IONR - Lithium Junior Miners News For The Month Of December 2023

2023-12-25 08:40:12 ET

Summary

• Lithium chemical spot prices and spodumene prices were lower the past month. China analysts forecast a bottom between 80-90,000 yuan a ton.
• Lithium market news - The U.S. DoE releases proposed interpretive guidance on Foreign Entity of Concern ("FOEC") rules. Surge in lithium stocks raises hope rout in EV metal almost done.
• Junior lithium miner company news - Azure Minerals enters joint bid transaction implementation deed with SQM and Hancock. Latin Resources upgrades Salinas Project Resource to 70.3Mt @ 1.27% of Li2O.
• Winsome Resources announces Maiden Resource of 59Mt at Adina Lithium Project. Lithium Ionic drills 53.7m @ 1.72% Li2O at Bandeira Project. Wildcat Resources drills 99.0m @ 1.2% Li2O from 207.0m at Tabba Tabba Project.
• Lake Resources Kachi Project Phase One DFS results in a post-tax NPV 8 of US$2.3 billion and an IRR of 21%. Green Technology Metals PEA for Seymour Project results in an NPV of C$1,189M (US$894M).

Welcome to the December 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 2020s 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.

December saw lower lithium prices which are now below the marginal cost of production. Despite the poor sector sentiment, the lithium juniors continue to progress very well.

Lithium price news

Asian Metal reported during the past 30 days, the 99.5% China delivered lithium carbonate (99.5% min.) spot price was down 10.35% and the China lithium hydroxide (56.5% min.) price was down 8.68%. The Lithium Iron Phosphate (3.9% min) price was down 5.29%. The Spodumene (6% min) price was down 6.5% over the past 30 days.

Metal.com reported lithium spodumene concentrate Index (Li2O 5.5%-6.2%, excluding tax/insurance/freight) spot price of USD 1,380/t, as of Dec. 22, 2023.

China lithium carbonate spot price 5 year chart - CNY 96,500 (~USD 13,528) ( source )

Rio Tinto forecasts lithium emerging supply gap (chart from 2021) - 60 new mines the size of Jadar needed

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 December 2023" article. Highlights include:

• Australian mining tycoons Rinehart and Ellison have become increasingly active investors in a host of small lithium projects in WA.
• Fastmarkets forecast a surplus of 25,400 tonnes of LCE in 2023. The surplus will shrink to 5,150 tonnes of LCE in 2024.
• Goldman Sachs sees large lithium surplus in 2024 - Maintains bearish view and lowers 12m target for China Lithium Carbonate (excluding VAT) to $11,000/t (~CNY 78,500).
• Ecopro BM wins $34 bln order from Samsung SDI...to supply cathode materials to Samsung SDI.
• The U.S DoE releases proposed interpretive guidance on Foreign Entity of Concern ("FOEC") rules. FOEC's include China, Russia, North Korea and Iran. Starting 2024 companies that >25% ownership or control by a FEOC will not be eligible for tax credits available under the Inflation Reduction Act (IRA). Beginning in 2024, an eligible clean vehicle (for IRA credits) may not contain any battery components that are manufactured or assembled by a FEOC, and, beginning in 2025, an eligible clean vehicle may not contain any critical minerals that were extracted, processed or recycled by a FEOC.
• Surge in lithium stocks raise hope rout in EV metal almost done. China Futures Co. analyst, Zhang Weixin, forecasts lithium carbonate to bottom out between 80,000 and 90,000 yuan a ton.
• Allkem sees low lithium prices extending over near term.
• Fastmarkets: Spodumene prices continue to fall amid weaker demand for lithium.
• New lithium mining, refining projects set to strengthen Europe's battery supply chains. Processing capacity to reach 650,000 mt/year by 2028.
• Lithium-ion technology solidifies lead in EV battery stakes.
• Milei looks to cut costs for Argentina's miners in broader deregulation push.

Junior lithium miners company news

Wesfarmers [ASX:WES] ( WFAFY ) (took over Kidman Resources)

The Mt Holland Lithium Project is a 50/50 JV ("Covalent Lithium") between Wesfarmers [ASX:WES] and SQM ( SQM ), located in Western Australia.

No lithium related news for the month.

Upcoming catalysts include:

• H1, 2024 - Mt Holland spodumene production, ramp up to 380,000tpa.
• H1, 2025 - Kwinana LiOH refinery planned to begin and ramp to 45 - 50ktpa LiOH .

Liontown Resources [ASX:LTR] ( LINRF )

Liontown Resources 100% own the Kathleen Valley Lithium spodumene project in Western Australia.

