Peninsula Energy (ASX:PEN) an update on operations at the Lance Projects in Wyoming, USA.

As quoted in the press release:

First Delivery to the Converter

During May 2016, regular deliveries to the conversion facility of dried and drummed uranium from the Lance Projects commenced (Figure1 below shows Lance Projects dried and drummed uranium coming off the packaging line prior to transportation).

The first shipment, which contained approximately 16,000 pounds of uranium from the Lance Projects, was delivered to a North American conversion facility on 31 May, 2016 and the Company expects to make deliveries at regular intervals going forward.

Production Ramp-Up

Production ramp up continues at the Lance Projects with the fourth header house coming online in early June 2016.

When minimum target levels of NaHCO3 (sodium bicarbonate) have been reached, the Company has seen a consistent increase in uranium production from each operating header house. The Company expects the fifth header house to come online in the third quarter of 2016 and all seven header houses are planned to be constructed and commissioned before the end of the calendar year 2016. Minimum target levels of sodium bicarbonate saturation are expected to be reached for Header House 6 and Header House 7 early in calendar year 2017.

While the project is still in the early stages of ramp-up, production performance to date at the first two header houses indicate that between 200,000 to 300,000 pounds of U3O8 will be produced, dried and drummed for 2016, with production from five header houses at various levels of ramp-up. Meaningful amounts of uranium will not be extracted from Header Houses 6 and 7 until early in 2017. Based on current uranium production ramp up rates, the targeted production level of 600,000 to 700,000 lbs per annum for Stage 1 will be achieved in the first half of 2017.

The Stage 1 ramp up and production profile aligns well with the Company’s remaining near term delivery commitments under Term contracts. Based on the remaining delivery profile over the next 5 years the weighted average delivery price is now US$55-56 per pound (previously US$57-58 per pound) for 2.15 million pounds U3O8 (previously 2.1 million pounds) with revenue of US$120 million for this material alone.

Connect with Peninsula Energy (ASX:PEN) to receive an Investor Presentation.

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Nevada Sunrise (TSXV:NEV) announced that the U.S. Bureau of Land Management has approved a Plan of Operations for the Golden Arrow property located 40 miles (60 kilometres) east of Tonopah in Nye County, Nevada, USA.

As quoted in the press release:

Nevada Sunrise, through its wholly-owned Nevada subsidiary Intor Resources Corp., submitted a Plan of Operations (the “Plan”) for Golden Arrow to the BLM in early 2015. The Plan contemplates approximately 240,000 feet (73,170 metres) of drilling in up to 240 holes to explore for new areas of gold mineralization on the Property, and to potentially expand the known gold resources. The approval of the Plan is the successful outcome of a permitting process initiated by the Company in June 2014, when biological surveys commenced at Golden Arrow, followed by cultural surveys. In February 2016, an Environmental Assessment for the Project was filed online by the BLM for public review. After the required 30-day period, and following a review of comments received from the local stakeholders and other interested parties, the BLM concluded that the implementation of the Plan does not pose significant impacts on the Project area and a positive decision document was issued on May 11, 2016.

Nevada Sunrise President and CEO, Warren Stanyer, stated:

The approval of our Golden Arrow exploration plan is an important step for Nevada Sunrise. Our objective is to increase the size and quality of the gold resources at Golden Arrow and we are now able to carry out the work necessary to achieve that goal.

Connect with Nevada Sunrise (TSXV:NEV)  to receive an Investor Presentation.

 

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American Manganese Inc. (TSXV:AMY; PINKS:AMYZF;FRANK:2AM) announced that the Company has contracted Kemetco Research Inc. to perform “Proof of Concept” testing of the Company’s proprietary hydrometallurgical process for the recycling of cathode materials of Lithium Ion electric drive vehicle (EDV) batteries.

As quoted in the press release:

Currently, the demand for lithium for use in electric vehicle battery cathode materials is outstripping the available supply.  The price of lithium carbonate feedstock in North America at present is about US $6400/tonne.  Recently reported Chinese spot prices have been triple this amount.

One factor driving demand is that the first generation EDV batteries are reaching the end of their life cycle.  A Recycling International article dated January 12, 2016 by Kristen Linnenkoper, Titled “EDV Batteries Present big Recycling Opportunity”, reports that 276,000 electric drive vehicle batteries expired or left service by in 2015.  It estimates that this number will increase to 358,000 by 2020 and 849,000 by 2025.  These spent batteries are a growing feedstock for recycling and upcycling efforts.

Kemetco Research President, Norman Chow, stated:

There is currently no known commercial technology for large scale recycling of cathode materials of multiple chemistries.  Spent cathode materials represent an ideal feedstock to be processed with American Manganese’s proprietary hydrometallurgical process.

Connect with American Manganese Inc. (TSXV:AMY; PINKS:AMYZF;FRANK:2AM) to receive an Investor Presentation.

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Macarthur Minerals (TSXV:MMS) announced that it will undertake further reconnaissance of its 17 Exploration Licence Applications in the Pilbara region of Western Australia.

