BRWXF - Lithium Junior Miners News For The Month Of October 2023

2023-10-27 14:18:49 ET

Summary

• Lithium chemical spot prices and spodumene prices were slightly lower the past month and may stabilize soon after heavy falls in 2023.
• Lithium juniors are seeing increased takeover activity in 2023.
• Albemarle withdraws $4B offer for Liontown Resources. Azure Minerals enters Binding Transaction Implementation Deed with SQM worth A$1.63B.
• LPI and Codelco enter takeover offer arrangement. Tecpetrol offers $1.48 per common share in takeover bid for Alpha Lithium. Argentina Lithium announces US$90M strategic investment by Stellantis for a 19.9% share.

Welcome to the October 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.

October saw another huge month of lithium juniors news including some very interesting takeover related news.

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 2.70% and the China lithium hydroxide (56.5% min.) price was down 2.05% . The Lithium Iron Phosphate (3.9% min) price was down 2.10% . The Spodumene (6% min) price was down 9.75% over the past 30 days.

Metal.com reported lithium spodumene concentrate (6%, CIF China) average price of USD 2,255/t, as of Oct. 24, 2023.

China lithium carbonate spot price 5 year chart - CNY 164,500 (~USD 22,505) ( 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 October 2023" article. Highlights include:

• Quebec in talks with battery, auto makers for $11bn in EV-related investments.
• Argentina mulls charging lithium miners contribution to boost infrastructure.
• BYD looks to buy lithium assets in Brazil in EV raw material push.
• Citi short-term forecast is for lithium carbonate price to fall to US$18,000/t and the CME hydroxide price to fall to $22,000/t over the next year.
• Incredible lithium price spike’ on way as new chemical capacity drives demand, says Brinsden.

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 Sociedad Química y Minera de Chile S.A. ( 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 September 28, Liontown Resources announced :

Liontown executes Underground Mining Services contract...As announced previously, the contract is worth ~$1 billion over four years and comprises operating costs, sustaining capital and capital associated with the operation of the underground mine...We look forward to partnering with their motivated teams to achieve our production and ramp up targets at Kathleen Valley, with first production on track for mid-2024.”

On September 29, Liontown Resources announced : "Kathleen Valley Project update." Highlights include:

• "...Award of all major construction and mining contracts has enabled finalised estimates of Project capital costs to first production of A$951 million."
• Award of underground mining and supply chain logistic contracts has enabled a comprehensive review of operating costs, with an average cash cost (C1) expected to be A$651 per SC61 tonne over the initial 10-years of production..."

On October 15 Seeking Alpha reported :

Albemarle withdraws $4B offer for Liontown Resources...Albemarle ( ALB ) noted "growing complexities" with the proposed transaction as a factor in its decision.

On October 16, Liontown Resources announced : "Albemarle and Liontown not proceeding with proposed scheme of arrangement..."

On October 19, Liontown Resources announced : "Kathleen Valley funding package." Highlights include:

• "Signed commitment letter and credit approved term sheet with a syndicate of leading international and domestic commercial banks and government credit agencies for an A$760 million debt funding package.
• Debt funding on very attractive commercial terms and includes long duration project finance facilities and an optional cost overrun / working capital facility.
• Equity raising of A$376 million, comprising a fully underwritten institutional placement to raise A$365 million plus a non-underwritten conditional placement to Mr Timothy Goyder for 6 million shares (equivalent to A$10.8 million).
• Opportunity for existing eligible shareholders to participate via a non-underwritten share purchase plan to raise up to a further A$45 million.
• Proceeds from debt and equity raising will be used towards refinancing existing Ford debt, completing construction and ramp up of the Project, fully funding1 Liontown to first production and beyond, and providing a prudent liquidity buffer to maintain a robust balance sheet.
• Kathleen Valley remains on track to commence production in mid-2024."

On October 20, Liontown Resources announced : "Liontown successfully completes A$365m Institutional Placement...at A$1.80 per share."

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, targeting a production start in mid 2024 .