On November 27, Liontown Resources announced :

Completion of Share Purchase Plan...with subscriptions from eligible shareholders totalling A$13.8 million. In accordance with the SPP terms and conditions, the issue price per SPP share is $1.47...

On December 4, Liontown Resources announced :

Liontown Resources secures long-term Port Services and Access Agreement with Mid West Ports Authority...The agreement for port access and services will facilitate the export of lithium spodumene concentrate from Liontown's Kathleen Valley Project via the Port of Geraldton to global tier-1 offtake partners - LG Energy Solution, Tesla and Ford Motor Company...

On December 21, Liontown Resources announced :

Private royalty holder seeks court declarations in relation to interpretation of Kathleen Valley royalty...The Company has received notice that the private royalty holder, Drem Pty. Limited (Drem), has filed legal proceedings seeking declarations regarding the interpretation of the relevant documents and the amount of the royalty payable. In summary, the dispute between the parties is whether the amount of the royalty is calculated as 2%, or a lesser percentage, of gross sales of production from the relevant tenements. Liontown will respond to the proceedings in due course, but does not believe that Drem's claim is material to the Company, nor does it impact planned first production in mid-2024...

Upcoming catalysts include:

• 2023-24: Kathleen Valley Project construction
• Q1, 2024 : Commissioning with production set to begin mid 2024
• 2023-25 : Study with Sumitomo Corporation to produce lithium hydroxide in Japan.

Leo Lithium Limited [ASX:LLL] ( LLLAF )

Leo Lithium is developing the Goulamina Lithium Project (50/50 JV with Ganfeng Lithium) in Mali with a total Resource of 211 Mt @ 1.37% Li2O.

On December 11, Leo Lithium Limited announced :

Continued Ganfeng support with first funds received under equity investment agreement...Under the equity investment agreement, Ganfeng will sole fund the next US$137.2 million of the Goulamina Lithium Project (Goulamina) capital costs via staged direct cash injections into the Goulamina holding company Mali Lithium BV (MLBV) in exchange for an additional 5% interest in MLBV. Post completion of the equity investment, Leo Lithium's interest in Goulamina via MLBV will be 45% and Ganfeng's interest will be 55%.

Upcoming catalysts include:

• ?Q2, 2024 : Commissioning targeted to begin for Goulamina Lithium Project.

Eramet [FR:ERA] ( ERMAY ) ( ERMAF )

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 Q2 2024.

On December 5, Eramet announced :

Eramet and Électricité de Strasbourg inaugurate a pilot for the direct extraction of geothermal lithium in Rittershoffen, Eastern France...with the establishment of a pilot unit for direct lithium extraction at the Rittershoffen power plant. The objective of this pilot is to demonstrate the effectiveness of the direct lithium extraction process developed by Eramet in the real operating conditions of the geothermal power plant operated by ÉS and to confirm the sustainability of its performance over the long term.

Upcoming catalysts include:

• Q2, 2024 - Start of lithium production in Argentina. Progress construction pics 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 December 1, Mining Weekly reported :

Posco, Pilbara Minerals JV opens South Korean lithium facility. Australia-listed Pilbara Minerals has announced the official opening of Train 1 of the lithium hydroxide monohydrate chemical facility in Gwangyang, South Korea. The milestone has been marked by an event attended by the board of Pilbara Minerals and the chairperson of Posco Holdings.

On December 14, The Korea Herald reported :

Posco develops production system for battery-grade lithium. Posco Holdings announced Thursday that the group has developed a key system used to acquire lithium hydroxide together with local secondary battery company W-Scope Korea...

Upcoming catalysts include:

• H1, 2024 - Target to commence production at Hombre Muerto and ramp to 25ktpa LiOH.

Zijin Mining Group [SHA:601899] [HKSE:2899] ( ZIJMF )

Zijin Mining owns 100% of the 3Q lithium project in Argentina, with Stage 1 production targeted to start by the end of 2023 . Zijing Mining is a large diversified mining group with global mines focused on copper, gold, zinc/lead, silver and lithium.

No lithium related news for the month.

ioneer Ltd [ASX:INR] [GR:4G1] ( GSCCF )

ioneer ltd. owns 50% (JV with Sibanye Stillwater) of its flagship Rhyolite Ridge Lithium-Boron Project in Nevada, USA.

No significant news for the month.

Upcoming catalysts include:

• 2023 - Possible permitting approval.
• 2023/24 - Commencement of construction of the Rhyolite Ridge Lithium-Boron Project.

