- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Phase 2 Drilling Progress Update – Clarification Announcement
European Lithium Limited (ASX: EUR, FRA: PF8,) (European Lithium or the Company) wishes to provide a clarification to its announcements released on 3 June 2021 and 10 June 2021 in relation in relation to the Phase 2 resource extension drilling program at the Wolfsberg Lithium Project (Wolfsberg or Project).
The announcements previously released did not include some disclosures as required under the JORC reporting code. Please find attached an updated Table 1 incorporating the required amendments.
This announcement has been authorised for release to the ASX by the Board of the Company. Tony Sage Non-Executive Chairman European Lithium Limited
European Lithium
Overview
As the global push to halt climate change gains momentum, the European Commission is looking to regionalize the battery supply chain to capitalize on the rapid electric vehicle (EV) growth and limit its dependency on other countries through heavy investment and policy changes. Europe’s electric vehicle market value reached US$29.49 million in 2021 and is projected to increase up to US$143.08 million by 2027, indicating a compounded annual growth rate of 23.4 percent in that period.
Even though Europe is one of the largest global producers of motor vehicles, it currently does not have a local supply of lithium hydroxide which is heavily used in EV battery technology. According to experts, the market is set to remain in a structural shortage until 2025
One company that aims to become the first local lithium supplier into an integrated European battery supply chain is European Lithium (ASX:EUR,FRA:PF8), a mining exploration and development company focused on exploring, identifying and acquiring lithium in Europe. The company is led by a management team with decades of experience and success in the mining and finance markets.“Our aim is to be the first supplier of lithium from Europe, for Europe,” European Lithium chairman Tony Sage said.
The company is focused on its wholly owned Wolfsberg Lithium project located in Carinthia, Austria. The pre-existing mine is located in a mining-friendly region with multiple mineral discoveries in the surrounding area. The property features a high-grade lithium resource at an average grade of one percent lithium hydroxide, with a total resource of 12.88 million tonnes based on resources measured, indicated and inferred in zone 1 only.
The Wolfsberg Lithium project resource has the potential to double based on positive drill results in another zone on the property.
Based on the definitive feasibility study (DFS) released in March 2023, Wolfsberg Lithium Project is well positioned to become a leading producer of battery-grade lithium hydroxide in Europe. It is set to deliver high returns, leveraging low operating costs, and benefiting from a lithium market that is anticipated to be in structural undersupply during most of the life of mine. The battery-grade lithium hydroxide monohydrate (LHM) prices modeled in the DFS are projected to be at a 39-percent discount to current spot prices in 2025 and then escalate by 2 percent per annum. The estimated capex is US$866 million which supports a post-tax NPV of US$1.5 billion.
European Lithium has established several strategic relationships with an aim to deliver value to the Wolfsberg Lithium Project through development and during production. This includes a partnership with KMI for liaising with Austrian authorities.
The company commissioned Dorfner Anzaplan to construct the pilot plant, which was successfully completed on schedule. Anzaplan has also overseen the completion of metallurgical test work on bulk ore extractions. Testing will allow significantly higher recovery rates at the start of production as opposed to only assessing metallurgical data from the core as other mining companies often do, giving European Lithium the advantage of a streamline refinement process.
The company has support from the European Battery Alliance, GREENPEG and other government initiatives, believing it has the potential to become a major, first-to-market producer of lithium in Europe. The company also remains committed to clean production in an effort to support sustainability.
Based on the DFS, the company plans to begin the permitting process of its Wolfsberg Lithium project and prepare the mining plan for the mining authority to authorize the mine and concentrator construction. Afterward, the company will determine the approval requirements of the carbonate hydroxide conversion plant with the Energy Information Administration (EIA) and then initiate the final financing plan.
European Lithium, through its wholly owned Austrian subsidiary ECM Lithium Aľ GmbH (ECM), signed a binding long-term lithium offtake agreement with top-tier European auto manufacturer BMW to secure the company’s first offtake of battery grade lithium hydroxide from its Wolfsberg Lithium Project in Austria.
The company is aiming to commence production of lithium hydroxide from the project in 2027 — subject to funding and approvals by the Austrian government.
In a bid to expand its project portfolio, European Lithium executed a binding Heads of Agreement with 2743718 Ontario Inc., a subsidiary of Richmond Minerals (TSXVRMD), to acquire 100 percent of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project, a group of exploration licenses covering 114.6 square kilometers, targeting lithium with known occurrences in the Styria mining district of Austria.Company Highlights
- European Lithium is a mining exploration and development company focused on exploring, identifying and acquiring lithium in Europe.
- The company aims to become the first local lithium supplier into an integrated European battery supply chain.
- The company’s focus is on its wholly owned advanced Wolfsberg Lithium Project (Wolfsberg) located in Carinthia, Austria.
- Wolfsberg is a high-grade lithium resource at an average grade of one percent lithium oxide, with a total resource of 12.88 million tonnes based on measured, indicated and inferred resources in zone one only.
- Wolfsberg’s definitive feasibility study results demonstrate potential to deliver high returns, leveraging low operating costs, and benefiting from a lithium market that is anticipated to be in structural undersupply during most of the life of mine.
