Lithium Junior Miners News For The Month Of March 2023
D3signAllTheThings
Welcome to the March 2023 edition of the ‘junior’ lithium miner news. We have categorized those lithium miners that won’t likely be in production before 2024 as the juniors. Investors are reminded that many of the lithium juniors will most likely be needed in the mid and late 2020’s to supply the booming electric vehicle [EV] and energy storage markets. This means investing in these companies requires a higher risk tolerance and a longer time frame.
March saw some excellent progress and news from the lithium juniors.
Lithium price news
Asian Metal reported during the past 30 days, the 99.5% China lithium carbonate spot price was down 21.15% and the China lithium hydroxide price was down 12.46%. The Lithium Iron Phosphate (Li 3.9% min) price was down 6.91%. The Spodumene (6% min) price was down 9.93% over the past 30 days.
Benchmark Mineral Intelligence reported (paywalled):
Lithium chemicals pricing in China is weighed on by weak demand, compounded by discounts on internal combustion engine [ICE] vehicles…..In response to volatile and falling prices, buyers continued to put off purchasing volumes on a spot basis and drew from waning inventories…..EV demand sentiment was weighed on by some automakers in China heavily discounting ICE vehicles, by as much as 50% for some models, in order to shift excess inventory, particularly in advance of new emissions standards expected to come into effect on 1 July 2023…….
Metal.com reported lithium spodumene concentrate (6%, CIF China) average price of USD 4,800/t, as of March 24, 2023.
China Lithium carbonate spot price 5 year chart – CNY 276,500 (~USD 40,259) (source)
Trading Economics
Rio Tinto forecasts lithium emerging supply gap (chart from 2021) – 60 new mines the size of Jadar needed
Rio Tinto
Lithium market news
For a summary of the latest lithium market news and the “major” lithium company’s news, investors can read: “Lithium Miners News For The Month Of March 2023” article. Highlights include:
- “Surge in Chinese lithium prices has turned into rapid retreat.”
- India discovers 5.9 million tonnes of Inferred lithium deposits in the country’s north in Jammu and Kashmir.
- Beijing probes illegal mining activities in Chinese lithium hub. If shutdown, it may lead to a loss of 10% of global lithium supply.
- Tesla lobbying to secure lithium from Chile — report.
- Shortage of metals for EVs is rising up the agenda in automakers’ C-suites.
- Iran claims to have discovered 8.5 million-ton lithium deposit.
- Canadian government announces over $344 million for Canadian critical minerals development.
- LEAK: EU Commission proposes 10% of critical raw materials mined in Europe by 2030. EU to set up central buying agency for critical minerals.
- CATL takes over Chinese lithium miner to lock in more material supplies.
- China lithium probe puts spotlight on reserves and ESG risks.
- Canada considering equity stakes, advancing loans to critical minerals companies, via the C$15B Canada Growth Fund.
- Volkswagen to build its first overseas battery manufacturing plant in Ontario, Canada.
- Chile pushes new direct lithium extraction method in risk to future supply.
- Surge in Chinese lithium prices has turned into rapid retreat.
- US planned LFP battery production capacity soars past Europe with LGES and Gotion plants.
Junior lithium miners company news
Wesfarmers [ASX:WES] (OTCPK:WFAFY) (took over Kidman Resources)
The Mt Holland Lithium Project is a 50/50 JV between Wesfarmers [ASX:WES] (OTCPK:WFAFF) and SQM (SQM), located in Western Australia. There is also a proposal for a refinery located in WA. More details here at: Progress at the Mt Holland lithium project where Wesfarmers state: “Construction of the mine, concentrator and refinery is underway with first production expected in 2024.”
On March 23 The West Australian reported:
Wesfarmers assures investors over Mt Holland project’s revised timetable. Wesfarmers has assured investors it can deliver its Mt Holland lithium project to a revised timetable and avoid the prolonged commissioning delays that have marked other developments chasing the battery metal. The project was a particular focus of interest from analysts during an investor tour in Perth on Thursday in the wake of last month’s $700 million cost blowout and delayed production from its lithium refinery. However, Wesfarmers believes there is enough fat built into the revised $2.6 billion budget and expanded timetable to cover any further cost or time pressures……The concentrator is about 85 per cent complete and on track for first production in late-2023, but the refinery won’t now be supplying customers until the first half of 2025.
You can view the latest company presentation here.
Upcoming catalysts include:
- Late 2023 – Mt Holland spodumene production.
- H1, 2025 – Kwinana LiOH refinery planned to begin and ramp to 45–50ktpa LiOH.
Liontown Resources [ASX:LTR] (OTCPK:LINRF)
Liontown Resources 100% own the Kathleen Valley Lithium spodumene project in Western Australia. Funded to production.
On March 14 Liontown Resources announced:
Financial report half year ended 31 December 2022……
Kathleen Valley Lithium ProjectDuring the half year ended 31 December 2022, site activity increased substantially with significant progress achieved across all areas of development works for the Kathleen Valley Lithium Project (Project). Approvals, procurement, engineering, mining, and construction work streams achieved key milestones and the Project remains on track for first production in mid-2024. Major permits and works approvals, including the Native Vegetation Clearing Permit, Mining Proposal, Mine Closure Plan, Water Licence and Works Approvals were received early in the half year paving the way for major site work to proceed.
You can view the company’s latest presentation here.
Upcoming catalysts include:
- 2023-24: Kathleen Valley Project construction
- Q1, 2024: Commissioning with production set to begin mid 2024
Leo Lithium Limited [ASX:LLL]
Leo Lithium is developing the Goulamina Lithium Project (50/50 JV with Ganfeng Lithium) in Mali with a total Resource of 142.3 Mt @ 1.38% Li2O targeting a production start in mid 2024.
No significant news for the month.
You can view the company presentation here.
Upcoming catalysts include:
Investors can read the recent Trend Investing article on Leo Lithium here.
Eramet [FR:ERA] (OTCPK:ERMAY) (OTCPK:ERMAF) – ‘Targets DLE production by early 2024’
Eramet is in a JV ‘Eramine Sudamerica’ (50.1% Eramet, 49.9% Tsingshan) which owns the Centenario-Ratones Lithium Project in Argentina. Eramet targets to start DLE production by early 2024.
