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Funding Grows for Expanding Lithium Mining Projects News Commentary



Funding Grows for Expanding Lithium Mining Projects News Commentary

PR Newswire

NEW YORK, Jan. 21, 2022 /PRNewswire/ — The demand for lithium is on the rise. The element, which is found in dry places and requires thousands of liters of water to be mined, is a crucial component for the manufacturing of batteries, including those utilized in Electric Vehicles (EVs). Because of the difficulty associated with mining lithium, there are heavy investments made into R&D. For example, in February 2020, funding of around USD 20 million by Bill Gates was provided to Lilac Solutions, a lithium mining technology firm located in the U.S. According to the Lilac Solutions, its ion exchange technology is two times more efficient compared to the current mining process and requires a fraction of time. And according to data published by Research and Markets, the global lithium market size is expected to reach USD 8.2 Billion by 2028. The market is expected to expand at a CAGR of 14.8% from 2021 to 2028. Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTC: FRRSF), Standard Lithium Ltd. (NYSE: SLI), Lithium Americas Corp. (NYSE: LAC), Livent Corporation (NYSE: LTHM), Snow Lake Resources Ltd. (NASDAQ: LITM)

Lithium proved to be an essential mineral for the electrification of vehicles as LiOH, a white hygroscopic crystalline material and an inorganic compound, is mostly used by lithium-ion battery manufacturers. According to Platts Analytics, global plug-in light-duty EV sales are expected to rise to 6.5 million units in 2022 and 10.5 million units in 2025, up from an estimated 6 million units in 2021 and 3.1 million units in 2020.

Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTC: FRRSF) announced yesterday breaking news regarding, “the acquisition of The Grass River Claims, located in the historic mining district of Snow Lake Manitoba, 6.5 kilometers east of the Zoro lithium property. The Grass River Claims (“GRC”) consist of 27 claims totaling 14,873 acres and hosts multiple pegmatites exposed in outcrop and 7 drill-indicated spodumene-bearing pegmatite dykes. This acquisition significantly expands the Company’s Snow Lake Lithium project by 130% to an amalgamated 26,276 acres making Foremost the largest lithium exploration company in Snow Lake…

The Company’s plans include moving forward with significant working-capital and utilizing modern geophysical and geochemical technologies to supplement boots-on-the-ground prospecting to further explore the GRC spodumene-bearing pegmatite dykes. Modern exploration on the GRC pegmatites has not been undertaken in more than 60 years.

Foremost Lithium will commence exploration on the GRC once the snow has melted and will proceed as follows:

  • First pass prospecting of outcrop areas on the claim block focusing on known pegmatite
  • EarthEx Drone-Assisted Magnetic Survey. This is the identical technology the Company recently applied to the Jean Lake property to define the 3D extent and magnetic signature of the high-grade spodumene-bearing Beryl pegmatite dykes
  • Surficial geochemical surveys including Mobile Metal Ions. MMI Technology is the same soil geochemical technology utilized by Foremost on the Zoro property to delineate new drill targets and discovered high-grade spodumene-bearing Dyke 8
  • Identify and drill specific high-value targets defined by integrating historic and new exploration datasets

Scott Taylor, President & CEO of Foremost Lithium, adds, ‘I woke up this morning with a big smile as I see this as a phenomenal opportunity to significantly increase the tonnage of our lithium resource, and deliver shareholder value. The acquisition of the Grass River Claims is a 130% increase in Foremost Lithium’s ground position in Snow Lake, and a material increase in the number of historically drill-indicated spodumene bearing pegmatite dykes on our property. I would also like to personally to express my most sincere gratitude to our team: Dr. Mark Fedikow, Jake Ziehlke Todd McCracken, and Brad Gogal (Gogal Air Services) who all worked tirelessly over the holidays in harsh winter conditions to stake and register these claims with the Manitoba Mining Recorder. Without such valuable and valiant team efforts, we couldn’t continue to deliver such milestone moments for our company and shareholders.’