- The Wolfsberg resource estimate has significant upside with the potential to double based on positive drill results.
- Through its wholly owned Austrian subsidiary ECM Lithium Aľ GmbH (ECM), European Lithium signed a binding long-term lithium offtake agreement with top-tier European auto manufacturer BMW AG (BMW) to secure the company’s first offtake of battery-grade lithium hydroxide from Wolfsberg.
- The company has signed a binding agreement to build a Saudi Arabia-based hydroxide processing plant in partnership with Obeikan and deliver significant cost savings.
- The company is led by a management team with decades of experience and success in the mining and finance markets.
- European Lithium entered into a business combination agreement with Sizzle Acquisition, a US special purpose acquisition company, to which European Lithium will sell down its interest in its wholly owned Wolfsberg Lithium Project (Wolfsberg and Wolfsberg Lithium Project) and merge with Sizzle via a newly formed, lithium exploration and development company named, Critical Metals Corp.
- European Lithium has acquired 100 percent of the rights, title and interest in the Bretstein-Lachtal Project, Klementkogel Project and the Wildbachgraben Project, a group of exploration licenses covering 114.6 square kilometers, targeting lithium with known occurrences in the Styria mining district of Austria and nearby the Wolfsberg Lithium Project
- The company received high-grade lithium assays from sampling undertaken at various prospects within the Eastern Alps Lithium Satellite Projects, located in Austria, which are held 20 percent by European Lithium and 80 percent by EV Resources Limited (ASX: EVR).
Key Project
Wolfsberg Lithium Project
The Wolfsberg Lithium Project is a high-grade lithium project located in Carinthia in Austria. The project is 20 kilometers east of the town of Wolfsberg which is an industrial town with established infrastructure and sources of energy in place. European Lithium has a total of 54 exploration licenses, covering its two identified zones and mining licenses that may be permanently issued if conditions are met. The company recently secured additional mining licenses and extensions that grow the Wolfsberg project area to a total of 20 licenses over two mining fields, the original Andreas and new Barbara mining fields.
The property is an existing, developed exploration mine with substantial exploration and development work completed by previous owners. These projects were backed by the Austrian government and included extensive metallurgical testing, geological mapping, mining, and pre-feasibility studies in the 1980s.
The company completed its own positive PFS as well as an extensive assessment. The property features a high-grade lithium resource with an average of one percent lithium hydroxide. Additionally, it features a total measured, indicated, inferred and JORC-compliant resource of 12.88 million tonnes of lithium hydroxide in zone one only.
In 2023, European Lithium released the results of its definitive feasibility study (DFS) for the Wolfsberg Lithium Project, demonstrating potential high returns, leveraging low operating costs, and benefiting from a lithium market which is anticipated to be in structural undersupply during most of the life of mine.
DFS highlights:
- Battery-grade lithium hydroxide monohydrate (LHM) production is ~8,800 tpa for 14.6 years;
- LHM opex (after byproducts) is US$17,016/t LHM on average compared to reported spot prices for LHM in February 2023 of US$79,500 DDP Antwerp;
- LHM prices modelled in the DFS are projected to be at a 39-percent discount to current spot prices in 2025 and then escalate by 2 percent per annum;
- Estimated capex is US$866 million which supports a post-tax NPV of US$1.5 billion @ weighted average cost of capital (WACC) 6 percent (WACC is determined by the split of debt and equity related to the BMW offtake agreement);
- Acceleration of decarbonization and energy transition in Europe combined with the rapid adoption of electric vehicles provides further upside.
Positive drill results from the 2018 drilling program confirm that zone two on the property could mirror zone one, which would double the project resource. Drilling on the property also revealed grades as high as 2.49 percent of lithium hydroxide.
European Lithium entered into a business combination agreement with Sizzle Acquisition Corp.(NASDAQ:SZZL), a US special purpose acquisition company, to which European Lithium will sell-down its interest in its wholly owned Wolfsberg Lithium Project (Wolfsberg and Wolfsberg Lithium Project) and merge with Sizzle via a newly formed, lithium exploration and development company named, Critical Metals Corp. European Lithium will be issued US$750 million worth of ordinary shares in Critical Metals, equivalent to approximately 80 percent of the ordinary shares in Critical Metals.
Once the business combination is completed, European Lithium will focus its activities on its existing portfolio of projects and investments, including the newly acquired Austrian Lithium Projects, consisting of 245 exploration licenses covering a total area of 114.6 square kilometers located approximately 70 kilometers north of the company’s Wolfsberg Lithium Project. The licenses cover ground that is considered prospective for lithium occurrences and initial surface sampling showing 3.98 percent lithium oxide.
The following summarizes the company’s interest in projects and investments:
- CRML – As outlined above, the company will be issued US$750 million worth of ordinary shares in CRML upon closing of the transaction.
- Listed investments – The company holds:
- 1,180,256,849 shares (representing 11.5 percent interest) in Cyclone Metals (ASX: CLE). CLE has recently acquired 100 percent of the Block 103 magnetite iron ore project located in the Labrador trough region of Canada.
- 15 million shares in Cufe Ltd (ASX: CUF).
