Power Metals Corp. has engaged Major Drilling for its upcoming drill program at the Case Lake Project. The program will focus on high-priority Cesium targets at West Joe and Main Zone, following the recent discovery of high-grade pollucite mineralization. The company is fully funded and committed to unlocking the potential of Case Lake, which holds significant promise for lithium and cesium extraction.
Sigma Lithium, a leading global lithium producer, announced robust financial results for the second quarter of 2024, showcasing operational efficiency and cost reductions. The company achieved a 22% reduction in unit cash costs year-to-date, exceeding its cost guidance ahead of schedule, while simultaneously boosting FOB margins to 54%. Sigma also highlighted its commitment to sustainable lithium production, emphasizing its ‘Quintuple Zero Green Lithium’ initiative.
American Battery Technology (ABAT) CEO Ryan Melsert discusses the company’s focus on lithium production through recycling and resource development, highlighting its role in securing a domestic supply chain for the growing electric vehicle and energy storage sectors. Melsert emphasizes the importance of both recycling and primary resource development for a sustainable and scalable lithium supply, and addresses the need for government support and permit reform to expedite development.
Arcadium Lithium, a leading global lithium chemicals producer, reported strong second-quarter 2024 results, achieving $255 million in revenue and $85.7 million in net income. The company adjusted its expansion plans in response to current market conditions, prioritizing cost savings and optimizing its growth strategy. Arcadium Lithium is focusing on securing long-term contracts with strategic customers and leveraging its low-cost operational footprint to navigate market fluctuations.
Sigma Lithium has secured a US$22.4 million letter of credit for export financing from Banco do Brasil, enabling the company to offer 90-day vendor financing to its clients at very low interest rates. This move strengthens Sigma’s commercial flexibility, improves its competitive position, and demonstrates its maturity as a lithium producer.
The Indian government has canceled the auction of three critical mineral blocks, including a lithium mine in Jammu and Kashmir, due to a lack of sufficient bidders. This decision comes as part of the government’s efforts to promote cleaner energy alternatives and reduce reliance on foreign mineral supplies. The auction was part of the third tranche of mineral sales, and the blocks in question included a lithium mine, a titanium and bauxite block, and a potash block. The government has also recently canceled auctions for other critical minerals due to low participation.
Coal India Ltd is exploring lithium blocks in Argentina with a U.S. company under the Minerals Security Partnership (MSP), aiming to secure battery material supplies and diversify critical mineral supply chains. This collaboration aligns with India’s zero-carbon goals and efforts to reduce dependence on China for lithium processing. Alongside the lithium project, India and the U.S. are also co-investing in a rare earths deposit in Africa.
International Battery Metals Ltd. (CSE: IBAT) has appointed Iris Jancik as its new Chief Executive Officer, effective in mid-August. Jancik will lead the company’s efforts to expand the commercial deployment of its patented modular direct lithium extraction (DLE) plants. IBAT recently announced the installation of its first commercial lithium production plant, co-located at US Magnesium’s (US Mag) operations outside of Moab, Utah. The plant is expected to begin lithium production in June, processing brine produced from lithium-containing waste-magnesium salts and providing feed for high-purity lithium carbonate production by US Mag. This is the first commercial DLE plant in North America and the first modular DLE plant in the world.
A groundbreaking discovery in Pennsylvania has revealed a colossal reservoir of untapped lithium hidden within wastewater from gas fracking operations. This discovery offers the potential to supply a significant portion of the US’s lithium demand, a crucial element for the production of batteries and electronic devices. The new discovery could revolutionize lithium sourcing, bypassing the need for additional mining and its associated environmental concerns.
International Battery Metals Ltd. has successfully concluded a non-brokered private placement financing, raising USD$8.2 million in gross proceeds. The proceeds will be used to meet commitments for the deployment of the company’s modular direct lithium extraction plant in the western United States and for general working capital purposes. The company also announced changes in its leadership and the discontinuation of its previously announced marketed private placement offering.
