Experts Provide Crucial Tips for Juniors to Heed in 2024

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THE CONFERENCE CALLER: Experts at the RIU Explorers Conference in Fremantle have offered some advice to juniors for the year ahead. By Kristie Batten

The market for juniors has deteriorated since the start of January, though the strong turnout at the conference is a sign there’s still plenty of interest.

ANZ relationship manager – junior resources Tim Robertson said there was one word to sum up the year ahead: volatile.

The bank forecasts little upside in battered lithium or nickel.

For lithium, ANZ expects production to rise by 40% this year, while demand will only increase by 25%.

“We could see further lithium projects being deferred or existing projects curtailed,” Robertson said.
On the macroeconomic front, the US election will be a key theme of 2024.

“The $64 million dollar question is this: what would a second Trump presidency look like?”
Robertson posed.

While there’s speculation Trump would repeal the Inflation Reduction Act, Robertson noted that two thirds of the IRA money to date has gone to Republican districts.

“You could mount an argument that Republicans, rather than Democrats, are benefitting from the IRA,” he said.

“It poses a conundrum for Trump.”

Interest rates and inflation will be another area to watch in 2024.

Robertson warned juniors with decent cash balances to manage them carefully.

“For juniors with cash balances, unfortunately interest rates coming down is not so good,” he said.

Geopolitical turmoil and reducing interest rates are likely to benefit the gold price and Robertson said ANZ expected the price to average above US$2000 an ounce.

BDO corporate finance partner Adam Myers said there should be a pick-up in merger and acquisition activity, based on the number of inbound inquiries being received.

Already during the conference, Horizon Minerals and Greenstone Resources have announced a merger and Hammer Metals and Carnaby Resources have confirmed merger discussions.

Hamilton Locke partner, corporate Jeremy Newman warned juniors to get their market compliance and disclosure right.

“If you get the little things right, it improves your reputation with investors and the regulator and makes the big things easier,” he said.

“The ASX is particularly active in a quiet market so we can expect a more interventionist ASX in 2024.”

Newman said areas of focus for the ASX was visual mineralisation estimates, production targets, scoping studies and acquisitions.

The inclusion of the term “bag of dicks” in the JORC tables of Great Boulder Resources’ announcement last week led Newman to his final piece of advice.

“A gentle reminder to proof-read your tables.”

 

 

Hot Lithium Stock Kali Metals Debuts at RIU Explorers Conference

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THE CONFERENCE CALLER: ASX newcomer Kali Metals (ASX: KM1) announced its highest-grade lithium results yet ahead of its first presentation as a listed company. By Kristie Batten

Kali Metals listed on the ASX on January 5 after a heavily oversubscribed initial public offering that closed within hours, raising $15 million.

“And we could have raised that several times over,” managing director Graeme Sloan told the RIU Explorers Conference in Fremantle.

A spin-off of Kalamazoo Resources and Toronto-listed Karora Resources, Kali attracted attention when ASX 100 lithium and iron ore producer Mineral Resources invested in the IPO.

MinRes held just under 10% of Kali when it listed and has increased its stake to 14% since via on-market purchases.

Kali owns ground in the Higginsville lithium district, just south of MinRes and Ganfeng Lithium’s operating Mt Marion mine and to the northwest of MinRes’ newly acquired Bald Hill mine.

The company had reported rock chip samples grading up to 3.69% lithium oxide at its Spargoville project but bettered that today with a rock chip grading 5.05% from the Flynn-Giles prospect.

“They’re some big numbers,” Sloan said.

Flynn-Giles sits within a 2km-long soil anomaly.

Other new results reported today included 2.64% lithium oxide at Flynn-Giles and 2.57% at the Parker-Grubb anomaly to the west.

“This area is certainly looking very good for us,” Sloan said.

At the Widgiemooltha project, the company also reported rock chip results of more than 2% lithium oxide at two separate prospects.

Soil sampling will continue across eight prospects at Higginsville with reverse circulation drilling to begin at Spargoville later in the current half.

Kali also has ground in the Pilbara, a region Sloan describes as “the land of the giants”.

Its DOM’s Hill and Marble Bar projects are adjacent to Pilbara Minerals’ Pilgangoora and MinRes and Albemarle’s Wodgina mines.

