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Latin Resources Quarterly Activities Report For The Period Ending 30 September 2022
Salinas Lithium Project, Brazil
- Resource definition diamond drilling is on track for the delivery of the maiden Mineral Resource Estimate (“MRE”) for the Colina Lithium Prospect in December 2022.
- New lithium discovery at Colina West, located 500m west of the Colina Lithium Prospect.
- Leading consultants SGS Geological Services (“SGS”) appointed to carry out metallurgical test work, JORC MRE and a Preliminary Economic Assessment (“PEA”) on the Colina Lithium Prospect.
- Latin expects to progress from PEA directly to Definitive Feasibility Study (“DFS”).
- Extremely positive first pass sighter metallurgical test work results on the Colina lithium pegmatite sample where the simple liberation and high recovery of the spodumene has potential to drive highly positive outcomes for project economics, showing:
- High recovery of 78.72% of Li2O; and
- Production of an extremely high-grade Li2O concentrate (up to 6.57%) from simple Heavy Liquid Separation (“HLS”).
- Regional mapping teams recommenced field work in the area to the south-east at the Salinas South tenement area, where previous work identified a ‘lithium corridor’ over a distance of 4.0km.
Cloud Nine Halloysite-Kaolin Deposit, WA
- Trial mining test-pit completed with 50 Tonnes bulk sample collected.
- Bulk sample will be used to provide kaolin material to potential customers as offtake discussions advance.
- Bulk scale metallurgical test work will be used to optimise mining design.
Corporate
- Appointment of Peter Oliver as Non-Executive Director, a highly accomplished C-suite leader with 20+ years’ experience in lithium leadership roles including Tianqi Lithium and Talison – Greenbushes Lithium mine.
- Latin held $29.9 million in cash and investments as at 30 September 2022.
At the Cloud Nine Halloysite-Kaolin Project in Western Australia the Company completed the test-pit and collection of bulk samples.
Latin Resources Executive Director, Christopher Gale commented:
“I am absolutely delighted with the progress made this quarter at Latin Resources as we have continued to complete our milestones at a rapid pace.
“The team has now completed all the required drilling at the Colina Prospect for our Maiden Mineral Resource Estimate, which remains on track for December, and we are very excited to prove to our shareholders the great potential of this project.
“Our drilling campaign has uncovered significant potential with the new Colina West discovery, and we are also pleased to be back on the ground at Salinas South where we hope to further extend the potential of the Salinas Lithium Project.
“The preliminary results from our metallurgical test work are very positive, indicating high recovery rates without the need for complicated and costly processing, which gives us great confidence in the economics of this project.
“Finally, the completion of the test-pit and collection of bulk samples at Cloud Nine is an important stepping-stone in the development of the Project as a world class kaolin deposit”.
Click here for the full ASX Release
This article includes content from Latin Resources 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.
Edison Lithium: Transitioning to Sodium-ion Battery Technology
Edison Lithium (TSXV:EDDY) is pivoting towards sodium-ion battery technology while maintaining interests in lithium assets in Argentina. The company is divesting its cobalt projects in Canada via a spin-off into a new publicly listed company, Edison Cobalt. After the spin-off, Edison Lithium will comprise two divisions: Edison Saskatchewan and Edison Lithium.
Edison Saskatchewan will focus on advancing the company’s ambition to become a significant participant in the sodium-ion battery technology supply chain. The company acquired four alkali dispositions from Globex Mining Enterprises in August 2023 that encompass 4,564 acres located in Ceylon Lake, Freefight Lake, and the north and south areas of Cabri Lake, in Saskatchewan, Canada.
The Edison Lithium division comprises nearly 28,766 hectares of lithium brine claims located in Catamarca, Argentina. Edison Lithium retains eight mining claims, mostly located in the Pipanaco Solar basin in Catamarca.
Company Highlights
- Edison Lithium is a Canadian junior mining company that is pivoting towards sodium-ion battery technology. The company is restructuring its business by divesting lithium and cobalt assets while acquiring concessions for alkali that hosts sodium sulphate.
- The company acquired lithium assets in Argentina in 2021, comprising 148,000 hectares of lithium brine claims, but has sold 80 percent of these claims for three times their purchase price in December 2023. It continues to hold 20 percent, or 28,766 hectares, of lithium brine claims. The transaction corresponds with the company's strategic shift towards sodium-ion technology.
- The company has received approval to spin off its cobalt project located in Ontario, Canada, into a new company, Edison Cobalt, which will be listed on the TSXV.
- After the realignment, the company will comprise two divisions – Edison Lithium, focused on the remaining lithium claims in Argentina; and Edison Saskatchewan, focused on alkali dispositions in Saskatchewan, Canada.
