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Lithium Miners News For The Month Of November 2023

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Welcome to the November 2023 edition of the lithium miner news.

The past month saw lithium prices take another leg lower and some signs the lithium producers are feeling the impact of lower prices with some considering production cut-backs.

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Odia Calendar November month /ଓଡ଼ିଆ କ୍ୟାଲେଣ୍ଡର ନଭେମ୍ବର
Odia Calendar November month /ଓଡ଼ିଆ କ୍ୟାଲେଣ୍ଡର ନଭେମ୍ବର

Lithium market and battery news

New solid-state EV battery factory opens in Massachusetts. Bidenomics in action: The US startup Factorial is celebrating its new solid-state EV battery factory in Massachusetts…Factorial describes its new EV battery as quasi-solid-state….Quasi or not, Factorial slipped out of stealth mode in 2021 with the launch of a 40 Amp-hour version of its FEST battery. “Battery platforms based on FEST yield 20-50% improvements in driving range without sacrificing pack longevity, and surpass prevailing EV battery performance standards, including those for energy density, cycle life, and safety,” the company enthused.

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Toyota to invest $8B in North Carolina battery plant to increase EV capacity… Toyota expects to increase production in a phased manner, with line launches planned through 2030 to reach an annual total production of over 30GWh.

Government of Canada to enhance critical minerals sector with launch of $1.5 billion Infrastructure Fund…The CMIF will address key infrastructure gaps to enable sustainable critical minerals production and to connect resources to markets. With up to $1.5 billion available over seven years, the fund will support clean energy and transportation projects that will enable critical mineral development…“Our investments will help the mining industry develop important enabling and supporting infrastructure such as roads and energy facilities required prior to construction of mines. Canada has an opportunity to be a substantial global producer of critical minerals. We are pleased to play a role in unlocking critical mineral deposits, which are essential for Canada’s move to net zero and economic development in northern communities.”

Rare earth minerals are more in demand than ever—Here are the ones to know. Demand for rare earth minerals and metals has soared over the past few years, as more industries and countries transition to cleaner energy sources…China refines 68% of the world’s nickel, 59% of its lithium, and 73% of all cobalt. China also handles 85% of rare earth processing…More than 10 million electric cars were sold in 2022, according to the International Energy Agency [IEA], and demand for lithium tripled from 2017 to 2022. Companies invested in lithium development reported a 50% increase in spending, while spending on lithium exploration increased by 90%. The top producers of lithium are Australia, Chile, Argentina, and China. Australia is the world’s largest supplier of lithium and produces it from hard rock mines. Meanwhile, Argentina, Chile, and China produce lithium from salt lakes. The U.S., Canada, and Mexico are among the top 10 countries with the largest lithium reserves. Currently, there is no substitute for lithium that would meet the demands of the mobility sector.

Biden-Harris Administration announces $3.5 Billion to strengthen domestic battery manufacturing…As part of President Biden’s Investing in America agenda, the funding will create new, retrofitted, and expanded domestic facilities for battery-grade processed critical minerals, battery precursor materials, battery components, and cell and pack manufacturing…

Argentina presidential election: far-right libertarian Javier Milei wins after rival concedes…Milei promised “drastic changes” to tackle Argentina’s “tragic reality” of soaring inflation and widespread poverty…His victory was also celebrated by X’s owner Elon Musk, who posted: “Prosperity is ahead for Argentina”.

According to statistics from ICCsino Lithium Value Chain Database, the global battery production from January to October in 2023 was 983.62 GWh, a year-on-year increase of 18.19%. The production of lithium iron phosphate batteries is 518.44GWh, while the production of nickel-cobalt-manganese batteries is 465.18GWh. The global production of energy storage batteries from January to October in 2023 was 189.98 GWh, a year-on-year increase of 85.98%. The sales volume of energy storage batteries from January to October in 2023 was 185.06GWh.

Lithium price rout deepens with battery metal now down 75% this year. A supply glut has pushed down prices in 2023, after they surged in the previous couple of years. The global lithium market won’t return to deficit until 2028, according to forecasts from industry consultancy Benchmark Mineral Intelligence. Elevated interest rates are also leading to uncertainty over global EV demand, with some automakers rethinking their strategies. “With lithium supply growing more next year, we are likely going to see prices falling further,” said Allan Ray Restauro, analyst at BloombergNEF. “On the demand side, some regional differences on EV sales have been dragging sentiment down around the industry.” SQM, the world’s No. 2 lithium producer, warned investors last week the downward price trend could continue for the rest of the year. Albemarle Corp., the biggest miner, said earlier this month that some producers have started to rein in operations as prices fall below reinvestment economics.