As quoted in the press release:

This second reconnaissance program will include:

• further sampling of pegmatites identified in the first heliborne reconnaissance program, which assays confirmed contained lithium1 ; and
• heliborne reconnaissance of Pilbara acreage not covered in the initial heliborne reconnaissance program.

The Company will continue reconnaissance on its Pilbara Exploration Licence Applications, with the intention of identifying high grade lithium priority exploration targets for drilling following grant of applications. The initial reconnaissance program only assessed the lithium potential of a fraction of the Company’s acreage package.

Connect with Macarthur Minerals (TSXV:MMS) to receive an Investor Presentation.

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Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) announced that it has obtained issuance of Canadian Patent No. 2,874,917 that describes its proprietary process of preparing lithium hydroxide and lithium carbonate from spodumene sources using membrane electrolysis. Nemaska has also received a notice of allowance for the corresponding patent application (No. 14/404,466) in the United States.

As quoted in the press release:

The electrolysis technology developed by Nemaska Lithium to convert lithium sulphate into lithium hydroxide and lithium carbonate, has been successfully lab scale tested, demonstrated in pilot plant testing as well as at supplier facilities over the past four years. In the past, electrolysis based technologies have been commercially used in multiple industries and have demonstrated that they can be very efficient and very reliable.

Nemaska Lithium has developed proprietary environmentally friendly processes to produce a very high purity, low cost lithium hydroxide and lithium carbonate using membrane electrolysis technologies. The main benefits of these processes include:

• low and predictable operating costs, C$2,693/t (*US$2,154/t) for lithium hydroxide monohydrate and C$3,441/t (*US$2,753/t) for lithium carbonate FOB Shawinigan per the feasibility study filed in May 2016
• virtually eliminates costly reagents such as soda ash thus eliminating sodium sulfate by-product which has no market value and is environmentally harmful
• significant reduction of green-house gas emissions (GHG)

These processes will enable Nemaska Lithium to have excellent control on cost and quality of its final lithium products, for the benefit of its customers.

Nemaska Lithium Technical Manager, Jean-Francois Magnan, stated:

In addition to developing the overall process, we have done a lot of work on the impurity removal systems which allow us to produce one the purest lithium hydroxide and lithium carbonate products without the costly polishing steps that our competitors require. This ensures that we will produce lithium compound products at low costs and at very high purity. I believe these two critical factors will enable to capture a significant share of the growing lithium compounds market.

Connect with Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) to receive an Investor Presentation.

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Cameco (TSX:CCO) has announced that the Canadian Nuclear Safety Commission has approved an application by AREVA Resources Canada to increase the annual licensed production capacity of the McClean Lake milling operation to 24 million pounds of uranium concentrate.

As quoted in the press release:

Ore from Cameco’s Cigar Lake mine is milled and packaged at the McClean Lake operation which is majority owned and operated by AREVA. Approval of AREVA’s application permits Cameco to meet its 2016 Cigar Lake production outlook of 16 million packaged pounds of uranium concentrate (Cameco’s share 8 million pounds). Prior to the approval, the McClean Lake mill’s operating licence had an annual production limit of 13 million pounds.

The Cigar Lake mine is expected to reach its full annual production of 18 million pounds (Cameco’s share 9 million pounds) in 2017.

The Cigar Lake mine is owned by Cameco (50.025%), AREVA Resources Canada Inc. (37.1%), Idemitsu Canada Resources Ltd. (7.875%) and TEPCO Resources Inc. (5.0%) and is operated by Cameco.

Click here to read the full press release.

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Pitchblack Resources (NEX:PIT.H) has announced its intention to complete a non-brokered private placement financing of up to 1,700,000 common shares at a price of $0.10 for gross proceeds of up to $170,000.

As quoted in the press release:

Closing of the financing is expected to occur on or about June 10, 2016. The shares to be issued by Pitchblack will be subject to a statutory hold period of four months and one day. Completion of the financing is subject to a number of conditions including receipt of TSX Venture Exchange approval.

The Company has entered into a settlement agreement in respect of the outstanding litigation against it. As a result, the Company is now without any significant liabilities and is primed to consider potential acquisition opportunities.

Pitchblack intends to use the proceeds of the financing to cover the costs of the litigation and for general corporate purposes.

Click here to read the full press release.

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Unity Energy (TSXV:UTY) has received the necessary exploration permits from Nevada’s Bureau of Land Management to complete 18 drill holes at its wholly owned Miller’s Playa Lithium Project in the South Big Smoky Valley, Nevada.

As quoted in the press release:

Drilling will utilize large diameter NQ rods (47.6mm core diameter) as well as AQ rods (27.0mm core diameter) for superior sample recovery and is expected to reach depths of up to 50m. The purpose of the drilling will be to test subsurface layers for lithium and other commercial elements. The Company is in the process of mobilizing its field crew and work is expected to commence shortly.

The Millers Crossing Project fits well into the playa-type brine deposit model as it shares geological similarities with Clayton Valley, the only lithium producing brine operation in North America. A playa is an internally drained brine deposit, the surface of which is primarily composed of silts and clays in which lithium can accumulate from the surrounding source rocks during successive evaporation and concentration events. Evaluation of regional gravity data has led to the hypothesis that the Big Smoky Valley has been in-filled with an estimated 2000-2500m of alluvial fill and may have the potential to host a significant mineral deposit.

