy progressing Rio Grande Sur while accelerating the evaluation of strategic gold, silver, and copper acquisitions in Argentina.
Figure 1 – Pursuit’s 99.5% Li₂CO₃ Sample Ready for Dispatch to Potential Offtake Partners
In relation to the dispatch of samples, Pursuit Managing Director & CEO, Aaron Revelle, said:
“Achieving 99.5% lithium carbonate purity is a major technical milestone for Pursuit and a clear demonstration of the capability embedded within our flowsheet, team, and pilot plant infrastructure. It not only validates the compatibility of our process design with Rio Grande Sur brines but also confirms our ability to deliver a consistently high-quality product suited to a wide range of industrial and energy storage applications. Dispatching these samples to potential offtake partners is a critical first step in our commercialisation pathway, enabling product qualification and accelerating engagement with strategic customers in tough market conditions. As we transition into the next phase of development, our focus is firmly on advancing feasibility for our 5,000tpa operation and securing long-term partnerships that will underpin the future production and growth of the Rio Grande Sur Project.”
Initial pilot production at Pursuit’s 250tpa Pilot Plant in Salta successfully produced 15 kilograms of lithium carbonate at 98.9% purity, validating both the compatibility of the Rio Grande Sur brine and the efficiency of the Company’s conventional processing flowsheet. To enhance product quality and simulate potential refinement steps at commercial scale, a portion of this material was further treated at bench scale using fractional crystallisation (FX) and ion exchange (IX) techniques. These post processing steps upgraded the product to 99.5% purity, meeting established benchmarks for technical-grade lithium carbonate.
The final product assays confirm not only the effectiveness of Pursuit’s downstream purification strategy but also the scalability and robustness of its broader flowsheet. This achievement represents a critical milestone on the path to commercial readiness supporting key feasibility assumptions, validating end product quality, and enabling active engagement with prospective offtake partners.
Pursuit is well positioned to undertake additional small-batch production as required to meet partner qualification needs and advance strategic discussions. Furthermore, it demonstrates Pursuit’s capability to produce high-purity lithium carbonate suitable for industrial use, with potential to meet battery-grade specifications through additional refinement.
Click here for the full ASX Release
This article includes content from Pursuit Minerals, 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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02 June
Ore Reserve Quadruples for Rhyolite Ridge Project; Reaffirms Robust Project Economics
Ioneer Ltd (ASX: INR, Nasdaq: IONR) (Ioneer) is pleased to announce a 308% upgrade to the Ore Reserve estimate for its 100%-owned Rhyolite Ridge Lithium-Boron Project (‘Rhyolite Ridge’ or the ‘Project’) in Nevada, USA, alongside updated Project economics.
- Rhyolite Ridge Ore Reserve more than quadrupled from 60 million tonnes in 2020 to 247 million tonnes, delivering a mine life of 95 years
- Ore Reserve now contains a total of 1.92 Mt of lithium carbonate equivalent and 7.68 Mt of boric acid equivalent
- Underpinning plans for a large, long-life, low-cost expandable operation, producing lithium carbonate, boric acid and then battery-grade lithium hydroxide
- Stable co-product - boric acid accounts for an average 25% of annual revenue in the first 25 years; helping ensure positive EBITDA at low lithium prices and EBITDA margin of 65.7% based on average production over first 25 years
- All-in sustaining cash cost of US$5,745 per metric tonne lithium carbonate equivalent places the Rhyolite Ridge Project in the bottom of the global lithium cost curve
- Compelling Project economics with an after-tax NPV of US$1.367 billion, and an unlevered, after-tax internal rate of return (IRR) of 14.5%
The Ore Reserve has increased by 186.6 million tonnes (Mt) and approximately 48% of the Mineral Resource has been converted into Reserve, now estimated at:
- 246.6 Mt at 1,464 ppm lithium and 5,444 ppm boron
- Containing 1.92 Mt of Lithium Carbonate Equivalent (LCE) and 7.68 Mt of Boric Acid Equivalent (BAE)
“Today’s updated Reserve and Mine Plan reinforces the importance of Rhyolite Ridge’s remarkable mineralogy. Our Ore Reserve estimate of 247 Mt containing a total of 1.92 Mt LCE and 7.68 Mt BAE make it the largest lithium-boron Reserve in the world,” said Bernard Rowe, Managing Director, Ioneer. “It allows Ioneer to match prevailing market conditions and blend or prioritise ore to produce a valuable boric acid co- product, whose market is uncorrelated with the Project’s primary lithium product. No other lithium project offers this level of flexibility and economic advantage. In periods of low cycle lithium pricing, like today, we plan to prioritize the high-boron ore production to optimize the relative proportion of total revenue derived from boric acid.”