Lithium miner news

“Net sales of $2.3 billion, an increase of 10%. Net income of $302.5 million, or $2.57 per diluted share. Adjusted diluted EPS of $2.74. Adjusted EBITDA of $453.3 million. Signed agreements with Caterpillar Inc. to collaborate on solutions to support the full circular battery value chain and sustainable mining operations. Received $90 million critical materials award from the U.S. Department of Defense to support restart of Kings Mountain, NC mine. Completed the previously disclosed transaction to amend and simplify the MARBL joint venture with Mineral Resources Limited. On track to achieve more than $170 million in productivity benefits in 2023. 2023 net sales are now expected to increase approximately 30% to 35% year-over-year and 2023 adjusted EBITDA is expected to be flat to slightly down year-over-year.”

Albemarle pulls back on lithium M&A, flags output cuts…New York-listed Albemarle is cutting capital expenditure and will stay away from large-scale acquisitions amid concern about the slump in lithium prices…

SQM announces acquisition offer for Azure Minerals Limited…for an equivalent of approximately US$900 million…

SQM replies to press comments about negotiations with Codelco…on the lease and operations of Corfo’s properties in the Salar de Atacama for the coming years.

“SQM reported net income(1) for the nine months ended September 30, 2023 of US$1,809.5 million compared to US$2,755.3 million for the same period last year. Earnings per share totaled US$6.33 for the nine months ended September 30, 2023. Revenues for the nine months ended September 30, 2023, reached US$6,155.9 million compared to US$7,577.0 million reported for the same period last year. SQM received IRMA 75, the highest score to date, for its lithium mining operation in the Salar de Atacama. Total contribution to the Chilean treasury amounted to approximately US$2.4 billion for the nine months ended September 30, 2023.”

Ganfeng Lithium Group Co., Ltd. reports earnings results for the nine months ended September 30, 2023. Ganfeng Lithium Group Co., Ltd. reported earnings results for the nine months ended September 30, 2023. For the nine months, the company reported sales was CNY 25,681.96 million compared to CNY 27,611.66 million a year ago. Revenue was CNY 25,681.96 million compared to CNY 27,611.66 million a year ago. Net income was CNY 6,009.85 million compared to CNY 14,794.84 million a year ago. Basic earnings per share from continuing operations was CNY 2.98 compared to CNY 7.35 a year ago. Diluted earnings per share from continuing operations was CNY 2.98 compared to CNY 7.33 a year ago.

Australia’s largest lithium mine flags output cut on weak China demand. Greenbushes, Australia’s largest hard rock lithium mine, may be forced to reduce production as prices for the key battery metal collapse on lower Chinese electric vehicle sales. Greenbushes is 51 per cent owned by a partnership between ASX-listed IGO and Tianqi, a Chinese lithium giant. New York-listed Albemarle owns the remaining share.

Quarterly report period ended 30 September 2023. As a result of current market conditions, TLEA has elected to not take its full entitlement of spodumene concentrate production from Greenbushes for the December quarter. This lower election reflects the lower product volume requirements of IGO’s joint venture partner, TLC. As such, reported spodumene concentrate sales from Greenbushes in the December quarter are likely to be approximately 25% lower than forecast production for the quarter. The unallocated concentrate volumes will be stockpiled at Greenbushes and be available for future sales.