Atlantic Lithium Limited [LSE:ALL] [ASX:A11] ( ALLIF )

Atlantic Lithium is progressing its Ewoyaa JV Project in Ghana towards production. Piedmont Lithium has an effective 40.5% project earn-in share.

On November 28, Atlantic Lithium Limited announced : "106m continuous pegmatite interval reported broad intervals of visible spodumene observed in multiple drill holes outside of the current Mineral Resource Estimate. Longest continuous pegmatite interval reported from the ongoing, recently-enhanced 2023 drilling programme." Highlights include:

• "Multiple broad intervals of visible spodumene reported in drilling outside of the current MRE ¹ , significantly increasing the potential for a resource upgrade.
• Longest reported continuous pegmatite interval in the 2023 drilling programme to date of 106m in hole GRC1020 from 6m at the Dog-Leg extension target on the northern tip of the Ewoyaa Main deposit.
• Visible coarse-grained spodumene fragment intervals reported at shallow depths in holes: GRC1017: 51m interval of 25-30% visual estimated spodumene modal abundance from 83m. GRC1020: 74m interval of 20-25% visual estimated spodumene modal abundance from 39m and a 41m interval of 20-25% visual estimated spodumene modal abundance from 137m. GRC1021: 24m interval of 15-25% visual estimated spodumene modal abundance from 93m.
• Coarse-grained, P1-type spodumene pegmatite is preferred for the Dense Media Separation ("DMS") process flowsheet considered in the Definitive Feasibility Study for the Project (refer announcement of 29 June 2023).
• Resource drilling ongoing; completion of the enhanced 26,500m planned programme (refer announcement of 7 November 2023) targeted for Q2 2024."

On December 12, Atlantic Lithium Limited announced : "Maiden Feldspar Mineral Resource Estimate 15.7Mt at 40.2% Feldspar Ewoyaa Lithium Project, Ghana."

On December 15, Atlantic Lithium Limited announced : "Successful completion of A$8 million Equity Placing..."

Critical Elements Lithium Corp. [TSXV:CRE] [GR:F12] ( CRECF )

On December 20, Critical Elements announced : "Critical Elements Lithium provides a corporate update." Highlights include:

• "Critical Elements confirms ongoing interest and progress in the Rose Project financing negotiations with potential strategic partners.
• Critical Elements continues to work towards a Rose Project timeline that targets commencement of production of high quality spodumene concentrate in 2026.
• Management continues its procurement program to purchase long lead time items to protect the Rose Project timeline...
• An initial drill program to test the new Rose West discovery and other targets is expected to commence in early 2024.
• While the market for lithium and lithium equities has corrected over the past year, management views the future positively."

Upcoming catalysts include:

• 2023 - Possible off-take or project financing announcements.
• 2025 - Target to commence production (assumes Project funding achieved soon)

Lithium Americas [TSX:LAC] ( LAC )

Lithium Americas owns the North American assets (Thacker Pass, ~5.2% equity in GT1) from the LAC split.

No news for the month.

Upcoming catalysts:

• 2023 - Thacker Pass construction to progress. Waiting on a potential DOE ATVM Loan.
• H2, 2026 - Phase 1 (40,000tpa LCE) lithium clay production from Thacker Pass Nevada (full ramp to 80,000tpa by ?2028).

Vulcan Energy Resources [ASX: VUL] ( 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 December 8, Vulcan Energy Resources announced : "Environmental and Social Impact Assessment completed for Phase One ZERO CARBON LITHIUM™ Project." Highlights include:

Key outcomes of the ESIA report:

• "The environmental and social baseline, impact assessment, and cumulative impact assessment completed by ERM is in line with lenders' requirements to ensure a level of environmental performance prior to the furnishing of debt finance..."

On December 13, Vulcan Energy Resources announced :

Positive City Council vote for Geothermal and lithium extraction plant... The agreement enables Vulcan to construct the Phase One Geothermal renewable energy and Lithium Extraction Plant (G-LEP) on the intended land which is located in the Landau region. Completion of acquisition of this land is set to occur subsequently, following satisfaction of already agreed conditions and execution of the formal purchase agreement... Vulcan's Phase One commercial operation is targeting 24,000 tonnes per annum lithium hydroxide production, to supply the European battery electric vehicle supply chain.

Upcoming catalysts include:

• End 2026 - Target to commence commercial production at the Zero Carbon Lithium™ Project in Germany, then ramp to 40,000tpa.

Standard Lithium [TSXV:SLI] ( SLI )

On December 4, Standard Lithium announced :

Standard Lithium provides update on Phase 1A commercialization progress, announces engagement of Citi for strategic financing and partnerships...The Company has engaged Citi to facilitate strategic financing and partnership options for the Phase 1A Project, as well as for advancing the broader South West Arkansas project and the Company's initiatives in East Texas. In line with its strategic focus on core operations, LANXESS Corporation ("LANXESS") has communicated its plans to commercialize its role in the Phase 1A Project alongside Standard Lithium...