On October 3, Leo Lithium Limited announced :

Leo Lithium Limited (ASX: LLL) – Suspension from quotation description. The securities of Leo Lithium Limited (‘LLL’) will be suspended from quotation immediately under Listing Rule 17.3, following a failure to respond to ASX queries adequately. The securities will remain suspended until the Company has responded to ASX’s queries adequately.

Upcoming catalysts include:

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

Eramet S.A. [FR:ERA] ( ERMAY , 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 Q2 2024.

No significant news for the month.

Upcoming catalysts include:

• Q2, 2024 - Start of lithium production in Argentina. Progress construction pics here .

POSCO Holdings [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 October 17, Reuters reported :

Posco-backed group invests in lithium technology startup EnergyX. A consortium led by South Korean conglomerate Posco Holdings is investing in lithium technology startup EnergyX as it considers more efficient ways to produce the battery metal for the green energy transition. The push to electrify the world's economy has fueled a hunt for stable supplies of lithium and other critical minerals and drawn attention to so-far unproven direct lithium extraction ((DLE)) technologies being developed by EnergyX and its peers.

On October 24, Yonhap News Agency reported :

POSCO Future M's Q3 net plunges 65 pct on low material prices...Net profit for the three months ended in September plummeted to 23.16 billion won (US$17 million) from 65.63 billion won during the same period of last year, the company said in a statement...Operating profit also plunged 55 percent to 37.14 billion won in the third quarter from 81.8 billion won a year ago. Sales rose 22 percent to 1.28 trillion won from 1.05 trillion won during the same period...

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] ( GSCCF )

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

No significant news for the month.

Upcoming catalysts include:

• 2023 - Possible permitting approval.
• H1, 2023 - Commencement of construction of the Rhyolite Ridge Lithium Boron Project.

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

On October 11, Critical Elements announced : "Critical Elements files NI-43-101 technical report for the Rose Lithium-Tantalum feasibility study."

On October 12, Critical Elements announced : "Critical Elements Lithium orders first long lead equipment for the Rose Lithium-Tantalum Project..."

On October 17, Critical Elements announced :

Critical Elements Lithium announces new high-grade discovery within the Rose Project with promising grades of up to 5.62% Li ₂ O...

Upcoming catalysts include:

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

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

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

On October 10, Atlantic Lithium Limited announced : "Approval granted to divert transmission lines at Ewoyaa..."

On October 20, Atlantic Lithium Limited announced : "Mining Lease granted for Ewoyaa Lithium Project. Ghana awards historic first Mining Lease for lithium, paving the way for Ewoyaa to become one of the next major spodumene concentrate producers." Highlights include:

• "Mining Lease terms, secured in the interests of all stakeholders through close cooperation with the Government of Ghana...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 : Ewoyaa to become one of the top 10 largest spodumene concentrate producers globally 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; to be substantially funded by Piedmont Lithium and planned investment by Ghana's sovereign wealth fund, the Minerals Income Investment Fund ("MIIF"). 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.
• Mining Lease represents a considerable de-risking milestone in the development of the Project.
• First Mining Lease to be granted for lithium in Ghana, demonstrating the Government's strong support in the Company as its 'partner of choice' to deliver long-term lithium production...
• Atlantic Lithium granted exclusive rights to carry out mining and commercial production activities over the Mining Lease area for an initial 15-year period, renewable in accordance with Ghanaian legislation.
• Project to be funded by strategic partnerships with Piedmont Lithium and MIIF, with competitive offtake partnering process underway to secure Project funding for a portion of the remaining 50% available feedstock."

Lithium Americas [TSX:LAC] ( LAC )

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

On October 3, Lithium Americas announced :

Lithium Americas closes separation to create two leading lithium companies. Lithium Americas Corp. (“Lithium Americas” or the “Company”), now Lithium Americas (Argentina) Corp. (“Lithium Argentina”) (TSX: LAAC) (NYSE: LAAC) and a new Lithium Americas Corp. (“Lithium Americas (NewCo)”) (TSX: LAC) (NYSE: LAC) today jointly announced the completion of the reorganization of Lithium Americas into two independent publicly traded companies, implemented by way of statutory plan of arrangement (the “Separation”)...