On February 22 Eramet announced: “Eramet: Record year with EBITDA above €1.5bn and very strong deleveraging.”
Investors can read the recent Trend Investing article on Eramet here.
POSCO [KRX:005490] (PKX)
POSCO owns the northern Sal de Vida (Hombre Muerto salar, Argentina) tenements bought from Galaxy Resources (now Allkem). POSCO targets to start DLE production by H1, 2024.
On February 27 The Market Herald reported: “Pilbara Minerals (ASX:PLS) POSCO JV secures $683m loan for lithium chemical facility, South Korea.”
On March 13 POSCO announced:
POSCO Holdings cooperates with Australia’s Jindalee Resources Limited for U.S. McDermitt Clay Lithium Project. Signed MOU with Australia’s Jindalee Resources Limited for joint research and business cooperation for the commercialization of the ‘McDermitt Clay Lithium Project’ of the U.S. POSCO Holdings develops lithium extraction process using clay lithium provided by Jindalee Resources Limited… Will consider joint investment consultation when confirming the possibility of commercialization.
Upcoming catalysts include:
- Late 2023 – Plan to commission production of POSCO/Pilbara Minerals JV LiOH facility in Korea.
- H1, 2024 – Target to commence production at Hombre Muerto and ramp to 25ktpa LiOH.
Atlantic Lithium Limited [LSE:ALL] [ASX:A11] (OTCQX:ALLIF)
Atlantic Lithium is progressing its Ewoyaa Project in Ghana towards production. Piedmont Lithium has a 50% project earn-in share.
On March 15 Atlantic Lithium Limited announced: “Interim results. Highly successful operational, corporate and financial period. Robust Pre-Feasibility Study significantly derisks Ewoyaa Lithium Project. Further progress made towards building Ghana’s first lithium mine.” Highlights include:
Project Highlights
- “Completed Pre-Feasibility Study (“PFS”) on the Ewoyaa Lithium Project (“Ewoyaa”), demonstrating the significant profitability potential of this stand-out project: LOM revenues exceeding US$4.84bn, Post-tax NPV8 of US$1.33bn, IRR of 224% over 12.5 years. US$125m capital cost with industry-leading payback period of <5 months. Maiden Ore Reserve of 18.9Mt at 1.24% Li20 declared, demonstrating sound resources to reserve conversion. 12.5-year mine life, 2Mtpa conventional dense media separation (“DMS”) processing facility with average 255,000tpa 6% lithium spodumene concentrate (“SC6”) production.
- Mining Licence application lodged for the extraction of minerals from the proposed Ewoyaa Lithium Mine.
- Awarded processing plant Front-End Engineering Design contract to Primero Group.
- Completed a 47,000m resource infill and extensional reverse circulation (“RC”) and diamond core (“DD”) drilling programme. Results included: Highest-grade assay result of 6.78% Li2O over a 1m interval in drilling at the Ewoyaa Main ‘Starter Pit’. Multiple broad and high-grade intersections within and outside of the previous MRE (30.1Mt @ 1.26% Li2O), which were incorporated in the MRE upgrade announced post-period…..
Post-Period
- Significant Mineral Resource Estimate (MRE) upgrade at Ewoyaa to 35.3Mt at 1.25% Li2O: Includes 28Mt (79%) in the Measured and Indicated categories, which is expected to significantly improve project economics.
- Final assay results received for a further 10,052m of exploration and infill diamond core (“DD”) drilling and reverse circulation (“RC”) drilling completed at Ewoyaa.
On March 20 Atlantic Lithium Limited announced: “2023 Exploration and Resource Drilling Programmes update. Auger drilling commenced Ewoyaa Lithium Project, Ghana.”
On March 22 Atlantic Lithium Limited announced: “Definitive Feasibility Study Project update. Staged project development and mine throughput optimisation Ewoyaa Lithium Project, Ghana.” Highlights include:
- “……Study to consider various mine throughput scenarios for the Project driven by the MRE1 upgrade to 35.3 Mt @ 1.25% Li2O.
- Work ongoing to further optimise the Project’s processes and economics….
- Front-End Engineering Design (“FEED”) and DFS for the Project progressing well; DFS remains on track for Q2 2023: DFS to incorporate increased 35.3 Mt @ 1.25% Li2O MRE1 and is expected to significantly enhance the Project’s economics.”
Upcoming catalysts include:
- End Q2, 2023 – Definitive Feasibility Study to be completed.
- 2024 – Production targeted to begin.
Vulcan Energy Resources [ASX: VUL] (OTCPK:VULNF)
Vulcan Energy Resources state that they have “the largest lithium resource in Europe” with a total of 15.85mt LCE, at an average lithium grade of 181 mg/L. The Company is in the development stage developing a geothermal lithium brine operation (geothermal energy plus lithium extraction plants) in the Upper Rhine Valley of Germany.
On February 24 Vulcan Energy Resources announced: “Zero Carbon Lithium™ Project update.” Highlights include:
Phase One area: Preliminary Environmental Impact Assessment approval
- “Approval received for Vulcan’s preliminary EIA application (UVP-V) for drilling further development wells in its core Insheim license, in the Phase One area covered by the Phase One DFS1, where Vulcan has existing geothermal wells and a geothermal plant already in production……”
Lithium Extraction Demonstration Plant and Production team
- “Onsite works continue at Vulcan’s Lithium Extraction Demonstration Plant in Landau, where Vulcan remains on target for mid-year operations to commence. This follows two years of successful pilot plant testing the lithium extraction on the geothermal brine……
- Once operations commence mid-2023, Christian will focus on training the Vulcan Production team on the Demo Plant, targeting operational readiness prior to commercial scale production as part of Phase One start of production target for year-end 2025.”
Phase Two development
- “A comprehensive 3D seismic survey has now been successfully completed in and around the city of Mannheim by Vulcan. The results of the survey will be incorporated into Vulcan’s next phases of lithium and renewable energy development plans. Vulcan has a heat offtake agreement with MVV, one of the largest municipal energy suppliers in Germany, to supply renewable heat to the city of Mannheim from 2025.”
