Overview

Jindalee Lithium (ASX:JLL,OTCQX:JNDAF) is an Australia-based exploration and development company advancing North America’s largest lithium deposit. After a spinout of its Australian assets, Jindalee has become a pure-play lithium company focused exclusively on its promising 100-percent-owned McDermitt project. Jindalee recognises the vast opportunity for lithium projects in the US as the country progresses towards its sustainable energy transition and developing a robust domestic supply chain for critical minerals.

As the US strives to transition to clean energy, demand for lithium will continue to increase as this critical mineral is necessary to achieve the country’s net-zero goals. With its favorable mining policies and infrastructure, the US actively supports the advancement of new projects to strengthen its domestic supply chain.

Jindalee’s McDermitt asset, located in southeast Oregon, contains a unique type of lithium mineralisation. Most lithium projects in North America are lithium brine or pegmatite deposits; however, the McDermitt project is an unconventional sediment-hosted lithium asset.

Sediment-hosted lithium deposits such as McDermitt are long-life assets with low strip ratios and low mining costs. Jindalee can leverage this advantage over other lithium assets, both in terms of reaching production faster and reducing operating expenses.

There is currently no commercially operating sediment-hosted lithium project in North America. Two recently announced projects, however, are under development and demonstrate McDermitt’s future trajectory as both companies move toward production.

The 2023 mineral resources estimate (MRE) for McDermitt contains a combined indicated and inferred mineral resource inventory of 3 billion tons at 1,340 parts per million (ppm) lithium for a total of 21.5 million tons (Mt) lithium carbonate equivalent (LCE) at 1,000 ppm cut-off grade. At 21.5 Mt LCE, McDermitt is the largest lithium deposit in the US by contained lithium in mineral resource, and a globally significant resource, with the deposit remaining open to the west and south.

In June 2023, Jindalee commenced a pre-feasibility study (PFS) on the McDermitt Lithium Project appointing Fluor Corporation as lead engineer. The company expects completion of the PFS by mid-2024. Jindalee also announced initial metallurgical results from acid leaching of the beneficiated samples of McDermitt ore. Lithium extraction from composite samples averaged 93 percent (250 micron (µm)) and 94 percent (75 µm) while lithium extraction from all units exceeded 98 percent with higher acid additions.

In a move that signifies the US government’s support of the McDermitt lithium project, the US Department of Energy’s Ames National Laboratory signed a Cooperative Research and Development Agreement with Jindalee’s subsidiary HiTech Minerals to develop cutting-edge extraction methods for the McDermitt project. The Ames National Laboratory spearhead the DOE’s Critical Materials Innovation Hub

An experienced management team, with the right blend of experience and expertise in geology, corporate administration and international finance, leads Jindalee to fully capitalise on the potential of its assets.

Company Highlights

• Jindalee Lithium is a pure-play lithium exploration and development company focusing on its flagship McDermitt lithium project, currently the largest lithium deposit in North America.
• The United States has ambitious electrification goals but lacks the critical minerals to reach them. Jindalee aims to strengthen the North American supply chain to enable the country to reach net-zero emissions targets.
• Globally, most of the lithium is currently sourced from either pegmatite or lithium brine deposits. The company’s McDermitt deposit, however, is sediment-hosted, an emerging style of lithium deposit with the potential to be a long-life, low-cost source of lithium.
• There are presently no sediment-hosted lithium assets in North America that have reached production. Jindalee is ideally positioned to help fill this void in the market.
• Other companies in North America are moving towards production, and their progress indicates Jindalee’s future trajectory.
• An experienced management team leads Jindalee towards capitalising on the potential of its assets.

Key Project

McDermitt Lithium Project

The McDermitt Project is located in Malheur County on the Oregon-Nevada border and is approximately 35 kilometres west of the town of McDermitt. The 100-percent-owned asset covers 54.6 square kilometres of claims at the northern end of the McDermitt volcanic caldera. Following positive results from its 2022 drill campaign, the resource at McDermitt has increased to 21.5 Mt LCE, making McDermitt the largest lithium deposit in North America.

Project Highlights:

• Rare Sediment-hosted Lithium Deposits: The McDermitt asset supports low-cost mining operations due to its flat-lying sediments. This type of lithium deposit is amenable to low-cost mining operations, while still producing excellent metallurgical results.
• Resource Increased by 62 percent early 2023: Compilation of the 2022 drilling results saw the estimated indicated and inferred resources at McDermitt increase to 3 billion tons at 1,340 ppm lithium, a 62 percent increase in contained lithium. The updated resource released by the company contains a combined indicated and inferred total of 21.5 Mt LCE at 1,000 ppm cut-off grade.
• Fluor recommended processing route: In March 2023, US engineering group Fluor reviewed all testwork undertaken at McDermitt and recommended beneficiation and acid leaching as the optimal processing route.
• Highly encouraging metallurgical testwork: Results from beneficiation and acid leaching tests have exceeded expectations. Beneficiation testwork completed in late 2023 (on sample representing a nominal life-of-mine average feed) recovered 92 percent of the lithium to leach feed and rejected 25.3 percent of the mass at a cut size of 250 µm. Additionally the acid leach test work announced in early 2024 demonstrated very high lithium extraction rates on beneficiated ore. Specifically, the calculated lithium extraction for a composite sample using 250 µm leach feed was 92.9 percent which compares favourably with the extraction rate (94 percent) achieved through testwork from the finer (75 µm) leach feed using 500 kg/t acid. Further testwork is now underway.
• PFS in progress: Jindalee has appointed Fluor Corporation to commence the PFS for McDermitt, set to be completed by mid-2024.