On October 6 Seeking Alpha reported : "Lithium Americas files for a mixed shelf offering of $750M."

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 September 29, Vulcan Energy Resources announced :

Upgrade of Zero Carbon Lithium™ Project Resources. Largest Lithium Resource in Europe increases in size..Vulcan’s URVBF area now comprises 11.2 Mt LCE @ 179 mg/L Li of Measured and Indicated Resource...

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 10, Standard Lithium announced :

Standard Lithium’s East Texas drilling program delivers new highest confirmed grade lithium brine in North America. Results Include Lithium Concentrations of 663 mg/L; Company Continues to Expand and De-Risk East Texas Smackover Assets...

Upcoming catalysts include:

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

Global Lithium Resources [ASX:GL1] ( GBLRF )

On October 25, Global Lithium Resources announced : "Quarterly report for the Period Ending 30 September 2023." Highlights include

• "Manna Lithium Project Mineral Resource Estimate ((MRE)) increases to 36.0Mt @ 1.13% Li 2O. 24.1% increase in total contained Li2O from 327,000 tonnes to 406,000 tonnes Li 2O. 13% increase in the Manna Lithium Project Mineral Resource grade to 1.13% Li 2O. 10% increase in the Manna Lithium Project Mineral Resource tonnes to 36.0Mt.
• Large-scale 50,000m Reverse Circulation [RC] and Diamond Drilling [DD] program commenced at the Manna Lithium Project. Up to six drill rigs to be deployed as part of this year’s exploration program...
• Second ore sorting trial achieved a 1.64% Li 2O Spodumene Ore Concentrate ((SOC)) product.
• Both trials achieved a final product greater than 1.5% Li 2O with an average lithia recovery of 92%.
• Ore sorting technology has the potential to underpin near term cash flow opportunity to export SOC and potentially increase concentrate production capacity of the Manna Processing Plant by 20%.
• Bedrock (hard rock) Rare Earth Elements ((REE)) hosting mineralised system discovered adjacent to the Manna Lithium Project with exceptional high-grade peak assay result of 24.17% Total Rare Earth Element Oxide ((TREO)). Discovery named Cardunia Rocks REE Project.
• Negotiations with the Kakarra Part B Native Title claim group for a Native Title Mining Agreement for the Manna Lithium Project continue to progress.
• CY2023 drilling program of up to 20,000m continues at Marble Bar Lithium Project ((MBLP)) with 12,000m of drilling completed by 30 September 2023.
• Cash position of $53 million as of 30 September 2023."

European Lithium Ltd [ASX:EUR] ( EULIF )

On October 26, European Lithium Ltd. announced :

Shareholder update on NASDAQ listing. Critical Metals Corp. (Critical Metals or CRML) secures equity investment facility for additional capital at closing; EUR expects CRML to secure more capital in the following weeks, and leading up to shareholder approval of the transaction.

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 October 23, Savannah Resources announced : "2023/24 Drilling Programme Underway at the Barroso Lithium Project." Highlights include:

• ".....Data from the programme will be used to upgrade significant portions of the 21.4Mt of Indicated and Inferred resources, which feature in the Project's overall existing 28Mt at 1.05% Li ₂ O JORC (2012) Compliant spodumene resource.
• The upgraded resources will then provide the basis for the Project's first JORC reserve estimate.
• Savannah expects to complete the DFS in the second half of 2024 and will provide regular news flow from its DFS-related field programme, including assay results from the drilling, over the coming months."

