Shares of Lithium Miner Surge After $4B Feasibility Study Boosts Angel Island Project

2026-02-23 11:19:36 ET

On a risk-off trading day, investors are turning back to commodities, driving gains across mining stocks of all sizes. One miner benefiting from today’s sector rally is also experiencing added momentum following the release of its updated feasibility study, a key milestone in advancing its project toward development.

Century Lithium Corp. (TSX-Venture: LCE) (OTCQX: CYDVF) has released an updated NI 43-101 compliant feasibility study for its fully owned Angel Island Lithium Project in Esmeralda County. The study outlines a robust after-tax net present value of $4.01 billion (8% discount rate) and an internal rate of return of 27.4%, based on assumed prices of $24,000 per tonne of lithium carbonate and $750 per dry metric tonne of sodium hydroxide. The project is designed as a large-scale, long-life U.S. lithium operation, with Proven and Probable Reserves supporting more than 60 years of mining and an economic model built on a 40-year production plan averaging approximately 26,500 tonnes per year of battery-grade lithium carbonate.

Development is planned in two phases, beginning with initial throughput of 7,500 tonnes per day and expanding to 15,000 tonnes per day in year five. Phase 1 capital costs are estimated at $997 million, significantly lower than the prior 2024 study, while Phase 2 expansion capital is projected at $660 million. Average operating costs are forecast at $4,389 per tonne of lithium carbonate, a substantial reduction from earlier estimates. Notably, anticipated revenues from surplus sodium hydroxide could effectively offset operating expenses, potentially driving net operating costs below zero when treated as a co-product credit.

The Angel Island project hosts substantial mineral resources, including 1.138 billion tonnes of Measured and Indicated resources grading 966 ppm lithium, containing 5.852 million tonnes of lithium carbonate equivalent. Proven and Probable Reserves total 287.65 million tonnes at 1,149 ppm lithium, equating to 1.759 million tonnes LCE. Mining is expected to be conducted via conventional open-pit methods, with on-site processing incorporating hydrochloric acid leaching, Direct Lithium Extraction, and an integrated chlor-alkali plant to produce battery-grade lithium carbonate domestically.

Bill Willoughby, President and CEO of Century Lithium Corp., commented in the company’s press release, stating: "The results of the 2026 Feasibility Study represent a material improvement. These results were made possible by Century Lithium's team who, through many steps of optimization including those at the Company's pilot plant, have delivered a more efficient development plan for the Project. In the 2026 Feasibility Study, this streamlined process is reflected in equipment and related infrastructure, importantly in electrical demand, and is seen in the resulting capital and operating cost estimates."

Shares of LCE are currently up 13.73% at $0.58, while U.S. listed shares (CYDVF) are climbing 13.26% at $0.4279 in late-morning trading.

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