Unity Energy president and CEO, Ian Graham, said:

We are pleased to have achieved another key exploration milestone and we look forward to furthering our exploration of this ground in the near term. Weather conditions and access are both excellent, and as such, we believe that the program could be completed in approximately two weeks’ time.

Click here for the full press release.

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Forum Uranium Corp. (TSXV:FDC) announced that three of the eight drill holes completed last April on Forum’s 100% owned Highrock Property encountered elevated levels of uranium, boron, vanadium and base metals along the 10km long graphitic conductor on the property.

As quoted in the press release:

These geochemical pathfinders may be indicative of uranium mineralization in the vicinity. Drilling has further identified a 1.5km long section in the north area and a 1km long section in the central area that require follow-up gravity work and drilling. A 3km long section of the conductor in the south part of the project has not yet been drill tested by Forum. Targets on the Highrock property are interpreted to be the same unit that hosts the Key Lake uranium mine located 15 km to the north.

The Highrock claims lie just outside the southern edge of the Athabasca Basin which has the potential to host shallow depth, high grade, basement deposits. Existing infrastructure in the Highrock area is excellent, and includes a nearby all-weather road and powerline to the Key Lake mill site.

Connect with Forum Uranium Corp. (TSXV:FDC) to receive an Investor Presentation.

 

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Macarthur Minerals (TSXV:MMS) announced that it will undertake further reconnaissance of its 17 Exploration Licence Applications in the Pilbara region of Western Australia.

As quoted in the press release:

This second reconnaissance program will include:

• further sampling of pegmatites identified in the first heliborne reconnaissance program, which assays confirmed contained lithium(1); and
• heliborne reconnaissance of Pilbara acreage not covered in the initial heliborne reconnaissance program.

The Company will continue reconnaissance on its Pilbara Exploration Licence Applications, with the intention of identifying high grade lithium priority exploration targets for drilling following grant of applications. The initial reconnaissance program only assessed the lithium potential of a fraction of the Company’s acreage package.

Connect with Macarthur Minerals (TSXV:MMS)  to receive an Investor Presentation.

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Nevada Sunrise (TSXV:NEV) announced Phase 1 exploration results from its drilling program at the Neptune Lithium Project located in the southern Clayton Valley of Nevada, USA.

As quoted in the press release:

Nevada Sunrise completed two exploration holes at Neptune in late March 2016. Drill targets were generated from the integration of the results of: (1) a detailed gravity survey by a previous operator that outlined a deep, faulted sub-basin, and (2) a controlled source audio magneto telluric (“CSAMT”) follow-up survey that detected conductive horizons within the sub-basin. In each of the completed holes, permeable sedimentary, lacustrine strata interbedded with volcanic ash and ejecta was logged at various levels throughout the holes. This type of sedimentary strata is interpreted as a requisite host horizon for lithium-bearing brines as seen in the northern Clayton Valley. A total of 45 water samples and 256 sediment cuttings samples were collected and submitted for multi-element analysis.

Preliminary analytical results indicate the water samples collected from the two completed holes contain sub-economic contents of lithium. However, in hole N-2016-1, the composited samples collected from the intersected strata contained lithium-bearing sediments that averaged 156 parts per million (“ppm”) lithium over 215 feet (65.5 metres) from 1285 feet (392.7 metres) to the end of hole at 1,500 feet (457.2 metres), reaching a peak value of 217 ppm lithium from 1365 to 1385 feet. An sharp increase of acidity was noted in several of the last water samples of hole N-2016-1, which Nevada Sunrise interprets as a potentially fertile leaching environment for the creation of lithium-bearing brines. A third hole up to 2,000 metres deep is planned approximately 1 mile (1.6 kilometres) to the east of hole N-2016-1 in an area interpreted from a 2016 geophysical survey to be a potential trap where denser, lithium-bearing brines could migrate and pool. If results from the third hole warrant, a drill pad and access road have been prepared for a fourth hole location.

Nevada Sunrise President and CEO, Warren Stanyer, stated:

“This is the first drilling program on a property that covers approximately 10 square miles, and accordingly exploration on the Neptune property is a classic high risk/high reward scenario. Our current work has confirmed the presence of lithium within the Neptune basin, and we look forward to the next drill test of a highly-prospective lithium brine target.

Connect with Nevada Sunrise (TSXV:NEV) to receive an Investor Presentation.

 

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Recently it has been discussed that India should be exploring for uranium—in the south-central region specifically—because it’s estimated to have approximately 20,000 tonnes of uranium deposits in a handful of areas within the sector.

India received its first shipment of uranium from Canadian company, Cameco (TSX:CCO), last December. However, exploration and research of uranium deposits within the country launched as early as January of this year.

The purpose of the exploration was to identify and evaluate uranium resources required for the implementation of atomic energy programme for India.

Abhinav Kumar, head survey of the team, said, “The Aravali-Delhi fold belt constitutes the Proterozoic basins such as Cuddapah basin in Andhra Pradesh, Gwalior Vindhya Basin in Madhya Pradesh, etc., where multi-disciplinary investigations have been taken up in search of unconformity related uranium deposits.”