Upcoming catalysts include:

• 2026 - Production targeted to begin at the LANXESS South Plant.

Global Lithium Resources [ASX:GL1]

On December 8, Global Lithium Resources announced : "2023 Manna drilling program completes. Over 60,000m of RC and diamond drilling [DD] completed covering infill, extensional, metallurgical and geotechnical programs. Further results to be released this month once available." Highlights include:

• "...Additional pegmatite intercepts awaiting assay results.
• Spodumene bearing pegmatites strike length now covers >3.2km.
• System still open to the NE and SW, drill testing planned as part of CY24 exploration program.
• Manna Mineral Resource Estimate (MRE) to be updated in CY24.
• Drilling results from current program to be incorporated into Manna Definitive Feasibility Study [DFS] results, expected in CY24."

On December 19, Global Lithium Resources announced :

High grade drilling results continue at Manna. Best drill intercept to date of 26m @ 1.53% Li2O...

European Lithium Ltd [ASX:EUR] ( EULIF )

On December 22, European Lithium Ltd. announced :

European Lithium Limited (ASX: EUR) - Trading halt...The trading halt is requested pending an announcement in connection with the effectiveness of the NASDAQ merger transaction. The Company requests that the trading halt remain in place until the earlier of the commencement of normal trading on Thursday, 28 December 2023 or until the release of an announcement in respect of the above matter...

Upcoming catalysts include:

• 2023 - Potential Sizzle Acquisition Corp. merger and formation of Critical Metals Corp. ("CRML") with NASDAQ listing.

Savannah Resources [LSE:SAV] [GR:SAV] ( SAVNF )

On December 5, Savannah Resources announced : "Update on fieldwork and other activities." Highlights include:

Drilling:

• "The Company is on track with the first phase of its 2023/24 drilling programme, despite an extended period of bad weather. As of 30 November, Savannah has completed 24 (1,533 m) of the planned 60 holes (3,235m)...
• In total 4 rigs are working across the Project on Resource, hydrogeological, metallurgical and geotechnical related drilling campaigns.
• Assay results from the Resource related drilling will be reported in due course with Savannah expecting to start publishing updated Resource estimations on a deposit by deposit basis from Q1 2024..."

Schedule:

• "Savannah still expects to complete the DFS in 2H 2024..."

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 November 29, Galan Lithium announced : "Phase 2 HMW offtake process advances." Highlights include:

• "Galan has received many approaches for offtake and strategic financing for Phase 2 of its HMW project.
• Direct enquiries have been received from reputable industry participants including car makers, chemical refiners, miners and traders.
• The healthy volume of direct enquiries highlights the strength of the long term lithium market with the Phase 2 Offtake Process advancing to assess strategic opportunities.
• The purpose of the Offtake Process for Phase 2 HMW is to maximise shareholder value in pursuit of Galan's low-cost lower-risk lithium chloride development strategy to become the next lithium producer in Argentina.
• The Phase 2 Offtake Process is running in parallel with permitting process..."

On December 21, Galan Lithium announced : "HMW Phase 1 construction update - Maiden production on target for H1 2025." Highlights include:

• "Pond 1 construction progressing on time; 85% completion level achieved.
• On-site laboratory commissioned for ongoing Li assaying.
• Liner crew ready to mobilise; Pond 1 installation to commence before end of year.
• Fill of pond 1 expected in Q1, 2024; evaporation process to commence this summer.
• Pond 2 construction expected to begin before year end.
• Phase 2 EIA lodged with Catamarca Government.
• Glencore technical due diligence continues."

Upcoming catalysts include:

• H1, 2025 - Target to ramp to 5.4ktpa LCE of lithium chloride production. Phase 2 to follow and ramp to 21Ktpa LCE.

Latin Resources Ltd [ASX:LRS]

LRS' flagship is the 100% owned Salinas Lithium Project in the pro-mining district of Minas Gerais, Brazil. The Salinas Lithium Project has a Mineral Resource Estimate of 70.3Mt @ 1.27% of Li ₂ O at the Colina and Fog's Block Deposits.

On November 30, Latin Resources announced : "High grade assays continue to impress at Colina deposit. Colina Infill, Southwest Extension, and Deep drilling results expected to increase JORC Resource."