- Unlisted investments – European Lithium holds a 7.5-percent equity interest in Tanbreez Mining Greenland A/S, which holds an exploitation permit for rare earths in Greenland.
- Exploration assets – European Lithium has an interest in:
- Austrian Lithium Project –100 percent of the rights, title and interest in the Bretstein-Lachtal, Klementkogel and Wildbachgraben projects covering an area of 114.6 square kilometers in total, which are prospective for lithium in Austria.
- Ukraine Projects - On 28 February 2023, the company announced that it had renegotiated the terms under which EUR will acquire European Lithium Ukraine LLC (European Lithium Ukraine), a Ukraine-incorporated company applying (through either court proceedings, public auction and/or production sharing agreement with the Ukraine Government) for 20-year special permits for the extraction and production of lithium at the Shevchenkivske Project and Dobra Project in Ukraine. On 28 February 2023, the company announced the end date to complete the acquisition has been extended to 2 November 2025.
In addition to the above, the company continues to review project opportunities in the mineral exploration area as part of its growth strategy.
Management Team
Dietrich Wanke - Chief Executive Officer
Dietrich Wanke has more than 30 years of experience in management at the operational level for underground and open-cut mines. Wanke has held statutory positions as registered manager under the applicable mining acts in several countries and commodities, most notably gold, silver, nickel, diamonds, coal, and iron. He has lived and served professionally for mining operations in Germany, Australia, Indonesia, Papua New Guinea, and Sierra Leone. Wanke has managed mining operations through all phases, starting from greenfield exploration to full-scale production, as well as the extension of existing mines. Wanke currently holds a position as general manager for Marampa Iron Ore in Sierra Leone. He’s worked in the past as general manager for Tolukuma Gold Mines in Papua New Guinea, mine manager for Atlas Iron in Western Australia, technical services manager for Thiess in Indonesia. Wanke served as mine manager for Kimberley Diamonds in Western Australia, technical services manager for Lightning Nickel in Western Australia, technical director for LMV, an engineering and surveying service provider for coal mines in Germany, technical services manager, and licensed surveyor for Laubag in Germany. Wanke holds a mine engineering/mine surveying degree from Technical University Bergakademie Freiberg, a licensed mine surveyor’s certificate in Germany and first class mine manager's certificates in Western Australia and Papua New Guinea.
Melissa Chapman - CFO and Company Secretary
Melissa Chapman is a certified practicing accountant with over 14 years of experience in the mining industry. She has worked extensively in Australia and the United Kingdom, including five years as group financial controller for the Beny Steinmetz Group. Chapman has a bachelor of accounting from Murdoch University and has been a member of CPA Australia since 2000. Chapman has completed a graduate diploma in corporate governance with Chartered Secretaries of Australia.
Tony Sage - Chairman
Tony Sage has more than 35 years of experience in corporate advisory services, funds management, and capital raising, predominantly within the resource sector. Sage is based in Western Australia and has been involved in the management and financing of listed mining companies for the last 22 years. Sage has operated in Argentina, Brazil, Peru, Romania, Russia, Sierra Leone, Guinea, Côte d’Ivoire, Congo, South Africa, Indonesia, China, and Australia. He currently holds the positions of executive chairman of ASX-listed Fe and executive director of ASX-listed Cyclone Metals.
Malcolm Day - Director
Malcolm Day holds a Bachelor’s of applied science degree in surveying and mapping. Day commenced his career working in the civil construction industry for 10 years, six of which were spent in senior management as a licensed surveyor and then later as a civil engineer. Whilst working as a surveyor, Day spent three years conducting mining and exploration surveys in remote Western Australia. He is a member of the Australian Institute of Company Directors. Day is the managing director of Delecta (ASX:DLC).
Michael Carter - Non-executive Director
Michael Carter graduated from the University of Western Australia in 1998 with a bachelor of commerce degree, majoring in accounting and finance. Carter also completed a graduate diploma in applied finance and investment at Finsia in 2002. He is experienced in structuring corporate transactions, focusing on junior resource companies, and has also worked in ongoing corporate advisory roles with numerous ASX-listed entities over the last 18 years. Carter has been employed as a stockbroker since 1999, previously served as a director of Indian Ocean Capita’ and is currently an associate director of CPS Capital.
CEO Transition Plan
Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) today announced a transition plan that will see CEO, Richard Taylor, step down from the role on 31 May 2024 after the completion of the demerger implementation plan, commencement of lithium exploration and Richard’s desire to move into the next phase of his career.
An executive search has commenced for the next Managing Director & CEO of Premier1. The transition period announced today will facilitate that process and an orderly handover.
Commenting on the announcement, Nic Limb, Chair of Premier1, said:
“The Board, including Richard, felt it was time to commence the transition, now that Premier1 has a clear new strategy in place regarding its lithium tenements and joint-ventures. The announcement today reinforces our focus on these priorities.
Nic Limb said:
“Richard has steered the company through its formative years. His contribution and efforts are recognised by the Board and staff and we wish him well in his future endeavours.”
Click here for the full ASX Release
This article includes content from Premier1 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.
