Lithium Junior Miners News For The Month Of January 2024

Welcome to the January 2024 edition of the ‘junior’ lithium miner news. We have categorized those lithium miners that are not in production 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.

January saw lower lithium prices flat (carbonate) to lower (hydroxide, spodumene). Despite the low lithium prices the lithium juniors continue to progress well.

Lithium price news

Asian Metal reported during the past 30 days, the China delivered lithium carbonate (99.5% min.) spot price was down 0.45% and the China lithium hydroxide (56.5% min.) price was down 4.57%. The Lithium Iron Phosphate (3.9% min) price was down 1.54%. The Spodumene (6% min) price was down 8.06% 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 990/t, as of Jan. 24, 2024.

China lithium carbonate spot price 5 year chart – CNY 95,500 (~USD 13,485) (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 January 2024” article. Highlights include:

• QuantumScape’s solid-state battery retains 95% capacity after 300,000+ miles (~1,000 cycles).
• China’s midstream majors flock to Morocco’s fledgling cathode hub.
• Harvard develops a solid state battery that charges in 10 minutes with a 6,000 cycle life.
• AustralianSuper swoops on lithium stocks after price plunge.
• Will Adams – Over capacity leads to oversupply – now waiting for more producer response and demand to catch-up. We expect orders to start flowing upstream again either towards the end of the first quarter or early in the second quarter.

On January 25 the LA Times reported:

Column: The lithium revolution has arrived at California’s Salton Sea… After a dozen years of engineering, permitting and financing, the Australian firm Controlled Thermal Resources is ready to start building a lithium extraction and geothermal power plant at the southern end of the Salton Sea, more than 150 miles southeast of Los Angeles. A groundbreaking ceremony is planned for Friday…

Junior lithium miners company news

Liontown Resources [ASX:LTR] (OTCPK:LINRF)

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

On January 22, Liontown Resources announced:

Project and funding update. Liontown Resources Limited (ASX : LTR) (Liontown or the Company) confirms that the Kathleen Valley Lithium Project (Kathleen Valley or the Project) remains on-track for first production in the middle of this calendar year and the Company remains focused on delivering to that schedule and on budget…the Company has commenced a review of the planned expansion and associated ramp-up of Kathleen Valley to preserve capital and reduce the near-term funding requirements of the Project….Liontown has approximately $515 million cash at bank at 31 December 2023, having now fully drawn the A$300 million project funding package secured from Ford. This is expected to fund construction activities required for first production in the middle of 2024. The Company expects to be able to provide a funding update by the end of the March 2024 quarter…

Upcoming catalysts include:

• Mid-2024: Commissioning with production set to begin mid-2024 at the Kathleen Valley Project.
• 2023-25: Study with Sumitomo Corporation to produce lithium hydroxide in Japan.

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 January 22, The West Australian reported:

Lithium meltdown puts Wesfarmers’ Mt Holland start-up under scrutiny. The meltdown in WA’s battery metals sector has put Wesfarmers’ start-up plan for its $2.6 billion Mt Holland lithium project under scrutiny. The conglomerate is refusing to be drawn on whether the price slump has changed its plans to sell lithium-rich spodumene from the concentrator at Mt Holland in the Goldfields to generate early cashflow ahead of its refinery opening in Kwinana next year.

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.

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.

No significant news for the month.

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 January 11, Market Screener reported:

Lithium South Development partners with POSCO on lithium project in Argentina…it has signed a cooperative development agreement with POSCO’s subsidiary, POSCO Argentina SAU, to jointly develop the Hombre North Lithium project in Salta Province. As part of the agreement, the two companies will have a split claim on all brine produced at two of the blocks at the project.

Upcoming catalysts include:

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

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 January 18, Leo Lithium Limited announced: “Quarterly report for the quarter ended 31 December 2023.” Highlights include:

Project Development

• “Continued progress at Goulamina, the world’s fifth largest spodumene deposit…
• The mining contractor mobilised their main fleet to site and 549,000 bulk cubic metres of material were mined in the quarter.
• Construction & mining activities progress with an 1,800 strong workforce.
• Initial commissioning team mobilised and operational readiness planning launched.
• Project is approaching 60% completion.”

Corporate

• “…Leo Lithium held cash of A$33.6 million and the Goulamina JV held cash of US$9.2 million at 31 December.
• Final US$30 million debt drawn down under the Ganfeng US$40 million debt facility with LMSA.”

On January 19, Leo Lithium Limited announced: “Leo Lithium to receive us$65 million for sale of 5% of Goulamina.” Highlights include:

The US$65 million will be paid by Ganfeng to Leo Lithium in two tranches:

• “Tranche 1: US$34.8 million to be paid to Leo Lithium. Tranche 1 is subject to the execution of settlement documentation with the Mali Government.
• Tranche 2: US$30.2 million to be paid to Leo Lithium 60 days after payment of Tranche 1. Tranche 2 is subject to the settlement with the Mali Government continuing to remain in good standing.”