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 3, Galan Lithium announced : "Phase 2 DFS confirms tier one status of Hombre Muerto West ((HMW)) Lithium Brine Project in Argentina." Highlights include:

• "Tier one Phase 2 DFS results; HMW Project produces a premium high grade lithium chloride (LiCl) concentrate of 6% Li, comparable to 13% Li2O or 32% Lithium Carbonate Equivalent ((LCE)) in H2 2026, and delivers the following strong financial outcomes: Post-tax NPV 8% US$2 billion, IRR 43% free cash flow US$236m pa (pre-tax NPV 8% US$3.1 billion). Short Payback Phase 1 & 2 of 2.9 years. Increased Production to 21Ktpa LCE up from 5.4Ktpa LCE in Phase 1. Moderate Incremental CAPEX of US$278m (additional to Phase 1 Capex US$104m). Total Phase 1 & 2 Capex US$382m (ex-contingency). Low Operating Cost of US$3,510/t LCE (excludes conversion cost from LiCl to lithium carbonate). Phase 1 construction has commenced with first production H1 2025..."

On October 4, Galan Lithium announced : "Key Canadian Lithium Project acquisitions James Bay Province, Québec and Northwest Ontario." Highlights include:

• "Galan has entered into a binding JV agreement with Redstone Resources Limited (as JV manager) to acquire 100% of the Taiga, Camaro, and Hellcat Lithium Projects in the heart of the James Bay lithium province.
• Initial exploration in the James Bay Projects completed by Axiom Exploration Group Ltd identified 28 prospective pegmatite dykes.
• James Bay Projects cover 5,187 hectares adjacent to Patriot Battery Metals Inc (TSX.V:PMET) discovery – Taiga and Camaro both share tenement boundaries with PMET.
• PMET’s CV8 pegmatite, with samples averaging 4.6% Li2O, is located 1.4 km north of the Taiga Project and PMET’s newly-discovered CV13 pegmatite cluster is located 1.5 km north of the Camaro Project.
• Galan and Redstone Resources Limited have also entered into a JV agreement to secure an option to acquire 100% of the PAK East and PAK Southeast Lithium Project in Ontario’s Electric Avenue.
• PAK Projects cover agreements over 1,415 hectares in Ontario and are adjacent to Frontier Lithium Inc’s ((TSX.V:FL)) PAK Lithium Project.
• Frontier Lithium Inc’s PAK Lithium project contains North America’s highest-grade lithium resource and is the second largest in North America by size.
• With these acquisitions Galan continues to build a quality exploration portfolio including in world class lithium provinces, renowned for Tier 1 lithium discoveries."

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] (LRSRS)

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 September 28, Latin Resources announced : "Robust results for Colina Lithium Project Preliminary Economic Assessment ((PEA))." Highlights include:

• "After-tax NPV8% of A$3.6 billion (US$2.5 billion) – IRR of 132% – Total LOM revenue of A$12.6 billion (US$8.4 billion), with free cash flow of A$6.8 billion (US$4.7 billion)–Average LOM annual production of 405,000 tpa 5.5% Li2O spodumene concentrate (“SC5.5”) – Phase 1 capital expenditure of US$253 million – Payback of 7 months.
• The Preliminary Economic Assessment (“PEA”) for the Colina Lithium Project (“Colina Project”) demonstrates a low-capital, two-phased operation which delivers high-quality SC5.5, and a 3% Li2O (“SC3”) spodumene tails concentrate product.
• A fully sustainable mine design with simple Dense Media Separation (“DMS”) and spirals for spodumene tails concentrate processing, hydro electricity supply, dry-stack tailings and recycled water to meet ESG standards...
• Phased development strategy to deliver a sustainable ramp-up. Phase 1 capital expenditure of US$253 million to deliver first production in 2026."

On October 13, Latin Resources announced : "Spin-out of the Lachlan Fold Project."

On October 18, Latin Resources announced :

Salinas district scale resource continues to grow towards a tier one lithium deposit. Colina Southwest Extension, Infill and Fog’s Block drilling results expected to increase Global JORC Resource.

On October 23, Latin Resources announced : "Latin Resources receives firm commitments for a a$35.0 million placement to progress exploration on its Salinas Project." Highlights include:

• ".....Upon settlement of the Placement, Latin will have a cash balance of approximately A$65 million (before costs)."

