Lithium Demand is on the Rise as the Electric Vehicles Market Matures

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13 Mar, 2023, 13:00 GMT

FinancialBuzz.com News Commentary

NEW YORK, March 13, 2023 /PRNewswire/ -- 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. In addition, lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. 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. And, 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%. Vital Battery Metals Inc. (OTC: VBAMF) (CSE: VBAM), Patriot Battery Metals Inc. (OTC: PMETF) (TSX-V: PMET), Lithium Chile Inc. (OTC: LTMCF) (TSX-V: LITH), FE Battery Metals Corp. (OTC: FEMFF) (CSE: FE), Brunswick Exploration Inc. (OTC: BRWXF) (TSX-V: BRW)

Furthermore, the growing awareness about the amount of carbon emissions released into the environment from automobiles has helped spur the adoption of electric vehicles around the globe. This, in turn, has put the burden on manufacturers to offer electric vehicles running on lithium-ion batteries, instead of adopting other battery alternatives due to their lightweight nature, high energy density, and low cost. Now, it is expected that the global lithium-ion battery market will grow at a CAGR of around 26.04% to reach a value of around $160.21 billion by 2026, having stood at $42.30 billion in 2020, according to Research and Markets.

Vital Battery Metals Inc. (OTCQB: VBAMF) (CSE: VBAM) just announced breaking news that, "it has increased its presence in the lithium market by acquiring, for the cost of staking, the Dickson Lake Lithium Project ("Dickson" or the "Project"). The Project consists of 464 single-cell mining claims covering approximately 9,780 hectares and is near Imagine Lithium and the Georgia Lake Lithium Deposits. With the recent acquisition of Dickson and the Schofield Lithium Project, the Company now owns over 18,000 hectares of prospective lithium properties in Northern Ontario. The Company has been able to leverage its network and relationships in the lithium sector to acquire projects at a low cost, which the Company believes also presents low risk.

'We are very proud to add the Dickson Lake Lithium Project to our portfolio. We believe that the Project ticks a lot of boxes in terms of cost, location, mapped pegmatites, road access, geological environment and geochemical signatures. We are especially proud that in the past two weeks we have been able to acquire over 18,000 hectares of prospective lithium properties near companies such as Brunswick Exploration, Imagine Lithium and Rock Tech Lithium without diluting shareholders of the Company. We intend to continue to build a strong battery metals portfolio with low-risk opportunities that positively impact the Company and its shareholders and look forward to providing shareholders with a detailed initial work plan.'

The Project is situated within the Quetico subprovince, an Archean aged terrane comprised predominantly of metasedimentary gneiss, derived migmatites, granitoid intrusives and amphibolite. The rocks have undergone regional metamorphism to almandine-amphibolite facies. Metasedimentary rocks are dominantly greywacke in composition, with lesser arenite and arkose. Migmitization of these metasediments is generally pervasive with some sections remaining unaffected. Intrusive bodies range in composition from granite to quartz monzonite and are, for the most part, in gradational contact with migmatite.

Mapping completed in 1974 by Carter indicates that there are at least 25 pegmatite outcrops on the property. These are primarily composed of white and pink pegmatite with minor aplite (garnet, biotite and tourmaline). The pegmatites mapped vary in size from single small outcrops to areas that are 1,000m long and 100m wide. Although the previous mapping indicates that there are pegmatites present on the Project, the Company has yet to determine the dimensions or extent of any mineralization that may be present on the Project. The Project has been underexplored but saw sporadic exploration for base metals in the late 1980s.

The technical information cenvintained in this news release has been reviewed and approved by Garry Clark, P.Geo., and a 'Qualified Person' as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects."

Patriot Battery Metals Inc. (OTCQX: PMETF) (TSX-V: PMET) announced last month the results of the Heavy Liquid Separation ("HLS") Phase II testwork program on CV5 Pegmatite material, completed as follow-up to the successful Phase I HLS and Dense Media Separation ("DMS") testwork program (see news release dated December 19th, 2022). Collectively, the Phase II HLS testwork demonstrates that the CV5 Pegmatite shares similar liberation and process characteristics across the majority of the pegmatite body defined to date, at various depths along its length. Further, the work indicates that a marketable spodumene concentrate exceeding 5.5% Li2O at high recovery is achievable using a DMS process. With the ability to produce marketable spodumene concentrate at recoveries between 70 and 80%, the results of the test program provide a strong indication that a simple DMS processing plant design, without the need for flotation, will be the base case for the Project.

Lithium Chile Inc. (OTC: LTMCF) (TSX-V: LITH) announced last month that AUSENCO Engineering ("AUSENCO") has been selected to co-ordinate and produce the Company's Preliminary Economic Assessment ("PEA") report. The PEA is designed to define the economic parameters and commercial potential for Lithium Chile's Argentinian based Salar de Arizaro project (the "Project"). The PEA will investigate all aspects of going into production including lithium carbonate plant construction, metallurgy, resources quantities and production potential. The PEA will be based on a first 25,000 metric tonne per year production plant with design focused on the ability to double production via a second 25,000 tonne/year module. AUSENCO will require approximately six months to complete the PEA with results expected to be published during Q3 2023. The second 25,000 metric tonne per year module will be included in the study for implementation after the plant has reached steady-state production.

FE Battery Metals Corp. (OTCQB: FEMFF) (CSE: FE) reported last week results of Drill Hole LC23-42 from 2023 exploratory drill program at its Augustus Lithium Property in Quebec, Canada. The drill hole LC23-42 intersected two pegmatites with widths of 16 metres (m) and 4 m, respectively, showing varying lithium grades from 164 to 250 meters drilled depth. o date, 50 drill holes with a cumulative core drilling of over 9,500 m have been completed at Augustus. The drill core is logged and sampled at the core shack using a rock saw. For quality control and quality assurance (QA/QC), field duplicates, standards and blanks are being inserted at industry standard intervals. The samples were bagged and tagged using best practices and were delivered to Activation Laboratories ("ACTLABS"), Ancaster, Ontario for sample preparation and analyses using laboratories code Ultratrace 7 and sodium peroxide fusion (Na2O2) as summarized below. ACTLABS is an independent commercial, accredited ISO Certified Laboratory.

Brunswick Exploration Inc. (OTC: BRWXF) (TSX-V: BRW) announced back in January that it has staked additional claims in the James Bay-Eeyou Istchee region of Quebec, in an area that is highly prospective for lithium-cesium-tantalum ("LCT") pegmatites. The Company has also optioned a claim block from Globex Mining Enterprises ("Globex"; TSX: GMX) that is adjacent to these new claims, collectively called the Mirage Project. Mr. Killian Charles, President and CEO of BRW, commented: "We are very happy to announce this new claim package to our increasing grassroots lithium holdings across Quebec and Canada. The presence of sizeable angular spodumene-bearing float on the project combined with lithium geochemical anomalies point to the local presence of LCT pegmatites. We will be providing updated exploration plans for 2023 in the coming weeks which will include the exciting new Mirage Project."

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