How do uranium deposits in India stack up?

High nuclear demand from India, as well as China and the United Arab Emirates (UAE), has also boosted uranium demand. Thus, India must either import uranium or explore for potential uranium deposits within the country in order to secure the resources needed for additional nuclear reactors, according to Atomic Energy Commission (AEC) Chairman and Security, Sekhar Basu.

The proposition that India should advance exploration of uranium deposits is huge. According to the World Nuclear Association (WNA), due to earlier trade bans and lack of indigenous uranium, the country has been developing a nuclear fuel cycle to exploit its reserves of thorium.

The WNA also noted that the Uranium Corporation of India plans to use uranium deposits in the Bhima belt from Sedam in Gulbarga to Muddebihal in Bijapur, but didn’t specify when.

What uranium and thorium means for India’s nuclear energy

Placing India on the map as a power house in nuclear energy is on the rise, thanks to uranium and thorium. India has one of the largest reserves of thorium in the world, according to Dr. R. Chidambram, scientific advisor to the prime minister of India.

Former AEC chairman and ex-secrsatary Department of Atomic Energy (DAE) M.R. Srinivasan said that no one is ahead of India in the direction of the development of next generation nuclear reactors that use thorium as a fuel.

By itself, thorium is not a fuel: it is a potential fuel placed in a reactor and other fissile material is required to convert it into Uranium 233.

The Advanced Heavy Water Reactor (AHWR) will be fueled by a combination of uranium 233, converted from thorium, and plutonium. Uranium 233 is the reactor fuel that’s used for the third stage of the Indian nuclear power programme.

It is expect that the AHWR design will start working next year, according to Srinivasan. He also said it will have a thorium blanket around the reactor core, which will generate more uranium 233 as the reactor goes operational. This will result in the production of more uranium fuel that could potentially help sustain long term fuel requirements for the power generation.

By 2050, India is aiming to supply 25 percent of its electricity from nuclear power, as noted by the WNA.

Uranium companies to look at

While India is looking to develop its uranium resources in order to fuel growing nuclear demand, it’s worth remembering that bringing a mine from discovery to production takes many years. In the meantime, the country must get its uranium from other sources.

Uranium prices are struggling right now, but as FocusEconomics notes, the construction of new reactors in China, India and Russia is expected to relieve pressure on oversupply and boost prices moving forward.

With that promise for uranium in India in mind, here’s a sample of a few mining stocks at various stages of advancement within the uranium space.

Cameco

One of the largest uranium producers in the world, Cameco is an obvious choice because it is directly involved in the shipment of uranium to India. The shipment, which was the company’s first to India, is under a uranium supply contract after the nuclear cooperation agreement between Canada and India came into effect in September 2013. The contract is to supply 7.1 million pounds of uranium concrete to India’s Department of Atomic Energy for a period to 2020.

More recently, Cameco signed an agreement with joint stock company national atomic company Kazatomprom and joint venture Inkai LLP to restrict and enhance JV Inkai.

Tim Gitzel, president and CEO of Cameco said, “This agreement strengthens our partnership with another global leader in uranium mining and moves both Cameco and Kazatomprom closer to realizing the full potential of their investment in JV Inkai.”

Uranium One (TSX:UUU)

Uranium One is another one of the world’s largest uranium producers, with assets in Kazaksthan, US, Australia and Tanzania. Earlier in May, the company released its production for the first quarter of 2016.

Uranium One’s total attributable production for the first quarter was 3 million pounds, with average total cash cost per pound sold of material at $11 per pound during the first quarter compared to $14 per pound during the same time frame in 2015.

Forum Uranium (TSXV:FDC)

Finally, an earlier stage play, Forum  Uranium is a Canadian-based company currently focused on the acquisition, exploration and development of uranium projects in the Athabasca Basin in Saskatchewan and the Thelon Basin in Nunavut.

The company recently announced  the 100 percent acquisition of the interest in two claims totaling 6,530 hectares in the Russell Lake area. Forum will pay $7,500 and issue 25,000 shares for the claims, subject to the TSXV Exchange approval.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Forum Uranium is a client of the Investing News Network. This article is not paid-for content. 

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In a recent interview enCore Energy Corp (TSXV:EU), who has a 100% interest, with no holding costs, on 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, discussed their company highlights as well as their strategic position in the uranium market.

Watch the full interview:

 

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Galaxy Resources (ASX:GXY) announced on Monday that it intends to acquire General Mining (ASX:GMM) in a deal worth approximately A$216 million. Galaxy and General Mining are currently partnered on the Mt Cattlin lithium project in Western Australia, which recently recommenced mining operations.

Under the terms of Galaxy’s offer, General Mining shareholders would receive 1.65 Galaxy shares for every General Mining share held. Directors of both companies are recommending to accept the deal, which they say would create a diversified lithium miner with an A$700 million market capitalization.

Shares of Galaxy were up 11.39 percent to $0.44 on the news on Monday, with trading volumes coming in at over three times the daily average for the company. Meanwhile, General Mining was up 15.45 percent to $0.71 per share on roughly ten times its average trading volume.