Those projects are subject to a joint venture with Chilean lithium giant SQM, which can earn 70% by spending $12 million over four years.

On the east coast, Kali has tenements in the Lachlan Fold Belt.

All up, the company holds 3854 square kilometres of ground, in what Sloan describes as one of the best hard rock lithium exploration packages in Australia.

“If you want to take something away, it’s that massive land package.”

 

 

Will Lithium Money Funnel Back to Gold?

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THE CONFERENCE CALLER: The lithium price rout and associated decline in equities could be an opportunity for the long-struggling junior gold space. By Kristie Batten

That was the view of the Canaccord Genuity team during the opening panel discussion at the RIU Explorers Conference in Fremantle.

While the price of lithium declined by 85% in 2023 and has continued to decline, the gold price was the second-best performer (behind uranium) and has tested new highs already this year.
Canaccord is bullish on gold for 2024.

“The macro paints a reasonably strong picture for it to be potentially reaching new highs this year,” Canaccord gold analyst Tim McCormack told delegates.

McCormack sees little chance of US debt dropping and gold had typically performed well coming out of an interest rate-hike cycle.

He also noted that while the Australian dollar gold price was up $500 an ounce over the past year, the share prices of the larger ASX-listed producers were flat to slightly lower.

“There’s a really big disconnect in those prices,” McCormack said.

“You kinda scratch your head about that a bit.”

McCormack said the average generalist fund remained underweight gold.

“You’re having a situation where there has been a very legitimate pool of money into other sectors – lithium and things like that – and that is diminishing in my view,” he said.

“And hopefully that results in a focus back into the gold sector and will funnel money back into that sector as well.”

On lithium, Canaccord analyst Tim Hoff said pricing could remain depressed for the next 9-12 “or maybe 15” months due to a “wave of supply”.

However, he said demand was still strong, albeit potentially delayed.

“The thematic is still in place,” Hoff said.

Hoff said the mainstream media was running the line that the electric vehicle revolution was dead.
“That couldn’t be further from the truth,” he said.

Hoff added that the notion that hydrogen would be used for transportation and displace lithium was “absolute rubbish”.

Meanwhile, McCormack said that attending conferences like RIU provided a potential opportunity to be ahead of the market, though it was difficult.

“The reality is the Azures, the Gruyeres, the Tropicanas don’t come around often,” he said.

McCormack said he was early into De Grey Mining in late 2019/early 2020 but it wasn’t a regular occurrence.

He noted most investors were late to the party on discoveries and didn’t catch on until the share price had doubled or tripled.

“Don’t be put off by that if it’s a true tier one discovery,” McCormack said.

McCormack looks out for three key factors when looking at mining stocks: asset, management and jurisdiction.

Canaccord has been supporters of leaders like Bill Beament, Raleigh Finlayson and Mark Clark.

“You sort of close your eyes and say ‘take my money’ – those guys deserve it,” McCormack said.

 

Azure Minerals Wins Prestigious Craig Oliver Award

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THE CONFERENCE CALLER: Lithium takeover target Azure Minerals has been named as the recipient of the 2024 Craig Oliver Award. By Kristie Batten

The award, handed out this morning on day one of the 2024 RIU Explorers Conference in Fremantle, is in honour of mining executive Craig Oliver, who died in a plane crash in 2010.

His youngest daughter Sascha was on hand to present the award.

Azure Minerals managing director receives the award from Sascah Oliver flanked by Jaxon Crabb and Stewart McDonald of the RIU Explorers Conference 

Azure beat out other nominees Genesis Minerals, Boss Energy and Santana Minerals.

Accepting the trophy, Azure managing director Tony Rovira pointed out that the award wasn’t for exploration or production but a true all-rounder award.

“I think Azure this year has certainly met the criteria,” he said.

Azure had been exploring in Mexico for many years but pivoted back to Western Australia in 2020 with the Andover nickel-copper project, a 60:40 joint venture with legendary prospector Mark Creasy.

“For a company to be successful, you need a vision,” Rovira said.

The vision switched to the lithium potential of Andover, and as they say, the rest is history.
Andover has an exploration target of 100-240 million tonnes at 1-1.5% lithium oxide, which, if realised, would make the deposit globally significant.