Upcoming catalysts include:
- Q1 2023 – DFS, potential permitting and project funding.
- End 2025 – Target to commence commercial production and ramp to 40,000tpa by end 2026.
Critical Elements Lithium Corp. [TSXV:CRE] [GR:F12] (OTCQX:CRECF)
On February 28 Critical Elements Lithium Corp. announced:
Approval of Hydro-Québec’s connection and powerline relocation project to Power the Rose Lithium-Tantalum Project…..
Investors can view the company’s latest presentation here.
Upcoming catalysts include:
- 2023 – Possible off-take or project financing announcements.
You can read the latest Trend Investing Critical Elements Lithium article here.
Standard Lithium [TSXV:SLI] (SLI)
On March 20 Standard Lithium announced:
Standard Lithium commences drilling program at South West Arkansas Lithium Project to support upcoming Preliminary Feasibility Study…..
ioneer Ltd [ASX:INR] [GR:4G1] (OTCPK:GSCCF) (IONR)
ioneer ltd. announced in September 2021 the sale of 50% of its flagship lithium boron project to Sibanye Stillwater for US$490m.
On February 27 ioneer Ltd reported: “Interim condensed consolidated financial statements 31 December 2022.”
Upcoming catalysts include:
- 2023 – Possible permitting approval.
AVZ Minerals [ASX:AVZ] (OTC:AZZVF)
AVZ Minerals owns 51% of its Manono Lithium & Tin Project in the DRC, after selling 24% of it to Suzhou CATH Energy Technologies for US240m. DRC-owned firm Cominiere has a 25% share.
On February 28 AVZ Minerals announced: “Further Positive Results from Roche Dure Extension Drilling Program.” Highlights include:
- “……including 113.33m @ 1.79% Li2O & 860ppm Sn which includes a higher grade zone of 36.0m @ 2.06% Li2O & 887ppm Sn.
- Fifty-four samples returned values greater than 2% including 5 individual samples grading greater than 3% Li2O with the highest value being from hole MO22DD009 from 56.0 to 58.0 metres downhole grading 4.39% Li2O….
- Two diamond drillholes still to be finished to complete the Roche Dure Extension drilling programme.”
On March 16 AVZ Minerals announced: “Interim financial report 31 December 2022.”
On March 22 AVZ Minerals announced:
Arbitration Proceedings Update and Interim Financial Report Clarification. AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (AVZ or Company) provides an update regarding the arbitration proceedings before the International Chamber of Commerce in Paris (ICC), with respect to the Company’s legal rights to a 75% interest in Dathcom Mining SA (Dathcom), the entity under which the Manono Project is held, and its pre-emptive rights over 15% out of Cominière’s 25% interest, whilst also clarifying a typographical error that appeared in its Interim Financial Report which was released as an ASX Announcement on 16 March 2023.
On March 22 AVZ Minerals announced: “Further positive results from RocheDure extension drilling program.”
Upcoming catalysts include:
- 2023 – Any arbitration news in the Manono Project dispute with Zijin Mining Group.
Note: July 2022 – AVZ Minerals ‘confident’ despite Manono dispute remaining unresolved
Global Lithium Resources [ASX:GL1]
On March 10 Global Lithium Resources announced: “Manna delivers increased exploration upside. Additional 2022 assay results highlight extension of known mineralisation.” Highlights include:
- “Majority of assay results have now been received from the 2022 Manna drilling program.
- Results point to a large north-eastern extension of the existing Manna Deposit.
- Highlighted intercepts from the 2022 Reverse Circulation (RC) drilling program include; MRC0192, 19m @ 1.20% Li 2O from 263m. MRC0232, 17m @ 1.76% Li 2O from 341m. MRC0182, 15m @ 1.72% Li 2O from 277m. MRC0234, 15m @ 1.66% Li 2O from 355m. MRC0183, 13m @ 1.58% Li 2O from 403m. MRC0185, 11m @ 1.58% Li 2O from 222m. MRC0220, 10m @ 1.07% Li 2O from 257m plus, 10m @ 1.39% Li 2O from 301m.
- 2023 drilling program will target extensions of Lithium bearing pegmatites along strike.”
On March 14 Global Lithium Resources announced: “Consolidated financial report for the half year ended 31 December 2022.”
Lake Resources NL [ASX:LKE] [GR:LK1] (OTCQB:LLKKF)
Lake Resources own the Kachi Lithium Brine Project in Argentina. Lake has been working with Lilac Solutions Technology (private, and backed by Bill Gates) for direct lithium extraction and rapid lithium processing.
On March 15 Lake Resources NL announced: “Interim report half year financial statements for the six months ended 31 December 2022.”
European Lithium Ltd [ASX:EUR] (OTCQB:EULIF)
On February 28 European Lithium announced: “Update on NASDAQ listing and changes to Ukraine transaction.” Highlights include:
- “Merger transaction and NASDAQ listing expected to complete in 2nd quarter 2023.
- EUR and Millstone and Company Global DWC-LLC (Millstone) agree to vary acquisition terms.
- Dobra and Shevchenkivske Projects are positioned to secure lithium for Europe.
- End date to complete acquisition extended to 2 November 2025.”
On March 8 European Lithium announced: “Wolfsberg Lithium Project Definitive Feasibility Study results. Wolfsberg Lithium Project is well positioned to become a leading producer of battery grade lithium hydroxide in Europe.” Highlights include:
- “The Definitive Feasibility Study [DFS] demonstrates that the Wolfsberg Lithium project is set to deliver 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.
- Battery grade Lithium Hydroxide Monohydrate (LHM) production is ~8,800 tpa for 14.6 years.
- LHMOPEX (after byproducts) is US$17,016/t LH Mon average compared to reported spot prices for LHM in February 2023 of US$79,500DDP Antwerp….
- Estimated CAPEX is US$866 million which supports a post–tax NPV of US$1.5 billion @ WACC16%.
- Acceleration of decarbonization and energy transition in Europe combined with the rapid adoption of electric vehicles provides further upside.
