CMP - Lithium Junior Miners News For The Month Of November 2023

2023-11-28 08:12:15 ET

Summary

• Lithium chemical spot prices and spodumene prices were significantly lower the past month.
• Lithium market news - Biden-Harris Administration announces $3.5 billion to strengthen domestic battery manufacturing and its supply chain. Albemarle flags output cuts.
• Junior lithium miner company news - Atlantic Lithium rejects non-binding indicative offers from Assore. Wildcat Resources hits 180m @ 1.1% Li2O.
• Patriot Battery Metals drills 172.4m at 0.93% Li2O. Galan Lithium secures agreement with Glencore for offtake & financing prepayment. SQM to acquire 100% of the shares in Azure Minerals.

Welcome to the November 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.

November saw lower lithium prices and strong progress from the lithium juniors. We also saw more takeover activity.

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 16.85% and the China lithium hydroxide (56.5% min.) price was down 12.75%. The Lithium Iron Phosphate (3.9% min) price was down 12.34%. The Spodumene (6% min) price was down 16.59% over the past 30 days.

Metal.com reported lithium spodumene concentrate (6%, CIF China) average price of USD 1,875/t, as of Nov. 24, 2023.

China lithium carbonate spot price 5 year chart - CNY 130,500 (~USD 18,401) ( 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 November 2023" article. Highlights include:

• New solid-state EV battery factory opens in Massachusetts. Factorial claims their battery yield 20-50% improvements in driving range.
• Government of Canada to enhance critical minerals sector with launch of $1.5 billion Critical Minerals Infrastructure Fund.
• Biden-Harris Administration announces $3.5 billion to strengthen domestic battery manufacturing and its supply chain.
• Lithium price rout deepens with battery metal now down 75% this year. A supply glut has pushed down prices in 2023.
• Albemarle pulls back on lithium M&A, flags output cuts.

Junior lithium miners company news

Wesfarmers [ASX:WES] ( OTCPK: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.

On October 30 Wesfarmers announced : "Ora Banda signs transformational $26 million lithium focused JV with Wesfarmers chemicals, energy & fertilisers..."

On November 2, Stockhead reported : "Wesfarmers inks $45m deal for lithium rights at Davyhurst, where pegmatites trend into Olympio’s Mulwarrie tenure." Highlights include:

• "Wesfarmers purchases 65% of Ora Banda Mining’s Davyhurst lithium rights in a pivotal farm-in deal.
• Davyhurst is adjacent to Olympio’s Mulwarrie lithium project, which is subject to farm-in agreement with Liontown Resources."

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] ( OTCPK:LINRF )

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

On October 31, Liontown Resources announced : "Quarterly activities report for the period ended 30 September 2023." Highlights include:

• "...Kathleen Valley is more than 50 percent complete.
• Updated estimate of the Kathleen Valley Project capital cost (including pre-production mining) to first production of A$951 million.
• All major mining and construction contracts were awarded and approximately 90 percent of Project capital costs committed, de-risking the pathway to first production.
• Average cash cost (C1) expected to be A$651 per SC6 dry metric tonne over the initial 10 years of production...
• Underground Mining Services contract awarded to Tier 1 contractor Byrnecut...
• Hybrid Power Station substantially advanced with the solar farm now 82 percent complete, thermal power station and LNG facilities 50 percent complete, and the first wind turbine footing poured.
• ....Subsequent to the end of the quarter, Albemarle advised Liontown of its decision to withdraw due to the growing complexities associated with executing the transaction.
• During the quarter the Company drew down A$128.6 million under the A$300 million finance facility with Ford, with A$52.7 million remaining undrawn.
• The Company’s cash balance as at 30 September 2023 was A$285.0 million."

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] ( OTCPK: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 October 30, Leo Lithium Limited announced : "Quarterly report for the quarter ended 30 September 2023." Highlights include:

Goulamina Lithium Project

Project Development

• "Continued progress at Goulamina, the world’s fifth largest global spodumene deposit...
• Project progress continues in line with plan and is approximately 45% complete.
• Construction pace accelerating with end of the wet season – 1,300 employees on site."

Corporate

• "During the quarter, Leo Lithium and JV partner Ganfeng, China’s largest lithium producer, executed the Equity Investment Deed and the Ganfeng Co-operation Agreement (as previously announced on 14 September 2023).
• Leo Lithium held cash at 30 September of A$66.9 million, and the Goulamina JV held cash of US$16.5 million.
• First drawdown of US$10 million completed under the Ganfeng US$40 million debt facility to LMSA...."

“The September Quarter was a challenging period with the Company’s shares suspended for most of the quarter on the ASX, following correspondence received from the Mali Government and remaining suspended as at the date of this report. We continue to engage with Malian Government representatives, whilst working to advance the world-class Goulamina lithium project...."