Coniagas Battery Metals
Overview
Coniagas Battery Metals is a Canadian company focused on developing a world-class critical minerals project. The name Coniagas is an acronym for various symbols on the periodic table such as – cobalt (Co), nickel (Ni), silver (Ag), and arsenic (As). The company is formed from the spin-off of Nord Precious Metals’ (TSXV:NTH) Graal property in Quebec.
The company is focused on advancing the Graal nickel-copper-cobalt project towards production. Nearly 16,000 meters of diamond drilling (in addition to the 6,885 meters of historic drilling) has been completed at the project. The early-stage drill results have been encouraging, intersecting up to 1.12 percent nickel equivalent (NiEq) over 28.9 meters at depths of only 50 to 100 meters. The company plans to undertake an aggressive drilling program to expand the deposit area and deliver a maiden NI 43-101 resource report.
Geologist Claude Duplessis holding a drill core of massive sulphides containing nickel, copper and cobalt.
Coniagas is also planning to build a processing facility in Quebec utilizing its proprietary process known as Re-2Ox. It is a closed-loop hydrometallurgical process that extracts metals without any discharge or smelting, thereby exceeding environmental compliance standards. The processing facility will help Coniagas convert the mined minerals into battery-grade metals.
The Graal project represents a potential new nickel mine in Quebec with several advantages. First, the nickel at Graal is contained in sulfides that are easier and cheaper to process into battery grade nickel than nickel in laterite deposits. Second, mining at Graal will be an open pit, which is very economical compared to other nickel sulfide deposits found deep underground. Third, the project will also generate substantial copper and cobalt as by-products that will improve the project’s economic viability and deliver a low-carbon, environmentally friendly supply of critical metals for the energy transition.
The project’s location in Quebec also presents several advantages. The province is a Tier 1 mining jurisdiction and ranked eighth most attractive jurisdiction worldwide for mining investment in the Fraser Institute’s 2022 survey. Furthermore, access to excellent infrastructure in terms of hydroelectricity, roads and ports is a huge positive.The Graal project fits perfectly into the Canadian government’s Critical Minerals Strategy that aims to create domestic supply sources of critical minerals in the country. Currently, the supply of these critical minerals is dominated by countries such as China, Russia, Indonesia, Peru, Chile and Congo, which either have rising tensions with the West or are characterized by political instability. Graal is in a much safer jurisdiction and is ideally positioned to become a reliable supplier of clean energy metals.
The demand for critical minerals required for energy storage and electric vehicle applications is expected to grow by around 30 times between 2020 and 2040, according to a report by the International Energy Agency. The report indicates copper demand to be 55 percent higher than the 2022 supply. Likewise, the 2030 demand for nickel is expected to be 67 percent higher than the 2022 supply, and for cobalt 147 percent higher than the 2022 supply levels. Coniagas is well positioned to benefit from this supply-demand imbalance and offers investors an excellent opportunity to participate in the clean energy transition.
A secondary project, which may eventually be brought into the Coniagas portfolio, is the Lowney-Lac Edouard project in Quebec, a prospective nickel-copper property near Rio Tinto. The project is currently owned by Nord Precious Metals, which was the parent company of Coniagas.
Company Highlights
- Coniagas Battery Metals is a Canadian company focused on developing critical minerals such as nickel, copper and cobalt.
- Coniagas Battery Metals was demerged from its parent, Nord Precious Metals Mining (formerly Canada Silver Cobalt Works), which announced the separation of its business in two – Nord Precious Metals (focused on silver-cobalt) and Coniagas Battery Metals (focused on copper-nickel-cobalt).
- Coniagas’ flagship project is the Graal nickel-copper-cobalt property in Quebec, Canada, with excellent infrastructure in terms of low-carbon hydroelectricity, road access and proximity to major battery manufacturing facilities in eastern North America.
- Coniagas intends to use a proprietary Re-2Ox processing technology, a closed-loop hydrometallurgical process that extracts metals without any discharge or smelting, thereby exceeding environmental compliance standards.
- $6 million has been spent so far on the project with historic drillings that produced extremely encouraging results, with geologists excited that it has the potential to be a large mine. The company will focus on exploration drilling in 2024 to expand the mineralized deposit zone and deliver a maiden resource report.
- Critical minerals are in high demand, driven by their application in electric vehicles. Coniagas intends to develop into a supplier to the electric vehicle (EV) market.
- The Graal project fits perfectly into the Canadian government’s Critical Minerals Strategy that plans to create domestic supply sources of critical minerals in the country.
Key Projects
Graal Project
The red line in the MHY-Gravi zones indicates the location of the 6 km strike length.
The Graal project is the company’s flagship nickel-copper-cobalt asset in the Quebec region. Quebec is a Tier 1 mining jurisdiction and offers a world-class environment for mining investments.
The project is near the Chute des Passes electricity plant and has good access by roads. It is close to the planned Arianne phosphate mine, and is only 200 kilometers from the ocean port of Saguenay on the St. Lawrence.
Initial exploration on the property has confirmed high-grade nickel-copper-platinum-group element (PGE) deposits. The company has discovered a 6-kilometer strike length mineralized with near-surface high-grade copper, nickel and cobalt, along with several intersections to the west in the Discovery Zone.