By prioritising High-Boron (Hi-B) ore in the first 25 years of production, the Project is poised to produce an average of ~19,200 tonnes per annum (tpa) of LCE, and 116,400 tpa of boric acid (see Table 1).
The updated Ore Reserve estimate, 95-year mine plan for stage one operations, and Project economics reaffirms Rhyolite Ridge as a highly attractive global Project to produce lithium carbonate, lithium hydroxide and boric acid. The updated findings position Ioneer, on an LCE basis, in the lowest cost quartile for lithium production globally with an estimated all-in sustaining cash cost to produce battery grade lithium hydroxide of US$5,745 and a cash cost of C1 $3,858 per tonne net of expected boric acid revenue in the first 25 years.
The Project has a stable overall operating cost structure to produce lithium carbonate and battery grade lithium hydroxide due to the scale and reliability of its boric acid credit. Boron remains one of the most stable natural resource commodities over many decades.
Ioneer has refined Project plans over the past four years and updates now include an Association for the Advancement of Cost Engineering (AACE) Class 2 capital cost estimate (-10%, +15%) with approximately 70% of the Project’s engineering complete. As a result of this and other engineering work including RAM analysis and detailed engineering design, Ioneer has adopted a more conservative approach to plant availability, equipment downtime and maintenance strategies. While this approach reduces bottom line economics, the Company believes it is appropriate for a Project of this type and scale.
The Company now estimates total capital expenditure to complete the Project will be US$1,667.9 million, including a 10% contingency.
Click here for the full ASX Release
This article includes content from Ioneer Ltd, 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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29 May
Lithium Africa: Searching for Low-cost, Marquee Hardrock in Africa
Lithium Africa is a next-generation exploration company purpose-built to seize the opportunities of the coming lithium supercycle. With a focus on early-stage land acquisition, rapid drilling, and a landmark joint venture with Ganfeng Lithium, the company delivers maximum exploration efficiency, capital leverage, and de-risked discovery potential at scale.
Lithium Africa’s mission is to discover, de-risk, and monetize Tier 1 hard rock lithium assets through data-driven targeting, aggressive fieldwork, and disciplined exit strategies. Its partnership with Ganfeng—one of the world’s leading lithium producers—anchors its strategy with industrial expertise and financial strength from the earliest phases of project development.
Lithium Africa is the first company to implement a systematic, multi-jurisdictional discovery strategy across the continent, combining world-class geology with capital discipline and strategic focus to unlock the next generation of globally significant lithium deposits.
Company Highlights
- Exploration-focused Model: Lithium Africa focuses purely on discovery and value creation, with no intention to develop or operate a mine
- Strategic 50/50 JV with Ganfeng Lithium: Doubles exploration spending and provides access to processing expertise and long-term downstream offtake partners.
- Pan-African Footprint: Over 8,000 sq km of tenure across Zimbabwe, Morocco, Mali, Côte d’Ivoire, Guinea, and others – enabling diversification in discovery strategy.
- Contrarian, Countercyclical M&A: Well-capitalized and positioned to roll up distressed lithium juniors during a downcycle
- Rapid Permitting & Scalability: Target jurisdictions offer 3- to 4-year discovery-to-mine timelines versus 10 to 15 years in North America.