Upcoming catalysts include:

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

Eramet [FR:ERA] ( OTCPK:ERMAY ) ( OTCPK: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 October 26, Eramet announced :

Eramet: Adjusted turnover of €980m in Q3 2023, supported by growth in mining operations.....In Argentina, the construction of the Centenario lithium plant (Phase I), launched in 2022, is continuing and had achieved a completion rate of more than 70% at end September 2023. On this basis, production is still scheduled to start in Q2 2024 and the achievement of a full ramp-up, to 24 kt LCE battery-grade (100% basis), is expected by mid-2025. During the quarter, in collaboration with Tsingshan, its partner in Phase I, Eramet continued the feasibility study into a Phase II expansion project (in order to eventually reach an annual total production capacity, for the combined two phases of more than 75 kt-LCE per year). An investment decision for a first stage of additional 30 kt-LCE should be taken very soon..

On November 14, Eramet announced : "Eramet inaugurates a pilot plant for the recycling of electric vehicle batteries..."

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 November 9, Mining Technology reported :

South Korea’s Posco to explore lithium in Alberta. Posco aims to explore prospects for critical minerals and extract lithium from oilfield brines in Alberta...

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.

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

ioneer Ltd. announced in September 2021 the sale of 50% of its flagship lithium boron project to Sibanye Stillwater for US$490m.

On October 30, ioneer Ltd. announced : "Quarterly activities report for the period ending 30 September 2023." Highlights include:

• "Permitting Progress – the Project continues to advance through the NEPA permitting process with no major issues or delays. A draft EIS is expected in Q4 2023.
• Construction and Operational Readiness – the Company continues its preparations for commencement of construction in 2024...
• Organic Growth Potential – 360Mt Mineral Resource Estimate (MRE)...

On October 31, ioneer Ltd. announced : "Ioneer’s expanded partnership with EcoPro to bolster U.S. lithium production." Highlights include:

• "Binding lithium clay Research and Development Memorandum of Understanding signed with Korea’s EcoPro Innovation Co. Ltd, a subsidiary of the EcoPro Group of Companies, will research, test, and develop lithium clay (M5) at Ioneer’s Rhyolite Ridge site in rural Nevada...
• The agreement includes the funding from EcoPro for a commercial lithium hydroxide refining plant once the process is successfully developed."

On November 2, ioneer Ltd. announced : "Ioneer’s expanded partnership with EcoPro to bolster U.S. lithium production – further details..."

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] ( OTCQX:ALLIF )

Atlantic Lithium is progressing its Ewoyaa Project in Ghana towards production. Piedmont Lithium has a 50% project earn-in share.

On October 31, Atlantic Lithium Limited announced : "Quarterly activities and cash flow report for the quarter ended 30 September 2023." Highlights include:

• "Commitment from partner Piedmont Lithium to sole fund the first US$70m, and 50% of any additional costs thereafter, of the total US$185m development expenditure indicated in the Definitive Feasibility Study ("DFS") for the Company's flagship Ewoyaa Lithium Project ("Ewoyaa" or the "Project") in Ghana, comprising the proposed Ewoyaa Lithium Mine and Processing Plant.
• Planned investment of a total US$32.9m (A$51.4m / £26.3m) by the Minerals Income Investment Fund of Ghana ("MIIF") in the Company and its Ghanaian subsidiaries to expedite the development of the Project.
• Commenced competitive offtake partnering process to secure Project funding for a portion of the remaining 50% available feedstock from Ewoyaa.
• Memorandum of Understanding ("MoU") signed with The University of Mines and Technology, Tarkwa ("UMaT") to assess the viability of producing feldspar feedstock at the Project.
• Advancement of 2023 resource and exploration drilling programme at Ewoyaa...
• Cash on hand at end of quarter was A$10.6m."

Post-period end

• "Mining Lease granted for the Ewoyaa Lithium Project, representing a major de-risking milestone for the Project. Agreed terms maintain Ewoyaa's position as one of the lowest capital and operating cost hard rock lithium projects globally. Project economics indicate strong commercial viability and exceptional profitability potential for a 2.7Mtpa steady state operation, producing a total of 3.6Mt of spodumene concentrate (approximately 350,000tpa) over a 12-year mine life ¹ : Payback period of main processing plant of 9.5 months. C1 cash operating costs of US$377/t of concentrate Free-On-Board ("FOB") Ghana Port, after by-product credits, All in Sustaining Cost ("AISC") of US$675/t. Development cost estimate of US$185m. Post-tax NPV ₈ of US$1.3bn, with free cash flow of US$2.1bn from Life of Mine ("LOM") revenues of US$6.6bn.
• Environmental Protection Agency authorisation to commence the diversion of the transmission lines crossing the Mankessim licence, moving the Project a step closer to shovel readiness."

On November 7, Atlantic Lithium Limited announced : "8,000m of additional resource extension drilling planned. Resource and metallurgical drilling results. Drilling returns high-grade infill & extensional intersections Ewoyaa Lithium Project, Ghana, West Africa."