Based on the drill and geophysics results, the project has the potential for several high-grade near-surface deposits and significant deposits at depth. Previous drilling between 1996 and 2004, conducted by SOQUEM and Virginia Mines totaling ~6,000 meters, indicated a potential target of near-surface tonnage of 30 to 60 million tons with a grade range of 0.60 to 0.80 percent nickel, 0.30 to 0.50 percent copper, and 0.10 to 0.15 percent cobalt in the MHY zone. Furthermore, Nord Precious Metals drilled more than 16,000 meters between 2021 and 2022 identifying several drill targets.
The drill results from the 2021-22 program discovered some noteworthy intervals exhibiting high grades of nickel and copper. The program succeeded in discovering wider intervals and continuity of nickel-copper sulfides within the MHY Zone. The key highlights include 1.12 percent Ni Eq over 28.9 meters and 0.94 percent NiEq over 15.9 meters.
Moving forward, Coniagas will begin drilling 2,000 meters in shallow regions to extend mineralization within the MHY Zone. Additionally, it plans to undertake a metallurgical study and engage in consultations with First Nations with an estimated cost of $500,000. Building on this effort, Coniagas plans to deliver a maiden resource estimate.Lowney- Lac Edouard Project
This is a secondary project that may eventually be brought into the Coniagas portfolio. Situated to the south of the historically productive nickel-copper Lac Edouard Mine, the Lowney-Lac Edouard property is adjacent to an area where Rio Tinto, during a 2023 drilling initiative in the Savane region of a Midland Exploration property, uncovered high-grade nickel along with copper. The project is currently owned by Nord Precious Metals, the former parent company of Coniagas.
Management Team
Frank Basa - CEO
Frank Basa holds a BA in engineering from McGill University and is a member of the Professional Engineers of Ontario. He has over 35 years of experience in various aspects of gold mining and development. He also serves as the CEO of TSXV-listed companies Granada Gold Mine and Nord Precious Metals.
Aurelian Basa – Director
Aurelian Basa holds a bachelor’s degree in geography from Concordia University, Montreal. He has over 10 years of experience in the natural resources sector. He is associated with a platform that connects commodity traders to sources of critical metals. He also manages a digital content agency focused on public mining companies.
Ronald Goguen – Independent Director
Ronald Goguen has considerable senior leadership experience and has been associated with Colibri Resource Corporation, Major Drilling and Beaver Brook Antimony Mine.
William D. Macdonald – Independent Director
William Macdonald has held several senior leadership roles and has been associated with Landdrill International, Colibri Resource Corporation, Canadian Gold Resources and LEM Manufacturing.
Dianne Tookenay – Independent Director
Dianne Tookenay holds a Certificate in Mining Law from the Hall Law School, a Master of Public Administration from Manitoba University, and a Bachelor of Administration from Lakehead University. She is a band member of Brunswick House First Nation in Ontario and is associated with Nord Precious Metals and Granada Gold Mine.
Remantra Sheopaul – CFO
Remantra Sheopaul holds a B.Com. in accounting from Toronto Metropolitan University (formerly, Ryerson University). He has rich experience in various aspects of finance. He works with Marrelli Support Services and is also a CFO of Granada Gold Mine, Canada Carbon, Angel Wing Metals and Metalite Resources.
Vincent Maltais – Corporate Secretary
Vincent Maltais holds a bachelor’s degree in law and philosophy and political science from Montreal University. He is a lawyer at Fasken Martineau DuMoulin where he practices business law and advises companies on M&A and public corporate financing.
This article was written in collaboration with Couloir Capital.
Lithium Universe Launches Share Purchase Plan
Lithium Universe Limited (“Lithium Universe”, the “Company” or ASX: “LU7”) is delighted to announce the opportunity for eligible shareholders of the Company to participate in an equity raising via a Share Purchase Plan (SPP), targeting to raise up to $A3.0 million.
Highlights
- Share Purchase Plan (SPP) offered to raise working capital and reward former Mogul Games Group Limited and IPO shareholders
- SPP at an issue price of $0.02 per share
- Represents a 9.09% discount to the closing price of $0.022 per share on 12 March 2024 and a 9.09% discount to the 5-day VWAP prior to this announcement
- Funds applied to engineering studies and working capital requirements
- Eligible shareholders to take advantage of a unique business model
- Focused on lithium conversion for multinational players together with the continued exploration of suite of lithium and rare earth assets
- Closing the lithium downstream conversion gap in North America
- Option agreement to acquire an industrial site in Bécancour, Québec
- Site has capacity for three trains with a total of 48,000 tpa LCE
Presently, approximately 900 gigawatts (GW) of cathode/battery projects are under consideration for the North American continent, featuring prominent players such as Tesla, LG Energy, Northvolt, POSCO, Ford, GM, and Toyota, among others. This translates to a demand for 800,000 tons per annum (tpa) of lithium chemicals.
North America lacks operational lithium converting refineries, with only approximately 100,000 tpa of lithium chemicals in planned capacity. Recognizing this lithium processing gap, LU7 is poised to address this need. The Company’s unique QLPH strategy focuses on the opportunity to convert spodumene offtake for multinational players, facilitating the conversion process closer to their supply chains in North America, rather than solely relying on China. It is also envisaged that any run of mine ore generated by the Company’s mineral assets in Canada would form part of the spodumene mix feeding the QLPH in the future.