“We are extremely pleased that the joint venture arrangement we entered into with General Mining in 2015 has resulted in a merger proposal that makes sound strategic sense and, importantly, gives the shareholders of both Galaxy and General Mining the opportunity to participate in the upside of a merged lithium company of global significance,” said Galaxy Chairman Martin Rowley in a statement.

The Mt Cattlin mine is currently owned via a joint venture between Galaxy Resources and General Mining, who is operator of the project. General Mining provided the capital for the restart and ramp up of operations at Mt Cattlin.

Galaxy also holds the Sal de Vida lithium brine project in Argentina and the James Bay spodumene exploration project in Quebec.

For his part, Joe Lowry of Global Lithium sees big things on the horizon for Galaxy should the company meet its goals. “I think Galaxy is becoming the premier lithium investment outside of China,” he stated in an email. “If they execute well on Mt Cattlin and Sal de Vida, Galaxy will leave the ranks of juniors and take their place as a top three global lithium player within five years.”

Indeed, with lithium demand rising and few new projects set to come online, successful new producers will be key for the market. “Galaxy at Mt Cattlin and Neometals’s (ASX:NMT) Mt Marion (in partnership with Ganfeng) are two critical assets that we help keep lithium supply nearly balanced with demand growth in the near term,” Lowry added. “Hopefully Pilbara will execute longer term and keep China’s demand for hard rock feedstock sated into the next decade.”

Pilbara Minerals (ASX:PLS) is currently advancing its Pilgangoora lithium-tantalum project in Western Australia. Pilbara, Galaxy and Neometals have all either secured offtake agreements for their projects with China based partners, or are in talks regarding final agreements (see here, here and here). Certainly, while lithium brine projects have gotten plenty of attention as of late, it’s important to note that hard rock projects also play a big part in global supply, and are thus worth a look for lithium investors.

“It is clear that future lithium demand growth will require a balance of hard rock and brine assets to come online over the next decade,” Lowry stated.

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Galaxy Resources and Pilbara Minerals are clients of the Investing News Network. This article is not paid for content.

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Scientific Metals (TSXV:STM) has entered an arms length agreement to acquire the Deep Valley lithium property in west-central Alberta. The 6,648 hectare property is located 55 kilometers west of Fox Creek.

As quoted in the press release:

The Property encompasses 6,648 ha (16,427 acres) and is located approximately 55 km due west of the community of Fox Creek. The Property is underlain by Leduc Formation aquifers that are known to be highly enriched in lithium, potassium, boron, bromine and other commodities. Within the central part of the Property, historic samples of formation waters (brines) have returned 140 mg/L (ppm), which are amongst the highest values recorded within the Province of Alberta as reported by the ERCB in its report of October 2011 entitled “Geological Introduction to Lithium-Rich Formation Water with Emphasis on the Fox Creek Area of West-Central Alberta (NTS 83F and 83K)”.

The terms of the proposed transaction provide as follows: STM shall acquire a 100% interest in the Property in consideration for a cash payment of $15,000 and the issuance of 4,000,000 common shares of the Company. An existing 3% net smelter royalty shall remain on the Property, of which 1% can be repurchased by the Company at any time in consideration for a cash payment of $1,500,000. An arm’s length finder’s fee is payable in connection with the transaction in the amount equal to $38,625, such finder’s fee to be satisfied on the closing date by the issuance of 386,250 common shares of the Company at a deemed price of $0.10 per share. The transaction has been conditionally approved by the TSX Venture Exchange and is expected to close within the next week.

Click here for the full press release.

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GoviEx Uranium (CSE:GXU) has announced that the Zambian Competition and Consumer Protection Commission has reviewed and provided its approval to complete the transaction that will see GoviEx acquire Denison’s wholly owned subsidiary, Rockgate Capital Corp., which holds all of Denison’s Africa-based uranium interests.

As quoted in the press release:

Having received approval from the Zambian Competition and Consumer Protection Commission, GoviEx now expects the closing of the Transaction to occur on or about June 10, 2016, subject to the receipt of all other required consents and approvals, as well as the satisfaction of other conditions customary for a transaction of this nature.

About the Transaction

The Transaction is expected to create a leading Africa-focused uranium development company. Following successful completion of the Transaction, GoviEx will control one of the largest uranium resource bases among publicly listed development companies, with combined Measured & Indicated resources of 124.29 million pounds (Mlbs) U₃O₈, plus Inferred resources of 73.11 Mlbs U₃O₈.

The asset portfolio of the combined company will include two permitted uranium development projects – including GoviEx’s Madaouela project in Niger and Denison’s Mutanga project in Zambia. It also will include Denison’s Falea project, an advanced exploration-stage project in Mali, and the exploration-stage Dome project in Namibia.

Under the terms of the Transaction, GoviEx will acquire Denison’s wholly owned subsidiary, Rockgate Capital Corp., which holds all of Denison’s Africa-based uranium interests in exchange for approximately 56.1 million shares of GoviEx plus approximately 22.4 million common share purchase warrants of GoviEx. Upon completion of the Transaction, Denison will hold 25% of GoviEx shares outstanding and 28% of GoviEx shares on a fully-diluted basis.