The shareholders of Windfield (the holding company of Greenbushes), TLEA and Albemarle Corporation, are currently considering their intended offtake volumes for the March 2024 quarter and are discussing arrangements to manage any surplus production volumes in the future. If market conditions remain challenged, shareholders may request volumes which are below forecast production at Greenbushes. In the event that the shareholders are unable to agree arrangements to manage surplus production volumes, it may be necessary to reduce production at Greenbushes during the second half of FY24. While acknowledging this possibility, FY24 Greenbushes production guidance remains unchanged at 1,400 – 1,500 kt…

“Strong operational quarter with production to plan of 144.2 thousand tonnes [KT]) spodumene concentrate in the three-month period ended 30 September 2023 (Q1) of the 2024 financial year (FY24). Annual production for FY24 expected to be weighted towards the second half of the year once the P680 Primary Rejection Facility reaches nameplate capacity which provides an additional 100ktpa. Sales of spodumene concentrate totalled 146.4kt in Q1 FY24. On an ~SC5.3% basis, the average estimated realised price for spodumene concentrate for the quarter was US$2,240/dmt 2 (CIF China). On an SC6.0 equivalent basis, the average estimated sales price was US$2,553/dmt (CIF China). Revenue was 42% lower than the prior quarter at $493.1M, reflecting a 31% decline in average realised selling price, and planned sales volume in Q1 FY24 being in line with lower production volume due to shut down maintenance and tie in works in support of the commissioning of the P680 expansion project. Unit operating cost (FOB) in Q1 FY24 was $747/t reflecting operational readiness costs in support of the P680 expansion project and lower production volume relative to Q4 FY23. Unit operating costs are expected to decline over FY24 as production volumes increase from P680. Cash decreased to $3.0B in Q1 FY24 from $3.3B in Q4 FY23, reflecting a final FY23 dividend payment of $421M and investment in growth projects. Cash margin from operations remained strong at $360M in the period, notwithstanding lower spodumene prices. P680 Primary Rejection Facility successfully commissioned in October, and first ore produced. P1000 expansion project and Mid-Stream Demonstration Plant progressed and remain on schedule. First shipment of spodumene concentrate delivered to POSCO JV chemical plant in South Korea in preparation for commissioning of first train. Ore Reserves increased by 35% to 214Mt and study commenced to explore further expansion of production capacity beyond 1Mtpa with results expected to be released in Q4 FY24.”

Late 2023 – Plan to commission production of POSCO/Pilbara Minerals (18%, option to increase to 30%) JV LiOH facility in Korea. End Q2, FY 2024 – P680 Expansion Project set to reach full capacity. Q3 FY, 2025 – P1000 Expansion Project set to begin production.

“Mining Services production volumes were 66Mt during the quarter, up 14% qoq. Wodgina achieved record quarterly spodumene concentrate production of 45k dmt (attributable), up 10% qoq. Shipments of 25k dmt (attributable) were impacted over the quarter due to unplanned port maintenance and congestion, with an additional shipment now scheduled in October. Wodgina lithium battery chemical production was 4.8kt and sales were 4.3kt in the quarter. The average realised lithium battery chemical revenue in the quarter was US$34,036/t (excluding VAT). On 30 August 2023, MinRes entered into an Implementation Agreement with the Deed Administrators of Alita Resources Limited (Alita) which provided for Alita to be placed into liquidation and for Alita to enter a share sale agreement with MinRes for the disposal of its assets which include its interest in the Bald Hill lithium mine. Alita was subsequently placed into liquidation and on 27 September 2023, MinRes and the liquidator entered into the share sale agreement. Completion of the transaction is expected to occur during November 2023. MinRes provided an updated Mineral Resources and Ore Reserves statement for its Mt Marion and Wodgina lithium deposits… Post the quarter, MinRes successfully completed a 5-year US$1.1 Billion Senior Unsecured Notes Offering at 9.250%. Subsequent to the quarter, MinRes announced it closed on the restructuring of its MARBL joint venture with Albemarle Corporation (NYSE: ALB) (Albemarle) effective 18 October 2023. Albemarle will pay MinRes an estimated US$380-400 million for the net consideration for MinRes’ share of the Kemerton Lithium Hydroxide Processing Plant and completion adjustments at Wodgina and Kemerton. Full payment is expected to be received by December 2023.”

