We track the latest progress in key lithium projects over the last week:
Enertopia Corporation (ENRT-OTCQB) revealed that it closed the definite agreement for the acquisition of the Central Nevada Lithium Brine Project. The claims are subject to a 1.5% NSR from commercial production with the Company able to buy back the NSR at a rate of $500,000 per 0.5% NSR.
To view the original announcement
Diversified miner, FMC Corp raised its earnings guidance for 2106 to $2.55-2.85/share, up from $2.50/share. The company’s earnings are expected to rise following the acquisition of Cheminova A/S and various new product launches.
However, the company is facing headwinds from poor agricultural fundamentals in Brazil. Volumes declined in response to lower demand. In addition, higher inventory levels and lower farm incomes in North America is expected to squeeze earnings.
To view the original announcement
Lithium X, revealed that its 50% subsidiary Potasio y Litio de Argentina (Plasa), which is the 100% owner of the Sal de los Angeles lithium/potash brine project, entered into a JV agreement with an Argentinian firm (Salta Exploracionese ‘Sesa’) to develop a pilot production facility at the project.
Maiden production is expected to be completed within 15 months of installing the evaporation pond facility and this pilot plant represents an important milestone towards full-scale lithium production.
Lithium X further has the call option to acquire up to 80% stake in Plasa. Under the terms of the JV, the partners will build a pilot facility to produce up to 5,000 tpa of lithium carbonate equivalent (LCE). Sesa will be required to contribute around C$6m for the construction and operation of an initial 2,500tpa LCE ponding facility by incurring all construction costs. Plasa would contribute around 30% contributing $3,3m and have the right to commercialise the lithium products.
To view the original announcement
Kingston Resources (ASX: KSN) is expected to raise $6.85m from an oversubscribed share placement. The capital raised will be used towards acquiring four key lithium fields in Western Australia and the Northern Territory.
In particular, the four targets include Mt Cattlin, situated to the South of Galaxy Resources Ltd’s Mt. Cattlin, Greenbushes, south of Talison’s deposit, Bynoe/Wingate and North Arunta.
To view the original announcement
POMCL 3 Inc (TSX Venture: PWR) and Neo Lithium Corp (“Neo”) raised $11.45m in a private placing.
Sienna Resources (TSXV: SIE) revealed that it has appointed Equity Exploration Consultants to undertake work on the Yukon project.
Sienna has also recently acquired the Esmeralda Project, a prospective lithium deposit. The project lies within the Clayton Valley in Nevada.
To view the original announcement
Sovereign Gold Company (ASX: SOC) is raising $1.2m in order to acquire an offshore lithium project. The company is said to be in discussions with a target company. As of 31 March 2016, Sovereign had a net cash position of $1.93m, which together with its recent capital raising, should render the company well-placed to acquire additional lithium assets.
To view the original announcement
Walkabout Resources Ltd (ASX: WKT) received approval for three lithium license applications in Tanzania. In addition, the company recently filed applications for three spodumene licenses in Namibia, which is expected to be reviewed in June.
The company also boasts a near-producing graphite project, the Lindi Jumbo Graphite Project in Tanzania, which is being fast tracked and is expected to produce graphite by 2017. Jumbo hosts high-grade resources of 11.7m tonnes at 11.9% total graphite content.