Click here to read the full press release.

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Fission 3.0 (TSXV:FUU) has announced the commencement of a $0.5 million summer exploration drill program at its Macusani project in Peru. The drill contract will consist of 1200m in 12 holes of HQ diameter core drilling.

As quoted in the press release:

The program follows compilation of mapping and prospecting work, conducted by Fission 3’s award-winning technical team, and will focus on an anomalous mineralized 8km NE oriented corridorcontainingnumerous anomalous uranium in outcrop trenches (chips and channel samples) values assaying >2% U₃O₈including a maximum of 24.48% U₃O_8. This same corridor includes two shallow-depth, resource-defined and heap leachable uranium deposits on Plateau Uranium Inc.’s (“Plateau Uranium”) property: Corachapi Complex and Corani Complex – both of which are also host to substantial lithium mineralization.

Drill program highlights are as follows:

• Drilling focusing on area containing high-grade uranium at surface and potential anomalous lithium
• Ten to twelve holes (collared both angled and vertical) in 1200m of core drilling along the Llama corridor.
• Six holes will target the Llama South prospect area, where numerous surface assays in the immediate area returned highly anomalous values with a peak of 3.15% U₃O₈.
• Six holes will target the Llama North prospect area, located approximately 3km to the NE of Llama South, where numerous surface assays in the immediate area returned highly anomalous values up to 6.19% U₃O₈.

In addition to identifying significant uranium resources, the Macusani region is also highly prospective for lithium. Of note, Plateau Uranium’s Macusani projects, which are adjacent to Fission 3’s projects are also host to substantial quantities of Lithium within several uranium deposits, specifically: resources of 52.3Mt at 0.13% containing 67,000t Li₂O (Indicated) and 87.7Mt at 0.12% containing 109,000t Li₂O (Inferred). Fission 3 believes that its ground is similarly prospective to host anomalous lithium and samples from Fission 3’s drill program will also include assaying for lithium.

Click here to read the full press release.

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Galaxy Resources Limited (ASX:GXY) and General Mining Corporation Limited (ASX:GMM) (General Mining) announced they have entered into a definitive Takeover Bid Implementation Agreement to merge the two companies. It is proposed that Galaxy will acquire all of the issued shares of General Mining that it does not already own in a share based transaction by way of an off-market takeover offer.

As quoted in the press release:

Highlights of the Merger

• Creation of a leading diversified global lithium company with a large wholly-owned portfolio of hard rock and brine based lithium assets located in multiple
• Leading growth profile underpinned by Mt Cattlin production, the development of the Sal de Vida brine project in Argentina and James Bay hard rock project in Quebec,
• Positioned to be a major supplier of high quality lithium, servicing the growing demand from energy storage
• Strong financial position with a strong pro-forma balance sheet and growing cash flow generation to support continued project expansion and development, and further industry opportunities.
• Enhanced equity and capital markets profile with a combined pro-forma market capitalisation in excess of A$700
• Significant growth potential with existing and expanding production, diversified and superior growth profile, proven management and operating teams, strong balance sheet and greater international market
• Galaxy and General Mining Boards unanimously support the
• 94% of General Mining shares have entered into pre-bid acceptance agreements. In addition, other General Mining shareholders associated with Michael Fotios, the Chairman of General Mining, representing a further 10.56% of General Mining shares outstanding have made statements of intention to accept the Offer, in absence of a superior proposal.

Galaxy Resources Chairman, Martin Rowley, stated:

We are extremely pleased that the joint venture arrangement we entered into with General Mining in 2015 has resulted in a merger proposal that makes sound strategic sense and, importantly, gives the shareholders of both Galaxy and General Mining the opportunity to participate in the upside of a merged lithium company of global significance.

The arrangement struck between Galaxy and General Mining has enabled the re-commissioning of the Mt Cattlin mine, drawing on General Mining’s financial and technical resources, with Mt Cattlin now poised to deliver first production of spodumene to contracted buyers in the third quarter of calendar 2016.

We are confident that merging the companies will result in significant benefits to both sets of shareholders with the opportunity for a re-rating for the expanded shareholder base from the enhanced equity and capital markets profile.

Connect with Galaxy Resources Limited (ASX:GXY) to receive an Investor Presentation.

The post Galaxy Resources And General Mining To Merge Creating Leading Diversified Global Lithium Producer appeared first on Investing News Network.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) was down this week by 1.43 percent to 668.04.

Overall, the index is up 27.18 percent for 2016. According to the Financial Post, this makes it “by far and away the best performing index among the 27 global exchanges with market caps in excess of US$1 billion.”

For the period May 28, 2015 to May 27, 2016, it’s down by 34.94, or 4.97 percent.

A number of companies saw strong weekly percentage gains. The top five gainers for the week were:

• Alset Energy (TSXV:ION)
• K92 Mining Inc. (TSXV:KNT)
• Wealth Minerals (TSXV:WML)
• Monarques Gold Corp (TSXV:MQR)
• Golden Predator Mining Corp (TSXV:GPY)

Here’s a closer look at those companies:

Alset Energy

First on the list is Alset Energy, who saw a massive one-week leap by 176.92 percent, or $0.23, to $0.36. Over a one year period, shares of the company have spiked 2300 percent.