Livent releases third quarter 2023 results. Third quarter revenue was $211.4 million, 10% lower than the second quarter of 2023 and 9% lower than the third quarter of 2022. Reported GAAP net income was $87.4 million, or 42 cents per diluted share, compared to $90.2 million in the previous quarter and $77.6 million in the prior year’s quarter. Adjusted EBITDA was $119.7 million, 11% lower than the previous quarter but 8% higher than the prior year’s quarter, and adjusted earnings per diluted share (1) were 44 cents. Volumes sold were roughly flat and lower average realized prices were partially offset by lower overall costs versus the second quarter of 2023 and the third quarter of 2022…Livent and Allkem (ASX: AKE) have received all required pre-closing regulatory approvals in connection with the proposed merger of equals with the exception of foreign investment screening by the Australian Foreign Investment Review Board (FIRB). Approvals received thus far include antitrust approvals in Canada, China, Japan, South Korea and the U.S., as well as completion of investment screenings in the U.K. and the U.S. Arcadium Lithium plc will be the name of the combined new company…

Livent-Allkem merger wins all regulatory approvals ahead of shareholder vote…The $10.6B merger deal, first announced in May, is expected to close by January 4 if Allkem (OTCPK:OROCF) shareholders vote in its favor at a December 19 meeting.

Livent announces special meeting date to vote on pending merger of equals with Allkem; Form S-4 registration statement declared effective…

“The Olaroz Lithium Facility2 achieved above budget quarterly production of 4,453 tonnes of lithium carbonate, up 35 % on the previous corresponding period (“PCP”). Record lithium carbonate sales volume of 4,554 tonnes for the quarter, generating Olaroz revenue of ~US$118 million with average realised price of US$25,981/tonne 4 FOB and a gross cash margin of 77% or US$19,893/tonne. Mt Cattlin achieved record quarterly production of 72,549 tonnes of spodumene concentrate at 5.3% Li2O grade, a ~25% increase quarter on quarter (“QoQ”) and in line with full year guidance. Strong Mt Cattlin recovery of 68% across the quarter demonstrates favourable grade and mineralisation as mining continues in the main part of the orebody. Mt Cattlin received approval from the Western Australian regulator to proceed with the mining of Stage 4 cutback which supports the previously announced extension of mining activities. Spodumene sales of 76,631 dmt generated record revenue of ~US$201.1 million with a gross cash margin of 71% at average sales price of approximately US$3,000/dmt on a SC6 CIF basis.”

“Material growth profile underpinned by 40 million tonnes (“Mt”) of lithium carbonate equivalent (“LCE”) Allkem Group Resource with plans to deliver 179kt LCE production capacity by FY28. Olaroz Stage 2 achieved first wet production in mid-July with commissioning continuing and production scheduled for H2 CY23. Ramp up is on track and expected to take approximately 15 months. At Naraha, 526 tonnes of lithium hydroxide were sold and after completing work on product quality and operational improvements, battery grade qualification with customers has continued throughout the quarter. Sal de Vida’s Mineral Resource increased to 7.17Mt LCE and the Reserve increased 43% to 2.49Mt LCE, supporting a 40 year project life. OPEX remains highly competitive; Stage 1 was updated to US$4,529 per tonne LCE, and Stage 1 and 2 combined is US$4,003 per tonne LCE. Stage 1 CAPEX was updated to US$374 million and Stage 2 to US$657 million. The first two strings of ponds at Sal de Vida Stage 1 are complete. Process plant engineering was 66% complete, procurement was 70% and construction was 13% by quarter end. James Bay resource increased by 173% to 110Mt @ 1.3% Li2O solidifying the tier 1, long life nature of the asset. OPEX and CAPEX were updated to US$407 per tonne of 5.6% Li2O concentrate and US$381.5 million respectively, in line with industry conditions while economics remain robust. Detailed engineering and procurement at James Bay have reached 84%. A recent project update of the Cauchari Resource defined a 25ktpa LCE production capacity with competitive OPEX of US$4,081/t LCE, CAPEX of US$659 million and first production expected in H2 CY27.”

“…Allkem and Livent have agreed that the name of the combined company will be Arcadium Lithium plc upon a successful merger of equals transaction. Group revenue for the quarter was approximately US$327 million and group gross operating cash margin was approximately US$237 million (72%). At 30 September group net cash 6 was US$671.7 million up US$23.3 million from 30 June 2023.”