Management Team

Ian Rodger – Chief Executive Officer

Ian Rodger is a qualified mining business executive with almost 15 years of experience in various roles including as a mining engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles. Rodger was the project director for Oz Minerals (ASX:OZL) where he made significant contributions to successfully define the value potential of the West Musgrave nickel/copper province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.

Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.

Lindsay Dudfield – Executive Director

Lindsay Dudfield is a geologist with over 40 years of experience in multi-commodity exploration, primarily within Australia. He held senior positions with the mineral divisions of Amoco and Exxon. In 1987, he became a founding director of Dalrymple Resources NL and spent the following eight years helping acquire and explore Dalrymple’s properties, leading to several greenfield discoveries. In late 1994, Lindsay joined the board of Horizon Mining NL (Jindalee Lithium’s predecessor) and has been responsible for managing Jindalee Lithium since inception. Lindsay is a member of the Australasian Institute of Mining and Metallurgy, the Australian Institute of Geoscientists, the Geological Society of Australia and the Society of Economic Geologists. He is also a non-executive director of Jindalee spin-out companies Energy Metals (ASX:EME), Dynamic Metals (ASX:DYM) and Alchemy Resources (ASX:ALY).

Wayne Zekulich – Non-executive Chair

Wayne Zekulich was appointed to the board as Chair on 1 February 2024. He holds a Bachelor of Business and is a fellow of the Institute of Chartered Accountants. Zekulich is a consultant and non-executive director who has substantial experience in advising, structuring and financing transactions in the infrastructure and resources sectors. He was previously the head of Rothschild in Perth, chief financial officer of Gindalbie Metals Limited, chief development officer of Oakajee Port and Rail and a consultant to a global investment bank. Currently, he is chair of Pantoro Limited (ASX:PNR) and non-executive director of the Western Australian Treasury Corporation. In the not-for-profit sector, he is the past chair of the Lester Prize and is a mentor in the Kilfinan program.

Darren Wates – Non-executive Director

Darren Wates is a corporate lawyer with over 23 years of experience in equity capital markets, mergers and acquisitions, resources, project acquisitions/divestments and corporate governance gained through private practice and in-house roles in Western Australia. Wates is the founder and principal of Corpex Legal, a Perth-based legal practice providing corporate, commercial and resources related legal services, primarily to small and mid-cap ASX listed companies. In this role, he has provided consulting general counsel services to ASX listed company Neometals (ASX:NMT) since 2016, having previously been employed as legal counsel of Neometals. Wates holds Bachelor’s degrees in Law and Commerce and a Graduate Diploma in Applied Finance and Investment.

Paul Brown – Non-executive Director

Paul Brown has over 23 years of experience in the mining industry, most recently with Mineral Resources (ASX:MIN) where he was chief executive – lithium, and chief executive – commodities. Brown has held senior operating roles with Leighton, HWE and Fortescue (ASX:FMG) and has a strong track record in technical leadership, project/studies management, and mine planning and management. Brown is currently CEO of Hastings Technology Metals (ASX:HAS). He holds a Master in Mine Engineering.

Brett Marsh – VP Geology and Development (US)

Brett Marsh is an AIPG certified professional geologist and a registered member of the Society for Mining, Metallurgy and Exploration (SME) with over 25 years of diverse mining and geological experience. He has worked for and held senior leadership roles for Kastan Mining, Luna Gold, Kiska Metals, Newmont, Freeport-McMoRan, Phelps Dodge, ASARCO and consulted to deliver numerous NI 43-101 technical reports. Marsh has demonstrated the ability to deliver results in culturally diverse and geographically difficult environments, such as Brazil, Peru, Chile, Democratic Republic of Congo, Ghana, Tanzania, Indonesia, Australia, and has also worked in remote areas of Alaska. He has managed all phases of the mining lifecycle including greenfield and brownfield exploration, project development (including preliminary economic assessments, pre-feasibility and feasibility), project construction, mine operations, and environmental. He successfully led multi-cultural teams to develop business processes and implementation plans for many mine development and operational projects.

