Quarter Time Wrap.

COMMODITY CAPERS: Company Quarterly Reports are a good way to catch up on what’s been happening over the past three months. Here we take a quick glimpse at a few.

Caspin Resources (ASX: CPN) completed a solid December Quarter with highlights including:

At the Yarawindah Brook project RC drilling at the XC-22 prospect intersected further nickel-copper sulphides that included a zone of up to 40 metres of disseminated nickel and copper sulphides in serpentinised ultramafics and pyroxenites in drillhole YARC0022, including a 2m zone of up to 20 per cent sulphides (assays pending).

Drilling was carried out of drillhole YARC0027 (assays pending), 175m along strike and down dip of YARC0022 that intersected gabbro and pyroxenite sequences with trace to minor disseminated sulphides.

Caspin sees the XC-22 prospect to be emerging as a separate prospect with mineralisation remaining open at this stage.

Other work has resulted in large-scale PGE-nickel-copper mineralisation trends emerging at the Central Yarabrook Hill prospect.

Continuity of mineralised ultramafic has been demonstrated over 1,500m down-dip and 3,000m of strike extent.

Multiple target concepts are still to be evaluated.

Caspin completed an EIS-funded stratigraphic diamond hole with multiple zones of sulphides intersected and lithologies supporting the company’s conceptual geological model.

Drilling is scheduled to recommence in February 2022 with several Phase 2 holes to be extended with ‘diamond tails’ in addition to drilling new, previously untested targets.

Airborne Electromagnetic survey now providing complete project-wide coverage Corporate.

The company is in a strong financial position with $12.3 million in the bank at end of quarter.


The focus for Argentina-focused lithium play Galan Lithium (ASX: GLN) during the December Quarter was ongoing feasibility works, construction activities and further drilling at the company’s high-grade Hombre Muerto West (HMW) project and the completion of the PEA/scoping study for the Candelas project.

Both projects are in the Hombre Muerto West salt flat in the South American Lithium Triangle.

Galan completed an updated stronger, compelling HMW economic study, resulting in unleveraged pre-tax NPV of US$2.2 billion, IRR of 37.5 per cent and less than three year payback period.

The HMW Feasibility Study was awarded to Hatch an independent firm that is anticipated to work with Galan’s close knit, highly experienced group of consultants.

Long term average lithium price assumption of US$18,594 per tonne lithium carbonate equivalent (LCE) battery grade used for both the HMW and Candelas projects economic assessments.

The company achieved excellent Preliminary Economic Assessment (PEA) results for Candelas, including unleveraged pre-tax NPV of US$1.225 billion, IRR of 27.9 per cent and a four year payback period.

The study determined an initial capital cost of US$408 million with a long project life of 25 years at 14,000 tonnes per annum of battery grade LCE.

A competitive cash production cost for Li2CO3 of US$4,227/t would position Candelas as a low-cost developer in the lithium industry.


During the December Quarter Neometals (ASX: NMT) advance progress of the company’s Lithium Battery Recycling Project (Neometals 100%, SMS earning into 50% through Primobius GmbH incorporated JV).

Neometals has developed a sustainable process flowsheet targeting the recovery of battery materials contained in production scrap and end-of-life lithium-ion batteries (LIBs) that might otherwise be disposed of in land fill or processed in high-emission pyrometallurgical recovery circuits.

Neometals’ process flowsheet (LIB Recycling Technology) targets the recovery of valuable materials from consumer electronic batteries (devices with lithium cobalt oxide (LCO) cathodes), and nickel‐rich EV and stationary storage battery chemistries (lithium‐nickel-manganese‐cobalt (NMC) cathodes).

The LIB Recycling Technology is designed to recover cobalt, nickel, lithium, copper, iron, aluminium, carbon and manganese into saleable products that can be reused in the battery supply chain.

A pilot trial at SGS Lakefield, Canada in 2019/20 produced cathode-grade nickel and cobalt sulphate products which collectively represent approximately 80 per cent of the value of the basket of products recovered.

A demonstration scale trial commenced in DecQ 21, which is expected to generate data for the company’s Feasibility Study.

Source: Company announcement

Neometals entered an incorporated 50:50 Joint Venture with SMS group GmbH, called Primobius GmbH.

Primobius was incorporated to co-fund and complete final stage evaluation activities and to consider commercialisation of the LIB Recycling Technology.