Previous winners of the Craig Oliver Award are OZ Minerals (2023), De Grey Mining (2022), Bellevue Gold and Chalice Mining (2021), Stavely Minerals (2020), MOD Resources (2019), Pilbara Minerals (2018), Evolution Mining (2017), Metals X (2016), Doray Minerals (2015), Northern Star Resources (2014), Sirius Resources (2013), Silver Lake Resources (2012) and Independence Group (now IGO, 2011).

OZ, MOD, Doray and Sirius have since been acquired, while Silver Lake is now merging with Red 5.

Azure is also subject to a A$1.7 billion takeover offer from Chile’s SQM and Gina Rinehart’s Hancock Prospecting.

It’s rare for large companies to pounce on a pre-resource explorer but they clearly see Andover’s potential.

Azure reinforced that potential today by announcing new drilling results including 112.9m at 1.63% lithium oxide; 152.3m at 1.15% lithium oxide; and 106.1m at 1.3% lithium oxide.

A maiden resource estimate is due by mid-year.

 

Explorers Conference Set to Ignite 2024

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THE CONFERENCE CALLER: The market for junior explorers may have been a touch gloomy so far in 2024 but if there’s one thing the sector has demonstrated time and time again, it’s resilience. By Kristie Batten

In the final months of 2023, gains in the junior sector were driven by frenzied interest in the lithium market, which has since cooled as the lithium rout hits operating mines.

“The good performance in December, when we seemed to have turned the corner, has been met with a baseball bat in January,” Far East Capital’s Warwick Grigor noted recently.

“That has come as a surprise to most of us, including me.”

Grigor noted the large-cap mining stocks were performing well but wondered when that might trickle down to the juniors.

“The failure of many zombie stocks might clear the decks, but it will still hurt the confidence of those who have been hoping for a recovery,” he said.

“Another bout of fundraising on any recovery in share prices will divert liquidity into those issues.”
Grigor said finding the next crop of outperforming stocks would be more rewarding than waiting for a recovery.

 

RIU Explorers Conference

 

As well as being one way to find the next hidden gem, the RIU Explorers Conference, being held in Fremantle next week, will be a great measure of sentiment in the small to mid-cap arena.

The line-up includes 90 company presentations, spanning from the smallest of microcaps through to ASX 200 producers. There’s sure to be something for everyone with gold, lithium, copper, nickel, rare earths, uranium, high-purity alumina, graphite, zinc, cobalt and even helium represented.

The event will also feature keynotes from Canaccord Genuity, Hamilton Locke, ANZ, BDO, BHP Xplor, ABC Refinery, S&P Global Market Intelligence, ERM Australia Consultants, SRK Consulting and Noah’s Rule.

Day one will see the presentation of the Craig Oliver Award, which has been handed out since 2011 in honour of the late Sundance Resources finance director.

This year’s nominees are nickel-copper explorer-turned-lithium explorer and takeover target Azure Minerals, newly minted uranium producer Boss Energy, ASX 200 gold sector newcomer Genesis Minerals and high-grade New Zealand gold explorer Santana Minerals.

Despite the subdued market for juniors so far in 2024, organisers Vertical Events are expecting more than 2000 delegates in Fremantle next week, including a strong interstate and overseas contingent.

 

The state of exploration

According to S&P Global Market Intelligence, global non-ferrous exploration budgets were fairly steady in 2023 after reaching a nine-year high in 2022.

Budgets last year fell by just 3% to US$12.8 billion. Gold budgets dropped by 16%, offset by a jump in exploration for green metals, including a 77% surge in lithium budgets.

Copper budgets rose by 12% to $3.12 billion, the biggest year-over-year jump since 2014, and the third consecutive year of double- digit percentage growth, while nickel budgets rose by 19%.

Budgets for grassroots exploration fell by 9.8% due to a tightening of equity markets making it harder for juniors to raise money.

S&P expects exploration budgets in 2024 to remain steady once again though if current financing conditions remain as they are, a sub-5% fall in budgets this year would be the most likely scenario.
However, it only takes one discovery to rev up a weak market.

Sirius Resources surged by more than 4000% in 2012 – during a bear market – when it announced the discovery of the Nova nickel-copper deposit.

Similarly, Chalice Mining announced the discovery of the Julimar nickel-copper-platinum group element deposit on the same day as the COVID-19 global market crash in 2020. At its peak, Chalice shares were up nearly 5000% and to this day, it remains the only pre-resource explorer ever to crack the ASX 200.