Upcoming catalysts include:

• ?Q2, 2024: Commissioning targeted to begin for Goulamina Lithium Project. The outcome of negotiations with the Mali Gov.

Atlas Lithium Corp. (ATLX)

On January 8, Atlas Lithium announced: “Atlas Lithium intersects wide, high-grade lithium mineralization, continues expansion of “Anitta 3” and “Anitta 4″ pegmatites.” Highlights include:

• “…Drill hole DHAB-345 intersected 1.44% Li₂O over 47.00m from 59m depth.
• DHAB-347 intersected 1.32% Li₂O over 42.88m from 133m depth and 1.20% Li₂O over 9.65m from 223m depth.
• DHAB-354 intersected 1.06% Li₂O over 11.60m from 153m depth.
• DHAB-356 intersected 0.96% Li₂O over 12.55m from 29m depth and 1.96% Li₂O over 3.40m from 127m depth.
• Drill hole DHAB-339 intersected 1.52% Li₂O over 20.90m from 82m depth and 1.70% Li₂O over 9.00m from 162m depth.
• At Anitta 4, DHAB-353 intersected 1.41% Li₂O over 7.63m from 79m depth and DHAB-362 intersected 1.41% Li₂O over 6.30m from 102m depth.
• Drone magnetics geophysics surveys have now started and are planned to cover the entire Neves Project.”

Upcoming catalysts include:

• Q4, 2024/Q1, 2025 – Production targeted to begin at the Das Neves Lithium Project in Brazil.

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

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

No news for the month.

Upcoming catalysts include:

• 2024 – Possible permitting approval. 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 JV Project in Ghana towards production. Piedmont Lithium has an effective 40.5% project earn-in share.

On December 28, Atlantic Lithium Limited announced: “Grant of PDMR performance rights.”

On January 24, Atlantic Lithium Limited announced:

Completion of US$5m MIIF subscription. Atlantic Lithium welcomes Ghana’s sovereign minerals wealth fund, the Minerals Income Investment Fund (“MIIF”), onto its shareholder register following the completion of MIIF’s US$5m Subscription, part of its total US$32.9m Strategic Investment to support the development of the Ewoyaa Lithium Project…

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

No news for the month.

Upcoming catalysts include:

• H1, 2024 – 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:

• 2024 – 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.

No significant news for the month.

Upcoming catalysts include:

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

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 January 9, Galan Lithium announced: “HMW project update – Pond 1 liner installation underway.” Highlights include:

• “Pond 1 earthworks almost complete.
• Pond 1 liner installation commenced (5% completion).
• Fill of pond 1 in Q1, 2024; evaporation process to commence this summer, this is the first major step of the long-term production schedule.
• Pond 2 earthworks construction underway (10% completion).
• 9 production wells now constructed (and ongoing); Phase 1 production only requires 6 wells.
• HMW Project is a tier one project that will produce a premium high grade lithium chloride (LiCl) concentrate of 6% Li, comparable to 13% Li2O or 32% Lithium Carbonate Equivalent (LCE) in H1 2025.
• Low all-in sustaining costs; HMW in the 1st quartile of lithium industry’s cost curve with an initial reserve estimate of 40 years…
• Glencore site visit being planned as part of due diligence.”

On January 10, Galan Lithium announced:

Correction to ASX announcement…The announcement inadvertently contained a typographical error which stated an updated resource estimate was due in Q1 2025. This was incorrect and an updated resource estimate at its 100% owned Hombre Muerto West (HMW) lithium brine project is due in Q1 2024.

On January 23, Galan Lithium announced: “Maiden filling of pond 1 commences at Hombre Muerto West.” Highlights include:

• “…Low all-in sustaining costs; HMW in the 1st quartile of lithium industry’s cost curve.
• Operating cost of $US3,510/t LCE equates to a low Li 2O equivalent operating cost of SC6 $US310/t-$US350/t…”

Upcoming catalysts include:

• Q1, 2024 – Updated resource estimate at Hombre Muerto West (HMW).
• 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] (OTC:LAXXF)

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 Li₂O at the Colina and Fog’s Block Deposits.

On January 24, Latin Resources Ltd announced:

Maverick Minerals Limited – priority offer to Latin shareholders now open. Latin Resources Limited (Company) is pleased to advise that the priority offer of Maverick Minerals Limited (Maverick) shares to eligible shareholders of Latin of up to a total of 12,500,000 Shares to raise a maximum of $2,500,000 (Priority Offer) is now open…

Upcoming catalysts include:

• Mid-2024 – DFS due for the Salinas Lithium Project.