- Construction of downstream project facilities expected Q4, 2023.“
On March 27 European Lithium announced:
EUROPEAN LITHIUM TO ACQUIRE AUSTRIAN LITHIUM PROJECTS….The Bretstein-Lachtal, Klementkogel and Wildbachgraben projects (Austrian Lithium Projects) are covered by exploration licences that total 114.6 km2, targeting lithium with known occurrences in the Styria mining district of Austria. Underexplored area within a region that is adjacent to the Company’s Wolfsberg Lithium Project;
• Reconnaissance campaign has confirmed the presence of multiple pegmatite bodies, Rock chip samples by Richmond Minerals Inc. show grades up to 2.67 % Li2O hosted by Spodumene Pegmatites1;
• Acquisition of 100% of the rights, title and interest in the Austrian Lithium Projects; Subject to satisfactory due diligence within 3 months;
• Consideration is $250,000 cash, 2 million shares and 2 million options, with settlement expected to be 7 July 2023.
Upcoming catalysts include:
- End Q1, 2023 – DFS due.
- Q2, 2023 – Merger transaction and NASDAQ listing expected to complete.
- August 8, 2023 – Deadline to complete business combination to form Critical Metals Corp.
Savannah Resources [LSE:SAV] [GR:SAV] (OTCPK:SAVNF)
On February 23 Savannah Resources announced:
Barroso Lithium Project EIA update. Engagement with Local Stakeholders…..Savannah has now completed a series of meetings with APA and other authorities represented on the Assessment Committee established under the EIA process to gain a full understanding of the commission’s and other stakeholders’ recommendations and concerns. Based on this feedback, the Savannah team is now finalising the revised Project and further engaging with local stakeholders around the planned changes, which are focused on the management of water resources, optimisation of Project-related infrastructure, ecology, socio-economic considerations and landscape impacts……
On March 17 Savannah Resources announced: “Savannah welcomes the release of the EU Critical Raw Materials Act.” Highlights include:
- “The Regulation embeds both the critical and strategic raw materials lists in EU law, of which lithium is classified as both.
- The Regulation also sets clear benchmarks for domestic capacities along the strategic raw material supply chain and to diversify EU supply: At least 10% of the EU’s annual consumption for extraction. At least 40% of the EU’s annual consumption for processing. At least 15% of the EU’s annual consumption for recycling.
-
Not more than 65% of the Union’s annual consumption of each strategic raw material at any relevant stage of processing from a single third country.”
On March 23 Savannah Resources announced: “Barroso Lithium Project EIA update. Documentation made public & start of public consultation period…..”
Upcoming catalysts include:
- Q2, 2023 – Declaration of Environmental Impact (‘DIA’) decision potentially due.
- 2024 – DFS due.
European Metals Holdings [ASX:EMH] [AIM:EMH] [GR:E861] (OTCPK:ERPNF) (OTCQX:EMHLF)(OTCQX:EMHXY)
On March 16 European Metals Holdings announced: “Interim financial report 31 December 2022.”
Upcoming catalysts include:
- 2023 – DFS. Any off-take or project funding deals.
You can read a recent Trend Investing update article on EMH here.
Galan Lithium [ASX:GLN]
Galan is developing their flagship Hombre Muerto West (“HMW”) Lithium Project located on the west side edge of the high grade, low impurity Hombre Muerto salar in Argentina.
On March 1 Galan Lithium announced: “HMW continues to deliver with positive results at Santa Barbara.” Highlights include:
- “Exploration well completed to a depth of 455 metres.
- 72-hour airlift testing completed; average grade of 829 mg/l Li…..
- Construction of 4th brine production well at HMW commenced.
- HMW Reserve model and updated resource estimate on track for DFS.”
On March 6 Galan Lithium announced: “Drilling underway at Greenbushes South Lithium Project…..”
On March 14 Galan Lithium announced: “Financial report half year ended 31 December 2022.”
Century Lithium Corp. (TSXV:LCE) (OTCQX:CYDVF)(Formerly Cypress Development Corp.)
Century Lithium Corp. owns tenements in the Clayton Valley, Nevada, USA.
No news for the month.
Frontier Lithium [TSXV:FL] (OTCQX:LITOF)
Frontier Lithium own the PAK Lithium (spodumene) Project comprising 26,774 hectares and located 175 kilometers north of Red Lake in northwestern Ontario. The PAK deposit is a lithium-cesium-tantalum [LCT] type pegmatite containing high-purity, technical-grade spodumene (below 0.1% iron oxide).
On February 28 Frontier Lithium announced: “Frontier announces expansion of Spark deposit – 18.8 mt in indicated and 29.7 mt in inferred categories.” Highlights include:
- “18.8 million tonnes averaging 1.52% Li2O in the Indicated category, a 30% increase in size.
- 29.7 million tonnes averaging 1.34% Li2O in the Inferred category, a 64% increase in size.
- The Spark lithium deposit remains open along strike and at depth.”
On March 15 Frontier Lithium announced: “Frontier Lithium to drill untested Bolt pegmatite.” Highlights include:
- “Frontier Lithium has an exploration target of 100M tonnes (measured, indicated and inferred) of open pit resource on the Project.
- Phase XIII Diamond Drill Program targeting up to 10,000 meters.
- The Project has two exploration drills on site with maiden drilling on the untested 600 meter long Bolt pegmatite to commence by spring.
- PAK deposit geotechnical and environmental drilling currently underway.
- Exploration drilling planned to test Spark deposit western extension towards a high-grade target 1.1km on strike from the resource.
- Continue to conduct environmental baseline studies to advance project permitting.”
Investors can read the recent Trend Investing article here and the recent CEO interview here.
Patriot Battery Metals [TSXV:PMET] (OTCQX:PMETF)
Patriot Battery Metals own the Corvette Lithium Project in James Bay, Quebec. No resource yet but some great long length drill results.
On March 15 Patriot Battery Metals announced: “Patriot Battery Metals announces C$50m flow-through financing.” Highlights include:
- “C$50 million raise to accelerate critical mineral exploration on Corvette Property.
- Private placement of flow through shares conducted at price of C$22.57 representing a 90% premium to the Company’s last traded share price on TSX-V as of Monday, 13 March 2023……
- Initial mineral resource for CV5 targeted for the June 2023.”
