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NEW YORK, Nov. 7, 2022 /PRNewswire/ -- The electrification of vehicles is still in its infancy stage, and it is projected to attract a significant volume of lithium-ion batteries. Lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. As a result, such batteries are largely used in electric vehicles (EVs). Government subsidies for EVs, along with investments in this space, are likely to act as an additional booster to the growth of the market. Geographically, the Asia Pacific region dominated the market as it held the largest volume share of 56.3% in 2020, owing to the rapidly developing automotive, glass, and consumer goods industries in countries such as China, Japan, South Korea, and India. According to Grand View Research, the global lithium market size was valued at USD 6.83 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 12.0% from 2022 to 2030. Infinity Stone Ventures Corp. (OTC: GEMSF) (CSE: GEMS), Pilbara Minerals Limited (OTC: PILBF), American Lithium Corp. (OTC: LIACF), Albemarle Corporation (NYSE: ALB), Lake Resources N.L. (OTC: LLKKF)
Lithium proved to be an essential mineral for the electrification of vehicles as LiOH, a white hygroscopic crystalline material and an inorganic compound, is mostly used by lithium-ion battery manufacturers. According to Platts Analytics, global plug-in light-duty EV sales are expected to rise to 6.5 million units in 2022 and 10.5 million units in 2025, up from an estimated 6 million units in 2021 and 3.1 million units in 2020.
Infinity Stone Ventures Corp. (OTCQB: GEMSF) (CSE: GEMS) announced last week that, "it has acquired, through staking, an additional 5,961 hectares over 102 cells in two blocks at the Company's Galaxy Lithium Project, near Mont Laurier, Quebec. The southern block is contiguous with Infinity Stone's existing land position, with 31 cells covering 1,817 hectares and a larger block, located 17 kilometres to the north, compromising 71 cells covering 4,144 hectares. The Company's total land position in the area now covers 9,423 hectares, or 94.2km sq, with an additional 22 cells still pending application (the "Project").
The Lac Petagawa block of Infinity Stone's Galaxy Project now extends for approximately 16 kilometres along the western shore of Lac Petagawa and covers 3,930 hectares, with 22 additional contiguous pending cells. The new northern block covers 4,144 hectares, located 17 kilometres to the north of the Lac Petagawa block. The newly acquired area was established to be prospective for LCT pegmatites following the Company's October 2022 exploration program that included sampling, hand stripping, channel sampling, as well as blasting of the 30 identified pegmatites.
The Company also intends to initiate an airborne geophysical survey program (the "Geophysics Program") beginning the week of November 14, that will include electromagnetics survey and radiometric survey. Part of the goals of the airborne radiometric survey will be to confirm historical reporting finding anomalous niobium levels near the south end of the Project.
"We continue to find further prospective ground at the Galaxy Project as we progress further with exploration," said Zayn Kalyan, CEO of Infinity Stone. "Quebec has quickly become the epicenter of battery metal exploration in North America, with many lithium producers, major battery and EV manufacturers active in the region. Our expanded footprint and presence in the Province, including our new regional office in Montreal, are key to our growth strategy," furthered Mr. Kalyan.
Qualified Person - Technical information in this news release has been reviewed and approved by Case Lewis, P.Geo., a "Qualified Person" as defined under NI 43-101 Standards of Disclosure for Mineral Projects and a director of the Company…"
Pilbara Minerals Limited (OTC: PILBF) reported back in October that it has entered into a further contract of sale for an additional 5,000dmt cargo following completion of the BMX pre-auction sale process undertaken and announced on Tuesday 18 October. The Company has entered into a sale contract for 5,000dmt SC5.5 FOB Port Hedland priced at US$7,255/dmt which is the equivalent of ~US$8,000/dmt on an SC6.0 CIF China basis after adjusting for lithia content on a pro-rata basis and inclusive of freight costs. A 5% deposit is required by early this week, with delivery expected from mid-November 2022.
American Lithium Corp. (OTCQB: LIACF) announced on August 24th, that it has commenced an Environmental Impact Assessment ("EIA") hydrology drilling program (designed by SRK Peru and EDASI SAC) at its wholly owned Falchani lithium project in Southern Peru. Simon Clarke, CEO of American Lithium stated, "We are very excited to be diamond drilling again at Falchani for the first time since before COVID-19. We are also pleased that this work and other recent successes will allow DRA Global to update the Falchani PEA. We anticipate this update will build on and improve the already robust economics of the original PEA and will further highlight the quality and scale of this large lithium deposit."
Albemarle Corporation (NYSE: ALB) announced on March 2nd, that it has signed a non-binding letter agreement with Mineral Resources Limited (ASX: MIN) ("MRL") to explore a potential expansion of the MARBL Lithium Joint Venture ("MARBL"). "The expansion of MARBL would be consistent with our corporate strategy to pursue profitable growth and to be disciplined stewards of capital," said Kent Masters, Albemarle CEO. "Broadening our partnership with MRL would allow us to expand lithium conversion capacity with increased optionality and reduced risk to help meet our global customers' growing need for high-quality, reliable lithium supply."
Lake Resources N.L. (OTCQB: LLKKF) reported last week e an update on progress at the Kachi project lithium processing demonstration plant. Completion of construction of the demonstration plant on site and the wet and dry commissioning process took place during September and October. The demonstration plant is now processing Kachi brines with final optimisation of the process now nearing completion. Lilac Solutions Executive Vice President, Bart Packer, has been on site at Kachi to oversee the final adjustments to the plant to ensure optimisation of processes prior to continual processing getting underway. "Initial operations of the demo plant have already delivered product at spec, with the demonstration plant achieving similar lithium recoveries that were achieved in the Oakland pilot plant test work in California. "Optimisation work continues on site; Lilac anticipate the first samples of Lithium Chloride will be shipped for conversion to Lithium Carbonate within two weeks."
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