Carly Terzanidis – Company Secretary

Carly Terzanidis has 20 years of prior experience in the financial services industry, having been employed by Euroz Hartleys, DJ Carmichael and Shaw and Partners. Terzanidis’ recent experience has been in corporate services and in the role of company secretary for resources-focused entities. Terzanidis acts as company secretary for Alchemy Resources (ASX:ALY), Kalamazoo Resources (ASX:KZR) and Viridis Mining and Minerals (ASX:VMM). Terzanidis holds a Bachelor of Commerce with majors in Accounting and Corporate Administration and a Graduate Diploma in Applied Corporate Governance.

1. Australia

Gold reserves: 12,000 metric tons

Outsized is one way to describe Australia. The sixth largest country by land area, it has the most gold reserves of any nation, coming in at 12,000 metric tons. Australia has been going through somewhat of a modern boom and has been consistent in producing more than 300 metric tons of gold every year since 2017. Over 60 percent of its gold deposits are in Western Australia.

In 2023, Australia’s Newcrest Mining merged with rival Newmont (TSX:NGT,NYSE:NEM) to form the largest gold mining company in the world. Under its banner it controls the two largest gold mining operations in Australia, Boddington and Cadia.

2. Russia

Gold reserves: 11,100 metric tons

Russia has the largest land area of any country, and unsurprisingly is among the top countries for gold reserves. It boasts an impressive 11,100 MT, up from the 6,800 metric tons it had at the end of 2022. Russia’s output was steady in 2023 with 310 MT extracted.

Polyus operates four of the country’s five largest mines, including the Olimpiada open-pit mine in Russia’s Krasnoyarsk region.

Despite steady production, Russian gold is having difficulties reaching most markets following the country’s invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates following the sacntions, according to Reuters, and Russian gold has also made its way into the country’s stockpiles.

3. South Africa

Gold reserves: 5,000 metric tons

South Africa remains a powerhouse in terms of global gold reserves, and the country’s Witwatersrand Basin is among the top gold jurisdictions in the world. However, while South Africa remains comfortably in the top three countries for reserves with 5,000 metric tons, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 metric tons extracted in 2000. The country’s output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa extracted just 100 metric tons in 2023.

One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, as of 2019, eight of South Africa’s gold mines were among the 10 deepest mines for any commodity, with AngloGold Ashanti’s (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 3.9 kilometers below surface. This has made industrial mining operations prohibitively expensive and more dangerous.

Other factors negatively affecting the mining sector are constant power outages in recent years and limited investment in exploration outside the Witwatersrand Basin.

4. United States

Gold reserves: 3,000 metric tons

Gold reserves in the US have remained steady at 3,000 metric tons since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 metric tons in 2012 to 170 metric tons in 2023.

One of the largest operations in the country is Nevada Gold Mines (NGM), a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont. NGM includes three of the largest gold mines in the world: Goldstrike, Carlin and Cortez.

5. China

Gold reserves: 3,000 metric tons

China’s importance as a gold miner has been growing over recent year and made significant gains, moving from number nine on our list with 1,900 metric tons in 2022, to number five with 3,000 metric tons in 2023. Additionally, China’s output has been the strongest of the top ten producing 370 metric tons of gold last year.

While some deposits have been found in the western part of the country, the largest operations are in Shandong, which is home to the largest find in the country: the Xiling mine. Xiling, which is owned by Shandong Gold Group (SHA:600547), contains more than 580 metric tons of gold in reserves. The mine is expected to process 10,000 metric tons of ore per day for the next 30 years.

In addition to its mining output, China has also been driving the price of gold over the past couple years with significant purchases by the People’s Bank of China which now holds an estimated 2,264 metric tons of gold.

6. Indonesia

Gold reserves: 2,600 metric tons

Home to remote mining sites and enormous reserves, Indonesia is a destination for gold companies looking to stake a claim.

The country is home to the Grasberg complex, one of the world’s largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg includes several underground mines and the Kucing Liar deposit, which is currently being developed.

Once Kucing Liar is operational, Freeport expects it to deliver an additional 520,000 ounces of gold per year for 6 million total ounces between 2029 and 2041.

7. Brazil

Gold reserves: 2,400 metric tons

Home to the first modern gold rush over 300 years ago, Brazil has an undeniable history with the precious metal. The country currently has 2,400 metric tons of reserves, although it extracted only 60 metric tons in 2023.

Companies like G Mining Ventures (TSXV:GMIN,OTCQX:GMINF) with its Tocantinzinho asset may boost Brazil’s gold position in the years to come.

Much like Peru below, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.

8. Peru

Gold reserves: 2,300 metric tons

Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Between 2012 and 2022, Peru increased its gold reserves from 2,000 metric tons to 2,900 metric tons, but saw a fall off in 2023 with just 2,300 metric tons.

During this time, production fell from 160 metric tons to 90 metric tons. This fall was due to a combination of factors, including increased regulation to combat illegal operations, instability in the country and COVID-19 restrictions.

Large players make up the bulk of Peru’s gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.

To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.

9. Canada

Gold reserves: 2,300 metric tons

Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country’s gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.