On March 20 Patriot Battery Metals announced: “Patriot Battery Metals announces closing of C$50m financing…..”
On March 23 Patriot Battery Metals announced: “Patriot extends strike length of the CV5 Pegmatite to 3.15 km, Corvette Property, Quebec, Canada.” Highlights include:
- “Extension of the CV5 spodumene pegmatite eastwardly by a further 550 m since February.
- The CV5 spodumene pegmatite has been traced continuously by drilling (at ~50 – 150 m spacing) over a lateral distance of at least 3.15 km and remains open along strike at both ends and to depth.
- Drilling step-outs westward from CV5 towards CV13 has commenced.
- Core samples for thirty-seven (37) drill holes have arrived at the analytical lab [SGS] with assays for the first group of holes expected to be reported shortly.
- Six (6) core drilling rigs currently active at the CV5 Pegmatite.
- As of March 20, 2023, a total of fifty-two (52) drill holes (~20,644 m) have been completed this year, with seven (7) holes (~1,136 m) actively coring. The Company has surpassed the minimum 20,000 m initially targeted to be completed over the winter drill program.”
Investors can read the Trend Investing article here.
Latin Resources Ltd [ASX:LRS] (OTC:LAXXF)
LRS’ flagship is the 100% owned Salinas Lithium Project in the pro-mining district of Minas Gerais, Brazil. The Salinas Project has a maiden Indicated & Inferred JORC Mineral Resource estimate of 13.3Mt @ 1.2% Li2O at the Colina deposit.
On March 3 Latin Resources Ltd announced: “S&P Dow Jones Indices announces March 2023 Quarterly Rebalance of the S&P/ASX Indices.”
On March 23 Latin Resources Ltd announced: “Resource growth potential confirmed at Colina West additional thick high-grade pegmatite swarm.” Highlights include:
- “Mineral Resource growth potential confirmed, with latest assay results confirming the presence of multiple thick high-grade pegmatites at Colina West.
- Latest results include: SADD072: 26.87m @ 1.62% Li 2O from 333.82m including: 23.00m @ 1.78% Li 2O from 335.00m. SADD074: 28.87m @ 1.29% Li 2O from 283.13m. SADD077: 14.66m @ 1.52% Li 2O from 158.05m and: 33.07m @ 1.83% Li 2O from 319.53m.
- Resource definition drilling focused on the Colina and Colina West areas is on track for the planned JORC Mineral Resource Estimate (MRE) upgrade scheduled for June 2023.
- PEA study paused to enable the incorporation of the expanded MRE.“
You can read the very recent Trend Investing article that discusses Latin Resources here.
Lithium Power International [ASX:LPI] (OTC:LTHHF)
LPI owns 100% of the Maricunga Lithium Brine Project in Chile, plus plans to demerge its Australian assets into a new company called Western Lithium Ltd.
On March 3 Lithium Power International announced: “S&P Dow Jones Indices announces March 2023 Quarterly Rebalance of the S&P/ASX Indices.”
On March 16 Lithium Power International announced: “Interim report 31 December 2022.” Gives an update on their Maricunga Project consolidation etc.
Upcoming catalysts:
- 2023 – Possible spin-out of Western Australian Greenbushes and Pilgangoora lithium assets.
American Lithium Corp. [TSXV: LI] (AMLI) (acquired Plateau Energy Metals Inc.)
On March 6 American Lithium Corp. announced:
American Lithium to fast-track completion of pre-feasibility study for Falchani. Appoints DRA Global as Lead Engineer and Plans Near-Term Update of PEA.
Wealth Minerals [TSXV:WML] [GR:EJZN] (OTCQB:WMLLF)
Wealth Minerals has a portfolio of lithium assets in Chile, such as 46,200 Has at Atacama, 8,700 Has at Laguna Verde, 6,000 Has at Trinity, 10,500 Has at Five Salars. Also the right to acquire a 100% interest in the Ignace REE Lithium Property in Ontario, Canada.
On February 23 Wealth Minerals announced:
Wealth reviews new Atacama data…..Wealth’s CEO, Hendrik van Alphen, commented: “New data revealed by SQM is very positive for Wealth. Just 400 metres from our license package’s southern border, SQM drilled a well that produced results with broad implications for Wealth: 1,238mg/l lithium content brine starting at 87m depth for 72 metres. This lithium-bearing interval matches our geological model for the Atacama Project.”
On March 10 Wealth Minerals announced: “
Wealth Minerals acquires shares of Electric Royalties Ltd…..On closing, the Company received 2,000,000 ELEC Shares for the aggregate cash payment amount of CAD $500,000.
Investors can view the company’s latest presentation here.
E3 Lithium Ltd. [TSXV:ETL] [FSE:OW3] (OTCQX:EEMMF) (Formerly E3 Metals)
E3 Lithium Ltd. is a lithium development company focused on commercializing its extraction technology and advancing the world’s 7th largest lithium resource with operations in Alberta. E3 has an Inferred Resource of 24.3mt LCE.
On March 2 E3 Lithium Ltd. announced: “E3 Lithium outlines 2023 company goals and path to first lithium…..”
On March 7 E3 Lithium Ltd. announced: “E3 Lithium awarded $3.5M in funding from Government of Canada.” Highlights include:
- “E3 Lithium awarded $3.545M in funding through Natural Resources Canada’s Critical Minerals Research, Development and Demonstration program.
- The non-dilutive and non-repayable funds will be used to support the construction and operation of E3 Lithium’s 2023 field pilot plant.”
On March 21 E3 Lithium Ltd. announced:
E3 Lithium announces 16.0 million tonnes Measured and Indicated Resource upgrade. The mineral resource upgrade includes 6.6 million tonnes [MT] of Lithium Carbonate Equivalent (LCE) Measured and 9.4 Mt of LCE Indicated for a total of 16.0 Mt M&I within its Bashaw District…..
You can read the company’s latest presentation here.