With drilling rates still at elevated levels, the next discovery could be just around the corner. And as they say, a rising tide floats all boats.

 

New World Investment Series 2023 Sydney

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THE CONFERENCE CALLER: All The Resources Roadhouse interviews from the Sydney leg of the 2023 New World Investment Series at your fingertips.

New World Investment Series 2023 Melbourne

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THE CONFERENCE CALLER: All The Resources Roadhouse interviews from the Melbourne leg of the 2023 New World Investment Series at your fingertips.

New World Metals Investment Series 2023 Perth Leg

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THE CONFERENCE CALLER: All the Resources Roadhouse interviews from the Perth leg of the 2023 New World Metals investment Series at your fingertips.

Critical Metals to Shine at New World

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THE CONFERENCE CALLER: We have written before, numerous times, about critical metals and the import role they are now playing in our modern lifestyles.

The Australian Government currently lists 26 resource commodities as critical minerals, a list determined by a selection process that involved assessment of Australia’s geological endowment and potential while also taking into account global technology needs with eyes on partner countries such as the United States, United Kingdom, Japan, India, South Korea and Canada.

According to Geoscience Australia,” A critical mineral is a metallic or non-metallic element that is essential for modern technologies, economies or national security, and has a supply chain at risk of disruption.”

At a business breakfast in Perth this week, Prime Minister Anthony Albanese spoke of how these metals will be part of the “Government’s vision is for Australia to be a renewable energy superpower and an advanced manufacturing powerhouse”.

 

In doing so, Albanese highlighted the expected input by the mining state of Western Australia as the country makes the move to net zero, embracing clean energy and renewable technology and contesting the global race to make green hydrogen work.

“For example, 50 per cent of the world’s lithium extraction occurs in Western Australia,” Albanese said.

“And I know businesses in this room are already building new connections with economies that need these resources, nations seeking to industrialise and decarbonise at the same time.

“Our government has been focused on building a framework to support these efforts.

“Forming new critical minerals and green hydrogen partnerships with India.

“And new clean energy partnerships with the United States and Japan.

“But while it is genuinely inspiring to point to technology changing the world and say that the lithium or the nickel or the rare earths it depends on, come from Australia.

“In the years ahead, I want us to build on that. I want us to go beyond it.

“I want us to be able to say that the next generation of batteries and charging technology and the innovations that will maximise their power and speed and capacity and efficiency, come from Australia.”

Last week we looked at the lithium focused companies presenting at the upcoming New Word Metals Investment Series.

This week we look at the other commodities, the critical metals, that will be on show at the conference.

 

Global Metals & Mining (ASX: GBE)

Global Metals & Mining’s Kanyika niobium project is located in central Malawi, approximately 55km northeast of the regional centre of Kasangu and is secured by Large-Scale Mining Licence No. LML0216/21 which grants the company security of tenure and the right to mine niobium, tantalum, and deleterious uranium.

The company recently received a letter from the Department of Mines of the Malawi Government endorsing its ongoing efforts to acquire and mobilise resources for the Kanyika project and assuring the continued security of tenure for the associated mining license.

“This is a key milestone in satisfying one of the conditions of the MDA within our previously stated timelines,” Globe Metals & Mining CEO Grant Hudson said.

 

Godolphin Resources (ASX: GRL)

Godolphin Resources increased the tonnage, grade and resource category of the company’s Narraburra REE project in New South Wales earlier this year.

The company announced a maiden JORC 2012 resource at the project of: 94.9 million tonnes at 739ppm total rare earth oxide (TREO) with a higher-grade component of 20 million tonnes at 1,079ppm TREO.

The upgraded resource included a 126 per cent increase in TREO grade and a 30 per cent uplift in total tonnage from the project’s historical JORC 2004 resource.

“Importantly, the resource remains open in multiple directions, providing future exploration and development opportunities and the potential to unlock more value for shareholdersinto the future,” Godolphin Resources managing director Ms Jeneta Owens said.

“We are looking forward to moving Narraburra through the next stage of development quickly.

“The results of this MRE, combined with the positive results of the metallurgical leach test work that achieved up to 92 per cent recovery of key magnet REEs (Pr, Nd, Tb, Dy) in testing completed by ANSTO and the mineralogical work yet to come, will increase our understanding of the project’s potential size, grade, mineralogy of the target near surface layers.”