Canada’s gold reserves have remained constant since 2012 and currently sit at 2,300 metric tons. However, the country has more than doubled its gold output in that time, jumping from 97 metric tons in 2012 to 200 metric tons in 2023.

Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.

Investor Insight

Osisko Metals’ high-quality polymetallic assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market, as North America continues to strengthen its domestic supply.

Overview

Osisko Metals (TSXV:OM) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.

The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 495 million tons (Mt) of ore grading 0.37 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.

The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 million tons at 4.2 percent zinc and 1.5 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of this mineral has analysts cautioning about a looming supply shortage.

A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent.

In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals.

Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.

Company Highlights

• Osisko Metals (OM) is focused on becoming a significant base metals producer by bringing two past-producing Canadian brownfield assets back into production: the Gaspé Copper project and the Pine Point zinc and lead project.
• The company’s projects target critical minerals to aid in the global transition to clean energy and net-zero emissions.
• OM’s 100-percent-owned Gaspé Copper project in Québec has a rapid development plan to capitalize on its NI 43-101 indicated resource of 495 million tons of ore grading 0.37 percent copper equivalent to meet the needs of a growing supply gap.
• The Pine Point project in the Northwest Territories has the potential to become a top-ten zinc producer with high-grade zinc concentrates.
• C$100 million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project – including C$75.3 million funding for the project – under which Appian can earn an up to 65 percent ownership in Pine Point.
• The 2024 mineral resource estimate update for the Pine Point project includes indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead and inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead.
• C$100 million bought deal financing with Canaccord Genuity towards advancing its Gaspé copper project to a construction decision and for general corporate purposes.
• A management team with expertise throughout the mining industry leads the company toward achieving its goal of becoming the leading base metal developer in North America by supplying the base metals necessary for the clean energy transition.

Key Projects

Gaspé Copper Project

The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the100-percent acquisition of Gaspé Copper in July 2023 and has since commenced drilling at the property. Québec has a well-known reputation as one of the most mining-friendly jurisdictions in North America, with a long history of copper production.

Project Highlights:

• Promising Metallurgy: Preliminary testwork delivered average copper recoveries of 92 percent and average molybdenum recoveries of 65 percent, indicating that Gaspé Copper should produce copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate.
• Prolific Past Production: The former Gaspé mines were in production from 1955 to 1999 and produced more than 100 million tonnes from a combination of open-pit and high-grade underground mines. The growing demand for copper makes reviving the project economically compelling.
• Robust Infrastructure: The project has infrastructure to quicken development, including paved road access, hydroelectric power on-site, and port access via the Saint Lawrence River and the town of Gaspé.
• Water characterization: Surface water characterization of the mine site and surrounding area is continuing. Detailed sampling of the pit waters and experimental fishing downstream from the mine site are planned to better understand the health of fish populations and the potential impacts of pit dewatering.
• Preliminary economic assessment: Scheduled for early 2025.

Pine Point Zinc-Lead Project

The Pine Point asset in the Northwest Territories has the infrastructure in place to help the company move the project toward development. The project has an existing hydroelectric power substation on site, rail access within 60 kilometers, and paved access roads to the site.

Project Highlights:

• High-grade Clean Concentrates: Pine Point has demonstrated the potential to produce one of the world’s cleanest concentrates for zinc and lead. A recent metallurgical assessment indicates high recoveries of 87 percent for zinc, and 93 percent for lead using XRT sorting and conventional grinding and flotation processes. Additionally, studies indicate low levels of deleterious elements in the concentrates, making them appealing to smelters around the world that seek to increase the overall purity levels of their concentrate inputs.

• Community Support: Osisko Metals has worked hard to earn community support in the nearby towns of Hay River, Fort Smith and Fort Resolution, and has also concluded two separate collaboration agreements with local Indigenous communities: Deninu K’ue First Nation and Northwest Territory Metis Nation. These agreements include education, training, employment, and business opportunities. Additionally, a 2017 exploration agreement was signed with K’atl’odeeche First Nation.

Management Team

Robert Wares – CEO

Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which Osisko Mining subsequently developed into one of Canada’s largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and was named, together with John Burzynski and Sean Roosen, as “Mining Men of the Year” for 2009 by the Northern Miner. Wares sits on the board of directors of Brunswick Exploration. Wares has a Bachelor of Science and an honorary doctorate in earth sciences from McGill University.

John Burzynski – Executive Chairman

John Burzynski most recently served as the chairman, chief executive officer and a director of Osisko Mining where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for C$2.2 billion. Burzynski has over 35 years’ experience as a professional geologist on international mining and development projects. He was one of the three original founders of Osisko Mining which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for C$3.9 billion , and created Osisko Gold Royalties (today a C$5 billion company). Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada (PDAC)’s ‘Prospector of the Year Award’ for 2007 and the Northern Miner’s ‘Mining Man of the Year’ for 2009; and the ‘Prospector of the Year Award’ for 2024, among numerous other awards. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University , and a Master of Science in exploration and mineral economics (MINEX) degree from Queen’s University. He is a registered P.Geo. in Québec, a Fellow of the Royal Canadian Geographical Society and an honorary colonel with the Royal Canadian Air Force. He currently serves as chairman and a director of O3 Mining.