Iconic Minerals [TSXV:ICM] [FSE:YQGB] (OTCQB:BVTEF)/ Nevada Lithium Corp. [CSE: NVLH]
Joint Venture (Nevada Lithium Corp. earn in option to 50%) in the Bonnie Claire Project in Nevada, USA; with an Inferred Resource of 18.68 million tonnes LCE.
On February 27 Iconic Minerals announced:
Iconic Minerals produces battery grade lithium carbonate from Bonnie Claire Lithium Deposit, Nevada…..Richard Kern, CEO of Iconic Minerals, comments: “The production of marketable battery-grade lithium carbonate is one more important milestone on the road to developing this major lithium resource. We expect to achieve many more milestones this year as we work toward completion of a Preliminary Feasibility Study.”
Arena Minerals [TSXV:AN] (OTCQX:AMRZF) (takeover offer from LAC)
On March 2 Arena Minerals announced:
Arena Minerals announces receipt of Interim Court Order and special meeting of shareholders…..in connection with the proposed acquisition of all of the issued and outstanding common shares of Arena (the “Arena Shares“) by LAC by way of plan of arrangement (the “Arrangement“) announced by the parties on December 20, 2022…..
Rio Tinto [ASX:RIO] [LN:RIO] (RIO)
On March 7 Rio Tinto announced: “Rio Tinto Finance [USA] plc prices US$1.75 billion of fixed rate notes.”
Lithium South Development Corp. [TSXV:LIS] (OTCQB:LISMF)
On March 23 Lithium South Development Corp. announced:
Lithium South completes Alba Sabrina claim block drilling. Deep hole underway at Natalia Maria Claim Block…..Drilling to date has delineated a brine-containing sub-basin approximately 1.2 kilometers wide by 7.6 kilometers in length, extending northward from the main basin of Hombre Muerto Salar.
You can view a recent Trend Investing Lithium South CEO interview here.
Alpha Lithium [NEO: ALLI] (formerly TSXV: ALLI) [GR:2P62] (OTCPK:APHLF)
No news for the month.
Avalon Advanced Materials [TSX:AVL] [GR:OU5] (OTCQX:AVLNF)
Avalon has three projects in Ontario, Canada, and five in total throughout Canada. Avalon’s most advanced project is the Separation Rapids Lithium Project in Ontario with a M& I Petalite Zone Resource of 6.28mt grading 1.37% Li2O, plus an Inferred Resource of 0.94mt at 1.3%. Avalon also has a Partnership JV Agreement with Indian conglomerate Essar to establish Ontario’s first regional lithium battery materials refinery in Thunder Bay.
On March 1 Avalon Advanced Materials announced: “Avalon appoints Zeeshan Syed as New President…..”
Snow Lake Lithium (LITM)
On March 16 Snow Lake Lithium announced: “Metallurgical test results demonstrates excellent recovery and produces high grade spodumene concentrate.” Highlights include:
- “Metallurgical testwork from the Grass River Project demonstrates 83.5% lithium recovery producing a 6.39% Li20 spodumene concentrate.
- Mineral Resource Estimates for both the Thompson Brothers and Grass River Projects are forthcoming.
- The Company’s PEA study is well advanced and is expected to be finalized in Q2 2023.
- CEO search well underway, with high quality and experienced candidates already shortlisted.”
Essential Metals [ASX:ESS] (OTCPK:PIONF) – Acquisition offer @ A$0.50 from Tianqi Lithium Energy Australia
Essential Metals has 9 projects (lithium, gold, gold JV, and nickel JV) all in Western Australia. Their flagship Pioneer Dome Lithium (spodumene) Project has a JORC Compliant Total Resource of 11.2Mt at 1.16% Li2O.
On March 7 Essential Metals announced: “Half year report for the half year ended 31 December 2022.”
Upcoming catalysts:
- 2023 – Potential completion of takeover by Tianqi Lithium Energy Australia.
Green Technology Metals [ASX: GT1]
Green Technology Metals [ASX:GT1] (“GT1”) has several very promising lithium projects near Thunder Bay in Ontario, Canada. The current JORC Total Mineral Resource is 4.8Mt @ 1.25% with a projects (spodumene) wide target resource of 50-60 MT @ 0.8-1.5% Li2O.
On March 6 Green Technology Metals announced: “Lithium option signed for Junior Lake Project adjacent to Seymour.” Highlights include:
- “Binding option agreement executed with Landore to secure the Junior Lake Project hosting identified Lithium-bearing pegmatites.
- Located 22km east of GT1’s Flagship Seymour Project, covering ~109km2 of tenure.
- Junior Lake hosts multiple LCT pegmatites at surface, confirmed by historical exploration activities on the property, with drill ready targets presenting similar geology to Seymour.
- Junior Lake offers outstanding potential to make new proximal lithium discoveries and strategically grow the resource base for Seymour.
- Preparation for summer mapping and initial 1,200m drilling program to commence in Q3 23 subject to approvals.”
On March 13 Green Technology Metals announced:
ASX clarification and retraction statement. Green Technology Metals Limited (ASX:GT1) (the Company) refers the announcement dated, 6 March 2023, regarding the Company’s acquisition of the Junior Lake Project…..
On March 15 Green Technology Metals announced: “Interim financial report for the period ending 31 December 2022.”
Winsome Resources Limited [ASX:WR1] [FSE:4XJ] (OTCQB:WRSLF)
On March 7 Winsome Resources announced: “Company plans to increase stake in Power Metals Corp.” Highlights include:
- “Winsome Resources intends to increase stake in Power Metals to approximately 10%…..”
On March 7 Winsome Resources announced:
Results of Share Purchase Plan…..The SPP followed the successful completion of: a. a placement of 4,589,496 fully paid ordinary shares (“Shares”) at a price of C$3.922 (A$4.18) per Share to certain Canadian sophisticated, institutional and professional investors (Canadian Investors), to raise approximately C$18,000,000 (A$19,184,093) (Flow through Placement); and b. a placement of Shares at a price of A$2.00 per Share to sophisticated, institutional and professional investors, to raise approximately A$31,000,000 (Institutional Placement)…..
On March 15 Winsome Resources announced: “Interim financial report for the half-year ended 31 December 2022.”