On December 6, Latin Resources announced :

Global MRE (Colina and Fog's Block) provides for 70.3Mt @ 1.27% of Li2O...The substantial increase of the MRE will have a significant positive effect on the economics within the Definitive Feasibility Study ("DFS") due for completion in mid-2024.

Patriot Battery Metals [TSXV:PMET][ASX:PMT] ( PMETF )

Patriot Battery Metals own the Corvette Lithium Project in James Bay, Quebec. Corvette has a Maiden resource of 109.2 Mt at 1.42% Li ₂ O.

On November 30, Patriot Battery Metals announced : "Patriot's Corvette Project approvals process commences with submission of the preliminary information statement." Highlights include:

• "Patriot has submitted the Preliminary Information Statement for the Corvette Project with the Provincial Quebec Government, starting the approvals process for the Project..."

On December 17, Patriot Battery Metals announced : "Patriot drills 56.6 m at 1.37% Li2O in step-out hole and completes final hole of 2023 program at the CV5 pegmatite, Quebec, Canada.

• ...The CV5 Spodumene Pegmatite has been traced to a 4.35 km strike length, which remains open along strike and at depth...
• The CV13 Spodumene Pegmatite has been traced to a ~1.1 km strike length, which remains open along strike and at depth (see news release dated October 18, 2023 ) - drill results for an additional ~1.2 km of prospective strike length remain to be reported.
• The CV9 Spodumene Pegmatite has been traced to a 0.45 km strike length following initial drill testing, which remains open along strike and at depth (see news release dated November 22, 2023 ).
• Multiple spodumene pegmatite outcrop clusters remaining to be drill tested - CV4, CV8, CV10, and CV12 (only 1 shallow hole completed to date)."

Frontier Lithium [TSXV:FL] ( 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 November 28, Frontier Lithium announced :

Frontier Lithium Inc. highlights successful progress and key developments for the six months ended September 30, 2023...The Company maintains a strong financial position with a cash balance of $18.6 million as of September 30, 2023. The Company remains vigilant in managing its capital, ensuring continued exploration and development activities...

Azure Minerals Limited [ASX:AZS] ( AZRMF ) - Takeover offer by SQM

On December 19, Azure Minerals Limited announced : "Azure enters joint bid transaction implementation deed with SQM and Hancock. Superior proposal of up to A$3.70 per Azure share." Highlights include:

• "The Scheme Proposal of A$3.70 per Azure share implies a fully-diluted equity value for Azure of ~A$1.70 billion...
• The Transaction is subject to limited conditions, including BidCo obtaining FIRB approval, specific competition law approvals and Azure shareholders approving the joint bid arrangements between SQM and Hancock. Significantly, it is not subject to any financing or due diligence conditions and the Takeover Offer is not subject to any minimum acceptance condition.
• The Azure Board unanimously recommends the Transaction in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Scheme Proposal is in the best interests of Azure shareholders and that the Takeover Offer is fair and reasonable.
• Two of Azure's major shareholders, Creasy Group and Delphi Group, each intend to support the Transaction, subject to no superior proposal to acquire 100% of the issued capital of Azure emerging.
• In the event that the Scheme Proposal has not, or will not, become Effective on or before the End Date and the Takeover Offer is withdrawn or lapses for any reason, SQM will in certain circumstances be required to proceed with the takeover offer component of the Original SQM Transaction of A$3.50 per Azure share as announced on 26 October 2023."

On December 22, Azure Minerals Limited announced :

World-class lithium intersections continue at Andover: 165.2m @ 1.33% Li2O in ANDD0295. 135.2m @ 1.12% Li2O in ANDD0276...

Delta Lithium [ASX:DLI](formerly Red Dirt Metals)

On December 1, Delta Lithium announced : "Delta acquires LCT Mineral Rights at the Lyons River Project." Highlights include:

• "Binding agreement executed with Dalaroo Metals Ltd (ASX: DAL) to purchase the LCT (lithium, caesium and tantalum) Mineral Rights over its Lyons River Project in the Gascoyne region of Western Australia.
• The Lyons River Project tenements cover 838 km 2 and are proximal to and have the same granite intrusives and sediment-mafic packages, that host significant Li2O mineralisation at Delta's Yinnetharra Project.
• Delta's footprint in the emerging Gascoyne lithium province has increased by 161% to 1,356 km 2.
• The Lyons River Project tenements have mapped pegmatite swarms and lithium in soil anomalies up to 334 ppm Li2O.
• Exploration activities to commence on DAL tenure alongside continued exploration at DLI's Yinnetharra Project in the first quarter of 2024.
• Delta to pay DAL $500,000 in cash and issue $500,000 in Delta shares on completion and spend a minimum of $280,000 per annum on exploration over three years. Key terms in Appendix 1."