• Reported assay results extend mineralisation at the Ewoyaa Main deposit, outside of the current 35.3Mt @ 1.25% Li ₂ O Ewoyaa Mineral Resource Estimate ¹ ("MRE" or the "Resource") in hole GDD0093. Shallow high-grade infill drill intersections at Ewoyaa Main, Anokyi and Ewoyaa South-2 reported as downhole intercepts...of: GDD0105: 47.6m at 1.25% Li ₂ O from 65.7m. GDD0107C: 53m at 0.93% Li ₂ O from 30m. GDD0109: 28.7m at 1.51% Li ₂ O from 79.3m. GDD0104: 28.2m at 1.23% Li ₂ O from 81.2m. GDD0106: 22.4m at 1.07% Li ₂ O from 34m. GDD0110: 14m at 1.46% Li ₂ O from 33m."

On November 14, Atlantic Lithium Limited announced :

Grant of highly prospective licences for Lithium. Atlantic Lithium granted new licence for lithium adjacent to historic Egyasimanku Hill spodumene pegmatite occurrence...

On November 15, Atlantic Lithium Limited announced :

Atlantic Lithium rejects non-binding indicative offers from Assore... Following careful consideration, the NBIO was rejected by the Atlantic Lithium independent board committee ("Atlantic IBC"), which was established to consider the approach from Assore. The NBIO follows an earlier approach from Assore on 2 October 2023 at an identical offer price of £0.33 per share (A$0.63; "Prior NBIO"), that was similarly rejected by the Atlantic IBC.

On November 22, Atlantic Lithium Limited announced :

Project development update. Atlantic Lithium takes major strides in the development of the Ewoyaa Lithium Project, targeting the commencement of construction in late 2024 and initial production in early 2025...

On November 23, Atlantic Lithium Limited announced : "Quarterly activities and cash flow report for the quarter ended 30 September 2023 - Updated..."

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

On October 30, Critical Elements announced :

Critical Elements Lithium obtains transport Canada dewatering exemption necessary for the development of the Rose Lithium-Tantalum Project...The Project has received approval from the Federal Minister of Environment and Climate Change...

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.

On November 9, Lithium Americas announced : " Lithium Americas provides Thacker Pass update with Q3 2023 carve-out financials and MD&A." Highlights include:

Thacker Pass

• "Major earthworks and detailed engineering continue to advance in preparation for major construction to commence in 2024.
• The Company acquired repurposed temporary housing and kitchen facilities for the workforce hub, to provide housing for construction workers in the town of Winnemucca. The units are being shipped and delivered to the site in preparation for peak construction. Earthworks to prepare the workforce hub facility in Winnemucca are ongoing and progressing well...
• The Company expects the DOE ATVM Loan Program conditional approval process to be completed in late-2023-early-2024, and if approved, to fund up to 75% of capital costs for construction of Phase 1..."

Corporate

• "As at October 3, 2023, the Company had approximately $275.5 million in cash and cash equivalents.
• The maximum price for General Motors (“GM”) second tranche investment equal to an aggregate purchase price of $330 million (“Tranche 2") was adjusted post-Separation. GM is expected to invest Tranche 2 following the Company securing sufficient available capital to fund the development of Thacker Pass Phase 1 (the “Funding Condition”)...

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] ( 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 October 26, Vulcan Energy Resources announced : "A$200 million Letter of Support received from Export Finance Australia." Highlights include:

• "The conditional, non-binding Letter of Support of A$200 million of finance from the Australian Government’s export credit agency EFA will be used towards the Phase One financing of Vulcan’s Zero Carbon Lithium™ Project.
• Following a successful market sounding period, Phase One project level debt and strategic equity financing is formally due to commence in mid-November, after completion of the Bridging Study.
• Vulcan’s Phase One financing process start is also timed to coincide with public funding applications in Germany.
• Vulcan has already secured substantial in-principle government-backed ECA support, subject to customary conditions, from Bpifrance Assurance Export, the French ECA, SACE, the Italian ECA, and EDC, the Canadian ECA..."

On October 27, Vulcan Energy Resources announced : "Quarterly activities report for the period ending 30 September 2023." Highlights include:

• "Vulcan’s lithium resource, the largest in Europe, increased in size, within its Measured and Indicated Phase One area resource.
• Commissioning commenced at the Lithium Extraction Optimisation Plant ((LEOP)) in Germany, signifying the upcoming start of production of Europe’s first tonnes of fully domestically produced lithium chemicals, and the world’s first carbon neutral lithium chemicals.
• Building permit received and preparation works started at the Central Lithium Electrolysis Optimisation Plant ((CLEOP)) at the Höchst Industrial Park in Frankfurt.
• Further land packages were secured for core Phase One production areas, with final key land package for the Phase One Lithium Extraction Plant ((LEP)) currently under negotiation, expected to conclude during Q4.
• Award of geothermal and lithium brine exploration licence “Luftbrücke” for expansion into the region of Frankfurt am Main, an area with potential industrial customers like the Höchst Industrial Park and Frankfurt Airport.
• Hatch and Vulcan progressed the Phase One Bridging Study, now in its final stages, toward completion in early November.
• Securing of substantial in-principle financing support from government-backed Export Credit Agencies (ECAs) in Europe, Canada and Australia.
• Positive local development and permitting progress towards delivery of Vulcan’s Phase One Zero Carbon Lithium™ Project.
• Cris Moreno commenced as Vulcan’s Managing Director and CEO of Vulcan Energy Resources..."