Rystad recently indicated the price for lithium carbonate for batteries in China of 300,000 yuan per tonne, nearly 43% higher than the previous month’s 210,000, and an increase for lithium hydroxide from 192,000 to 290,000 yuan, with lithium carbonate price rising 43% in China month over month. The Global adoption of electric vehicles is accelerating and with this announcement of the acquisition of The Grass River Claims in Snow Lake Manitoba, Foremost Lithium continues to position itself as a contender in the lithium exploration landscape.

Technical information contained in the press release has been approved by the Company’s VP of Exploration, Dr. Mark Fedikow, , P.Eng., P.Geo, who is a “Qualified Person” within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Dr. Fedikow holds Honours B.Sc. and M.Sc. degrees in geology, geophysics and geochemistry from the University of Windsor (Canada) and a Ph.D. in exploration geochemistry from the School of Applied Geology, University of New South Wales in Sydney (Australia).”

Standard Lithium Ltd. (NYSE: SLI) announced on December 15th, 2021 that it has signed a Letter of Intent (“LOI”) with Koch Engineered Solutions (“KES”) for support with pre-front end engineering design (“pre-FEED”) at the Company’s proposed first commercial plant located at the Lanxess facility in southern Arkansas.  “KES is focused on accelerating growth in energy transformation with an eye on the fast-growing renewables market. Our collaboration with Standard Lithium showcases KES’s commitment to working with our partners to provide best in class process equipment, engineering, procurement, and construction services. We are excited to help grow the battery value chain and look forward to working with Standard Lithium on this historic project,” said Dan Haycook, chief commercial officer for Koch Engineered Solutions.

Lithium Americas Corp. (NYSE: LAC) and Millennial Lithium Corp. announced on November 17th, 2021 that they have entered into a definitive arrangement agreement dated November 17, 2021 (the “LAC Arrangement Agreement”) pursuant to which Lithium Americas has agreed to acquire all of the outstanding shares of Millennial (each, an “ML Share”) by way of a plan of arrangement (the “LAC Transaction”) for C$4.70 per ML Share, payable in common shares of Lithium Americas (the “LAC Shares”) and C$0.001 in cash per ML Share (collectively, the “Purchase Price”), representing total consideration of approximately US$400 million. Based on Lithium Americas’ closing price on November 16, 2021, this consideration would result in Millennial Shareholders owning approximately 9.1% of Lithium Americas.  “This transaction is a rare opportunity to add a complementary lithium brine project and leverage our expertise developing Caucharí-Olaroz as the largest new lithium carbonate operation to come online in over 20 years,” said Jonathan Evans, President and CEO of Lithium Americas. “We are confident Pastos Grandes can provide significant value for all shareholders as we execute on our growth strategy in the region over the coming years.”

Livent Corporation (NYSE: LTHM) announced on November 1st, 2021, its proprietary LIOVIX™ lithium metal product, a unique printable formulation of lithium metal and other specialty materials that can improve the performance of lithium-ion batteries, reduce manufacturing costs and enable the next generation of battery technology, all while enhancing safety and sustainability. “Our customers continue to look to us for innovative and sustainable solutions that can improve battery performance, safety and manufacturing efficiency.  We look forward to bringing LIOVIX™ to the market in the future as a product to help meet these growing requirements while opening pathways for the development of next generation battery technology,” said Paul Graves, president and chief executive officer of Livent.

Snow Lake Resources Ltd. (NASDAQ: LITM), d/b/a Snow Lake Lithium Ltd. announced on December 20th, 2021, an update to it’s stakeholders on it’s progress toward commercial lithium production.  Snow Lake has entered into a contractual agreement with SGS Natural Resources in Lakefield, ON to perform the necessary metallurgical testing required for the preliminary economic assessment, or PEA, and for the subsequent pre-feasibility study, or PFS.  CEO of Snow Lake Lithium, Philip Gross, commented “We are currently running to achieve full scale production and seeking to quantify all unknown variables. The SGS metallurgical studies will provide the critical data needed to complete our PEA, initiate a PFS and confirm our trajectory to becoming the first B Corp fully renewable, carbon neutral North American hydroxide producer to the EV industry.”

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