Mr. Iggy Tan, Chairman of Lithium Universe said“The Company is looking to raise working capital and reward previous Mogul Games shareholders and new shareholders for their continual support by pricing the SPP at the price of the Lithium Universe IPO completed in August 2023 (via a re-compliance listing). Despite the decline in lithium prices affecting numerous industry players, Lithium Universe is full steam ahead. We view the current short-term dip in lithium prices as an advantageous window to finalize feasibility studies for the QLPH before the onset of the next cycle. These moments present tangible opportunities for our organization and we invite current shareholders to position themselves for the next lithium cycle. I look forward to achieving several significant milestones in 2024 for the QLPH strategy. We are well advanced on the key engineering studies which will form the basis for the Company moving towards funding, construction and development”.
Share Purchase Plan Details
The SPP will enable existing shareholders who are recorded on the Company’s share register at close of market on 12 March 2024 (Record Date), with a registered address in Australia or New Zealand to participate (Eligible Shareholder). Eligible Shareholders will be permitted to purchase up to $A30,000 ordinary shares in the Company (subject to any scale back), without incurring brokerage or transaction costs. All shares issued under the SPP will rank equally with existing ordinary shares of the Company.
The SPP is being undertaken under ASX Listing Rule 7.2, exception 5 and as such, the issue will not take up any of the Company’s placement capacity and will not require shareholder approval.
New shares issued under the SPP will be offered at $0.02 per share (SPP Price), representing a 9.09% discount to the closing price of $0.022 per share on the Record Date of 12 March 2024, and a 9.09% discount to the volume weighted average price of the Company’s shares calculated over the last 5 days on which sales in the shares were recorded prior to the date of this announcement.
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.
MinEx CRC Commences Government Funded Drilling on Moonera Project
Premier1 Lithium Limited (ASX:PLC) (“Premier1” or the “Company”) is pleased to announce the commencement of drilling at the Company’s Moonera project in the Madura Province of Western Australia.
HIGHLIGHTS
- Government funded drilling has commenced at the Moonera copper and rare earth elements project in the Eucla Basin
- Drilling to be undertaken using the innovative coiled-tube drilling method pioneered by MinEx CRC and its partner the Geological Survey of Western Australia
- Program consists of 3 to 4 holes down to a depth of approximately 700m
- Premier1 benefits from any discovery made
The Geological Survey of Western Australia (GSWA) previously advised SensOre (now Premier1) in 2023 that they wish to utilise the coiled-tube drilling method to test its applicability in the area. The program consists of 3 to 4 deep drill holes and is part of a precompetitive stratigraphic borehole program which will fill a gap in GSWA drilling in the region.
The majority of prior GSWA drilling was in the vicinity of the Trans-Australian railway line, approximately 100 km to the north. The holes being drilled currently would intersect the buried Madura Province Proterozoic basement beneath the younger Eucla Basin cover sediments.
This work is part of a long-running precompetitive geoscience program by GSWA which will improve understanding of the mineral, energy and groundwater potential of the region. MinEx CRC seeks to obtain drill core, chips and downhole data (such as semi-automated scanned geochemistry) from a series of stratigraphic boreholes up to an approximate depth of 700 m, penetrating through cover of the Eucla Basin.
The obtained multielement data will allow Premier1 to further test the copper and rare earth element potential of the project at no cost. The boreholes also further test the use of novel, smaller footprint coiled-tube drilling techniques for stratigraphic drilling in covered geological terranes.
Richard Taylor, CEO of Premier1, commented:
“We are pleased to see the GSWA and MinEx CRC trialling its innovative drilling approach at Moonera. The engagement is testament to the potential identified by SensOre before our recent demerger and we are excited to see the results of this test.”
Click here for the full ASX Release
This article includes content from Premier1 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.
Oceana Lithium
Overview
A lot can change in two years — just look at Brazil.
Best described as a bit player in the lithium space only two years ago, the country has since become one of the premier destinations for lithium exploration and development. It all started with the runaway success of Sigma Lithium (NASDAQ:SGML, TSXV:SGML). Since then, multiple high-profile mining companies have established themselves in the country.
This growth is unlikely to stop anytime soon, particularly in light of recent investments into Brazil's battery manufacturing sector by companies including BorgWarner and Inventus Power. Within the next several years, Brazil could become a major global supplier. That's good news for the lithium market, as we are rapidly approaching the point at which demand will greatly outstrip supply.
Oceana Lithium (ASX:OCN) is well-positioned to get us past that point — and to tap into Brazil's fast-growing lithium mining industry. An early-stage exploration company with significant opportunity for discovery across its projects, Oceana's flagship Solonópole project displays considerable promise. The company also maintains highly prospective projects in both Australia and Brazil.Oceana's acquisitions were no accident. The company's well-informed exploration strategy stems from veteran geologists and mining professionals with decades of experience between them. It's already identified multiple drill targets in Solonópole, all of which are highly prospective and known to contain lithium.
Company Highlights
- Oceana Lithium is an exploration company with two strategic and highly prospective projects in Solonópole, Ceará State, Brazil (Solonópole Lithium Project) and Northern Territory, Australia (Napperby Project) — all tier-one mining jurisdictions.