Don Njegovan – President

Don Njegovan most recently served as chief operating officer at Osisko Mining prior to its sale to Gold Fields. He was previously a director of St. Andrew Goldfields until it was acquired by Kirkland Lake Gold in 2016 and is currently on the board of directors of Cornish Metals. He was formerly managing director of Global Mining at Scotiabank from August 2010 to June 2014. Njegovan was a Toll Cross Securities Inc. investment banker from June 2005 to July 2010. Njegovan has over 30 years of experience in the mining industry, starting in 1989 for Hudson Bay Mining & Smelting Co. He holds a Bachelor of Science in mining engineering from Michigan Technological University and a Bachelor of Arts from the University of Manitoba.

Blair Zaritsky – Chief Financial Officer

Blair Zaritsky most recently served as the chief financial officer of Osisko Mining. He is a chartered professional accountant and has over 20 years of Canadian public practice experience, with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange. Zaritsky obtained his chartered professional accountant designation in 2003 and holds dual Bachelor of Arts degrees in accounting and economics from Brock University and Western University, respectively. Zaritsky currently serves as a director of STLLR Gold.

Amanda Johnston – Vice President Finance

Amanda Johnston most recently served as the vice-president of finance of Osisko Mining. She is a chartered professional accountant and has over 20 years of experience in the mining industry and audit and assurance groups. Johnston obtained her chartered professional accountant designation in 2013 and holds a Bachelor of Accounting (Honours) Co-Op degree from Brock University. Johnston currently serves as a director of Metalla Royalty & Streaming.

Alexandria Marcotte – Vice President Exploration

Alexandria Marcotte most recently served as vice-president of project coordination of Osisko Mining. She is a professional geologist registered in Ontario with over 15 years of progressive senior level experience working internationally for senior and junior companies. Marcotte holds an Honours Bachelor of Science degree from the University of Toronto and an MBA from the Schulich School of Business. She currently serves as a director of Angel Wing Metals.

Lili Mance – Vice President, Corporate Secretary

Lili Mance has served as the corporate secretary of Osisko Metals since 2018. She also served as vice-president and corporate Secretary of Osisko Mining. She has 30 years of experience in the financial, wealth management and resource industries serving in a legal, compliance and corporate secretarial capacity. Mance spent 18 years with the Dundee group of companies in various increasingly senior level legal and compliance roles and its various public and private subsidiaries. Mance is a member of the Institute of Corporate Directors and has been a member of the Governance Professionals of Canada since 2004.

Jeff Hussey – Director and CEO of Pine Point Mining Limited

Jeff Hussey has 32 years of professional experience in the mining industry. He has worked in both open-pit and underground mine operations at various stages of mine life, from start-up to mine closure, and more recently, working in mineral exploration and development projects. He spent 19 years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru, as well as the Raglan mine in Northern Québec. As a senior scientist with the Mining Technology Group at the Noranda Technology Centre in 2002, he enhanced his network in the metallurgical research and mining innovation fields. As a consultant since 2007, Jeff Hussey and Associates has helped junior mine development companies by offering exploration, mining, and geo-metallurgical support services. These include Champion Iron Mines, Focus Graphite, Puma Exploration and Starcore International in Mexico. While at Champion Iron Mines, he participated in building significant high-quality iron ore resources, completing feasibility studies and participating in raising more than $70 million for corporate development. While working with Focus Graphite, development responsibilities included a feasibility study and associated work with community stakeholders and governments. Hussey has a Bachelor of Science in geology from the University of New Brunswick.

Anthony Glavac – Chief Financial Officer

Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, corporate controller for Falco Resources. He previously served as director of financial reporting and internal controls at Dynacor Gold Mines, and interim chief financial officer at Alderon Iron Ore. Before joining Alderon, Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.

Ann Lamontagne – Vice-president, Environment and Sustainable Development

Ann Lamontagne is a civil engineer who obtained her doctoral degree in mining environment from Laval University in 2001. She has worked in the mining industry for over 25 years as a consultant for geotechnical, water management, hydrogeology, and environmental projects. She has been involved in the development of several mining projects where her expertise has been invaluable in minimizing environmental risks throughout the mine planning process, from initial design through to closure and reclamation. Lamontagne has also been involved in many R&D projects with mining companies, including Nouveau Monde Graphite, Troilus Gold, and Mason Graphite.

Killian Charles – Strategic Advisor

Killian Charles has been president and CEO of Brunswick Exploration since 2020. Prior to this, he was vice-president, corporate development for Osisko Metals, where he now remains as a special advisor. Charles was a mining analyst at Laurentian Bank Securities and at Industrial Alliance Securities (Broker) for six years. He also worked as a manager of corporate development at Integra Gold, until its acquisition by Eldorado Gold in 2017. Charles received an undergraduate degree in Earth and Planetary Sciences from McGill University.