 

Blackstone Minerals (ASX: BSX)

Blackstone Minerals has had its Ta Khoa project included in the Vietnamese National Mineral Master Plan which was recently approved by the Vietnamese Deputy Prime Minister, Tran Hong Ha.

The National Mineral Master Plan details Vietnam’s mineral development strategy up until 2030 with a vision to 2050.

Blackstone Minerals recently completed the Ta Khoa Nickel (TKN) plant pilot program along with progress toward completion of a variability testwork program at the existing mine site.

The completion of the TKN pilot program is in addition to Blackstone completing the Ta Khoa Refinery (TKR) pilot program.

Blackstone said the work it has carried out to date has confirmed the baseline flowsheet to treat ore through to concentrate from the nickel mine.

Both pilot and variability testwork programs achieved or exceeded pre-feasibility study (PFS) testwork assumptions.

The company highlighted these as important milestones for the site metallurgy and project team as they should enable consolidation of data and learnings to progress the TKN mine and concentrator definitive feasibility study (DFS).

 

Altech Batteries (ASX: ATC)

Altech Chemicals was an early convert to recognising the potential of the grid storage battery market and aspires to be a main contributor to this growth and development through the introduction of its Sodium Chloride Solid State (CERENERGY®) battery products.

The CERENERGY technology has been developed by Altech’s Joint Venture partner Fraunhofer IKTS over the last eight years, during which time it has revolutionised previous technology, achieving higher energy capacity and lower production costs.

Another string to Altech’s futuristic battery bow is the development of the company’s patented Silumina Anodes technology incorporating high-capacity silicon into lithium-ion batteries.

Altech has licenced the technology to its 75 per cent-owned subsidiary Altech Industries Germany GmbH (AIG), which has commenced a definitive feasibility study for the development of a 10,000tpa silicon/graphite alumina coating plant in the state of Saxony, Germany focused on supplying Silumina Anodes product to the burgeoning European electric vehicle market.

 

International Graphite (ASX: IG6)

International Graphite Limited (ASX: IG6) has received works approval from the WA government to install new graphite micronising equipment at the company’s downstream research and development facility in Collie.

The company considers the custom-built ‘qualification-scale’ plant major advancement on its pilot processing plant, the first of its kind in Australia, which was commissioned in September 2022.

The new qualification plant is designed to process graphite concentrates to produce a commercial micronised graphite product for quality and performance evaluation by potential customers.

Capable of producing 100 tonnes per annum to 200tpa of micronised graphite, the plant will also be used to develop graphite operating and materials handling expertise within the company.

 

Richmond Vanadium (ASXL RVT)

Richmond Vanadium is advancing its 100 per cent-owned Richmond vanadium project in North Queensland.

The company claims the Richmond vanadium project to be one of the largest undeveloped oxide vanadium resources in the world with a Mineral Resource of 1.8 billion tonnes at 0.36 per cent for 6.7 million tonnes vanadium pentoxide (V2O5) and Ore Reserve of 459 million tonnes at 0.49 per cent for 2.25 million tonnes V2O5.

Project Status was approved by the Queensland Department of Natural Resources and Mines in August 2017 allowing project-based work programs, relinquishments, and expenditure.

 

Group 6 Metals (ASX: G6M)

Group 6 Metals is focused on the producing high-grade tungsten concentrate from its 100 per cent-owned Dolphin mine located on King Island, Tasmania.

In July the company moved its first shipment of approximately thirteen tonnes of tungsten concentrate, with an average grade of 69 per cent WO3.

Tungsten is a critical mineral used in a variety of applications, including steelmaking, mining, construction, electronics and defence.

The global demand for tungsten is expected to grow substantially in the coming years, driven primarily by demand from the construction, mining, defence sectors and new applications in the battery and technology sectors.

 

 

Lithium Love Gun Locked and Loaded for New World Metals Investment Series

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THE CONFEENCE CALLER: Azure Minerals fired its first shot from the lithium Love Gun in the lead up to the 2022 South-West Connect ASX Showcase in Busselton.

Azure Minerals (ASX: AZS)

Before the 2022 South-West Connect ASX Showcase, Azure had reported identification of numerous lithium, caesium and tantalum (LCT) pegmatites within the company’s Andover project, located in the West Pilbara region of Western Australia.