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 October 18, Patriot Battery Metals announced : "Patriot discovers new high-grade zone at the CV13 spodumene pegmatite, Corvette Property, Quebec, Canada." Highlights include:

• "Discovery of new high-grade zone (with sample ranges including 3 – 5% Li ₂ O) near-surface at the CV13 Spodumene Pegmatite. 12.7 m at 2.46% Li ₂ O (73.3 m to 86.0 m), including 7.6 m at 3.82% Li ₂ O (CV23?191). 8.0 m at 2.86% Li ₂ O (57.2 m to 65.2 m), including 4.3 m at 5.03% Li ₂ O (CV23?195). 10.2 m at 2.70% Li ₂ O (56.3 m to 66.5 m), including 5.8 m at 4.48% Li ₂ O (CV23?198). 10.7 m at 2.79% Li ₂ O (67.0 m to 77.7 m), including 7.3 m at 3.94% Li ₂ O (CV23?200).
• The CV13 Spodumene Pegmatite trend extends over an approximate 2.3 km strike length through multiple outcrop exposures, of which, approximately 1.1 km has now been traced continuously by drilling – remains open along strike at both ends and to depth.
• With significant mineralization now delineated further west at CV5 and at CV13, there are now several options for the mining starter pit.
• Company continues to drill westward from CV5 towards CV13 to test potential connectivity....
• Additional rig now coring for a total of eight (8) drill rigs currently active at site – four (4) at CV5, three (3) at CV13, and one (1) at CV9. Drilling is anticipated to ramp up further after the holidays with ten (10) drill rigs anticipated by mid January 2024."

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 September 25, Frontier Lithium announced :

Frontier Lithium intersects 108.4m of 2.12% Li ₂ O on the spark pegmatite and grant options....

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

On October 9, Azure Minerals Limited announced :

Outstanding Andover metallurgical testwork results. Spodumene concentrate of 5.59% Li2O with 82.37% recovery.

On October 10, Azure Minerals Limited announced : "Substantial spodumene-rich pegmatites drilled at target Area 3." Highlights include:

• "First drill holes at Target Area 3 intersect significant widths of visible fine to coarse-grained crystalline spodumene mineralization at shallow depths...
• Two thick, high-grade zones intersected in the AP0016 pegmatite in Target Area 2: 23.7m @ 1.51% Li2O from 76.2m in ANDD0253 (~19.8m True Width). 20.8m @ 1.70% Li2O from 114.3m in ANDD0262 (~20.3m True Width).
• Further broad mineralized zones intersected in AP0011 pegmatite in Target Area 1: 69.9m @ 1.22% Li2O from 430.4m in ANDD0132 (~57.3m True Width). 67.2m @ 1.56% Li2O from 420.7m in ANDD0201 (~63.4m True Width). 32.7m @ 1.00% Li2O from 377.8m in ANDD0248 (~31.2m True Width). 57.3m @ 0.99% Li2O from 349.4m in ANRD0133 (~50.5 True Width) including: 27.6m @ 1.53% Li2O from 349.4m (~24.3 True Width).
• Four drill rigs are continuing to define the AP0011 mineralisation and another three rigs are now testing multiple stacked pegmatites in Target Area 3.

On October 26, Azure Minerals Limited announced :

Azure enters Binding Transaction Implementation Deed with SQM...The Scheme Consideration of A$3.52 per Azure share implies a fully-diluted equity value for Azure of ~A$1.63 billion1 and represents a premium of:– 44.3% to the last closing price of A$2.44 per Azure share on Friday, 20 October 2023;– 55.9% to the 10-day VWAP of A$2.26 per Azure share up to and including Friday, 20 October 2023...The Azure Board unanimously recommends the Transaction in the absence of a superior proposal and subject to the independent expert concluding...