On December 7, Delta Lithium announced : "Successful completion of retail component of Entitlement Offer...has raised approximately $28.4 million".

Winsome Resources Limited [ASX:WR1] [FSE:4XJ] ( WRSLF )

On November 27, Winsome Resources announced : "Adina Main strike length extended by 300m to over 1,300m." Highlights include:

• "...Recent results from the Main zone are detailed below and include: 1.24% Li2 O over 13.6m from 20m below surface (Main, AD-23-014), 1.52% Li 2 O over 12.1m from 90m below surface (Main, AD-23-076), 1.63% Li 2 O over 9.0m from 10m below surface (Main, AD-23-076), 1.23% Li2 O over 8.3m from 5m below surface (Main, AD-23-016).
• Up dip drill testing of Footwall Zone to the north also confirms mineralisation closer to surface. 1.42% Li2 O over 18.0m from 280m below surface (FWZ, AD-23-074), 1.04% Li 2 O over 18.3m from 135m below surface (FWZ, AD-23-012), 1.23% Li2 O over 11.4m from 195m below surface and 1.14% Li2 O over 11.3m from 215m below surface (FWZ, AD-23-032)..."

On December 11, Winsome Resources announced : "Globally significant maiden Mineral Resource of 59Mt at 100% owned Adina Lithium Project." Highlights include:

• "Maiden Inferred Mineral Resource Estimate of 59Mt at 1.12% Li2O declared at Adina.
• Adina Lithium Deposit is comprised of two adjacent large spodumene-bearing pegmatite zones with potential to be developed as one large mining operation.
• Resource is based on 27,600m of drilling at an approximate spacing of 100m x 100m.
• Adina has 5 drill rigs now operating with over 25,000m of additional infill and extensional drilling awaiting assay, targeting a MRE upgrade in H1 2024.
• Well-funded to undertake over 50,000m of infill and step out drilling in 2024 at Adina.
• Initial project development studies are ongoing including environmental and infrastructure studies."

Atlas Lithium Corp. ( ATLX )

On December 4, Atlas Lithium Corp. announced : "Atlas Lithium fully funded to first production in 2024." Highlights include:

• "Direct investment at a premium into Atlas Lithium and offtake agreements for Phase 1 of Atlas Lithium's battery grade spodumene concentrate production have been executed with two top lithium chemical companies, Chengxin Lithium Group and Yahua Industrial Group, suppliers of lithium hydroxide to Tesla, BYD, and LG, among others. Goldman Sachs served as financial advisor to Atlas Lithium in these transactions.
• Chengxin and Yahua have committed an aggregate of US$50 million to Atlas Lithium with US$10 million as equity at $29.77 per share (a 10% premium to recent VWAP) and US$40 million as non-dilutive prepayment in exchange for 80% of Atlas Lithium's Phase 1 lithium concentrate production.
• With these transactions, Atlas Lithium is fully funded for its estimated total CAPEX to first production of US$49.5 million.
• The accelerated production timeline will be achieved by deploying modular DMS technology and contracting the initial crushing and mining operations with local third parties. The DMS plant for Phase 1 has already been designed and purchased; it is being constructed at an expert facility and will be air freighted into Brazil in 2024.
• Phase 1 annualized production targets up to 150,000 tonnes per annum ("tpa") of battery grade spodumene concentrate by Q4 2024, with the offtake agreements announced today comprising 120,000 tpa in total and with each party receiving 60,000 tpa. Atlas Lithium's planned Phase 2 aims to increase capacity to 300,000 tpa by mid-2025. Phase 2 capacity remains uncommitted.
• Atlas Lithium is well positioned to become one of the highest-quality, lowest-cost lithium producers in the world. DMS is an environmentally sustainable technology, and the Company's project has strong support from the community where it operates."

Lithium Ionic Corp. [TSXV:LTH] ( LTHCF )

On December 1, Lithium Ionic Corp. announced :

Lithium Ionic files technical report for Preliminary Economic Assessment and updated Mineral Resource Estimate for the Bandeira Lithium Project, Minas Gerais, Brazil.

On December 7, Lithium Ionic Corp. announced :

Lithium Ionic drills best intercept to date at Salinas; 1.13% Li2O over 28m and 1.60% Li2O over 12m, incl. 2.00% Li2O over 8m, Minas Gerais, Brazil.