- RTO & Listing Expected by August 2025: Tight structure, early institutional support and significant near-term drilling catalysts
This Lithium Africa profile is part of a paid investor education campaign.*
Click here to connect with Lithium Africa to receive an Investor Presentation
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29 May
Update to Tanbreez Scoping Study to Include Addendum to MRE
29 May
Mineral Resource Estimate Additional to 45MT Tanbreez
27 May
Lithium Africa
Investor Insight
Leveraging early-stage land acquisition, accelerated drilling and a strong strategic partnership, Lithium Africa delivers maximum exploration efficiency, capital leverage and de-risked lithium discovery upside at scale.
Overview
Lithium Africa is an exploration company purpose-built to capitalize on the next cycle of lithium demand. Its strategic mission is to discover, de-risk and monetize Tier 1 lithium assets through data-driven targeting, aggressive fieldwork and value-driven exits. The company's unique 50/50 joint venture with Ganfeng Lithium is the cornerstone of its strategy, providing both financial leverage and industrial alignment at the earliest stages of project development.
Africa remains largely underexplored for lithium despite sharing geological similarities with major hardrock lithium belts in Canada and Australia. Lithium Africa is the first company to systematically deploy a multi-jurisdictional discovery strategy across the continent – combining top-tier geology with capital efficiency and strategic clarity.
At the heart of Lithium Africa’s model is its joint venture with Ganfeng Lithium, one of the top two lithium chemical producers globally. The 50/50 JV, established in 2023, enables Lithium Africa to double its capital efficiency, with $1 raised equating to $2 spent on exploration. The partnership provides unmatched advantages: access to Ganfeng’s downstream processing know-how, established customer relationships with Tier 1 OEMs, and a long-term offtake framework that allows Lithium Africa to retain flexibility and optionality on any asset monetization.
Lithium Africa does not intend to develop or operate mines. Instead, the business model is designed around efficient land acquisition, aggressive de-risking via trenching, sampling, and early drilling, and ultimately monetizing high-value discoveries through royalties, sales or carried interests. In a down market, the company is actively pursuing counter-cyclical M&A opportunities to acquire stranded or undercapitalized lithium assets. With this strategy, Lithium Africa provides shareholders exposure to world-class discovery upside with significantly reduced financing risk.
Company Highlights
- Exploration-focused Model: Lithium Africa focuses purely on discovery and value creation, with no intention to develop or operate a mine
- Strategic 50/50 JV with Ganfeng Lithium: Doubles exploration spending and provides access to processing expertise and long-term downstream offtake partners.
- Pan-African Footprint: Over 8,000 sq km of tenure across Zimbabwe, Morocco, Mali, Côte d’Ivoire, Guinea, and others – enabling diversification in discovery strategy.
- Contrarian, Countercyclical M&A: Well-capitalized and positioned to roll up distressed lithium juniors during a downcycle
- Rapid Permitting & Scalability: Target jurisdictions offer 3- to 4-year discovery-to-mine timelines versus 10 to 15 years in North America.
- RTO & Listing Expected by August 2025: Tight structure, early institutional support and significant near-term drilling catalysts.
Key Projects
Zimbabwe
Birthday Gift Project (Flagship)
The Birthday Gift project is Lithium Africa’s flagship asset and highest-priority exploration target. Located along a >12 km pegmatite corridor, the project hosts three parallel, flat-lying spodumene-bearing pegmatites within metasediments. Surface trenching has returned multiple significant intercepts, including 100 m, 67 m, and 55 m widths with true thicknesses averaging ~35 m. Rock chip samples from fresh spodumene zones have returned assays as high as 5.25 percent lithium oxide. More than 3,000 geochemical samples have been collected, and a 1,500-meter RC drill program commenced in January 2025 to test a 1,300-meter strike length.
The pegmatites remain open at depth and along strike. SGS South Africa is performing ICP assay analysis, and environmental permitting and trenching on the western trend are ongoing.
The Birthday Gift asset has strong potential to support an inaugural resource estimate by late 2025.
West Africa
Torakoura in Bougouni District, Mali
Lithium Africa controls six highly prospective licenses in Mali, located within the prolific Bougouni Basin, home to Leo Lithium’s Goulamina project, one of the world’s largest spodumene deposits. The Torakoura permit is situated along the same structural corridors and granitic host rocks. Surface exploration has identified spodumene-bearing pegmatites, supported by strong lithium and pathfinder anomalies from historic soil sampling.