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

On October 3, Delta Lithium announced : "Mt Ida Lithium Project Mineral Resource Estimate upgrade." Highlights include:

• "The Mt Ida Lithium Project in the Goldfields region of Western Australia remains on track for approval to commence mining operations later this year.
• Delta Lithium is pleased to report an upgraded Mineral Resource Estimate ((MRE)) for lithium: Updated combined Inferred and Indicated Mineral Resource Estimate of:14.6Mt @ 1.2% Li2O (at a 0.55% Li2O cut off)*o 136% Increase in Indicated Mineral Resources to 7.8Mt @ 1.3% Li2Oo 15% Increase in combined Indicated and Inferred Mineral Resources from 12.7Mt to 14.6 Mt..."

On October 11, Delta Lithium announced : "Mt Ida Maiden Gold Mineral Resource Estimate."

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

On September 29, Winsome Resources announced : "Annual Report to shareholders."

On October 6, Winsome Resources announced : "Exercise of option to expand Adina Project by over 50%."

On October 9, Winsome Resources announced :

A$34m equity raise at a significant premium to accelerate exploration activities across Canadian lithium projects.

On October 19, Winsome Resources announced : "Quebec exploration update." Highlights include:

• "Exploration continues across Winsome’s highly prospective exploration portfolio, in parallel with ongoing drilling operations at Adina.
• Mineralized pegmatite outcrop discovered at Tilly Project with sampling returning results up to 4.68% Li2 O associated with a spodumene-rich zone.
• Airborne survey over Adina completed with detailed interpretation and target generation underway..."

On October 20, Winsome Resources announced : "Quarterly activities/appendix 5B cash flow report." Highlights include:

Drilling & Exploration

• "...Strike length of Adina Main Zone increased following delivery of further thick, high-grade results.
• Extension of high-grade mineralization towards surface at Adina Footwall Zone confirmed with results including up to 1.80% Li2O over 23.4m.
• Airbourne magnetic and radiometric survey of Adina-Jackpot to support anomaly definition and inform future lithium drill targets...."

Atlas Lithium Corp. ( ATLX )

On October 17, Atlas Lithium Corp announced : "Atlas Lithium outlines wide-range exploration strategy for lithium resources." Highlights include:

• "Recent exploration efforts have identified six new, promising target areas within the Company's flagship Neves Project
• Priority target areas will be further delineated by trenching and drilling.
• Regional, systematic lithium exploration program will study multiple other mineral exploration rights owned by Atlas Lithium within its broader 240-square kilometer Minas Gerais Lithium Project."

On October 23, Atlas Lithium Corp announced : "Atlas Lithium intersects more high-grade lithium mineralization and extends "Anitta 3" Pegmatite." Highlights include:

• "...Drill hole DHAB-208 intersected 1.64% Li ₂ O over 18.00 meters starting at only 67.6-meter depth.
• DHAB-211 intersected 1.31% Li ₂ O over 14.89 meters.
• DHAB-214 intersected 1.70% Li ₂ O over 26.55 meters, including 2.12% Li ₂ O over 20.00 meters.
• DHAB-220 intersected 1.34% Li ₂ O over 9.72 meters."

On October 23, Atlas Lithium Corp announced : "Atlas Lithium provides third quarter 2023 corporate update."

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

On September 27, Lithium Ionic Corp. announced :

Lithium Ionic drills 1.94% Li2O over 15.0m, 1.91% Li2O over 9.8m and 1.68% Li2O over 9.1m at Bandeira, Minas Gerais, Brazil.

On September 28, Lithium Ionic Corp. announced : "Lithium Ionic upgrades to OTCQX Best Markets..."

On October 10, Lithium Ionic Corp. announced : "Lithium Ionic increases Ownership Stake in Salinas Project to 85%."