Standard Lithium [TSXV:SLI] (SLI)

On January 24, Standard Lithium announced:

Standard Lithium advances South West Arkansas Project: Definitive Feasibility Study and front-end engineering design firm chosen…

Upcoming catalysts include:

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

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

On January 18, Global Lithium Resources announced: “Manna Lithium Project operational update. GL1 on track to achieve major milestones in CY24 including Manna Definitive Feasibility Study.” Highlights include:

• “GL1 continues to make significant progress towards completion of the Manna Lithium Project Definitive Feasibility Study [DFS] in H1 CY24.
• The Manna DFS remains on schedule and will incorporate an updated MRE, detailed mine schedule, metallurgical and process flowsheet test work results and detailed operating and capital costs, amongst other key work streams.
• A significant number of assays remain pending from the 60,000m drilling program completed at Manna in CY23 with remaining assay results expected in Q1 CY24.
• An updated Mineral Resource Estimate (MRE) for Manna is progressing and will, incorporate the results from the CY23 drill program.
• Planning for the CY24 exploration program is nearing finalisation with significant upside remaining with new lithium targets identified which will be tested in CY24.
• Additional advanced metallurgical test work is nearing completion, with this work focused on delivering a further increase in lithium recoveries.
• Key approvals including Environmental and Native Title negotiations are well advanced, with the mining lease expected to be granted once the Native Title Mining Agreement is finalised.
• Offtake agreement discussions with global tier one counterparties continue as part of the financing strategy for development of Manna Lithium Project.”

Upcoming catalysts:

• H1, 2024 – DFS for the Manna Lithium Project (to include an updated MRE).

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

On January 2, European Lithium Ltd announced: “Amendments to Ukraine transaction…”

On January 10, European Lithium Ltd announced: “NASDAQ listing update.” Highlights include:

• “Special Meeting of Sizzle’s stockholders to approve the proposed business combination with Critical Metals Corp (Critical Metals or CRML) expected to be held on 23 January 2024.
• Sizzle separately seeking extension of business combination deadline under its charter to provide additional time in the event of unforeseen delays.”

On January 15, European Lithium Ltd announced: “Saudi Arabian hydroxide plant JV update.” Highlights include:

• “Processing plant capital investment will be fully funded through JV and is progressing well.
• The planned capacity for the hydroxide processing plant has been increased from 10,000 to 20,000 tonnes per annum.
• The JV is on track to finalise the incorporation of JV company (JVco) and shareholder agreement [SHA] in Q1, 2024.
• Zone 2 drilling at Wolfsberg anticipated to commence in quarter 2, 2024.”

On January 23, European Lithium Ltd announced: “NASDAQ listing update.” Highlights include:

• “Special Meeting of Sizzle’s stockholders to approve the proposed business combination with Critical Metals Corp (Critical Metals or CRML) rescheduled to be held on 31 January 2024.
• Requested delay to accommodate potential strategic investors.”

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

No significant news for the month.

Upcoming catalysts include:

• H2, 2024 – DFS due to complete at the Barroso Lithium Project.

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% Li₂O.

On January 16, Patriot Battery Metals announced: “Patriot Battery Metals commences Quebec’s largest lithium drill campaign at the Corvette Property.” Highlights include:

• “The 2024 drill campaign at the Corvette Property has commenced, targeting a minimum of 45,000 m over the January to April period (the ‘winter program’).
• At least ten (10) drill rigs are planned to be utilized to complete the winter program – making it among the largest lithium drill programs currently in Quebec.
• The winter access road is complete and in operation to reduce the dependency on helicopters for the drilling campaign, which is expected to reduce per metre cost significantly.
• Core assay results remain to be reported for more than 125 drill holes, including ~1.5 km of prospective pegmatite trend across the CV5 and CV13 pegmatites.
• The Company intends to provide an updated mineral resource estimate to the market in the third quarter of 2024.”

On January 24, Patriot Battery Metals announced:

Board and Executive update, Ken Brinsden to transition to Quebec Based CEO / President. Current CEO / President, Blair Way, to move into the COO (Chief Operating Officer) role, retaining his Executive Board position…

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 December 28, Frontier Lithium announced: “Frontier Lithium confirms high-grade lithium oxides at spodumene-bearing Pennock pegmatite, and announces option grant and repricing.” Highlights include:

• “Channel 56: 700m east southeast of the main blowout along the Pennock dyke system, crossed 3.0m of pegmatite averaging 1.8% Li₂O.
• Channel 55: 55m to the east of Channel 56, crossed 5.8m averaging 1.0% Li₂O.”

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

On January 15, Azure Minerals Limited announced: “Target area 3 mineralisation extended to 1,700m of strike and 700m down-dip. Presence of a major lithium mineralised system is now confirmed at TA3.” Highlights include:

• “…Consistent lithium mineralisation now confirmed by assays over a cumulative strike length of 1,300m and over 450m of down-dip extent, with highlights including: 90.8m @ 1.54% Li2O from 82.5m in ANDD0303 (TW: ~34.0m) (AP0004). 58.6m @ 1.57% Li2O from 57.7m in ANDD0306 (TW: ~33.1m) (AP0004) including: 15.9m @ 2.31% Li2O from 92.9m (TW: ~9.0m). 51.6m @ 1.04% Li2O from 255.1m in ANDD0322 (TW: ~36.9m) (AP0004). 40.1m @ 1.57% Li2O from 106.1m in ANDD0330 (TW: ~38.2m)…
• Lithium mineralisation in the footwall AP0005 pegmatite is confirmed over a strike length of more than 800m, including: 26.5m @ 1.07% Li2O from 4.2m in ANDD0300 (TW ~23.1m). 18.8m @ 1.20% Li2O from 135.1m in ANDD0296 (TW ~13.1m).
• Further high-grade intercepts from the hanging wall AP0001 pegmatite include: 6.4m @ 2.54% Li2O from 55.4m in ANDD0316 (TW ~6.3m). 11.0m @ 2.03% Li2O from 99.8m in ANDD0322 (TW ~5.5m).
• Pegmatites at TA3 remain open at depth and along strike to the northeast and southwest.
• Two diamond rigs have re-commenced drilling at TA3 to continue delineating mineralised extensions of the AP0002/AP0003/AP0004 pegmatite, with resource definition drilling expected to be completed by late-April.
• Six diamond rigs are currently operating at TA1 to complete resource definition drilling of AP0011 pegmatite by late-February, and will then to be relocated to TA3.”

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

On December 27, Delta Lithium announced: “Yinnetharra Lithium Project Maiden Mineral Resource Estimate.” Highlights include:

• “Delta Lithium is pleased to report a maiden Mineral Resource Estimate (MRE) at the Yinnetharra Lithium Project: Combined Inferred and Indicated Mineral Resource Estimate of: 25.7Mt @ 1.0% Li2O (at a 0.5% Li2O cut off)1. 26% of the MRE in higher confidence Indicated category: 6.7Mt @ 1.0% Li2O.
• The Malinda prospect, at which this MRE has been reported, is the only prospect to have been drilled to date at Yinnetharra but is one of many with confirmed LCT mineralisation.
• The rapid definition and delivery of this MRE in just over 12 months from acquisition paves the way for subsequent development activities for the project to commence.
• Permitting activity and baseline environmental studies are already underway at Yinnetharra.
• The Jamesons Tenement, E09/2621 has been granted and heritage surveys will begin as soon as possible in the new year to pave the way for drilling programs to follow up mineralised pegmatite outcrops
• An enhanced drilling program at Yinnetharra is scheduled to commence in January.
• The addition of the Yinnetharra MRE takes Delta’s combined Inferred and Indicated Lithium MRE to: 40.4Mt @ 1.1% Li2O ( at a 0.5% Li2O)2.”

On January 23, Delta Lithium announced: “December quarterly activities report.” Highlights include:

• “A maiden Mineral Resource Estimate (MRE) at the Yinnetharra Lithium Project was announced1: Combined Inferred and Indicated MRE of 25.7Mt @ 1.0% Li2O (at a 0.5% Li2O cut off), 26% of the MRE in higher confidence Indicated category: 6.7Mt @ 1.0% Li2O.
• This MRE has been defined from only the Malinda prospect, which is the only prospect to have been drilled to date at Yinnetharra.
• The Mt Ida Lithium Project received approval from DEMIRS for the Mining Proposal and Mine Closure Plan for Phase 1 open pit mining operations in line with prior expectations.
• Increased Mt Ida Lithium Mineral Resource Estimate (MRE) announced: Inferred and Indicated increased to 14.6Mt @ 1.2% Li2O3, 136% increase in Indicated Mineral Resources to 7.8Mt @ 1.3 % Li2O2, Increase in the contained lithium positions Delta for a potential 10 year plus mining operation.
• Additionally, a co-located gold MRE of 3.1Mt @ 4.1g/t Au for 412,000 ounces was defined, providing an opportunity for early cash flow from a potential sale or toll treatment of gold resources.
• Delta’s global MRE is now 40.4Mt @ 1.1% Li2O across both projects (at a 0.5% Li2O cut off).
• A binding agreement was executed with Dalaroo Metals Ltd (ASX: DAL) to purchase the LCT (lithium, caesium and tantalum) Mineral Rights over its Lyons River Project close to the Yinnetharra Project area.
• An Accelerated Non-Renounceable Entitlement Offer was announced on 13 November 20236 and completed on 7 December 20237, providing approximately $70.2 million to fund upcoming Company activities.
• Cash balance at 31 December 2023 of $116M.”

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

On January 17, Winsome Resources announced: “High grade infill drilling results confirm quality of Adina Lithium Project.” Highlights include:

• “Exploration results received from 5,000m of resource delineation drilling undertaken in Q4 2023 confirm the thick, shallow, high-grade nature of mineralisation at Adina.
• Recent results from the Main Zone [MZ] and Footwall Zone (FWZ) include: 68.1m at 1.11% Li2O from 17.5m (AD-23-080, MZ). 51.9m at 1.71% Li2O from 9.1m (AD-23-087, MZ). 20.4m at 1.64% Li2O from 262.4m (AD-23-087, FWZ). 53.5m at 1.55% Li2O from 47.0m (AD-23-090, MZ). 34.9m at 1.72% Li2O from 20.1m (AD-23-105, MZ). 49.1m at 1.51% Li2O from 250.6m (AD-23-124, FWZ). 35.5m at 1.49% Li2O from 240.0m (AD-23-134A, FWZ).
• Drilling underway in 2024 with 5 drill rigs onsite and focussing on infill and extensional drilling as well as drilling to collect samples for continuing metallurgical test work.
• Update to Adina Inferred Mineral Resource Estimate of 59Mt at 1.12% Li2O on track for H1 2024.
• Project studies underway and on track for completion in H2 2024.”