On December 12, Lithium Ionic Corp. announced : "Lithium Ionic reports widest and highest-grade lithium intercept to date; drills 1.72% Li2O over 53.7m, incl. 1.87% Li2O over 39.5m at Bandeira, Minas Gerais, Brazil." Highlights include:

• "1.72% Li2O over 53.7m, including 1.87% Li2O over 39.5m and 1.61% Li2O over 11.2m, intersected approximately 100 metres below surface, represents the widest and highest-grade lithium drill intercept returned to date among the Company's entire portfolio of properties. (hole ITDD-23-221) (See Figure 1 plan map, Figure 2 cross section, and video of core sample HERE ).
• 1.65% Li2O over 16.2m (hole ITDD-23-218).
• 1.78% Li2O over 8.7m, incl. 2.44% Li2O over 5.1m (hole ITDD-23-215).
• 1.50% Li2O over 9.4m and 1.40% Li2O over 6.5m (hole ITDD-23-192).
• 1.59% Li2O over 8.6m (hole ITDD-23-216).
• 2.19% Li2O over 5.3m (hole ITDD-23-227)."

Wildcat Resources [ASX:WC8]

On November 29, Wildcat Resources announced : "Wildcat drilling extends Leia pegmatite to 2km." Highlights include:

• "Drilling adds a further 160m strike length to the Leia Pegmatite at Tabba Tabba.
• Leia is now more than 2km long, thickening with depth (up to 180m true width), and remains open along strike and at depth.
• New assay results from Leia include: 73m at 1.1% Li2O from 266m (TARC246) (est. true. width), including 32m at 1.4% Li2O from 275m, and 8m at 1.2% Li2O from 314m, and 10m at 2% Li2O from 328m. 45m at 1.1% Li2O from 24m (TARC150) (est. true width).
• Drilling ramp up preparation continues, with seven rigs expected on site in the New Year.
• Assay results from the first diamond drill holes expected in the coming weeks."

On December 21, Wildcat Resources announced : "Wide lithium intercepts from diamond drilling at Leia." Highlights include:

• "Assays returned from first diamond drill holes at Leia include: 99.0m @ 1.2% Li2O from 207.0m (TARC234D) (est. true width), within 135.0m @ 0.9% Li2O from 179.0m. 69.9m @ 1.2% Li2O from 399.0m (TARC245D) (est. true width), within 123.4m @ 0.9% Li2O from 350.7m. 60.3m at 1.4% Li2O from 297.8m (TARC161AD) (est. true width), within 111.4m at 0.9% Li2O from 246.6m. 64.4m @ 1.3% Li2O from 225.0m (TARC154AD) (est. true width), within 94.0m @ 1.0 % Li2O from 206.0m. 44.7m at 1.3% Li2O from 406.3m (TARC2644D) (est. true width), within 94.8m at 0.9% Li2O from 361.9m.
• Leia is the largest of six mineralised pegmatite prospects at Tabba Tabba, WA.
• Leia remains open, is more than 2.2km in strike, outcrops for 1km, has been intercepted 450m+ vertically from surface and is up to 180m wide.
• 36 drill holes into Leia are awaiting assay, with the company averaging 8 holes per week in late 2023, with continued ramp up planned in early 2024."

European Metals Holdings [ASX:EMH] [AIM:EMH] [GR:E861] ( EMHLF )( EMHXY )

On December 22, European Metals Holdings announced : "Cinovec Definitive Feasibility Study to be completed in Q1 2024..."

Upcoming catalysts include:

• Q1, 2024 - DFS.

Century Lithium Corp. (TSXV:LCE) ( CYDVF )(Formerly Cypress Development Corp.)

Century Lithium Corp. is focused on developing its Clayton Valley Lithium Project in west-central Nevada. Century Lithium is currently in the pilot stage of testing on material from its lithium-bearing claystone deposit at its Lithium Extraction Facility in Amargosa Valley, Nevada and progressing towards completing a Feasibility Study and permitting.

On December 6, Century Lithium Corp. announced : "Century Lithium provides update on feasibility study and sodium hydroxide as a by-product." Highlights include:

• "Feasibility Study continues with work on options for a phased approach to production.
• Market study on sodium hydroxide as salable by-product to be included in the Feasibility Study."

On December 11, Century Lithium Corp. announced : "Century Lithium reports progress at its lithium extraction facility in Nevada."

Lake Resources NL [ASX:LKE] [GR:LK1] ( 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 November 29, Lake Resources NL announced : "Goldman Sachs engaged as Financial Adviser for the delivery of the Kachi Project..."