- Brazil in particular is an emerging international destination for lithium, with multiple promising discoveries in recent years.
- Recent investments in battery manufacturing within the country also present a huge opportunity for lithium exploration.
- Napperby is a large-scale exploration project situated in Australia's Northern Territory, and has the potential to host uranium, lithium and several other rare and valuable resources, including rare earth elements and tantalum.
- The company is well-funded to advance exploration on all its projects, with $3.35 million in cash on 31 December 2023.
- Investors can expect strong newsflow over the coming months from both projects.
Key Assets
Solonópole Lithium Project, Ceará State, Brazil
Located three to four hours by sealed road from the major port of Pecém and the capital city Fortaleza, Oceana's Solonópole project consists of 10 permits covering 124 square kilometers of highly prospective ground. Detailed field mapping by Oceana's Brazilian subsidiary Ceara Litio has identified a significant mineralized pegmatite corridor within the company's claim. The permits also cover several historic artisanal mining sites previously tapped for lithium, tantalum, niobium and tin.
Highlights:
- A Historic Artisanal Hotbed: Oceana has identified more than 50 small-scale artisanal mines during field exploration. Mining at these sites only reached depths of a maximum of 10 meters due to the need to blast hard rock material.
- Mineralisation: Oceana has a body of data that suggests high-grade mineralization at Solonópole, including:
- Regional geological review of the Solonópole Pegmatites was completed in 2012 by Brazilian Geological Survey (CPRM). Analytical results (XRD) confirmed spodumene, lepidolite and amblygonite being the main lithium bearing minerals .
- A regional reconnaissance program completed by a previous explorer which collected 246 grab samples in 2016 and 2017 containing:
- Lithium oxide (Li2O): 9 percent.
- Tantalum (Ta): 1 percent.
- Niobium (Nb): 1 percent.
- Tin (Sn): 1,000 ppm.
- Beryllium (Be): 2.5 percent.
- First-pass soil geochemistry results highlighting the presence of residual soil anomalies.
- An Ideal Location: Solonópole is situated in one of Brazil's two historic lithium mining regions, giving Oceana access to experienced labour and extensive pre-existing infrastructure. The project is also well-suited for exploration activities, as it is arid and sparsely populated farmland. It also has access to renewable energy (solar farms and hydro power).
- Experienced In-country Team: Oceana has invested heavily in developing an in-house exploration team headed by experienced resident geologist Mike Sousa and a strong corporate and legal management team based in Belo Horizonte headed by Cintia Maia and Carolina Carvalho who are both fluent in English.
- Exploration Work: Large-scale infill soil sampling program conducted since March 2023 collecting over 10,000 soil samples, and first pass 2,000-metre RC drilling program across priority targets was completed in August 2023. Phase 1 RC drilling campaign identified new lithium-caesium-tantalum (LCT) pegmatite targets for deeper drilling in un-weathered zones. New data from geophysics and soil geochemistry anomalies indicate several swarms of pegmatite bodies striking in a NE-SW direction, showing several lithium-bearing pegmatites at the Bom Jesus de Baixo (BJdB) Pit; BJdB Central; Tin Mine; Nira; Lapinha; Urubu; Zilcar II and Rolados targets.
Map showing completed RC scout drill holes at Bom Jesus de Baixo Prospect
Napperby Project, Northern Territory, Australia
A large-scale exploration project situated in Australia's Northern Territory, Napperby covers 1,160 square kilometers. The 100 percent owned project is also located within the Northern Arunta pegmatite province, expected to soon become a hotbed of mining and exploration. It displays similar geology to the Pine Creek pegmatite province, which hosts the Finniss lithium project owned by Core Lithium (ASX:CXO).
Highlights:
- A Prime Location: Napperby is accessible via both the Stuart Highway and Tanami Highway. It's also close to Central Australian Railway with access to the port city of Darwin. Rio Tinto Resources (ASX:RIO) also owns a large exploration application permit immediately to the south of Napperby’s EL32863. ELA32841 is under application.
- Confirmed Pegmatites: Historical exploration of the region identified multiple pegmatite dykes with both tin and tantalum mineral occurrence. Additionally, a 2005 analysis by the Northern Territory Geological Survey confirmed these as LCT pegmatites.
- Exploration Work: Oceana has completed a hyperspectral survey to acquire high-quality data over the project area. Soil geochemical program completed reveals several large linear lithium anomalies, some of which are on the strike extension of pegmatite outcrop.
- Uranium Potential: Napperby has the potential to host uranium, lithium and several other rare and valuable resources, including rare earth elements and tantalum.
Board and Management Team
Dr. Qingtao Zeng - Non-executive Chairman
Doctor Qingtao Zeng has been extensively involved in the lithium exploration and development sector and is well-connected with potential off-take partners having acted as intermediary for the supply or purchase of spodumene concentrate for a number of producers. He has been engaged as a consulting geologist in a range of geological and commercial environments. Zeng completed a PhD in geology at the Centre of Exploration Targeting (CET) of University of Western Australia in 2013. He has published several academic papers on structure control orogenic gold systems in different geological scales and is a member of Australasian Institute of Mining & Metallurgy (MAusIMM) and Society of Economic Geologists (SEG). He is currently managing director of Australasian Metals Ltd, and a non-executive Director of Kodal Minerals, MetalsTech and Winsome Resources Ltd.