On November 16, Vulcan Energy Resources announced : "Positive Zero Carbon Lithium™ Project Bridging Study results."

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 October 25, Standard Lithium announced :

Standard Lithium delivers highest-ever North American lithium brine grade 806 mg/L; East Texas asset includes significant potash and bromine concentrations...

On October 31, Standard Lithium announced :

Standard Lithium exercises option agreement on South West Arkansas Project, solidifying path forward following positive feasibility study and rising regional interest...

On November 9, Standard Lithium announced : "Standard Lithium reports fiscal first quarter 2024 results."

On November 20, Standard Lithium announced : "Standard Lithium provides comprehensive results of its fully optimized and proven DLE Process." Highlights include:

• "Lithium Recovery Efficiency: During a representative period of performance over July and August 2023, the LiPRO ^TM LSS ((DLE)) process achieved an average lithium recovery of 96.1% from the continuous incoming brine flow..."

Upcoming catalysts include:

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

Global Lithium Resources [ASX:GL1] ( OTCPK:GBLRF )

On October 26, Global Lithium Resources announced : "Manna drilling delivers further high-grade results. Resource expansion drilling continues to extend strike of known mineralisation at Manna." Highlights include:

• "A further ~500m of mineralised strike added to the North-eastern extension.
• Infill drilling intersecting high grade spodumene bearing pegmatites.
• Highlighted intercepts...include: Infill drilling within the existing Manna Deposit: MRC0357, 14m @ 1.59% Li 2O from 110m. MRC0379, 6m @ 1.74% Li 2O from 37m, 10m @ 1.69% Li 2O from 48m, 16m @ 1.57% Li 2O from 176m. MRC0380, 7m @ 1.43% Li 2O from 72m, 12m @ 1.40% Li 2O from 97m, 11m @ 1.95% Li 2O from 229m. MRC0385, 13m @ 1.73% Li 2O from 26m. MRC0388, 11m @ 1.69% Li 2O from 140m. MRC0386, 7m @ 1.85% Li 2O from 75m, 9m @ 1.42% Li 2O from 142m. MRC0395, 11m @ 1.52% Li 2O from 227m...
• Over 25,000m, of the planned 50,000m program, has been completed at the Manna Lithium Project with the majority of assays pending.
• 4 RC rigs and 1 DD rig currently onsite performing resource expansion, infill, and geotechnical drilling.
• 1 RC rig will continue the hydrological drilling program across the Manna Project along with hydrological and water bore testing underway.
• The current drilling program is expected to be complete by early December 2023 with final assays to be received in Q1 2024."

On November 16, Global Lithium Resources announced : "Manna DFS and metallurgical testwork update. Initial metallurgical testwork demonstrates excellent recovery and spodumene concentrate [SC] grade at Manna." Highlights include:

• "Whole of ore flotation circuit selected for the Manna Lithium Project.
• DFS metallurgical testwork well advanced with a total of 31 flotation tests completed to-date producing a SC product of 5.6 - 6.5% Li2O and 0.4 - 0.8% Fe2O3...
• Initial testwork indicates overall lithia recovery of 70% for spodumene composite ore samples.
• Scope identified to improve both grade and recovery, with optimisation testwork currently underway.
• Inclusion of ore sorting technology to potentially boost spodumene concentrate nameplate capacity by 20%.
• Native title mining agreement negotiations and overall approvals process on schedule.
• Development of Manna key infrastructure and port access discussions progressing positively.
• Manna financing and funding arrangements advancing."

European Lithium Ltd. [ASX:EUR] ( OTCQB:EULIF )

On October 31, European Lithium Ltd. announced :

Quarterly report quarter ended 30 September 2023...EUR advances towards completion of business combination with Sizzle Acquisition Corp. that at conclusion will own the Wolfsberg Project via a newly-formed company, “Critical Metals Corp.” which is expected to be listed on NASDAQ.

On October 10, European Lithium Ltd. announced : "Update on NASDAQ listing, Critical Metals files amendment to Form F-4..."

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] ( OTCPK:SAVNF )

On November 6, Savannah Resources announced : "Strategic partnering process & appointment of advisers."

• "...The Process is now focused on engaging with a short-list of potential strategic partners both willing and able to assist with the Project's future development and financing, and which also bring complementary skills or additional opportunities to Savannah.
• Further updates will be provided as appropriate."