“In Brazil, the lithium concentrate plant shutdown to facilitate the expansion from 90,000 tons to 130,000 tons will take place in the first quarter of 2024 due to delivery delays of electronic components for processing automation. This will negatively impact second quarter sales volumes. We expect to produce at full run rate capacity, which is 130,000 tons per year, starting in the third quarter of 2024. AMG Brazil’s project with Grupo Lagoa will begin basic engineering in December 2023. From present data, we conclude that the plant will confirm the main assumptions for the construction of a 150,000-ton lithium concentrate plant at the site. AMG’s lithium hydroxide refinery’s first 20,000-ton module in Bitterfeld, Germany, is in the initial phases of commissioning and the ramp-up and the qualification process is planned for the second and third quarters of 2024. We expect to produce approximately 7,000 tons of qualified battery-grade lithium hydroxide in 2024 which is not included in our EBITDA guidance for 2024. We expect to produce and sell a full 20,000 tons in 2025.”

“Cash from operating activities was $25 million in the third quarter of 2023, and $178 million on a year-to-date basis, compared to $111 million for the first nine months of 2022. AMG’s liquidity as of September 30, 2023 was $542 million, with $347 million of unrestricted cash and $195 million of revolving credit availability. Annualized return on capital employed was 28.4% for the first nine months of 2023, compared to 29.5% for the same period in 2022. AMG Engineering’s order backlog of $341 million as of September 30, 2023, the highest in AMG’s history, was driven primarily by the aerospace industry.”

H1, 2024 – Stage 2 production at Mibra Lithium-Tantalum mine (additional 40ktpa) forecast to begin, bringing total production capacity to 130ktpa. 2025-2028 – German LiOH facility expansion plan with Modules 2-5 (100,00tpa LiOH).

“Continuing ramp-up of operations at North American Lithium (NAL), resulting in a quarterly record for spodumene concentrate production of 31,486 dry metric tonnes. Completion of maiden shipments of spodumene concentrate by NAL to customers, with three vessels departing port during the quarter. Advanced major capital projects at NAL, including the Crushed Ore Dome and Tailings Storage Facility 1 designed to stabilise plant utilisation and support higher throughput. Moblan drill results announced in July 2023 showed a significant expansion to the project footprint, with a 750m eastern extension to the flat lying South Pegmatite system. The 60,000 metre exploration drilling program for calendar 2023 has now been completed. Substantial progress made on the NAL drill program aimed at in-pit resource conversion and associated exploration drilling program – results pending.”

“Commencement of reverse circulation drilling program at the Mallina project, part of the Morella Lithium Joint Venture. Planned drilling includes sixty-six holes for a total depth of approximately 3,800 metres focusing on the Eastern Pegmatite 2 target. Receipt of report on Aboriginal and cultural heritage survey for Mt Dove Project, enabling air core drilling program to be undertaken within the tenement area.”

“Completion of the second tranche of the $200 million fully underwritten equity placement to institutional and sophisticated investors. Gross proceeds received in July were $30.7 million.”

“New drilling at North American Lithium [NAL] operation, with latest results from 57 drillholes totalling 14,350m including: 30.04m @ 1.22% Li2O from 132.12m in hole LAN-23-015a. 26.80m @ 1.10% Li2O from 133.85m in hole LAN-23-017. 45.20m @ 1.03% Li2O from 206.85m in hole LAN-23-019. 26.35m @ 1.54% Li2O from 72.3m in hole LAN-23-029. 37.90m @ 1.29% Li2O from 253.8m in hole LAN-23-031. 22.20m @ 1.52% Li2O from 225.55m in hole LAN-23-032. 68.30m @ 1.58% Li2O from 253.55 in hole LAN-23-032. 67.15m @ 1.44% Li2O from 353.95m in hole LAN-23-037. New high-grade lithium pegmatite mineralised zones identified in north-west extensions to NAL mine and outside current DFS pit shell. Lithium inside DFS pit shell continues to show continuity and consistency in grade and thickness, indicating potential for further resource conversion. Assay results pending for additional 152 holes (43,500m).”

“Strategic review focuses Sayona on becoming a leading global supplier of high-quality lithium chemicals, supporting global decarbonisation efforts and committing to downstream processing in Québec. New five-pillar strategy to maximise long-term value creation for shareholders. Board renewal process ongoing.”

“Soil sampling at West Wodgina has identified multiple targets in a proven lithium district. A total of 1,171 soil samples were collected over one of the broadly prospective areas of the tenement. Anomalies identified coincide with interpreted pegmatite at surface. Additional exploration development activities, including drilling, to commence.”

2023 – Spodumene production ramp up at NAL operations (owned SYA 75%: PLL 25%).