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

On January 9, Lithium Ionic Corp. announced: “Lithium Ionic drills 1.59% Li2O over 15m and 1.58% Li2O over 9m at Salinas Project, Minas Gerais, Brazil; NI 43-101 Mineral Resource Estimate underway.”

On January 23, Lithium Ionic Corp. announced: “Lithium Ionic drills 1.31% Li2O over 24.0m, incl. 1.67% Li2O over 10.0m; and 2.12% Li2O Over 7.2m at Bandeira, Minas Gerais, Brazil.” Highlights include:

• “1.31% Li2O over 24.0m, incl. 1.86% Li2O over 6.0m and 1.67% Li2O over 10.0m; intersected from ~100 metres down hole (hole ITDD-23-228).
• 2.12% Li2O over 7.2m and 1.53% Li2O over 8.0m (hole ITDD-23-226).
• 1.96% Li2O over 5.9m and 1.73% Li2O over 6.0m (hole ITDD-23-224).
• 1.33% Li2O over 10.4m, including 1.65% Li2O over 8.0m, intersected from ~44 metres down hole (hole ITDD-23-243).
• 1.35% Li2O over 7.3m (hole ITDD-23-232).
• 1.81% Li2O over 5.0m (hole ITDD-23-210).
• 1.65% Li2O over 5.5m (hole ITDD-23-230).”

Wildcat Resources [ASX:WC8]

On January 9, Wildcat Resources announced: “Diamond drilling recommences at Tabba Tabba Lithium Project.” Highlights include:

• “Diamond drilling recommences at Tabba Tabba after Christmas break.
• Site camp upgraded during the Christmas period to accommodate ~80 staff for full-scale drill out.
• Earthworks and site infrastructure upgraded for year-round drilling…”

On January 17, Wildcat Resources announced: “Quarterly activities report – December 2023.” Highlights include:

• “Multiple, wide, and high-grade spodumene mineralised pegmatites intersected in RC drilling including 180m at 1.1% Li2O and 85m at 1.5% Li2O at the Tabba Tabba Lithium Project, Pilbara, WA.
• The giant Leia Pegmatite extended to 2.2km in strike.
• Lithium mineralisation and favourable mineralogy confirmed by diamond drilling.
• $100M raised to accelerate exploration and evaluation of new Tier 1 spodumene deposit.
• Management team strengthened, with Mining Engineer Mr Ajanth (AJ) Saverimutto transitioning to Managing Director and Tim Manners appointed as Chief Financial Officer.
• Tabba Tabba sale agreement from GAM finalised with Wildcat now owning the Tabba Tabba Project 100%.
• Cash at bank of $94.1 M at 31 December 2023.”

On January 24, Wildcat Resources announced: “Wildcat plans 100,000m drill program at Tabba Tabba in first half of 2024…”

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

No significant news for the month.

Upcoming catalysts include:

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.

No significant news for the month.

AVZ Minerals [ASX:AVZ] (OTCPK: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 January 18, AVZ Minerals announced:

AVZ successful in ICSID interim measures…The Company is pleased to report that, on 16 January 2024, the ICSID tribunal made interim orders to the effect that the DRC take necessary steps to reflect that Dathcom is the holder of PR 13359 and to protect AVZI, GLH and Dathcom’s rights during the pendency of the proceedings (Interim Orders). The ICSID tribunal’s decision to grant provisional measures is an interim decision. It does not involve any final conclusion as to the merits of the case, which remain to be determined in the substantive proceedings…

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

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

LPI owns 100% of the Maricunga Lithium Brine Project in Chile.

On January 16, Lithium Power International announced: “Scheme update and amended timetable…”

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

On December 29, American Lithium Corp. announced:

Following unanimous ruling from Superior Court of Peru confirming company’s title to 32 disputed concessions….

On January 10, American Lithium Corp. announced: “Updated PEA for Falchani highlights robust economics after-tax NPV8% triples to US$5.11 billion, IRR 32.0% and low Opex $5,093/t LCE.” Highlights include:

• “Pre-tax Net Present Value (“NPV”)_8% $8.41 billion at $22,500/tonne (“t”) LCE.
• After-tax NPV_8% $5.11 billion at $22,500/t LCE:
  • NPV has tripled versus 2019 PEA After-tax NPV_8% $1.5 billion at $12,000/t LCE.
• “Pre-tax Internal Rate of Return (“IRR”) of 40.7%.
• After-tax IRR of 32.0%.
• Pre-tax initial capital payback period 5 years; after-tax payback 3.0 years.
• Average LOM annual pre-tax cash flow: $1,019 million; annual after-tax cash flow: $644 million.
• Initial Capital Costs (“Capex”) estimated at $681 million.
• Total Capex LOM estimated at $2,565 million; Sustaining Capital estimated at $236 million.
• Operating cost (“Opex”) estimated at $5,092/t LCE.
• PEA mine and processing plant produces 2.64 Mt LCE LOM over 43 years:
  • Steady-state Ave. of 23,145 tpa LCE Phase 1; 45,084 tpa Phase 2; and 72,624 tpa Phase 3.”