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 October 31, Galan Lithium announced :

Quarterly activities report September 2023...Cash and investments at the end of quarter ?A$33 million...

On November 16, Galan Lithium announced :

Galan secures agreement with Glencore for offtake & financing prepayment facility for the Hombre Muerto West (HMW) lithium project...Glencore offers to provide or facilitate a Financing Prepayment Facility for US$70 to US$100 million, subject to conditions precedent...Commencement of production remains forecast for H1 2025...The binding agreement is for a five (5) year period from commencement of commercial production for 100% of Galan’s Phase 1 production estimated at 5.4kt lithium carbonate equivalent (LCE) in lithium chloride concentrate per annum. The price payable by Glencore will be referenced to a mutually agreed lithium carbonate price index over a quotational period less a marketing fee, discount and penalties (if any)...

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 Project has a maiden Indicated & Inferred JORC Mineral Resource estimate of 45.2Mt @ 1.34% Li2O at the Colina deposit.

On October 30, Latin Resources announced : "Offtake partnering process to commence for the Salinas Lithium Project." Highlights include:

• "...The enquiries have been received from key battery manufactures, chemical converters, Original Equipment Manufacturers (OEM’s) and leading trading companies.
• On the back of this interest, Latin has commenced an Offtake Process to formally assess proposals and associated project financing opportunities for the Salinas Project...
• The Offtake Process will run in parallel with key workstreams necessary to support FID for Salinas by the end of CY 2024."

On October 31, Latin Resources announced :

Quarterly activities report for the period ending 30 September 2023... Latin held $38.0 million in cash and investments as at 30 September 2023...

On November 22, Latin Resources announced : "Another significant spodumene discovery at Salinas. The world class lithium resource potential continues to build momentum." Highlights include:

• "~45m of cumulative spodumene encountered in SADD223 with abundant coarse grained spodumene observed, ~1.8km to the Southwest of the Colina MRE1, confirms the potential for the Salinas Project to host a world class global tier one lithium mineral resource.
• Visual results confirm the 3rd major spodumene discovery (“Planalto”) within the Salinas lithium corridor, has similar mineralisation characteristics to the high-grade Colina Deposit.
• New discovery highlights the significance and scale of the Salinas Project, with the proven potential to host further discoveries.
• SADD223 forms part of the regional scout drilling program, included in the broader 65,000m drilling program.
• ...the Company will continue to operate an aggressive drilling campaign with at least 10 drill rigs throughout 2024.
• Drilling scheduled for early 2024 will focus on delineating the new spodumene discovery at “Planalto”, enabling a maiden MRE at Fog’s Block, expanding the existing Colina Deposit MRE, and testing additional regional targets.
• Assays are pending for completed SADD223 hole, expected to be received within the next 4-6 weeks.
• Upgrade of the Colina MRE (current MRE1: 45.2Mt @ 1.32% Li2 O) is on target for a 2023 release, following completion and the database cut-off from the latest resource expansion drilling program."

Patriot Battery Metals [TSXV:PMET][ASX:PMT] ( OTCQX: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 October 31, Patriot Battery Metals announced :

Patriot expands its land position at its Eastmain Project in the Eeyou Istchee James Bay Region, Quebec...The new claim blocks total 73 claims (3,851.5 ha) and are located immediately adjacent to Allkem Limited’s James Bay Lithium Project, and on strike of the James Bay Lithium Deposit (Figure 1), within the prospective Eastmain Greenstone Belt.

On November 12, Patriot Battery Metals announced : "Patriot drills widest mineralized pegmatite intersection to date at the Corvette Property, Quebec, Canada." Highlights include:

• "Widest mineralized drill intersection to date at the Corvette Property, returned from infill drilling:
  • 172.4 m at 0.93% Li ₂ O, including 34.5 m at 1.85% Li ₂ O and 26.1 m at 1.81% Li ₂ O (CV23?199).
• Assays for the first series of holes completed over the recently announced western extension at CV5 have returned well-mineralized drill intersections, situated outside of the June 2023 mineral resource estimate ¹ (see news release dated July 30, 2023).
  • 46.3 m at 1.20% Li ₂ O and 34.8 m at 1.59% Li ₂ O (CV23-209)
  • 28.8 m at 1.63% Li ₂ O, including 13.0 m at 2.19% Li ₂ O (CV23-208)
  • 17.0 m at 1.10% Li ₂ O, 16.3 m at 0.99% Li ₂ O, and 9.3 m at 2.55% Li ₂ O (CV23?201)
  • 18.7 m at 1.52% Li ₂ O (CV23-205).
• ...Core processing will continue into December, with an organized ramp up to ten (10) drill rigs beginning early January 2024.
• Summary drill program updates for all holes completed over the summer-fall program at the CV5, CV13, and CV9 spodumene pegmatites will be announced over the coming weeks and include hole locations and attributes, and pegmatite intervals.
• Core sample assays for thirteen (13) drill holes from CV5 are reported herein. Core sample assays remain to be announced for more than 140 drill holes from the summer-fall program."