On December 19, Lake Resources NL announced : "Lake Resources Kachi Project Phase One Definitive Feasibility Study." Highlights include:

• "The Project boasts a post-tax NPV 8 of US$2.3 billion and an internal rate of return ("IRR") of 21%.
• Targets battery grade lithium carbonate revenue of US$21 billion and US$16 billion EBITDA for the 25-year life of mine ("LoM").
• Targets annual average EBITDA of US$635 million and EBITDA margin of 76%.
• US$1.38 billion estimated initial Capex for Phase One is within the range provided in the previous operational update.
• US $6.05 / kg of lithium carbonate equivalent ("LCE") estimated run rate Opex for Phase One is within the range provided in the previous operational update2."

On December 19, Lake Resources NL announced : "Maiden Ore Reserve defined Lake Resources Flagship Kachi Project."

AVZ Minerals [ASX:AVZ] ( 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. The Project ownership is currently in dispute.

On December 18, AVZ Minerals announced :

Fat Tail proceedings. AVZ Minerals Limited (ASX: AVZ, OTC: AZZVF) (Company) advises Fat Tail Holdings Pty Ltd (Fat Tail) filed an originating process on Friday 15 December 2023 commencing proceedings in the Supreme Court of Western Australia against the Company and two of its directors, Mr Nigel Ferguson and Mr John Clarke. The proceedings brought by Fat Tail allege the Company has engaged in oppressive conduct against shareholders and that Mr Ferguson and Mr Clarke have engaged in misleading or deceptive conduct. Fat Tail seeks orders that Mr Ferguson and Mr Clarke be removed as directors of the Company and not be eligible for re-election for 24 months or such other period ordered...

On December 18, AVZ Minerals announced : "Carriere de l'Este Maiden Mineral Resource Estimate." Highlights include:

• "Initial Mineral Resource for the Carriere de l'Este Pegmatite is reported as 173 million tonnes at 1.58% Li2O, 785ppm Sn and 52ppm Ta.
• 43% increase in Manono Project total Mineral Resources to 574 million tonnes @ 1.63% Li2O. Cementing its place as the world's largest hard rock lithium deposit..
• Independent Maiden Inferred Mineral Resource Estimate for the Carriere de l'Este deposit of 173Mt @ 1.58% Li2O, 785ppm Sn and 52ppm Ta containing 2.7 million tonnes of contained Li2O reported above a cut-off grade of 0.5% Li2O...

On December 19, AVZ Minerals announced : "AVZ successfully restrains Dathomir..."

• 2024 - Any further arbitration news in the Manono Project dispute with Zijin Mining Group.

Lithium Power International [ASX:LPI] (LTHHF) - Takeover offer by Codelco

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 December 19, Lithium Power International announced : "Scheme booklet registered by ASIC." Highlights include:

• "The proposed scheme of arrangement pursuant to which a wholly-owned subsidiary of Corporación Nacional del Cobre de Chile ("Codelco"), Salar de Maricunga SpA, will acquire all of the shares in LPI ("Scheme").
• The orders made by the Federal Court of Australia that LPI convene a meeting of LPI shareholders to consider and vote on the proposed Scheme ("Scheme Meeting") and approving the despatch of an explanatory statement providing information about the Scheme, together with the Notice of Scheme Meeting (together, the "Scheme Booklet"), to LPI shareholders."

American Lithium Corp. [TSXV: LI] ( AMLI )(acquired Plateau Energy Metals Inc.)

On December 8, American Lithium Corp. announced : "Recent drilling at TLC significantly expands higher grade, near surface lithium mineralization."

On December 14, American Lithium Corp. announced : "American Lithium files updated Mineral Resource Technical Report on Falchani supporting 476% increase in Measured & Indicated Lithium Resource." Highlights include:

• "Measured + Indicated Resource ("M&I") increases 476% from previous 2019 MRE.
• Measured Resource - 1.01 Million Tonnes ("Mt") Lithium Carbonate Equivalent ("LCE") (69 Mt @ 2,792 parts per million ("ppm") Lithium ("Li").
• Indicated Resource - 4.52 Mt LCE (378 Mt @ 2,251 ppm Li).
• M&I Resource - 5.53 Mt LCE (447 Mt @ 2,327 ppm Li).
• Inferred Resource - 3.99 Mt LCE (506 Mt @ 1,481 ppm Li).
• Base Case cut-off has been lowered to 600 ppm Li from previous 1,000 ppm cutoff based on strong project economics specifically updated operating costs and $20,000/tonne LC selling price.
• At 1,000 ppm cut-off, also used in previous MRE. the updated M&I Resource is 5.32 Mt LCE versus 0.96 Mt LCE from previous March 2019 MRE - an increase of 455%.
• Increased size and grade of resource supports long production potential at Falchani."

For further details see:

Lithium Junior Miners News For The Month Of December 2023