On January 16, American Lithium Corp. announced: “American Lithium announces financial and operating highlights for third quarter ended November 30, 2023.” Highlights include:

• “…Semi-Detailed Environmental Impact Study (EIA-sd) – submitted for Falchani to the MINEM ahead of schedule. With the filing acknowledged by MINEM, regulatory approval for the EIA-sd is anticipated in the coming months.
• Lithium Discovery at Quelcaya in Peru – new lithium (“Li”) discovery 6 kilometres west of Falchani with assays up to 2,668 ppm lithium and over 222 metres of continuous mineralization.
• Flow Sheet Refinement – continued refinement of the TLC PEA flow sheet with higher Li purity (99.54%) indicating enhanced economic potential of this project…”

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 January 4, Wealth Minerals announced:

Wealth Minerals announces positive PEA for the Kuska project, Ollagüe, Chile. Highlights: Pre-tax NPV10% US$1.65 bn & 33% IRR…The PEA describes the Kuska project development towards a 20,000 metric tpa LCE output and an anticipated Life of Mine (“LOM”) of 20 years. The Company intends to use a mature DLE technology (TRL 8 in the PEA) converting lithium-bearing brine into battery-grade Lithium Carbonate (“LC”).

E3 Lithium Ltd. [TSXV:ETL] [FSE:OW3] (OTCQX:EEMMF) (Formerly E3 Metals)

E3 Lithium Ltd. is a lithium development company focused on commercializing its extraction technology and advancing the world’s 7th largest lithium resource with operations in Alberta. E3 has a M&I Resource of 16.0Mt.

On January 9, E3 Lithium Ltd. announced: “E3 Lithium provides grant funding and financial position update.” Highlights include:

• “E3 Lithium has attracted more than $32M CAD in non-share dilutive grant funding and investments to-date, and has claimed more than $11M.
• E3 Lithium anticipates receiving more than $4M in reimbursements early in 2024.
• E3 Lithium has close to $21M remaining to be claimed as part of the Strategic Innovation Fund [SIF].
• With $37.9M in cash working capital as of the end of Q3 2023, E3 Lithium is in a strong position to deliver on its 2024 plans.”

Nevada Lithium Resources [CSE:NVLH] (OTCQB: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 January 9, Nevada Lithium Resources announced:

Nevada Lithium Seismic Survey defines location of major fault zone – identifies brine target for drill test…

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

On January 18, Reuters reported:

Serbia wants talks with Rio Tinto over Jadar lithium project…President Aleksandar Vucic said on Wednesday, adding that there should also be more public discussion over whether it should go ahead. Belgrade revoked licences for Rio’s $2.4 billion Jadar lithium project in Western Serbia in January 2022 after massive environmental protests. If completed, the project could supply 90% of Europe’s current lithium needs and help to make the company a leading lithium producer.

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

On January 11, Lithium South Development Corp. announced:

Lithium South announces cooperative development agreement with POSCO Argentina SAU on HMN Li Project…

On January 18, Lithium South Development Corp. announced:

Lithium South pumping/production well drilling update…Company President and CEO, Adrian F. C. Hobkirk is quoted, “We are excited to be nearing the completion of our first deep pumping well at the Alba Sabrina claim block. We look forward to pumping test results.” The Preliminary Economic Assessment (PEA) announced October 18, 2023, is nearing completion…Full results are expected shortly. The PEA will have an Initial Design Capacity of 15,000 tonnes per year Lithium Carbonate Equivalent.

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

No news for the month.

Avalon Advanced Materials [TSX:AVL] [GR:OU5] (OTCQX:AVLNF)

Avalon has three projects in Ontario, Canada, and five in total throughout Canada. Avalon’s most advanced project is the Separation Rapids Lithium Project in Ontario with a M& I Petalite Zone Resource of 6.28mt grading 1.37% Li2O, plus an Inferred Resource of 0.94mt at 1.3%. Avalon has a JV with SCR-Sibelco NV (“Sibelco”) (60% Sibelco: 40% Avalon) to develop their lithium assets.

No news for the month.

Snow Lake Resources (LITM)

No significant news for the month.

Green Technology Metals [ASX: GT1]

No significant news for the month.

Lithium Energy Limited [ASX:LEL]

On January 15, Lithium Energy Limited announced: “Battery grade lithium carbonate successfully produced from Solaroz Brine.”

Argentina Lithium & Energy Corp. [TSXV: LIT] (PNXLF) (OTCQB:LILIF)

On January 10, Argentina Lithium & Energy Corp. announced:

Argentina Lithium announces commencement of trading on OTCQX market and new symbol…Best Market under the ticker symbol of LILIF.