Earlier in the week, Alset provided an update on its initial sampling programs at the Wisa Lake lithium and Champion graphite projects. Two grab samples were collected from Wisa Lake’s North Zone and three additional grab samples were collected from the South Zone.

The company also completed a small prospecting program on its recently acquired Champion Graphite project, wherein multiple individual conductive zones associated with flake graphite in overburden covered areas were identified.

K92 Mining

Up next is K92 Mining Inc. The company is focused on advancing its Kainantu Gold Mine in Papua New Guinea towards production.  K92 recently announced the completion of its reverse take-over transaction, pursuant to which it acquired K92 Holdings International Limited.

Last week,  K92 Mining’s shares saw a 96.3 percent spike, or an increase of $0.52, to $1.06. Over a one-year period, the company has steadily risen by 76.67 percent.

Wealth Minerals

Over a one-week period, Wealth Mineral’s shares have seen a 73.2 percent boost—a $0.36 increase to $0.84. Between May 28, 2015 and May 27, 2016, the company has seen a steady increase of 257.45 percent.

Wealth Minerals’ most recent news came at the end of April, when they announced they would be acquiring the Puritama Project located in the Salar de Aguas Calientes in northern Chile.

Monarques Gold

Monarques Gold, who placed third this week, is a gold exploration company focusing on its development of gold projects along the Cadillac Break in Quebec. Last week, the company made gains of 52.78 percent, or a $0.1 increase to $0.275.

Monarques’ most recent press release  came later in the week, announcing that it had entered into two subscription agreements with Evanachan Limited for a private placement to each of the subscriber of 8,571,430 common shares at a price of $0.175 per share.

Golden Predator Mining Corp

Finally, Golden Predator Mining rounds up the top five list, which is a gold mineral exploration company focusing on advancing the 3 Acres Project and Brewery Creek project. On May 25, it was announced the company had completed a $4.32 million financing from the sale of 27,000,000 units at a price of $0.16 per  unit.

Last week, Golden Predator made gains of 34.09 percent, to $0.59, an increase of $0.15 on the week. Overall, the company has jumped 490 percent on the one-year period.

Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Top TSXV stocks in recent weeks:

5 Top TSXV Stocks: Critical Elements Rises 73.13 percent

5 Top TSXV Stocks: Cartier Resource Rises 55 Percent

5 Top TSXV Stocks: Sutter Gold Mining Rose by 127.27 percent

5 Top TSXV Stocks: Kootenay Silver Rises 64 Percent

5 Top TSXV Stocks: CB Gold Gains 83 Percent

5 Top TSXV Stocks: Encanto Gains 100 Percent on Offtake MOU

5 Top TSXV Stocks: NuLegacy Gold Rises on $6.67 Million OceanaGold Investment

 

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Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announced that it has completed the previously announced acquisition of Sumitomo Corporation’s 40% interest in the Roca Honda Project.  The Company now owns and controls 100% of the Roca Honda Project, which is one of the largest and highest-grade uranium projects in the United States.

As quoted in the press release:

As a result of the acquisition, Energy Fuels has significantly increased the size of its industry-leading U.S.-based uranium resource portfolio by 6.8% (Measured & Indicated) and 12.4% (Inferred).  Energy Fuels now owns 100% of the uranium resources at the Roca Honda Project, which, according to a February 27, 2015 Technical Report and Preliminary Economic Analysis (the “PEA”), prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101″) (see disclosure below relating to reliance on a PEA), holds a total of 1.5 million tons of Measured and Indicated Mineral Resources with an average grade of 0.48% U₃O₈ containing 14.6 million pounds of uranium, together with 1.2 million tons of Inferred Mineral Resources with an average grade of 0.47% U₃O_8, containing 11.2 million pounds of uranium.  The project is currently at an advanced stage of permitting and boasts attractive operating costs, total expected production of approximately 25 million pounds of uranium, and a nine year mine life.

The PEA assumes that Roca Honda mined material will be processed at the Company’s 100%-owned White Mesa Mill, which is within economic trucking distance.  Furthermore, the cash costs described in the PEA for the Roca Honda Project cover 100% of the costs of the White Mesa Mill, even though the Roca Honda Project will only utilize a portion of the mill’s capacity.

As previously announced, the Company also holds properties adjacent to the Roca Honda Project that contain significant additional historical resources.  According to a 2007 report, these adjacent properties contain an additional 0.7 million tons at a grade of 0.34% eU₃O₈, containing 4.8 million pounds of uranium.  These properties also contain existing mine infrastructure and excellent exploration prospects, which have the potential to enlarge the scope of the project and further improve upon the economics currently described in the PEA (see disclosure below relating to reliance on historical resource estimates).