- The alkali dispositions were acquired in August 2023 from Globex Mining Enterprises. This move underscores the company's strategic positioning in the burgeoning sodium-ion battery market, which is increasingly seen as a promising alternative to traditional lithium-ion batteries.
This Edison Lithium profile is part of a paid investor education campaign.*
Click here to connect with Edison Lithium (TSXV:EDDY) to receive an Investor Presentation
Galan Investor Presentation Singapore March 2024
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to present its investor presentation.
This article includes content from Galan 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.
Extension To Share Purchase Plan
Lithium Universe Limited (referred to as "Lithium Universe" or the "Company," ASX: "LU7") provides the following update regarding its $3.0 million Share Purchase Plan (SPP), as announced on 13 March 2024 (ASX release: LU7 Launches Share Purchase Plan).
Highlights
- Revised closing date for the Share Purchase Plan (SPP) is to be 10th April 2024
- Directors confirm their willingness to participate in the SPP
The Company has received feedback from several shareholders that due to the SPP closing date being just after the Easter holiday break, as well as difficulties encountered in shareholder’s taking up their entitlements, the Board has made the decision to extend the SPP offer date by one (1) week. By doing so, this will ensure that all shareholders have sufficient time to participate.
The revised indicative timetable for completion of the SPP is as follows, with the revised dates highlighted in blue *:
*Please note, the dates set out above are indicative only and are subject to change without notice to you. Any change in the timetable does not affect any rights or obligations you have as a result of accepting the SPP.
All LU7 directors who are eligible to participate in the SPP intend on taking up their SPP entitlement.
Should shareholders have any questions in participating in the SPP, including accessing their applications, then please contact the Company’s Joint Company Secretary, Kurt Laney at kurt.laney@vfassociates.com.au.
This article includes content from Lithium Universe 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.
Shareholders Resoundingly Support SPP
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to announce the results of the Share Purchase Plan (“SPP”) announced on 31 January and 9 February 2024. The SPP was extended a week and closed at 5.00pm (AWST) on Friday 22 March 2024.
The Company received applications from eligible shareholders totalling just over $4 million which was well in excess of the original $1.5 million target raising. The demand from Galan shareholders under the SPP was testament to the continued support the Company has received from its loyal band of shareholders.
Under the SPP, eligible shareholders had the opportunity to purchase up to $30,000 worth of Galan shares irrespective of the size of their shareholding and without incurring brokerage or transaction costs. Shares issued under the SPP had an offer price of $0.46 per Share. One free attaching option (exercisable at $0.65 with a 5-year exercise period) will also be issued on the basis of one (1) option for every one (1) Share subscribed for and issued under the SPP (“Options”). The offer of Options under the SPP would be made pursuant to a transaction specific Prospectus which will be lodged with ASIC with the Company making an application to ASX for quotation of the Options.
The terms and conditions in the SPP Offer provided the Company with discretion to accept additional funds under the SPP should the Company receive valid applications over the original target amount. Accordingly, due to the overwhelming demand from eligible shareholders, the Company has exercised their discretion and increased the size of the SPP to $4.003 million.
A total of 8,702,150 fully paid ordinary shares (representing 2.2% of the current issued capital of Galan) and 8,702,150 Options will be issued under the SPP.
The Company would sincerely like to thank all its shareholders for their very strong support of the SPP.
Click here for the full ASX Release
This article includes content from Galan 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.
Galan Increases Total Mineral Resource by 18% to 8.6Mt LCE @ 859mg/L Lithium
Galan Lithium Limited (ASX:GLN) (Galan or the Company) is pleased to announce a further consolidating increase to its JORC (2012) reported Mineral Resource estimate for the Hombre Muerto West Project (HMW Project) located in Catamarca Province, Argentina. The revised Mineral Resource estimate was completed by a team of leading independent geological consultants, WSP Chile (WSP).
- Galan’s 100% owned Mineral Resources increase to 8.6Mt contained lithium carbonate equivalent (LCE) @ 859mg/L Li (previously 7.3Mt LCE @852mg/L Li)
- One of the highest grade resource estimates declared in Argentina
- Inclusion of Catalina tenure adds ~1.3Mt LCE to the HMW Resource
- HMW Measured Resource of 4.7Mt contained LCE @ 866mg/L Li
- Galan’s fourth significant resource upgrade since March 2020
- Resource upgrade cements Galan’s fully owned resource base and adds flexibility, optionality and leverage to any Li price upswing and supports Galan’s 4 stage long term production target of 60ktpa LCE (including Candelas)
The maiden HMW Project Mineral Resource Estimate (refer Galan ASX release dated 12 March 2020) was prepared by SRK and was further upgraded on 17 November 2020, 24 October 2022 and 1 May 2023. Each upgrade has not only significantly increased the Total Resource inventory but also enhanced the Resource category classifications and hence confidence in the viability and robustness of the HMW project. This latest resource upgrade enhances Galan’s objective to achieve the necessary production conditions for Stage 3 (40Ktpa LCE), towards our four-stage lithium production target of up to 60ktpa LCE (including Candelas).