On January 22, Argentina Lithium & Energy Corp. announced:

Argentina Lithium drilling continues to produce strong lithium results at the Rincon West Project…reports positive results from the tenth and eleventh exploration holes at its Rincon West Project in Salta Province, Argentina. Samples collected over a 295.5 m section of RW-DDH-010 ranged from 245 to 366 mg/l lithium. Samples collected over a 321 m section of RW-DDH-011 ranged from 246 to 344 mg/l lithium…

Battery recycling, lithium processing and new cathode technologies

Rock Tech Lithium [CVE:RCK](OTCQX:RCKTF)

On January 2, Rock Tech lithium announced:

Rock Tech announces closing of non-brokered private placement… Pursuant to the Offering, the Company issued an aggregate of 4,478,754 Units at a price $1.30 per Unit for aggregate gross proceeds of approximately $5.8 million…

Neometals (OTCPK:RRSSF) (OTCPK:RDRUY) [ASX:NMT]

On January 10, Neometals announced: “Mercedes-Benz refinery purchase order.” Highlights include:

• “Primobius receives purchase order (“PO”) from Mercedes-Benz (“Mercedes”) for the hydrometallurgical refinery (“Hub”) plant to complete its lithium-ion battery (“LiB”) recycling facility, currently under construction, in Kuppenheim, Germany.
• PO covers fabrication, installation and commissioning of the Hub which will refine intermediate products from the 2,500tpa shredding ‘Spoke’ currently being fabricated for Mercedes under a previous PO.”

On January 25, Neometals announced: “Quarterly activities report for the quarter ended 31 December 2023.”

• “….Preparations for demonstration plant and engineering studies continue and ongoing advanced discussions between RAM and Lifthium Energy SA (sister company of Bondalti) for a new cooperation framework for the commercialisation of RAM’s ELi™ process in Portugal.”

Upstream – Mineral Extraction

Spargos Lithium Project (100% NMT)

• “Activities associated with reviewing and updating historical data sets, field verification, re-sampling, and assaying of logged pegmatites in historical drilling core – final assay results pending.”

Nano One Materials (TSX: NANO) (OTCPK:NNOMF)

No significant news for the month.

Other lithium juniors

Other juniors include: 5E Advanced Materials Inc [ASX:5EA] (FEAM), ACME Lithium Inc. [CSE:ACME] (OTCQX:ACLHF), American Lithium Minerals Inc. (OTCPK:AMLM), Anson Resources [ASX:ASN] [GR:9MY], Ardiden [ASX:ADV], Arizona Lithium [ASX:AZL] (OTCQB:AZLAF), Azimut Exploration [TSXV:AZM] (OTCQX:AZMTF), Bastion Minerals [ASX:BMO], Battery Age Minerals [ASX:BM8], Bradda Head Lithium Limited [LON:BHL] (OTCQB:BHLIF) (OTCPK:CDCZF), Brunswick Exploration [TSXV:BRW] (OTCQB:BRWXF), Bryah Resources Ltd [ASX:BYH], Carnaby Resources Ltd [ASX:CNB], Champion Electric Metals Inc. [CSE:LTHM] [FSE:1QB0] (OTCQB:CHELF), Charger Metals [ASX:CHR], CleanTech Lithium [AIM:CTL] (OTCQX:CTLHF), Compass Minerals International (CMP), Consolidated Lithium Metals Inc. [TSXV:CLM], Cosmos Exploration [ASX:C1X], Critical Resources [ASX:CRR], Cygnus Metals [ASX:CY5], Dixie Gold [TSXV:DG], Electric Royalties [TSXV:ELEC], Eramet [FR: ERA] (OTCPK:ERMAF) (OTCPK:ERMAY), Foremost Lithium Resources & Technology [CSE:FAT] (OTCPK:FRRSF), Future Battery Minerals [ASX:FBM] (OTCPK:AOUMF), Greentech Metals [ASX:GRE], Greenwing Resources Limited [ASX:GW1] (OTCPK:BSSMF), Grounded Lithium [TSXV:GRD] (OTCQB:GRDAF), HeliosX Lithium & Technologies Corp. [TSXV:HX] (formerly Dajin Lithium Corp. [TSXV:DJI]), Hannans Ltd [ASX:HNR], Infinity Lithium [ASX:INF], Infinity Stone Ventures (CSE:GEMS)(OTCQB:GEMSF), International Battery Metals [CSE: IBAT] (OTCPK:IBATF), International Lithium Corp. [TSXV:ILC] [FSE: IAH] (OTCQB:ILHMF), Ion Energy [TSXV:ION], Jadar Resources Limited [ASX:JDR], James Bay Minerals Ltd [ASX:JBY], Jindalee Lithium Limited [ASX:JLL] (OTCQX:JNDAF), Kali Metals [ASX:KM1], Kodal Minerals (LSE-AIM:KOD), Larvotto Resources [ASX:LRV], Lepidico [ASX:LPD] (OTCPK:LPDNF), Liberty One Lithium Corp. [TSXV:LBY] (LRTTF), Li-FT Power [TSXV:LIFT] [FSE:WS0](OTCPK:LIFFF), Lithium Australia [ASX:LIT] (OTC:LMMFF), Lithium Chile Inc. [TSXV:LITH][GR:KC3] (OTCPK:LTMCF), Lithium Corp. (OTCQB:LTUM), Lithium Energi Exploration Inc. [TSXV:LEXI](OTCPK:LXENF), Lithium Plus Minerals [ASX:LPM], Lithium Springs Limited [ASX:LS1], Loyal Lithium [ASX:LLI], Megado Minerals [ASX:MEG], Metals Australia [ASX:MLS], MetalsTech [ASX:MTC], Midland Exploration [TSXV:MD] (OTCPK:MIDLF), MinRex Resources [ASX:MRR], MGX Minerals [CSE:XMG] (OTC:MGXMF), New Age Metals [TSXV:NAM] (OTCQB:NMTLF), Noram Lithium Corp. [TSXV:NRM] (OTCQB:NRVTF), Oceana Lithium [ASX:OCN], Omnia Metals Group [ASX:OM1], One World Lithium [CSE:OWLI] (OTC:OWRDF), Patriot Lithium [ASX:PAT], Portofino Resources Inc.[TSXV:POR] [GR:POT], Power Metals Corp. [TSXV:PWM] (OTCQB:PWRMF), Power Minerals [ASX:PNN], Prospect Resources [ASX:PSC], Pure Energy Minerals [TSXV:PE] (OTCQB:PEMIF), Pure Resources Limited [ASX:PR1], Q2 Metals [TSXV:QTWO] (OTCQB:QUEXF) (QTWO), Quantum Minerals Corp. [TSXV:QMC] (OTCPK:QMCQF), Spearmint Resources Inc [CSE:SPMT] (OTCPK:SPMTF), Stelar Metals [ASX:SLB], Solis Minerals [ASX:SLM], Spod Lithium Corp. [CSE:SPOD] (OTCQB:SPODF), Stria Lithium [TSXV:SRA] (OTCPK:SRCAF), Surge Battery Metals Inc. [TSXV:NILI] (OTCPK:NILIF), Tantalex Lithium Resources [CSE:TTX], [FSE:1T0], Tearlach Resources [TSXV:TEA] (OTCPK:TELHF), Tyranna Resources [ASX:TYX], Ultra Lithium Inc. [TSXV:ULI] (OTCQB:ULTXF), United Lithium Corp. [CSE:ULTH] [FWB:0UL] (OTCPK:ULTHF), Vision Lithium Inc. [TSXV:VLI] (OTCQB:ABEPF), X-Terra Resources [TSXV:XTT] (OTCPK:XTRRF), Zinnwald Lithium [LN:ZNWD].