“Revenue of $47.1 million on sales of 29,011 dry metric tons (dmt) of lithium concentrate. Gross profit of $23.8 million, reflecting a gross profit margin of 50.4%. Net income of $22.9 million and adjusted net income(1) of$16.9 million. Diluted earnings per share of $1.19 and adjusted diluted earnings per share(1) of $0.88. Adjusted EBITDA(1) of $16.2 million, reflecting an adjusted EBITDA margin(1) of 34.3%. Cash and cash equivalents of $94.5 million at September 30, 2023. On track to deliver full-year shipment guidance of approximately 56,500 dmt of lithium concentrate.”

Project development update. Atlantic Lithium takes major strides in the development of the Ewoyaa Lithium Project, targeting the commencement of construction in late 2024 and initial production in early 2025…

Early 2025 – Ewoyaa Project in Ghana (47% PLL) targeted to begin. 2026 – Tennessee Lithium hydroxide project targeted to begin. 2023-25 – Carolina Lithium (100%) – Permitting, off-take or project funding announcements.

“Spodumene concentrate production of 20,692t (compared to 14,685t Q4FY23). Improvement in lithia recoveries evident through the quarter, averaging 50% (from 49% in the previous quarter). An 8% increase in total material moved in Q1FY24 compared to Q4FY23 and record ore extraction in September. Stocks on the run of mine [ROM] pad at the end of the quarter were 164,796t, compared to 7,598t at end of Q4FY23. Lithium fines extraction of 29,197t and maiden shipment of 15,002t. Spodumene concentrate shipments of 23,424t at an average grade of 5.2% (compared to 5,423t at 5.6% Q4FY23), including: Final concentrate shipment of 13,100t into the Yahua prepayment agreement. First 10,000t spodumene concentrate delivered into the Ganfeng offtake agreement. BP33 early works have progressed well including excavation of the 288m box-cut, delivery of the steel tunnel liners, excavation of water storage, sediment dams and site roads. Raised $107.9 million (net of costs) following completion of institutional placement and share purchase plan. Cash balance at 30 September 2023 of $202.1 million.”

“BP33 Mineral Resource Estimate Measured and Indicated categories increased to 89% following the Resource upgrade to 10.5Mt @1.53% Li2O. DMS plant recovery optimisation initiatives continue with positive results received in October. Fourth spodumene concentrate shipment of 10,155t and 15,049t of fines departs from the Darwin Port.”

2023 – Ramp up of spodumene production from Finniss.

Sigma Lithium receives from Glencore a 50% prepayment at premium prices for its third shipment of 20,000 tonnes…

Sigma Lithium announces its strategic review process advanced to a final round….with consortiums formed amongst certain strategic parties.

Sigma Lithium announces a potential increase of its Mineral Resource Estimate to over 110mt, amongst largest scale globally.

“Sigma Lithium reported third-quarter revenue of USD $97 million, marking the Company’s first revenue-generating quarter as it successfully transitioned to a leading global lithium producer. Low production cost resulting from operational efficiency and overall discipline drives significant financial margins and the ability to generate free cash flow. 56% Adjusted EBITDA Margin 37% Net Profit Margin Third quarter average adjusted cash operating cost (1) of $505/tonne at mine gate and $577/tonne FOB Vitoria (ex-royalties). Adjusted EBITDA totaled USD $54.6 million. Greentech Plant production ramp continues to sustain capacity of 270,000 tonnes of concentrate. Since September achieving regular shipments of 20,000 tonnes per month. Expects production to approach 130,000 tonnes through sale of Triple Zero Green Lithium and equivalent By-Products by December 2023. Continue to successfully market Green By-Products, achieving consistent pricing at 10% of concentrate, a testament to ore product quality despite soft market backdrop. Announced positive results from the Phase 4 and Phase 5 exploration program that could potentially increase mineral resources to 130 Mt. Strategic review is ongoing and the process advanced to final rounds on November 1, 2023.”

2023 – Ramp up of spodumene production from Grota do Cirilo.

“2,000tpa operation works progressing; Modification and performance testing works continuing within primary solids filtration circuit to improve filtration rates Scheduled critical works ongoing targeting to increase production operations. Pre-development works progressing for 10,000tpa operation expansion. Resource expansion upgrade works being finalised. Argosy progressing to become the 2nd ASX-listed battery quality lithium carbonate producer.”