On October 19, Lithium Ionic Corp. announced : "Lithium Ionic announces PEA and expanded Mineral Resource Estimate for Bandeira; Post-tax NPV8% US$1.6 billion & IRR of 121%." Highlights include:

Bandeira PEA - Production & Economic Highlights ( unless otherwise stated):

• "Post-tax Net Present Value (“NPV”) _{8 %} of $1.6 billion (approximately C$2.2 billion).
• Post-tax Internal Rate of Return (“IRR”) of 121%.
• Underground mine scenario processing 1.3Mtpa of ore over a 20-year mine life.
• After-tax payback of 14 months.
• Avg. LOM annual production of 217,700t of high-quality spodumene concentrate at 5.5% Li2O (“SC5.5”) equivalent (187,230 tpa SC5.5, in addition to 56,860 tpa of spodumene tails concentrate at 3% Li2O, or “SC3”).
• Total capital expenditure (“CAPEX”) of $233 million (including a 25% contingency).
• Pre-tax annual average free cash flow of $243 million.
• All-in LOM operating costs (“OPEX”) of $349/t of spodumene concentrate SC5.5."

Bandeira Updated MRE Highlights:

• "Measured & Indicated: 13.72Mt at 1.40% Li20 (474,892t LCE) representing a 196% increase in tonnes compared to the June 2023 MRE for Bandeira of 4.63Mt at 1.35% Li20 (154,198t LCE).
• Inferred: 15.79Mt at 1.34% Li20 (523,118t LCE)."

Wildcat Resources [ASX:WC8]

On October 5, Wildcat Resources announced :

Tabba Tabba acquisition update....is pleased to announce that the required approvals under the Foreign Acquisitions and Takeover Act 1975 (Cth,) and Ministerial consent under the Mining Act 1978 (WA)....for the acquisition of the Tabba Tabba Lithium Tantalum Project, located near Port Hedland, WA have been satisfied.

On October 12, Wildcat Resources announced : "High-grade lithium assays continue at Tabba Tabba Lithium Discovery, WA." Highlights include:

• "Further high-grade lithium results received from drilling at Tabba Tabba, south of Port Hedland, WA.
• Best results from Leia Pegmatite in the Central Cluster include: 52m at 1.3% Li2O from 117m (TARC131) (est. true width). 35m @ 1.5% Li2O from 200m (TARC024) (est. true width), within 53m at 1.0% Li2O from 190m. 68m at 1.0% Li2O from surface (TARC088) (down hole length)....
• Leia Pegmatite is greater than 1.5km in strike length, has true widths over 130m wide, and remains open along strike and at depth.
• Adjacent parallel bodies (Chewy and Boba Pegmatites) add to the scale potential of the Central Cluster....
• 68 drill holes are pending assays, with the majority from the new Leiapegmatite discovery."

On October 12, Wildcat Resources announced : "Completion of the Tabba Tabba acquisition..."

On October 22 The AFR reported :

Ellison eyes new lithium prize near Albemarle joint venture...The billionaire MinRes founder is looking to build a stake in Wildcat Resources.

On October 23, Wildcat Resources announced : "Wildcat hits 85m at 1.5% li2o at Tabba Tabba."

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

On September 29, European Metals Holdings announced : "Annual report to shareholders."

Upcoming catalysts include:

• Q4, 2023 - 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.

No news for the month.

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 September 26, Lake Resources NL announced :

Lake announces successful completion of Lithium Carbonate Test Program, an important milestone towards completion of DFS.

On September 28, Lake Resources NL announced :

Lake Resources reports on proven advances in DLE technology at Kachi Project.

On October 4, Lake Resources NL announced : "Further drilling at Flagship Kachi Project reveals higher lithium grades and large vertical extension of lithium-bearing brine." Highlights include:

• "...Best results from 242-250 m bgs3 averaging grades of 348 mg/L lithium. This represents some of the best lithium grade results drilled to-date at the 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.

On September 27, AVZ Minerals announced :

Arbitration proceedings update...AVZ remains in sustained and constructive dialogue with the DRC Government with respect to the grant of the exploitation licence and the withdrawal of the ICSID proceedings.

Upcoming catalysts include:

• 2023 - 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 September 28, Lithium Power International announced : "Annual Report to shareholders."

On October 18, Lithium Power International announced :

LPI enters into binding scheme implementation deed with Codelco for all-cash A$0.57 per LPI share acquisition.

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

On September 26, American Lithium Corp. announced :

American Lithium makes new lithium discovery 6 km West of Falchani, assays up to 2,668 ppm Lithium and over 222 metres of Mineralization – Large Lithium District Emerging.