CleanTech Lithium PLC (AIM: CTL), an exploration and development company advancing sustainable lithium projects in Chile, is pleased to announce the downstream conversion process is successfully producing pilot scale samples of lithium carbonate. CTL is a leader in Chile in producing lithium carbonate using Direct Lithium Extraction (‘DLE’) at the pilot scale, marking a major milestone for the Company. The samples will be sent to a laboratory to confirm the grade and impurity profile, which is expected to be battery-grade and prepared for strategic partner qualification.

Image 1: CTL Director Gordon Stein and CEO of Conductive Energy Haafiz Hasham

with first Lithium Carbonate produced from Conversion Process

The Company shipped four tanks with a total of 88m³ of concentrated eluate from its DLE pilot plant in Copiapó, Chile, to the facilities of Conductive Energy in Chicago, USA, for conversion into lithium carbonate. The first tank with 20m³ of eluate is currently being processed and produced the first 50kg of lithium carbonate on November 19^th. The full tank will be processed over the next week and is expected to produce approximately 150kg of battery grade lithium carbonate.

To mark the commencement of production a site visit to the conversion facility was held showcasing the innovative process. The conversion process utilises forward osmosis at the concentration stage rather than the conventional evaporator helping to reduce water consumption and energy use before solution purification and then carbonation into the final product.

Conversations with potential strategic partners interested in testing the product have begun. After laboratory analysis, the Company will be aiming to send samples of battery-grade lithium carbonate to such partners initially in the several kilograms to tens of kilograms, to start the product qualification process.

Highlights:

· CTL has produced pilot scale lithium carbonate from Laguna Verde brine following successful commencement of the downstream conversion process

· CTL is a leader in Chile producing lithium carbonate at the pilot scale using sustainable DLE which, with spent brine reinjection, prevents aquifer depletion and through innovative downstream processing, minimises water and energy consumption

· Lithium carbonate product will be sent to a laboratory in North America to be verified as battery-grade (>99.5%)

· A site visit to Conductive Energy’s conversion facility took place on Tuesday 19^th November to mark the commencement of production from what is the largest pilot plant in operation in North-East USA.

· Conversations with strategic partners have started and samples will be available for product qualification

Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:

‘CleanTech Lithium has reached an important milestone by commencing pilot scale lithium carbonate production using a sustainable and innovative DLE based process. As a leader in the DLE sector in Chile with a focus on efficiency and sustainability, this accomplishment marks a significant step forward. Years of hard work have led to this important milestone, and it sets the stage for future development with a commitment to supporting the transition to electric vehicles and clean energy. Thank you to the partners involved and we look forward to enter the next phase of development.’

Haafiz Hasham, Chief Executive Officer, Conductive Energy, said:

‘The successful conversion to lithium carbonate in partnership with CleanTech Lithium and Forward Water Technologies represents a significant milestone for all the companies involved. This achievement highlights our commitment to developing innovative, efficient, and sustainable processes that meet the growing global demand for lithium, a critical component in green energy solutions. We are excited to continue advancing Direct Lithium Extraction, which we believe represents the future of battery-grade lithium production.’

Image 2: Site visit at Conductive Energy’s facilities was held on 19^th November

to see the conversion process to lithium carbonate

Image 3: Filter press used in the conversion process to separate precipitated

Li₂CO₃ from solution. White powder is lithium carbonate

Image 4: Two tanks of concentrated eluate arrive on site in Chicago, USA

Image 5: Industrial Forward Osmosis unit

**ENDS**

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com

Source

Click here to connect with CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF, Frankfurt:T2N), to receive an Investor Presentation

CleanTech Lithium PLC (AIM: CTL), an exploration and development company advancing sustainable lithium projects in Chile, is pleased to announce the downstream conversion process is successfully producing pilot scale samples of lithium carbonate. CTL is a leader in Chile in producing lithium carbonate using Direct Lithium Extraction (‘DLE’) at the pilot scale, marking a major milestone for the Company. The samples will be sent to a laboratory to confirm the grade and impurity profile, which is expected to be battery-grade and prepared for strategic partner qualification.

Image 1: CTL Director Gordon Stein and CEO of Conductive Energy Haafiz Hasham

with first Lithium Carbonate produced from Conversion Process

The Company shipped four tanks with a total of 88m³ of concentrated eluate from its DLE pilot plant in Copiapó, Chile, to the facilities of Conductive Energy in Chicago, USA, for conversion into lithium carbonate. The first tank with 20m³ of eluate is currently being processed and produced the first 50kg of lithium carbonate on November 19^th. The full tank will be processed over the next week and is expected to produce approximately 150kg of battery grade lithium carbonate.

To mark the commencement of production a site visit to the conversion facility was held showcasing the innovative process. The conversion process utilises forward osmosis at the concentration stage rather than the conventional evaporator helping to reduce water consumption and energy use before solution purification and then carbonation into the final product.