On November 22, Patriot Battery Metals announced : "Patriot makes new discovery at the Corvette Property as it intercepts 100 m of spodumene-bearing pegmatite at CV9, Quebec, Canada." Highlights include:

• "Drill hole CV23-345 hits approximately 100 m of near-continuous spodumene-bearing pegmatite at CV9.
• Three (3) drill holes have returned continuous pegmatite intersections of 60+ m.
• Patriot has defined a pegmatite strike length of approximately 450 m by drilling and outcrop at CV9, which remains open.
• CV9 is located approximately 14 km west of the CV5 mineral resource.
• Preliminary geological modelling indicates the CV9 Pegmatite significantly thickens to at least 80 m width at one location and remains open in multiple directions.
• The magnitude of this variably mineralized pegmatite blow-out is significant, sharing similarities to those present at the CV5 Pegmatite in terms of depth and scale.
• Eighteen (18) core holes (~4,000 m) have been completed in the inaugural drill program at the CV9 Pegmatite – sample assays are pending.
• While it is early stage, the work done to date has resulted in an improvement in the understanding of the CV9 Pegmatite as the program went on, with a number of high priority targets now identified."

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 November 1, Frontier Lithium announced : "Frontier Lithium Inc. awards contract for Definitive Feasibility Study for the PAK Lithium Project..."

On November 9, Frontier Lithium announced :

Frontier Lithium receives funding from Government of Ontario for lithium processing research...Frontier Lithium ("Frontier" or "the Company"),”) is pleased to announce its receipt of $2 million in grant funding from the Northern Ontario Heritage Fund Corporation (NOHFC) to test the processing and conversion of by-products as it advances towards commercial lithium salts production...

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

On October 27, Azure Minerals Limited announced : "Annual report 2023..."

On October 31, Azure Minerals Limited announced :

Quarterly activities report for period ended 30 September 2023...Azure is well-funded to continue major exploration and project development campaign with pro forma September 30 cash position of $133.9 million including the post completion capital raising of $22.7 million. Subsequent to the end of the quarter the focus of this Quarterly Activities Report, on 26 October 2023 Azure announced that the Company had entered into a binding Transaction Implementation Deed with SQM Australia Pty Ltd (“SQM”), a wholly owned subsidiary of Sociedad Química y Minera de Chile S.A., in respect of a recommended transaction pursuant to which SQM will acquire 100% of the shares in Azure by way of a scheme of arrangement for a cash amount of $3.52 per Azure Share, and a simultaneous conditional off-market takeover offer for a cash amount of $3.50 per Azure Share should the Scheme not be successful (together, the “Transaction”)...

On November 15, Azure Minerals Limited announced : "Extensive high-grade lithium confirmed at Target Area 3." Highlights include:

• "Assays confirm consistently thick, high-grade lithium mineralisation over more than 500m of strike in the AP0003/AP0004 pegmatite: 37.0m @ 1.22% Li2O from 22.8m in ANDD0285 (~35.8m True Width). 66.9m @ 1.18% Li2O from 41.0m in ANDD0289 (~35.7m True Width). 36.6m @ 1.16% Li2O from 15.5m in ANDD0292 (~36.5m True Width). 65.4m @ 1.11% Li2O from 29.0m in ANDD0293 (~35.8m True Width). 34.9m @ 1.57% Li2O from 41.1m in ANDD0294 (~34.2m True Width).
• Significant visual spodumene mineralisation observed1 in the AP0003/AP0004 pegmatite over more than 1,000m of strike and 450m of down-dip extent...
• Lithium mineralisation is also confirmed in the AP0005 pegmatite over a strike of more than 300m, with mineralised intersections including: 14.2m @ 1.03% Li2O from 144.1m in ANDD0285 (~13.2m True Width). 6.9m @ 1.48% Li2O from 102.4m in ANDD0292 (~6.0m True Width).
• High percentages of spodumene mineralisation also observed in drill core from the AP0001 and AP0002 pegmatites – assays pending...
• Five diamond rigs continue to test the AP0001-0005 pegmatites in Target Area 3.
• Three diamond rigs and 1 RC rig continue infill and extensional drilling of the mineralised pegmatites in Target Area 1."

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

On October 31, Delta Lithium announced :

September quarterly activities report...During the quarter, $3,021,294 was received for the exercise of 12,085,176 unlisted $0.25 options in the June quarter...

On November 3, Delta Lithium announced : "Mt Ida Lithium Project receives approval of Mining Proposal and Mine Closure Plan..."