2023/24 – Rincon Lithium full ramp-up toward steady-state production targeted, 2,000tpa operation.

“Caucharí-Olaroz Stage 1 ramp up to design capacity of 40,000 tonnes per annum (“tpa”) of battery-quality lithium carbonate is on track to be completed by mid-2024. Production guidance reaffirmed at 5,000 tonnes of lithium carbonate in 2023. First lithium carbonate was shipped from Argentina in early Q4 2023 with regular shipments ongoing. During the ramp up, sales are based on market price for battery-quality lithium carbonate less a processing fee to remove the excess potassium chloride (“KCl”). Completed the first train of the KCl plant with commissioning underway and second train expected to be completed during Q4 2023. As of September 30, 2023, over 95% of the capital costs have been spent with Stage 1 construction substantially complete. At current lithium carbonate prices and operating plans, the Company remains in a strong financial position and expects its remaining funding requirements for Caucharí-Olaroz to be less than $20 million, including working capital needs, during Stage 1 ramp up.”

“The Company continues integrating Pastos Grandes (100% interest) and Sal de la Puna (65% interest) which is expected to result in a larger scale and more optimized development plan. The development plan for the Pastos Grandes Basin is expected to align with the ramp up of Caucharí-Olaroz Stage 1.”

“On October 3, 2023, the Company implemented by way of a plan of arrangement a reorganization resulting in the separation of its Argentine and North American business units and the creation of Lithium Argentina and Lithium Americas (NewCo).Following this reorganization, Lithium Argentina had cash and cash equivalents of $147.4 million, with an additional $75 million in an available and undrawn credit facility. In August, Lithium Argentina published its ESG-S report, themed “Accelerating Toward a New Era of Sustainable Value” which reflects the Company’s commitment to creating sustainable value by being a safe, environmentally responsible, and inclusive lithium company.”

By mid 2024 – Cauchari-Olaroz lithium production ramp to 40ktpa. From 2025+ a Stage 2 20ktpa+ expansion is planned.

Lithium miner ETFs Sprott Lithium Miners ETF (LITP) – A pure play lithium ETF Global X Lithium & Battery Tech ETF (LIT) ProShares S&P Global Core Battery Metals ETF (ION) The Amplify Lithium & Battery Technology ETF (BATT)

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Conclusion

New solid-state EV battery factory opens in Massachusetts. Factorial claims their battery yield 20-50% improvements in driving range. Government of Canada to enhance critical minerals sector with launch of $1.5 billion Critical Minerals Infrastructure Fund. Biden-Harris Administration announces $3.5 Billion to strengthen domestic battery manufacturing and its supply chain. Lithium price rout deepens with battery metal now down 75% this year. A supply glut has pushed down prices in 2023. Albemarle pulls back on lithium M&A, flags output cuts. SQM announces acquisition offer for Azure Minerals Limited for an equivalent of ~US$900 million. Tianqi Lithium/IGO Limited – Australia’s largest lithium mine flags output cut on weak China demand. Q4 unallocated concentrate volumes will be stockpiled at Greenbushes and be available for future sales. Pilbara Minerals P680 Primary Rejection Facility successfully commissioned in October, and first ore produced. Allkem and Livent receive all required regulatory approvals globally to close merger of Equals, expected to close by January 4, 2024. Arcadium Lithium plc will be the name of the combined new company. Allkem plans to deliver 179kt LCE production capacity by FY28. AMG Critical Minerals – Brazil lithium concentrate plant shutdown to facilitate the expansion from 90-130,000tpa will take place in Q1, 2024. Bitterfeld (Germany) lithium hydroxide refinery’s first 20,000-ton module is in the initial phases of commissioning. Sayona Mining – New high-grade zones encountered in NAL drilling. Piedmont Lithium – On track to deliver full-year shipment guidance of approximately 56,500 dmt of lithium concentrate. Ewoyaa Lithium Project targeting initial production in early 2025. Sigma Lithium announces its strategic review process advanced to a final round with consortiums formed amongst certain strategic parties. Lithium Americas Argentina – Caucharí-Olaroz Stage 1 ramp up to design capacity of 40,000tpa of battery-quality lithium carbonate is on track to be completed by mid-2024.