At the time, Azure hadn’t really got a handle on the lithium potential of the project with managing director Tony Rovira delivering a guarded statement to the ASX, declaring, “Azure’s primary focus is on the exploration and development of the nickel-copper-cobalt sulphide resources that we have discovered at Andover.

“We recognise that the presence of spodumene-bearing, lithium-rich pegmatites could add significant value to the overall Andover project, which aligns with increasing our exposure to clean and valuable energy metals.”

Somebody must have been paying closer attention to Rovira’s South-West Connect presentation than first thought, as just a couple of months later global lithium company Sociedad Química y Minera de Chile S.A., via its wholly-owned subsidiary SQM Australia Pty Ltd completed a cornerstone investment of $20 million to acquire a 19.99 per cent interest in Azure.

Since then, Azure has released a series of lithium hits from what was once its nickel-copper-cobalt sulphide project, culminating in an encounter with a broad zone of lithium mineralisation intersected in the project’s AP0011 pegmatite of:

ANRD00171
209.4 metres at 1.42 per cent lithium oxide (Li2O) from 219m (~134.6m True Width), including 126.2m at 1.72 per cent Li2O from 219m (~81.1m True Width), including 56.1m at 2 per cent Li2O from 257m (~36.1m True Width); and
19.7m at 1.54 per cent Li2O from 401.6m (~12.7m True Width).

Not only have the lithium hits continued to grow, so has the company’s share price, reaching $2.93 (22/8/23).

It was hardly surprising then that the company announced receiving firm commitments to raise $120 million through a two-tranche placement for the issue of 50 million new fully-paid ordinary shares at an offer price of $2.40 per New Share.

Tranche 1 of the placement raised approximately $100 million and Tranche 2 of the placement, which includes the issue of New Shares subject to shareholder approval, is set to raise approximately $20 million.

Azure Minerals is to be a featured presenter at the upcoming New World Metals Investment Series Roadshow.

We at The Roadhouse, however, will be interested to see how other lithium hopefuls fare at the podium.

 

Galan Lithium (ASX: GLN)

Galan Lithium is another to have enjoyed success in the lithium space, be it far from the local climes of Western Australia.

The company’s 100 per cent-owned Hombre Muerto West has recently been the subject of a Definitive Feasibility Study (DFS), Phase 1 of which delivered an annual production rate of 5,367 recoverable tonnes of lithium carbonate equivalent (LCE) contained in a concentrated lithium chloride product for a period of 40 years.

The Phase 1 DFS results and analysis provided solid outcomes that showed the HMW project was a very competitive and highly compelling project in the lithium brine industry.

Galan had previously announced, the DFS was separated into two phases.

This initial Phase 1 of the DFS focused on the production of a lithium chloride concentrate, as governed by the production permits.

DFS optimisation work continues and will culminate in the release of a Phase 2 DFS in September 2023, addressing full 20,000 tonnes per annum LCE production rate.

Still in Argentina, Galan recently acquired 100 per cent-ownership of the Catalina tenement that borders the Catamarca and Salta Provinces in Argentina.

“This acquisition represents a highly significant value accretive transaction for the company,” Galan Lithium managing director JP Vargas de la Vega explained.

“It resolves the security of tenure in this highly prospective area favourably for the exclusive benefit of Galan and its shareholders.

“As there are now no competing interests, our team can advance exploration and evaluation activities at Catalina with the objective of delineating a maiden resource.

“Furthermore, we plan to accelerate such work and look forward to keeping our shareholders informed of our progress.”

Pan Asia Metals (ASX: PAM)

Pan Asia Metals’ claim to fame was being the “only lithium explorer in South-East Asia”.

Not a bad place to be when you consider Asia accounts for over half the world’s annual vehicle production, however recent acquisitions have seen the company move into South America, in particular Chile.

The company wasted little time before commencing field work at the Hilix lithium prospect, one of seven target prospect areas that form the Tama Atacama lithium project.

“The Hilix lithium prospect is an easy project, located five minutes drive from the Quillagua village, with Chile’s main north south transport and power infrastructure adjacent to the project,” Pan Asia Metals managing director Paul Lock said.

“The lithium mineralisation is found in an approx. 30 metres thick layer of soft friable, porous, typically white, clay rich sediments which start at or near surface.