On November 10, Delta Lithium announced : "Exploration update - Yinnetharra and Mt Ida." Highlights include:

• "Strong drilling results received from the Yinnetharra Lithium Project including: 47.3m @ 1.3% Li 2 O from 82.6m in YDRD011. 44m @ 0.84% Li 2 O from 3m in YDRD249. 18.5m @ 1.1% Li 2 O from 64.8m in YDRD014. 25.5m @ 0.8% Li 2 O from 38m in YDRD015. 10m @ 1.3% Li 2 O from 256m in YRRD227....
• Strong drilling results received from the Mt Ida Lithium Project, including shallow lithium: 12m @ 1.6% Li 2 O from 203m in SPRD051. 11m @ 1.52% Li 2 O from 92m in GCS0030. 11m @ 1.3% Li 2 O from 75.7m in IDRD197. 7m @ 1.1% Li 2 O from 35m in AURD010. And also more high-grade Gold: 4m @ 41.2 g/t Au from 79m in GCS0068. 11m @ 7.3 g/t Au from 68m in GCS0049. 5m @ 12 g/t Au from 66m in GCS0047. 3m @ 17.3 g/t from 71m in GCS0051.
• Mt Ida mapping and drilling at the new, nearby Long John Prospect has identified outcropping LCT pegmatites with assays up to 0.2% Li2O."

On November 13, Delta Lithium announced : "Delta to raise ~A$70 million via fully-underwritten accelerated non-renounceable Entitlement Offer." Highlights include:

• "...Major shareholders Mineral Resources Limited and Hancock Prospecting Pty Ltd, representing ~ 22% of Delta Lithium’s existing and outstanding shares, have indicated that they intend to take up their full entitlements, which together will account for approximately $15.4 million of the Entitlement Offer.
• The Entitlement Offer is fully-underwritten by Mineral Resources Limited [ASX:MIN]."

On November 15, Delta Lithium announced : "Successful completion of institutional component of Entitlement Offer."

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

No significant news for the month.

Atlas Lithium Corp. ( ATLX )

On November 8, Atlas Lithium Corp announced :

Atlas Lithium secures US$ 20,000,000 investment from lithium investors including Lead Advisor Martin Rowley. Renowned mining professional Martin Rowley leads investment round of US$ 20,000,000 for Atlas Lithium...

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

On October 31, Lithium Ionic Corp. announced :

Lithium Ionic secures grid power connection contract with Cemig for sustainable electrification of the Bandeira Lithium Project, Minas Gerais, Brazil...

On November 6, Lithium Ionic Corp. announced :

Lithium Ionic drills 1.64% Li2O over 13.5m, 2.18% Li2O over 5.8m and 1.95% Li2O over 5.7m at Bandeira, Minas Gerais, Brazil...

On November 15, Lithium Ionic Corp. announced :

Lithium Ionic drills 2.45% Li2O over 9.1m and 1.61% Li2O over 11.9m at Bandeira, Minas Gerais, Brazil...

On November 21, Lithium Ionic Corp. announced :

Lithium Ionic advances Environmental & Social Permitting Process with submission of LAC License Application for the construction and development of the Bandeira Lithium Project, Minas Gerais, Brazil...

Wildcat Resources [ASX:WC8]

On October 27, Wildcat Resources announced : "Quarterly activities report - September 2023." Highlights include:

• "Wildcat confirms major lithium discovery at Tabba Tabba Lithium Project, Pilbara, WA.
• Drilling continuing at Tabba Tabba, with three rigs targeting lithium-bearing pegmatites.
• Conditions precedent satisfied for completion of Tabba Tabba sale agreement.
• Cash at bank of $8.7 million at 30 September 2023."

On November 6, Wildcat Resources announced : "Wildcat hits 180m @ 1.1% Li2O at Leia." Highlights include:

• "New assay results from the Leia Pegmatite in the Central Cluster include: 180m @ 1.1% Li2O from 206m (TARC148) (est. true. width), including 21m at 1.4% Li2O from 209m, and 65m at 1.2% Li2O from 234m, and 55m at 1.4% Li2O from 322m. 70m at 1.0% Li2O from 183m (TARC145) (est. true width), including 47m at 1.5% Li2O from 183m. 98m at 0.8% Li2O from 226m (TARC147) (est. true width), including 11m at 1.5% Li2O from 232m, including 39m at 1.4% Li2O from 271m. 40m at 1.2% Li2O from 135m (TARC137) (est. true width).
• Leia Pegmatite is now over 1.65km long, up to 180m wide, it has been intersected to more than 350m vertical depth, and remains open laterally and at depth.
• Results pending for 34 holes from Leia with Wildcat completing ~8 holes per week."

On November 10, Wildcat Resources announced : "Wildcat raises $100m in share placement..."

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

On October 31, European Metals Holdings announced :

Quarterly activities report September 2023...The Company announced a strategic investment of €6 million by EBRD to support the development of the Cinovec Project...The Company’s total cash is $4.5 million as at 30 September 2023. In addition, the Company has raised approximately AUD940,000 by way of option exercise subsequent to quarter end...

