Demand for Lithium Grows as The EV Market Reaches New Highs

FinancialBuzz.com News Commentary

NEW YORK, Feb. 9, 2022 /PRNewswire/ -- Lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. As a result, such batteries are heavily used in electric vehicles (EVs). Nowadays, many car manufacturers are venturing into battery manufacturing, like BMW Group for example, which has signed an agreement with Ganfeng Lithium, a lithium extracting company in China, for supplying LiOH for battery cells owing to the rising penetration of EVs. 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. Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTC: FRRSF), Snow Lake Resources Ltd. (NASDAQ: LITM), Fisker Inc. (NYSE: FSR), QuantumScape Corporation (NYSE: QS), Standard Lithium Ltd. (NYSE: SLI)

According to data provided by Allied Market Research, the global electric vehicle market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027 while registering a CAGR of 22.6%. Geographically, the Asia-Pacific region has been the highest revenue contributor, accounting for USD 84.84 Billion in 2019, and is estimated to reach USD 357.81 Billion by 2027, with a CAGR of 20.1%. Nevertheless, the North America region is expected to grow faster, as it is estimated to reach USD 194.20 Billion by 2027 at a significant CAGR of 27.5%.

Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTC: FRRSF) announced yesterday breaking news about, "an upcoming ten (10) diamond drill hole ("DDH") 1,500 meter program scheduled to commence in February 2022 on its 100% percent owned Zoro Lithium Project in Snow Lake, Manitoba. The Company has secured a drilling contractor, and Gogal Air Services to provide air support, core storage, and preparation facilities for this upcoming program. Figure 1 illustrates the specific drill targets that will be tested for Lithium (Li2O%) concentration hosted in spodumene bearing pegmatite dykes.

Prior to this upcoming 2022 drill program, a total of fifty-eight (58) diamond drill holes have been drilled historically on Zoro. On the previous 2018 drilling campaign, 7 dykes were documented on the property. Of these Dyke 1 is the most prominent with an inferred resource of 1,074,567 tonnes at 0.91% Li2O, 182 ppm Be, 198 ppm Cs, 51 ppm Ga, 1212 Rb, and 43 ppm Ta to a depth of 305 m (1000 ft.).

Recent exploration on the property has consisted of prospecting, outcrop mapping and sampling, Mobile Metal Ions (MMI) soil geochemical surveys and diamond drilling to develop a geological database and confirm historic resource estimates. Drilling of Mobile Metal Ion (MMI) Technology targets on the property in 2018 yielded (8) eight additional pegmatites of which (5) contained lithium assays of 0.31% to 1.85% Li2O over intervals of up to 9 meters. Specifically, DDH FAR18-035, intersected Dyke 8 while testing a two-sample MMI lithium anomaly (Figure 2). Assay results include three separate intercepts of high-grade lithium including 12.3 metres of 1.1% Li2O, 4.4 metres of 1.2 % Li2O and 2.2 metres of 1.5% Li2O.

Scott Taylor, President and CEO of Foremost Lithium, states: 'I'm overjoyed that we are drilling our properties for the first time since 2018. The Company is anxious to test these 10 new high-quality targets for high grade lithium (Li20) based upon data interpretation by our technical team headed up by Dr. Mark Fedikow. We seek to replicate this proven exploration approach and develop more drill targets for further extensive drilling in 2022. I will be flying to Snow Lake for the commencement of Phase 1 drilling with a view to immediately plan and schedule a Phase 2 drill program at Zoro with a sense of urgency to catch the tail end of the Spring 2022 drill season.'

The February 2022 ten-hole 1,500 metre drill program on the Zoro Lithium Property is being supported by 2/3 of the $300,000 grant awarded in September to Foremost Lithium from the Manitoba Mineral Development Fund ("MMDF"). The MMDF was launched by the Government of Manitoba in August 2020 with the specific goal of jump-starting mineral and economic development initiatives throughout the province. The MMDF is administered through the Manitoba Chambers of Commerce and aims to support new economic development opportunities that capitalize on existing assets and infrastructure across Manitoba.

Technical information contained in the press release has been approved by the Company's VP of Exploration, Dr. Mark Fedikow, P.Geo, who is a 'Qualified Person' within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects."

Snow Lake Resources Ltd. (NASDAQ: LITM) advised yesterday the market of it's recent acquisition and substantial property expansion in and around it's current resource block at the Thompson Brothers Lithium Project in Manitoba, Canada. The Company, with the assistance of an external consultant, has been engaged over the past several years in historic geological data analysis, diligence and in depth "in-the-field" prospecting campaigns. The resulting efforts have culminated in the acquisition, through the staking and filing of claims with the Manitoba Mineral Resources Division, of mineral rights on an additional 33,614 acres (13,603 ha) of Crown land which we believe is highly prospective of lithium. The total land holdings for Snow Lake Lithium now stands at 55,318 acres (22,386 ha) or 86.43 square miles.

Fisker Inc. (NYSE: FSR) last month showcased its Fisker Ocean all-electric SUV at CES in Las Vegas, highlighting the vehicle's state-of-the-art Advanced Driver Assistance System (ADAS). Fisker showcased the all-electric Fisker Ocean SUV at CES in Las Vegas, following the vehicle's global reveal at the 2021 Los Angeles Auto Show. Called Fisker Intelligent Pilot, the ADAS platform integrates four types of sensors: an industry-leading surround-view camera suite, a camera-based driver-monitoring system, ultrasonic technology, and a Digital-Imaging Radar System that Fisker expects will be first to market when the Fisker Ocean begins production in November 2022. Called Fisker Intelligent Pilot, the ADAS platform integrates four types of sensors: an industry-leading surround-view camera suite, a camera-based driver-monitoring system, ultrasonic technology, and a Digital-Imaging Radar System that Fisker expects will be first to market when the Fisker Ocean begins production in November 2022.

QuantumScape Corporation (NYSE: QS) and Fluence Energy Inc. reported last month a multi-year agreement to introduce solid-state lithium-metal battery technology to stationary energy storage applications. The strategic relationship brings together two companies leading in technology innovation focused on accelerating clean energy adoption and reducing global carbon emissions. The companies will collaborate on what they believe to be a first-of-its-kind solution to incorporate QuantumScape's battery technology into Fluence stationary energy storage products as specific technical and commercial milestones are met. "Fluence and QuantumScape share the same mission to reduce global greenhouse gas emissions through innovation and adoption of energy storage technologies, so our collaboration is a natural fit," said Jagdeep Singh, co-founder and CEO of QuantumScape. "While we have historically focused on automotive applications, we believe our battery technology is broadly applicable and can play a role in other sectors contributing to a lower-carbon future."

Standard Lithium Ltd. (NYSE: SLI) reported last month that it has signed a Letter of Intent ("LOI") with Koch Engineered Solutions ("KES") for support with pre-front end engineering design ("pre-FEED") at the Company's proposed first commercial plant located at the Lanxess facility in southern Arkansas. The intent of the LOI is to organize and use several business units under the KES umbrella to form an Integrated Project Management Team ("IPMT") that will help Standard Lithium to execute key pre-FEED work. The IPMT will largely draw on strategically aligned resources from Koch Project Solutions ("KPS"), Koch Separation Solutions ("KSS") and Optimized Process Designs ("OPD"). The IPMT will be structured to assist the Company in evaluating process scale-up solutions, equipment options, preliminary engineering design, scheduling, budgeting and other project management activities relating to the first commercial lithium plant proposed at the Lanxess facility in southern Arkansas. The proposed site for the first commercial facility currently houses the Company's continuously operating pre-commercial Direct Lithium Extraction ("DLE") Demonstration Plant.

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