“Although yet to be tested, general observations suggest the mineralisation is homogeneous in nature and laterally extensive and is considered amenable to a wide spaced drill pattern which will facilitate a relatively cheap and quick pathway to an inaugural Mineral Resource later this year.”

Infinity Lithium Corporation (ASX: INF)

Infinity Lithium has its eyes on the development prize of the company’s 75 per cdent-owned San José lithium project in Spain.

Like the country’s Women’s Football Team, Infinity has World Cup scale ambitions for its proposed fully integrated industrial project with a focus on production of battery grade lithium chemicals from a mica feedstock that represents the EU’s second largest JORC compliant hard rock lithium deposit.

Infinity Lithium has aspirations for the project to ultimately provide an essential component in the EU’s development of a vertically integrated lithium-ion battery supply chain.

The EU is no different to any jurisdiction a present looking to lock in supply of critical raw materials and the production of battery grade lithium hydroxide to ensure the long-term production of lithium-ion batteries for electric mobility and the transition of the EU’s automotive industry towards electric vehicles.

Jindalee Resources (ASX: JRL)

Earlier this year, Jindalee resources released an updated MRE at the company’s McDermitt lithium project in the United States.

The MRE for McDermitt contains a combined Indicated and Inferred Mineral Resource Inventory of 3 billion tonnes at 1,340ppm lithium for a total of 21.5 million tonnes LCE at 1,000ppm cut-off grade.

Jindalee claims that at 21.5 million tonnes LCE, McDermitt is the largest lithium deposit in the US by contained lithium in Mineral Resource.

Not much later, Jindalee commenced a PFS on the McDermitt lithium project announcing the appointment of Fluor as lead engineer, a company with extensive US sediment hosted lithium deposit experience.

Jindalee sees the PFS as the next logical step towards development of McDermitt that it expects to facilitate meaningful discussions with potential financiers (both public and private sector), off-takers and strategic partners.

Lithium Energy (ASX: LEL)

Lithium Energy recently established a maiden 3.3 million tonnes JORC-compliant Inferred Mineral Resource of LCE at the company’s 90 per cent-owned Solaroz lithium brine project in Argentina.

Lithium Energy is now considering development options for Solaroz with a Scoping Study soon to be finished.

All alternative lithium extraction technologies are under the microscope, which as seen the company execute an agreement to manufacture and commission a 3,000 tonnes per annum battery grade lithium carbonate demonstration plant on the Mario Angel concession at Solaroz, using the proprietary sorbent-based DLE technology of Lanshen.

The structure of the agreement for the construction and commissioning of the DLE Plant, in which Lanshen will supply, build and initially operate the plant at its own cost reduces the upfront capital costs in evaluating this DLE production option for Solaroz.

Burley Minerals (ASX: BUR)

Burley Minerals acquired 100 per cent ownership of the Chubb lithium project in Québec, Canada earlier this year.

The Chubb lithium project sits in a good neighbourhood, smack bang in the heart of the world-class lithium province of Quebec, which hosts major lithium projects including Sayona Mining (ASX: SYA) and Piedmont Lithium Inc’s North American Lithium (NAL) mines and operations.

Burley kicked off its drilling campaign at Chubb in early April 2023, however, as is the case in most of Canada this year bushfires interrupted proceedings.

Despite these interruptions, diamond drilling has been undertaken with assays returned from the Chubb Central Main Dyke confirming spodumene-bearing pegmatite with a strike length of at least 560m, extending from surface to below 200m depth.

Diamond drilling is ongoing to test for extensions to the Chubb project, Central Main Dyke both along strike and at depth, as well as for spodumene in mapped parallel pegmatites dykes.

Future Battery Minerals (ASX: FBM)

Future Battery Minerals has gone from an initial 5,000 metres of drilling to a further 6,000m of drilling at the company’s 100 per cent-owned Kangaroo Hills lithium project (KHLP) in Western Australia.

While undertaking Phase 3 reverse circulation (RC) and diamond drilling (DD) programs at the Rocky Prospect, Future Battery Minerals identified multiple new stacked spodumene bearing pegmatites semi parallel to the project’s Big Red lithium pegmatite.