On March 23 Winsome Resources announced: “Further assays confirm Adina as a robust, high-grade lithium project.” Highlights include:
- “Latest intersections confirm the impressive tenor and thickness of the lithium mineralisation through the Main Zone at Adina. The full results are set out Appendix 1 to this announcement and include: 1.64% Li2O over 47.4m from 32.7m (AD-22-042), 1.35% Li2O over 55.5m from 28.0m (AD-22-036), 1.26% Li2O over 59.4m from 41.6m (AD-22-035), 1.56% Li2O over 44.7m from 26.3m (AD-22-041), 1.14% Li2O over 54.8m from 2.2m (AD-22-006), and 1.08% Li2O over 44.0m from 123.0m (AD-22-059).
- Exceptionally high-grade zones continue to be intersected within the pegmatite body such as: 2.40% Li2O over 9.0m from 49.0m (AD-22-036), 2.00% Li2O over 15.1m from 26.3m, 1.92% Li2O over 18.0m from 48.0m (AD-22-041), 2.15% Li2O over 14.6m from 32.7m, 1.78% Li2O over 23.0m from 55.1m (AD-22-042), and 2.82% Li2O over 6.0m from 84.0m (AD-22-046) (see Appendix 1 for further details).
- Assays have now been received from 21 drillholes of 38 holes completed to date.
- Third drill rig to be mobilised to Adina in coming weeks to further investigate potential strike length and depth extension of main pegmatite body and follow up on other gravity targets.“
You can view the Aug. 2022 Trend Investing article on Winsome Resources here, when it was at A$0.26.
International Lithium Corp. [TSXV:ILC] [FSE: IAH] (OTCQB:ILHMF)
On March 1 Market Screener reported:
International Lithium announces Maiden Mineral Resource estimate at the Raleigh Lake Lithium Project, Ontario, Canada.
Lithium Energy Limited [ASX:LEL]
On February 27 Lithium Energy Limited announced: “Drilling continues to advance at Solaroz Lithium Brine Project.” Highlights include:
- “Lithium Energy has now largely completed the second and third holes in the initial 10 hole, 5,000m drilling programme at the Solaroz Lithium Brine Project in Argentina.
- Drilling in both holes encountered significant intersections of highly conductive brines, as it did with the first hole in the programme. Assays are now pending…..”
On March 10 Lithium Energy Limited announced: “Positive specific yields and significant averaged lithium concentrations in SOZDD001 at Solaroz Lithium Brine Project.” Highlights include:
- “….. Averaged lithium concentration of 446 mg/L across an 175 metre intersection from 55 metres depth in the upper aquifer, with an averaged Specific Yield of 15%.
- Averaged lithium concentration of 501 mg/L across a 60 metre intersection from 265 metres depth in the lower Deep Sands Unit, with an averaged Specific Yield of 11%….”
On March 14 Lithium Energy Limited announced: “Further significant lithium discovery extends mineralisation at Solaroz Lithium Brine Project.”
On March 20 Lithium Energy Limited announced: “Commencement of Lithium Brine Scoping Study at Solaroz.”
On March 21 Lithium Energy Limited announced: “Advancement of Drilling Programme at Solaroz Lithium Brine Project in Argentina.”
Argentina Lithium & Energy Corp. [TSXV: LIT] (OTCQB: OTCQB:PNXLF)
No news for the month.
You can read a Trend Investing CEO interview here.
Metals Australia [ASX:MLS]
On March 27 Metals Australia announced:
Multiple lithium pegmatite targets identified next to Patriot Battery Metals Corvette Lithium Project in Quebec.
➢ Multiple lithium pegmatite targets have been identified by Metals Australia on the Company’s tenements directly adjoining Patriot Battery Metals’ (ASX:PMT) Corvette Lithium Project1 in Canada.
➢ The Company’s tenements sit within the highly-prospective Corvette (CV) Lithium Trend2, where Patriot has recorded extremely positive drilling results including 156.9m @ 2.12% Li2O incl. 25m @ 5.04% Li2O.
➢ Large, potentially lithium bearing, pegmatites have been mapped within the Company’s tenements3, immediately along strike from lithium-pegmatite clusters identified by Patriot2. Satellite data has confirmed a similar spectral pattern to Patriot’s high-grade CV lithium pegmatites along strike.
➢ Field work set to commence to sample the pegmatites and identify priority targets for drilling.
Battery recycling, lithium processing and new cathode technologies
Rock Tech Lithium [CVE:RCK](OTCQX:RCKTF)
On March 7 Rock Tech Lithium announced:
Drill Program to extend Georgia Lake Resource potential…..Rock Tech intends to increase its total mineral resources at its 100% owned Georgia Lake project during 2023 and 2024. The first phase of this commitment (“Phase I”) is the mobilization of a diamond drill rig for the completion of a 3,500 meters program. The exploration drilling will include targeted drilling, aimed at expanding the existing Spodumene mineralization at Main Zone North [MZN] and McVittie deposits.
On March 8 Rock Tech Lithium announced:
First partial license obtained for lithium converter…..The Licensing Authority South of the Brandenburg State Office for the Environment issued the first partial permit to Rock Tech’s lithium conversion plant submitted in February 2022. The permit follows the project’s Early Start Permissions received in December 2022 and January 2023.
Neometals (OTC:RRSSF) (Nasdaq:RDRUY) [ASX:NMT]
On March 13 Neometals announced: “Half-year report for the 6 months ended 31 December 2022.”
Nano One Materials (TSX: NANO) (OTCPK:NNOMF)
On March 17 Nano one Materials announced: “Nano One granted 3 new patents and receives proceeds from Warrants.”