Table 1 Mineral Resource Statement for Hombre Muerto West and Candelas (effective date 26 March 2024)
- No cut-off grade applied to the updated Mineral Resource Estimate.
- There may be minor discrepancies in the above table due to rounding.
- The conversion for LCE = Li x 5.3228, KCl = K x 1.907.
(*) Candelas North tenements are located about 40 km to the Southeast of the HMW Project. The Candelas North Mineral Resource Statement was originally announced by Galan on 1 October 2019.
Commenting on the significant Resource upgrade, Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, said:
“This latest significant upgrade in the high grade, low impurity HMW Resource highlights the potential enormity of the brine resource that sits within Galan’s 100% owned tenements in Argentina. The initial HMW resource in March 2020 was 1.08Mt LCE @ 946mg/L Li, upgraded in May 2023 to 6.6MT LCE @ 880mg/L Li. This has now been increased a further ~20% to a tier one size of 8.6Mt LCE at 859mg/L Li, with the inclusion of our Catalina tenements. Coupled with our Candelas resource, Galan has a very solid foundation, and more importantly has delivered a further validation that its Hombre Muerto Salar resources fully support our four-stage lithium production target of up to 60ktpa LCE.
The HMW Project is robust and underpinned by strong financial metrics as illustrated in its Stage 1 and Stage 2 DFS results. We constantly evaluate opportunities to increase the value of the HMW Project in parallel with continuing to construct Stage 1 as we look forward to first commercial production in 1H 2025.”
Summary of Resource Estimate and Reporting Criteria
The Mineral Resource Estimate (MRE) for lithium (reported as Li2CO3 equivalent) and potassium (KCl equivalent) were completed by WSP (Chile). This updated MRE incorporates geological and geochemical information obtained from thirty one (31) drillholes totalling 9,043 metres within the Pata Pila, Rana de Sal I, Rana de Sal II, Casa del Inca III, Catalina, Del Condor, Pucara del Salar, Delmira, Don Martin, El Deceo I, El Deceo II, El Deceo III and Santa Barbara tenements (see Figure 1). A total of 697 brine assays were used as the foundation of the estimate, all of which were analysed at Alex Stewart International laboratory (Jujuy, Argentina). The QA/QC program includes duplicates, triplicates, and standards, In total, 376 QA/QC samples were considered using Alex Stewart (duplicates) and SGS in Argentina (triplicates) as the umpired laboratory.
Click here for the full ASX Release
This article includes content from Galan 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.
Frontier Lithium: Lithium's Long-term Outlook Strong as EV "Evolution" Continues
Speaking to the Investing News Network (INN), Trevor Walker, president and CEO of Frontier Lithium (TSXV:FL,OTCQX:LITOF) shared details on the company's recent deal with Mitsubishi (TSE:8058).
With a definitive agreement to establish a joint venture partnership in hand, Frontier will be working on progressing Phase 1 and Phase 2 definitive feasibility studies for its PAK lithium project in Northern Ontario.
Phase 1 will focus on a mine and mill, while Phase 2 will look at a downstream refinery.
"We see strong potential for 100 million tonnes through two open pits outcropped right at surface," Walker explained on the sidelines of the Prospectors & Developers Association of Canada (PDAC) convention.
"The grade is 1.5 percent roughly — it's North America's highest-grade lithium asset, and the highest-quality spodumene. These are key — this is a key anchor resource in the Great Lakes region of North America," he added.
Sharing details on the Mitsubishi agreement, Walker noted that Frontier will have a 92.5 percent interest in the joint venture, while Mitsubishi will acquire a 7.5 percent stake through a C$25 million investment. Once a definitive feasibility study is complete, Mitsubishi will be able to increase its ownership to 25 percent by buying additional shares.
He also shared his long-term outlook for the lithium market, saying he expects demand for lithium carbonate equivalent to increase by three to four times by the mid-2030s. "(Lithium's) long-term fundamentals are very strong," he said. "The movement of internal combustion to electric vehicles is — I've always referenced it as an evolution, not a revolution."
Watch the interview above for more from Walker on the lithium market and Frontier's next steps with Mitsubishi. You can also click here for INN's full PDAC playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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