On October 17, American Lithium Corp. announced :

American Lithium announces financial and operating highlights for second quarter ended August 31, 2023...

Wealth Minerals [TSXV:WML] [GR:EJZN] ( 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 the right to acquire a 100% interest in the Ignace REE Lithium Property in Ontario, Canada.

On October 6, Wealth Minerals announced : "Wealth Minerals enters into Option Agreement with Gelum Resources..."

E3 Lithium Ltd. [TSXV:ETL] [FSE:OW3] ( 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 a M&I Resource of 16.0Mt .

On September 23, E3 Lithium Ltd. announced :

E3 Lithium closes fully oversubscribed financing for a total of C$23 million.

On October 4, E3 Lithium Ltd. announced :

E3 Lithium provides continued preliminary results from the Field Pilot Plant...Initial lithium recovery: >94%. Purity of concentrate: >80%. Average lithium grade in concentrate: 916.6 mg/L.

On October 18, E3 Lithium Ltd. announced : "E3 Lithium completes initial Field Pilot Plant tests and shares results Against KPIs."

As shown in the table below, all three tests have exceeded the KPIs. ( source )

Nevada Lithium Corp. [CSE:NVLH] ( NVLHF )

Nevada Lithium has an arrangement to own 100% of the Bonnie Claire Project in Nevada, USA; with an Inferred Resource of 18.68 million tonnes LCE.

On October 17, Nevada Lithium Corp. announced :

Nevada Lithium commences Seismic Reflection Survey at 100% Owned Bonnie Claire Lithium Project, Nevada...

Rio Tinto [ASX:RIO] [LN:RIO] ( RIO )

No lithium related news.

Lithium South Development Corp. [TSXV:LIS] ( LISMF)

On October 18, Lithium South Development Corp. announced :

Lithium South expands production goals with updated PEA and strategic team addition...The report will use the new HMN Li Project upgraded resource of 1.58 million tonnes Lithium Carbonate Equivalent (LCE). It will also take into consideration current market conditions and pricing for LCE. The report will use an Initial Design Capacity [IDC] of 15,000 tonnes per year LCE production. This IDC could be expanded as further project resources and pumping areas are identified...

Alpha Lithium [NEO: ALLI] (formerly TSXV: ALLI) [GR:2P62] ( APHLF )

On September 28, Alpha Lithium announced :

Alpha Lithium files notice of change to directors’ circular recommending shareholders accept Tecpetrol’s increased bid...at a price of $1.48 per Common Share.

On October 23, Alpha Lithium announced :

Tecpetrol bid and Hombre Muerto drilling update. Alpha Lithium Corporation (NEO: ALLI) (OTC: APHLF) (German WKN: A3CUW1) (“Alpha“) or the (“Company”) announces that TechEnergy Lithium Canada Inc., a subsidiary of Tecpetrol Investments S.L. (“Tecpetrol”), has advised that it has taken-up and acquired 102,692,615 common shares of Alpha, representing approximately 54% of the issued and outstanding Alpha shares, pursuant to its offer (the “Offer “) to acquire Alpha for C$1.48 in cash per share. Tecpetrol advises that they will pay for the tendered shares within three business days...Alpha has completed drilling two wells on one of its existing properties in Hombre Muerto. The first well was drilled to 550 meters and the second was drilled to 577 meters...The average lithium concentration in well #1 is 784 mg/L, with an average Mg:Li ratio of 2.42...The average lithium concentration in well #2 is 836 mg/L, with an average Mg:Li ratio of 2.50. Brad Nichol, President and CEO of Alpha stated, “These results confirm what our world-class exploration team expected all along – that Hombre Muerto is one of the world’s finest salars.”

Avalon Advanced Materials [TSX:AVL] [GR:OU5] ( 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 has a JV with SCR-Sibelco NV ("Sibelco") (60% Sibelco: 40% Avalon) to develop their lithium assets.

For further details see:

Lithium Junior Miners News For The Month Of October 2023