Initial drilling at Torakoura began in 2024 but paused for LIBS-to-ICP calibration. A new RC drilling campaign resumed in Q4 2024. These permits offer substantial scale and proximity advantages in a well-established lithium district with proven permitting and development pathways.
Adzopé & Regional Licenses, Côte d’Ivoire
In Côte d’Ivoire, Lithium Africa holds four early-stage but highly promising permits totaling 1,254 sq km. The Adzopé license has returned rock samples with lithium oxide values up to 0.98 percent. Field mapping and lithological sampling have been completed, and a 21,700-meter auger drilling program is planned to refine targets for follow-up RC and core drilling. The region is emerging as a new pegmatite belt in West Africa, and Lithium Africa has first-mover status in building a pipeline of discovery-stage projects.
Kobikoro Project, Guinea
The Kobikoro project in southeastern Guinea consists of four licenses covering 376 sq km in the Archean Kinema-Man domain. This district is part of the underexplored Kissidougou pegmatite belt. Historical stream sediment geochemistry conducted by BRGM highlights multiple anomalous trends in lithium, tantalum and niobium. The standout feature is a 20 km-long lithium-tantalum-niobium anomalous zone aligned with regional structures and underlain by fractionated granite intrusions.
Morocco
Bir El Mami
In 2024, Lithium Africa acquired a 585 sq km, district-scale land package in the Bir El Mami region of Morocco, located on the northern extension of the Tasiast greenstone belt. The project is notable for its spodumene-bearing pegmatites confirmed by surface rock samples, which include lithium values up to 862 parts per million (ppm), and historic soil anomalies up to 363 ppm. The region is emerging as a key lithium district given Morocco’s favorable trade agreements and a growing domestic EV battery manufacturing base. Lithium Africa is currently Morocco’s only major lithium concession holder, and early-stage target identification is underway as of Q1 2025. The company is well positioned to be Morocco’s lithium sector leader and consolidator.
Management Team
Tyron Breytenbach - CEO
Tyron Breytenbach is a former Detour Gold resource geologist and leading equity analyst at Stifel Canada and Cormark. He blends deep geology with institutional capital markets acumen.
Carl Esprey - Executive Chair
Carl Esprey is a former M&A analyst at BHP Billiton and fund manager at GLG Partners. He is the founder of several resource ventures and current CEO of Waraba Gold.
Coulibaly Mamadou - Executive Director
Coulibaly Mamadou is a geologist with 12 years’ experience in mineral exploration. Coulibaly started his career with Randgold, and has extensive knowledge of and experience with the West African Birimian geology.
Ben Gelber - VP Exploration
Ben Gelber is a former VP at Gold Line Resources and exploration manager at Barrick in Guyana. He has more than 19 years of lithium and gold exploration experience.
Dr. Jeroen van Duijvenbode - Development Geologist
With a PhD in geometallurgy, Jeroen van Duijvenbode is an expert in lithium pegmatite targeting and geochemical data interpretation.
Jamie Robinson - CFO
Jamie Robinson is a chartered accountant with extensive mining CFO experience across private and public markets. Prior to his stint in the mining sector, he worked with Deloitte in Vancouver, British Columbia.
Chris O’Connor - General Counsel
Chris is a lawyer with over 19 years of private practice and in-house experience, focused on capital markets, corporate finance and M&A transactions in emerging markets throughout Africa, Eastern Europe and the CIS.
Toluwalase Seriki - Non-Executive Director
Toluwalase Seriki is Ganfeng Lithium’s head of business development in Africa. He possesses a strong M&A and finance background.
Roy Zhang - Advisor
Roy Zhang has nearly 10 years of experience in investment, M&A and corporate development, and is experienced and knowledgeable in lithium trading through his role at Ganfeng.
Dr. Tom Benson - Advisor
Tom Benson is a Stanford PhD volcanologist who leads global exploration at Lithium Americas. He is a widely respected authority on caldera-related lithium resources across the industry.
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