The new intersections resulted in an increase in the scale of the pegmatite swarm and potential tonnage at Kangaroo Hills, which has been confirmed over a 1.2 x 1.5km area and remains open in all directions.

As a consequence, Future Battery Minerals has expanded the drill program with an additional 6,000m of RC drilling, with which it aims to further test additional extensions at Big Red and Rocky, as well as assess other regional prospects at Eastern Grey, Wallaroo and Pademelon.

To date, drilling at Rocky has only tested the western margin of the pegmatites on a wide spaced grid.

The expanded program will test the pegmatites towards the east and south directions, employing more closely spaced drilling technique suitable for the completion of a MRE.

Latin Resources (ASX: LRS)

In June, Latin Resources upgraded the Colina MRE at the company’s 100 per cent-owned Salinas lithium project in Brazil.

The company increased the JORC Measured, Indicated and Inferred MRE for the expanded Colina deposit by over 241 per cent to a total of 45.2 million tonnes at 1.34 per cent Li2O, reported above a cut-off of 0.5% Li2O.

This upgraded resource of 45 million tonnes represents a LCE of approx. 1.48 million tonnes.

Not long after, the company confirmed an extension of the Colina pegmatite system via drill testing of a ‘blind’ geophysical target, 560m to the southwest of the Colina, where three of four holes completed intersected shallow east dipping, course grained spodumene rich pegmatites.

Outcrop mapping undertaken six kilometres to the southwest of the Colina deposit, subsequently identified a third new pegmatite occurrence within the company’s interpreted prospective corridor.

T company considers these achievements highlight the further potential scale and growth of the Colina deposit.

Lithium Universe (ASX: LU7)

Lithium Universe came to market attention by ending its opening day of ASX trading at 6.1 cents, a healthy opening dividend from its IPO that raised $4.5 million at 0.02 cents per share.

Lithium Universe has a wide-reaching portfolio of lithium exploration assets in regions well known for discovery of the electronic feedstock in both Australia and Canada.

The company’s stated objective is to establish itself as a “prominent lithium project builder by prioritising swift and successful development of lithium projects”.

The company’s initial target is its Apollo lithium project, covering 240sqkm in the Eeyou Istchee Baie-James Municipality (James Bay), in north-west Québec, Canada.

The project has some well-credentialed neighbours, namely Patriot Battery Metals’ (ASX: PMT) Corvette Property with a maiden resource of 109.2 million tonnes at 1.42 per cent Li2O and Winsome Resources’ (ASX: WR1) Adina Property.

Solis Minerals (ASX: SLM)

Solis Minerals announced it had acquired the Jaguar hard rock Lithium project in Bahia State Brazil in May this year.

It didn’t take long for the news to flow and in July Solis announced drilling had intersected shallow-dipping coarse spodumene rich pegmatites at Jaguar in two initial diamond holes.

JADDH00002 intersected 52m of pegmatite with 8.2m of spodumene rich quartz bearing central core area from 32m downhole; and

JADDH00003 intersected 39.3m of pegmatite with 7.9m of spodumene rich quartz bearing central core area from 44.3m downhole.

“As we extend our mapping and geochemical sampling programs, we are finding evidence of a potential stacked pegmatite system,” Solis Minerals executive director Matt Boyes said.

“Multiple spodumene bearing float samples have been collected up to one kilometre from the central Jaguar artisanal mine area and large outcropping pegmatites, which are completely untested, have been located.

“We are encouraged by our early results at the Jaguar project, and we look forward to updating the market as we deliver results from this maiden drill program.”

European Metals Holdings (ASX: EMH)

The importance of European Metals Holdings’ Cínovec lithium/tin project in the Czech Republic to Europen lithium security was emphasised when the project received a recent visit from the Czech Republic Prime Minister, Petr Fiala.

“Lithium is a critical and key raw material,” Prime Minister Fiala said after his visit.

“Cínovec is the largest European deposit of this raw material.

Thanks to this, the Czech Republic has a unique opportunity to contribute to both its own and European raw material security.

“We are on the threshold of a ‘lithium revolution’ as the use of lithium will grow significantly.

“As a country with a large share of the automotive industry, it is important for us to support it and capture current trends.”

European Metals later reported that ongoing test work had achieved continued outstanding lithium recoveries.

A Definitive Feasibility Study is being undertaken on the Cinovec project and is on track for completion in Q4 2023.