On November 9, European Metals Holdings announced : "Successful Battery Grade pilot programme for Cinovec Lithium Project." Highlights include:

• "Pilot programme has confirmed industrial viability of the LCP process flowsheet.
• Exceptionally clean battery grade lithium carbonate (>99.9%) produced with single-stage purification (bicarbonation) of crude lithium carbonate...
• The pilot programme processed ore fully-representative in all respects of the run-of-mine for the first seven years of mining planned at Cinovec, including average grade and expected rock-type mix from the bulk mining."

Upcoming catalysts include:

• Q4, 2023 - DFS.

Century Lithium Corp. (TSXV:LCE) ( OTCQX: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.

No news for the month.

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 November 22, Lake Resources NL announced : "Lake Resources JORC update increases measured and indicated resource by 250% for its flagship Kachi Project." Highlights include:

• "Deeper drilling to 600 m bgs has led to significantly larger resource estimates.
• Measured and Indicated Resources have increased from 2.9 to 7.3 Mt of LCE defined to a depth of 600 meters over 143.8 square kilometres1.
• The updated total resource estimate exceeds 10.6 Mt of LCE.
• Previous testing confirmed highly favourable subsurface conditions for both lithium extraction and injection in the central resource area where the M&I resources are located.
• Surrounding the Measured and Indicated Resources are Inferred Resources of 3.3 Mt LCE defined over 130.9 km2.
• K24D41 in the southern sector intersected some of the highest lithium concentrations drilled to-date at the project, returning grades of 180-348 mg/L lithium over 445 m (166 – 610 m) with an average of 267 mg/L.
• Deeper drilling at K23D40 in the northern sector intersected coarse-grained alluvial fan materials and averaged 228 mg/L over 322 meters with a maximum of 254 mg/L. This hole is 3.5 km northwest of K22R39."

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 October 31, AVZ Minerals announced :

Activities report for the quarter ending 30 September 2023...The company closed the September 2023 quarter with a cash balance of A$11.7m...

On November 2, AVZ Minerals announced : "Update on Dathomir dispute." Highlights include:

AVZ and AVZI have applied to the International Chamber of Commerce [ICC] for emergency measures against Dathomir to preserve the status quo including an injunction compelling Dathomir to:

• "Withdraw the application to the Commercial Court of Lubumbashi to dissolve Dathcom.
• Comply with the binding and valid arbitration clause in the 2020 SPA and refrain from bringing any action before any domestic court in the Democratic Republic of Congo ((DRC))."

On November 15, AVZ Minerals announced : "ICSID proceedings update..."

On November 17, AVZ Minerals announced :

AVZ successfully restrains Cominière and additional ICC Arbitration updates...AVZ’s subsidiaries previously obtained orders for emergency relief from the International Chamber of Commerce [ICC] in Paris against La Congolese D’Exploitation Minière (Cominière) imposing a penalty of €50,000 per day if Cominière took any steps to implement its purported termination of the joint venture agreement in respect of Dathcom Mining SA (Dathcom and Dathcom JVA) (refer to ASX announcement dated 8 May 2023 ‘Favourable Ruling in ICC Emergency Arbitration Proceedings’)...

On November 17, AVZ Minerals announced : "Binding Term Sheet signed for funding facility of up to US$20,000,000."

Upcoming catalysts include:

• 2023 - Any further arbitration news in the Manono Project dispute with Zijin Mining Group.

Lithium Power International [ASX:LPI] ( OTC: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 October 27, Lithium Power International announced : "Activity report for the quarter ended September 2023." Highlights include:

• "Subsequent to the reporting period, LPI entered into a binding scheme implementation deed with Chilean mining company Codelco, under which Codelco will acquire 100 per cent of the share capital of LPI by way of a scheme of arrangement.
• The terms of the Scheme stipulate that LPI shareholders will receive A$0.57 in cash per LPI share.
• The sale of LPI’s wholly owned Australian subsidiary, Western Lithium Ltd (WLI), has been completed with Albemarle Lithium Pty Ltd. The transaction involved the sale of 100 per cent of WLI’s shares and comprises all cash-for-shares amounting to A$30 million."

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

On October 31, American Lithium Corp. announced : "American Lithium announces 476% increase in Measured + Indicated Lithium Resources at Falchani – Adds K, Cs and Rb to Block Model." Highlights include:

• "Measured + Indicated – 5.53 million tonnes (“Mt”) Lithium Carbonate Equivalent (“LCE”) (447 Mt @ 2,327 ppm Li) an increase of 476%;
  • Measured Resource – 1.01 Mt LCE (69 Mt @ 2,792 ppm Li).
  • Indicated Resource – 4.52 Mt LCE (378 Mt @ 2,251 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 (“t”) LC selling price.
• At 1,000 ppm cut-off, the updated Measured + Indicated 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."

On November 15, American Lithium Corp. announced :

Peruvian Superior Court unanimously confirms title of American Lithium’s 32 disputed mineral concessions...

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 November 20, Wealth Minerals announced : "Wealth Minerals closes option agreement with Gelum Resources..."

For further details see:

Lithium Junior Miners News For The Month Of November 2023