Conclusion

January lithium prices were flat (carbonate) to lower (hydroxide, spodumene).

Highlights for the month were:

• Liontown Resources commenced a review of the planned expansion and associated ramp-up of Kathleen Valley to preserve capital. Confirms that the Kathleen Valley Lithium Project remains on-track for first production by mid-2024.
• Leo Lithium to receive US$65 million for a further sale of 5% of Goulamina to Ganfeng Lithium. Goulamina Project ~60% construction complete.
• Atlas Lithium drills 47.00m @ 1.44% Li₂O from 59m depth.
• Patriot Battery Metals commences Quebec’s largest lithium drill campaign at the Corvette Property, winter road access complete. Ken Brinsden to transition to Quebec Based CEO / President.
• Azure Minerals – Consistent lithium mineralisation now confirmed by assays over a cumulative strike length of 1,300m at Andover Lithium Project.
• Delta Lithium Total Maiden Resource estimate of 25.7Mt @ 1.0% Li2O at the Yinnetharra Lithium Project.
• Winsome Resources drills 68.1m at 1.11% Li2O from 17.5m (AD-23-080, MZ), 51.9m at 1.71% Li2O from 9.1m, and 34.9m at 1.72% Li2O from 20.1m (AD-23-105, MZ) at Adina.
• Lithium Ionic drills 1.59% Li2O over 15m and 1.58% Li2O over 9m at Salinas Project and 1.31% Li2O over 24.0m at Bandeira.
• American Lithium Corp. updated PEA for Falchani highlights robust economics after-tax NPV8% triples to US$5.11 billion, IRR 32.0%.
• Wealth Minerals positive PEA for the Kuska project, Ollagüe, Chile. Highlights: Pre-tax NPV10% US$1.65 bn & 33% IRR.
• Serbia wants talks with Rio Tinto over Jadar lithium project.
• Lithium Energy Limited – Battery grade lithium carbonate successfully produced from Solaroz Brine.
• Argentina Lithium & Energy samples collected over a 295.5 m section of RW-DDH-010 ranged from 245 to 366 mg/l lithium at Rincon West Project.
• Neometals JV (Primobius) receives purchase order from Mercedes-Benz to complete its lithium-ion battery recycling facility in Germany.

As usual all comments are welcome.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.