Conversations with potential strategic partners interested in testing the product have begun. After laboratory analysis, the Company will be aiming to send samples of battery-grade lithium carbonate to such partners initially in the several kilograms to tens of kilograms, to start the product qualification process.

Highlights:

· CTL has produced pilot scale lithium carbonate from Laguna Verde brine following successful commencement of the downstream conversion process

· CTL is a leader in Chile producing lithium carbonate at the pilot scale using sustainable DLE which, with spent brine reinjection, prevents aquifer depletion and through innovative downstream processing, minimises water and energy consumption

· Lithium carbonate product will be sent to a laboratory in North America to be verified as battery-grade (>99.5%)

· A site visit to Conductive Energy’s conversion facility took place on Tuesday 19^th November to mark the commencement of production from what is the largest pilot plant in operation in North-East USA.

· Conversations with strategic partners have started and samples will be available for product qualification

Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:

‘CleanTech Lithium has reached an important milestone by commencing pilot scale lithium carbonate production using a sustainable and innovative DLE based process. As a leader in the DLE sector in Chile with a focus on efficiency and sustainability, this accomplishment marks a significant step forward. Years of hard work have led to this important milestone, and it sets the stage for future development with a commitment to supporting the transition to electric vehicles and clean energy. Thank you to the partners involved and we look forward to enter the next phase of development.’

Haafiz Hasham, Chief Executive Officer, Conductive Energy, said:

‘The successful conversion to lithium carbonate in partnership with CleanTech Lithium and Forward Water Technologies represents a significant milestone for all the companies involved. This achievement highlights our commitment to developing innovative, efficient, and sustainable processes that meet the growing global demand for lithium, a critical component in green energy solutions. We are excited to continue advancing Direct Lithium Extraction, which we believe represents the future of battery-grade lithium production.’

Image 2: Site visit at Conductive Energy’s facilities was held on 19^th November

to see the conversion process to lithium carbonate

Image 3: Filter press used in the conversion process to separate precipitated

Li₂CO₃ from solution. White powder is lithium carbonate

Image 4: Two tanks of concentrated eluate arrive on site in Chicago, USA

Image 5: Industrial Forward Osmosis unit

**ENDS**

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.

Beaumont Cornish Limited (‘Beaumont Cornish’) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium’s mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com

Source

Click here to connect with CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF, Frankfurt:T2N), to receive an Investor Presentation

What is tin?

Tin is a silvery-white metal that is mainly found in the mineral cassiterite contained in alluvial deposits. Tin’s symbol on the periodic table of elements is Sn.

The metal can be isolated by reduction methods, which involve the removal of the oxygen molecules, with coal or coke in a smelting furnace. The result is a malleable and ductile metal that is not easily oxidized in air. It’s also lightweight, durable and fairly resistant to corrosion.

What is tin used for?

Tin’s positive characteristics mean it has a slew of important uses. Tin is primarily used to coat other metals due to its ability to retain a high polish and prevent corrosion. Tin is also an alloy metal used in soldering and the production of rare earths superconducting magnets.

Today the electronics industry is the sector to watch for investors who are keeping an eye on tin. The metal is used in semiconductor circuit-board soldering, an application that accounts for about half of global tin consumption. As electronics become more advanced, they require more semiconductor chips, and hence, more tin. AI chips are especially complex and represent an emerging source of increased demand for the metal.

‘The development of AI equipment requires the use of specialized semiconductor chips — graphic processing units (GPUs) — which use tin as both a solder and as anti-corrosion protection within circuit boards,’ according to Fastmarkets.

Tin supply and demand trends

The tin market has been in deficit for the past decade, and supply is expected to remain constrained as demand rises. This overhang alongside surging electronics demand has supported tin prices in recent years.

In addition, signs of rebounding Chinese demand and the need for tin’s soldering properties in infrastructure and AI chips are prompting bullish sentiment for the metal.

In 2024’s second quarter, these factors helped the tin price hit a two year high when it moved above US$35,000 per metric ton (MT).

Those interested in tin investing should pay attention to tin inventory changes on the London Metal Exchange (LME), as this offers insight on tin market developments. As the bullish story for tin developed at the start of 2024, speculative buying increased on the LME. This resulted in headline tin stock levels on the exchange dropping by 46 percent between the beginning of 2024 and mid-April, coinciding with the two year price high for the metal.

Of course, supply is also a big factor, and keeping an eye on supply disruptions out of important tin-producing jurisdictions is also key. Tin supply constraints from delays in export licensing in Indonesia and mining disruptions at Myanmar’s Man Maw mine contributed to the high prices seen earlier this year.

Indonesia and Myanmar are two of the biggest tin-producing countries, with output of 52,000 MT and 54,000 MT respectively. The only country with higher output in 2023 was China, the world’s top tin-producing country with output of 68,000 metric tons. Peru and the Democratic Republic of Congo (DRC) rounded out the top five with 23,000 MT and 19,000 MT, respectively.