Aidan Platel - Non-executive Director
Aidan Platel is an experienced geologist and mining executive with over 25 years’ experience in the minerals industry. He has a broad skill set covering exploration, study execution, project development, mining, mineral processing and corporate financing within the minerals and mining service sectors. He holds a Bachelor of Science degree (Honours in Geology) from UWA and has a Master of Business Administration from the Curtin Graduate School of Business.
Platel has held numerous executive and non-executive director roles in ASX listed exploration companies over his career. He has a proven track record of exploration success, having helped discover and develop several major deposits including the world-class Santa Rita Nickel deposit (>1Mt contained Ni metal) in Brazil. Platel is currently managing director and chief executive officer of Charger Metals NL and non-executive director of Olympio Metals.
Dan Smith - Non-executive Director and Company Secretary
Dan Smith has more than 15 years’ experience in financial markets, including 10 years’ experience with ASX Listing Rules compliance and corporate governance. Smith is a fellow member of the Governance Institute of Australia and holds a Bachelor of Arts in International Relations from Curtin University. He acts as company secretary for numerous ASX, AIM and NSX-listed companies.
Caue (Paul) Araujo - Chief Executive Officer
Caue Araujo is a qualified Australian-Brazilian geologist with over 20 years of experience as a mining industry professional. Following his early training with Vale in Brazil, his subsequent roles have included general manager of SRK Consulting Brazil, regional director of investment and business planning at Hatch (Australia and Asia), and global general manager – mine finance with mining industry advisory group Palaris Australia. He has a strong aptitude for the technical and economic evaluation of mineral resource projects, having been involved in the development of numerous projects during his career working with finance providers and equity investors including emerging lithium miners and mine gate concentrate producers. Araujo is a member of the Australasian Institute of Mining & Metallurgy (MAusIMM) and the Australian Institute of Company Directors. He has an MBA (project management, business and finance) from Ibmec University, Brazil. Through his diverse experience, he has refined his abilities to lead and manage multi-disciplinary teams. He is well-acquainted with key chemical companies, battery producers and EV manufacturers in the supply chain and their requirements to secure environmentally responsible long-term sources of lithium supply.
Mike Sousa - Exploration Manager and Competent Person, Brazil
Mike Sousa is a passionate and results driven geoscientist with over seventeen years exploration and project development experience, in his native Brazil and internationally, in battery minerals, gold, phosphates, niobium and rare earth elements. His experience includes planning and execution of exploration programs from early to advanced stage and mine expansion projects. Sousa has worked in senior roles in various states in Brazil for junior, mid-tier and major national and international companies including Equinox Gold, Lithium Ionic, OZ Minerals, Anglo American, Vale and Glencore. He brings to Oceana profound local knowledge and established relationships with professional service providers as well as local stakeholders. Sousa is a member of the Australian Institute of Mining and Metallurgy – MAusIMM (CP).
Cintia Maia - Company Administrator, Brazil
Cintia Maia is manager, corporate and director of the company’s Brazilian operating subsidiary, Ceará Litio Mineração Ltda. She is an experienced corporate manager and administrator and a qualified accountant with over 20 years’ experience.
Maia is familiar with reporting requirements for Australian public companies, having previously worked as CFO for GRD Minproc, AMEC Canada and a number of other mining and industrial companies. She brings a wealth of practical experience to her role as the Company’s senior corporate officer in Brazil.
Carolina Carvalho - Manager Corporate Affairs, Brazil
Carolina Carvalho is an experienced corporate lawyer, having spent more than 15 years working with medium and large multinationals operating in Brazil. She has worked in mergers and acquisitions, tax planning and strategic business development across a number of industries including mining.
WCNOE Underwriting Completed – A$4.33M Raised
White Cliff Minerals Limited (White Cliff or the Company) is pleased to advise gross proceeds of A$4.33m of funds have been received before costs through the successful conversion of 288,528,071 WCNOE Options1.
With the funds from the option exercise by option holders and the Underwriter, in addition to the recent Director and KMP conversions of unlisted options, the Company now has ~A$6.33M in cash and listed investments2.
The Company is now well funded to focus on its upcoming exploration programs, details of which will be provided in due course.
Commenting on the funding, White Cliff Chairman, Roderick McIllree said:
“The completion of this funding makes the Company an interesting investment proposition. With a market capitalisation of circa $25m which includes ±AUD$6.3m we are funded for multiple work programmes at Radium Point, our uranium & silver rich IOCG project and Coppermine, the high-grade copper gold and silver project in Nunavut.
The first of these exploration campaigns by Expert Geophysics3 airborne survey experts at Coppermine where we continue to build full mobilisation in anticipation of a significant field deployment in the coming months.
Next up will be the completion of contractor and service providers for the complimentary campaigns at Radium Point the Uranium Silver IOCG project, and I look forward to updating shareholders on this in the not-too-distant future along with additional project acquisitions and executive appointments.”
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.
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.