Other lithium juniors
Other juniors include: 5E Advanced Materials Inc. [ASX:5EA] (FEAM), ACME Lithium Inc. [CSE:ACME] (OTCQX:ACLHF), American Lithium Minerals Inc. (OTCPK:AMLM), Anson Resources [ASX:ASN] [GR:9MY], Ardiden [ASX:ADV], Arizona Lithium [ASX:AZL] (OTCQB:AZLAF), Atlantic Lithium [LON:ALL] (OTCQX:ALLIF), Atlas Lithium Corp. (ATLX), Azimut Exploration [TSXV:AZM] (OTCQX:AZMTF), Azure Minerals Limited [ASX:AZS], Battery Age Minerals [ASX:BM8], Bradda Head Lithium Limited [LON:BHL] (OTCQB:BHLIF) (OTCPK:CDCZF), Brunswick Exploration [TSXV:BRW] (OTCPK:BRWXF), Bryah Resources Ltd [ASX:BYH], Carnaby Resources Ltd [ASX:CNB], Charger Metals [ASX:CHR], Compass Minerals International (CMP), Cosmos Exploration [ASX:C1X], Critical Resources [ASX:CRR], Cygnus Metals [ASX:CY5], Electric Royalties [TSXV:ELEC], Eramet [FR: ERA] (OTCPK:ERMAF) (OTCPK:ERMAY), Foremost Lithium Resource & Technology [CSE:FAT] (OTCPK:FRRSF), Greenwing Resources Limited [ASX:GW1] (OTCPK:BSSMF), Grounded Lithium [TSXV:GRD] (OTCQB:GRDAF), HeliosX Lithium & Technologies Corp. [TSXV:HX] (formely Dajin Lithium Corp. [TSXV:DJI]), Hannans Ltd [ASX:HNR], Idaho Champion [CSE:ITKO] [FSE:1QB1] (GLDRF), [Infinity Lithium [ASX:INF], Infinity Stone Ventures (OTCQB:GEMSF), International Battery Metals [CSE: IBAT] (OTCPK:IBATF), Ion Energy [TSXV:ION], Jadar Resources Limited [ASX:JDR], Jindalee Resources [ASX:JRL] (OTCQX:JNDAF), Jourdan Resources [TSXV:JOR] (OTCQB:JORFF), Kodal Minerals (LSE-AIM: KOD), Larvotto Resources [ASX:LRV], Lepidico [ASX:LPD] (OTCPK:LPDNF), Liberty One Lithium Corp. [TSXV:LBY] (LRTTF), Lithium Australia [ASX:LIT] (OTC:LMMFF), Lithium Chile Inc. [TSXV:LITH][GR:KC3] (OTCPK:LTMCF), Lithium Corp. (OTCQB:LTUM), Lithium Energi Exploration Inc. [TSXV:LEXI](OTCPK:LXENF), Lithium Ionic Corp. [TSXV:LTH] (OTCQB:LTHCF), Lithium Plus Minerals [ASX:LPM], Lithium Springs Limited [ASX:LS1], Loyal Lithium [ASX:LLI], Metals Australia [ASX:MLS], MetalsTech [ASX:MTC], Midland Exploration [TSXV:MD] (OTCPK:MIDLF), MinRex Resources [ASX:MRR], MGX Minerals [CSE:XMG] (OTC:MGXMF), New Age Metals [TSXV:NAM] (OTCQB:NMTLF), Noram Lithium Corp. [TSXV:NRM] (OTCQB:NRVTF), Oceana Lithium [ASX:OCN], One World Lithium [CSE:OWLI] (OTC:OWRDF), Patriot Lithium [ASX:PAT], Portofino Resources Inc.[TSXV:POR] [GR:POT], Power Metals Corp. [TSXV:PWM] (OTCQB:PWRMF), Power Minerals [ASX:PNN], Prospect Resources [ASX:PSC], Pure Energy Minerals [TSXV:PE] (OTCQB:PEMIF), Pure Resources Limited [ASX:PR1], Quantum Minerals Corp. [TSXV:QMC] (OTCPK:QMCQF), Red Dirt Metals [ASX:RDT], Spearmint Resources Inc. [CSE:SPMT] (OTCPK:SPMTF), Spod Lithium Corp. [CSE:SPOD] (OTCQB:EEEXF), Stria Lithium [TSXV:SRA] (OTCPK:SRCAF), Surge Battery Metals Inc. [TSXV:NILI] (OTCPK:NILIF), Tantalex Lithium Resources [CSE:TTX], [FSE:1T0], Tearlach Resources [TSXV:TEA] (OTCPK:TELHF), Tyranna Resources [ASX:TYX], Ultra Lithium Inc. [TSXV:ULI] (OTCQB:ULTXF), United Lithium Corp. [CSE:ULTH] [FWB:0UL] (OTCPK:ULTHF), Vision Lithium Inc. [TSXV:VLI] (OTCQB:ABEPF), Xantippe Resources [ASX:XTC], X-Terra Resources [TSXV:XTT] (OTCPK:XTRRF), Zinnwald Lithium [LN:ZNWD].
Conclusion
March saw lithium chemicals spot prices significantly lower and spodumene spot prices lower.
Highlights for the month were:
- Liontown Resources Kathleen Valley Lithium Project remains on track for first production in mid-2024.
- Atlantic Lithium Ewoyaa Project PFS post-tax NPV8 of US$1.33bn. IRR of 224% over 12.5 years. US$125m capital cost. Resource Estimate upgrade at Ewoyaa to 35.3Mt at 1.25% Li2O.
- European Lithium Wolfsberg Lithium project DFS post–tax NPV of US$1.5B. CapEX of US$866 million. European Lithium to acquire Austrian lithium projects.
- Frontier Lithium announces expansion of Spark deposit to 18.8 mt in Indicated at 1.52% Li2O and 29.7 mt at 1.34% Li2O in Inferred categories. Project exploration target of 100M tonnes.
- Patriot Battery Metals announces closing of C$50m flow-through financing.
- E3 Lithium announces 16.0 million tonnes Measured and Indicated Resource upgrade.
- Iconic Minerals produces battery grade lithium carbonate from Bonnie Claire Lithium Deposit, Nevada.
- Snow lake Lithium metallurgical testwork from the Grass River Project demonstrates 83.5% lithium recovery producing a 6.39% Li20 spodumene.
- Green Technology Metals lithium option signed for Junior Lake Project adjacent to Seymour.
- Winsome Resources Adina Project continues to report great drill results including 1.64% Li2O over 47.4m from 32.7m (AD-22-042) and 1.35% Li2O over 55.5m from 28.0m (AD-22-036)…..
As usual all comments are welcome.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.