Unsurprisingly, the world’s top tin-producing companies can be found in these countries. China’s Yunnan Tin (SZSE:000960), Peru-based private company Minsur, Indonesia’s PT Timah (IDX:TINS) and Malaysia’s Malaysia Smelting (SGX:NPW) are a few of the largest producers.

Another factor impacting supply is escalating violence in the DRC. Like tungsten, tantalum and gold, tin is a conflict mineral, and armed groups in the DRC earn hundreds of millions of dollars every year by trading these minerals.

Currently, the Dodd-Frank Act in the US requires public companies that source minerals from the DRC to produce independently audited reports about the ownership and origin of these mined commodities. these documents must be provided to the US Securities and Exchange Commission.

How to invest in tin?

As mentioned, investing in tin is becoming more and more appealing as demand for the metal grows. Tin investing can be done by buying shares of tin-focused companies and tin exchange-traded funds (ETFs) as well by taking positions in tin futures.

Tin stocks

Alphamin Resources (TSXV:AFM,OTC Pink:AFMJF).
Alphamin Resources is a low-cost tin concentrate producer that has rapidly ramped up its production capacity. It operates the Bisie tin complex in the DRC, which includes the high-grade Mpama North tin mine and the newly operational Mpama South underground tin mine and concentrate plant. This tin stock also pays a dividend to shareholders twice per year.

Cornish Metals (TSXV:CUSN,LSE:CUSN)
UK-based Cornish Metals’ flagship asset is the advanced-stage South Crofty tin project in Southwest England. It has existing mine infrastructure in place, as well as an active mine permit. An April 2024 preliminary economic assessment (PEA) for South Crofty shows a base case after-tax net present value of US$201 million and an internal rate of return of 29.8 percent.

Elementos ( ASX:ELT)
Elementos owns two tin projects: the Cleveland tin project in Tasmania, Australia, and the Oropesa project in Spain. The company is on track to complete a definitive feasibility study for Oropesa by Q1 2025 and is aiming to bring the project into commercial production by Q4 2027.

Eloro Resources ( TSX:ELO,OTCQX:ELRRF)
Eloro Resources has a portfolio of gold and base-metal properties in Bolivia, Peru and Canada. The company’s main focus is the Iska Iska project, a notable silver-tin polymetallic porphyry-epithermal complex in Southern Bolivia’s tin belt. The company is currently working on a PEA for the project, and has the option to acquire a 100 percent interest in it.

Metals X (ASX:MLX,OTC Pink:MLXEF)
Metals X has a 50 percent stake in Renison, Australia’s largest tin-producing mine. Located in Tasmania, the mine produced 9,532 MT of tin in 2023. The company also holds a 22.45 percent in LSE-listed First Tin’s (LSE:1SN) Taronga tin project in Australia.

Stellar Resources (ASX:SRZ)
Stellar Resources is developing its high-grade Heemskirk tin project in Western Tasmania. The company plans to power the project via renewable energy sources, including hydro and wind. A 2019 scoping study for Heemskirk highlights a 350,000 MT per annum underground mine and an on-site processing plant.

Tincorp Metals (TSXV:TINUS,OTCQX:TINFF)
Tincorp Metals has a portfolio of exploration-stage projects in Bolivia and Canada. The company has two tin-focused projects in Bolivia’s tin belt: the SF Tin project and the Porvenir project. Both properties also host zinc and silver mineralization.

Tinka Resources (TSXV:TK,OTCQB:TKRFF)
Tinka Resources’ flagship property is its 100 percent owned Ayawilca zinc-silver-tin project in Central Peru. The project’s Tin Zone has an estimated indicated mineral resource of 1.4 million MT grading 0.72 percent tin and an inferred mineral resource of 12.7 million MT grading 0.76 percent tin. The company released an updated PEA for the project in February 2024.

Tin futures

Those wishing to begin tin investing may want to consider tin futures, a derivative instrument tied directly to the price of the actual metal, are another option for those interested in aluminum investing. Futures are a financial contract between an investor and a seller. The investor agrees to purchase an asset from the seller at an agreed-upon price based on a date set in the future.

Rather than intending to take possession of the material asset, investors speculating in the futures market are instead making bets on whether the price of a particular commodity will rise or fall in the near future.

For example, if you buy a tin futures contract believing the price of metal is set to rise, and your prediction proves correct, you could gain a return on your investment by selling the now more valuable futures contract before it expires. However, be advised that trading futures contracts is not for the novice investor.

Traded under the code SN, an LME Tin futures contract is for 5 metric tons with contract pricing in US dollars per MT. Clearable currencies include the US dollar, yen, pound and euro.

Tin ETFs

There is only one tin-focused ETF available on Western exchanges, the WisdomTree Tin (LSE:TINM) ETF. Listed on the LSE, the WisdomTree Tin fund is an exchange-traded commodity designed to give investors total return exposure to tin futures. The fund tracks the Bloomberg Tin Subindex plus a collateral return.