Energy Fuels President and CEO, Stephen P. Antony, stated:

Energy Fuels is pleased to complete this important acquisition at what we believe is a reasonable price, as it provides the Company with a number of benefits, including complete control over the timing, budget, and scope of the project and complete internalization of the benefits of the project when it goes into production by processing Roca Honda material at our White Mesa Mill, which is the only licensed conventional uranium mill currently operating in the U.S.  The Roca Honda Project is an important component in our strategy of combining large-scale optionality and leverage to improving uranium markets, with lower cost production from our Nichols Ranch Project, alternate feed materials, certain of our Arizona Strip conventional properties, and our pending acquisition of Mesteña Uranium, LLC.  We thank Sumitomo for being a valued joint venture partner over the past several years and wish them the best of luck in their new focus on producing mine assets.

Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Presentation.

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Gold prices fell again this week, losing 2.57 percent to trade at $1,214 per ounce as of 12:50 p.m. EST on Friday. 

According to the Wall Street Journal, gold was on track to drop for the eighth session in a row on Friday, as save haven demand was tempered by further evidence of a US economic recovery. Earlier this month, market watchers put the probability of the fed raising interest rates in June at 4 percent, but that number has now risen to 28 percent.

“The high level of speculative interest and renewed interest rate hike speculation in the U.S. makes gold susceptible to a price correction in the short term,” the Journal quoted Commerzbank as stating.

Meanwhile, silver prices were also down for the week on a stronger dollar and increased likelihood of an interest rate hike, dropping 1.22 percent to $16.18 per ounce as of 1:55 p.m. PST.

However, in an interview with Bloomberg this week, First Majestic Silver (TSX:FR) CEO Keith Neumeyer said that he sees silver prices surging as high as $140 per ounce by 2019.

“The silver rally is just beginning,” Neumeyer told the news agency. “What we’ve seen in the last two months is just the beginning of the next bull market.”

According to a recent report from FocusEconomics, the majority of analysts surveyed expect silver to end 2016 at a lower level, though some see the metal finishing the year as high as $19.50 per ounce.

On the base metals side of things, comex copper prices saw some gains for the week. The red metal rose 2.37 percent to $2.14 per pound.

However, Reuters reported that copper prices are still headed for their biggest monthly drop in six months on the back of concerns over falling Chinese demand growth. A stronger dollar also put pressure on copper.

“I still have the opinion demand is in bad shape and if the dollar strengthens then that will be enough to push it lower,” said Dominic Schnider of UBS Wealth Management in Hong Kong told Reuters. “$4,400 is a price we can think about in an environment of broad dollar strength and Asia’s growth still struggling to find a floor.”

Finally, spot oil prices were also on the rise, up 2.41 percent to $49.23 per barrel. Oil prices dipped on Friday after touching a seven-month high on Thursday, the Wall Street Journal reported. Some analysts saw the drop as a temporary pullback, while some saw oversupply issues driving prices down.

“People are worried crude production will come roaring back at these prices,” Phil Flynn, energy markets analyst at the Price Futures Group in Chicago, told Reuters. “But I also think we are down because of higher interest rate concerns and the longer weekend.”

Don’t forget to follow us @INN_Resource for real-time news updates.

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 

Related reading: 

Weekly Round-Up: Gold Price Falls on Dollar Strength

Weekly Round-Up: Gold and Silver Keep Rising

Weekly Round-Up: Gold Rises on US Jobs Data

Weekly Round-Up: Gold, Silver, Copper Gain on Weaker US Dollar

Weekly Round-Up: Oil Prices Gain for Third Straight Week

Weekly Round-Up: Copper Rises on Record China Imports

Weekly Round-Up: Copper Posts Worst Weekly Loss Since January

Weekly Round-Up: Best Quarter for Gold in Decades

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Cameco Corporation (TSX:CCO) have signed an agreement with joint stock company National Atomic Company Kazatomprom and joint venture Inkai LLP to restrict and enhance JV Inkai.

As quoted in the press release:

The Inkai operation is an in situ recovery uranium mine in south Kazakhstan that is owned and operated by JV Inkai which, in turn, is currently owned by Cameco (60%) and Kazatomprom (40%). Cameco’s current interest in production from JV Inkai is 57.5% based on previous agreements with Kazatomprom.

The new agreement replaces the memorandum of agreement signed by Cameco and Kazatomprom in September 2012 and, subject to closing, provides as follows:

• JV Inkai will have the right to produce 4,000 tonnes of uranium (tU) (10.4 million pounds of U₃O₈) per year (Cameco’s share 4.2 million pounds), an increase from the current 5.2 million pounds (Cameco’s share 3.0 million pounds).

• JV Inkai will have the right to produce from blocks 1, 2 and 3 until 2045 (currently, the lease terms are to 2024 for block 1 and to 2030 for blocks 2 and 3)

• subject to further adjustments tied to the refinery as described below, Cameco’s ownership interest in JV Inkai will be adjusted to 40%, and Kazatomprom’s ownership interest in JV Inkai will be adjusted to 60%

• a governance framework that provides protection for Cameco as a minority owner

• the current boundaries of blocks 1, 2 and 3 will be adjusted to match the agreed production profile for JV Inkai to 2045

• the loan made by a Cameco subsidiary to JV Inkai to fund exploration and evaluation of block 3 (currently US $160 million) will be restructured to provide for priority repayment.

Tim Gitzel, president and CEO, said:

This agreement strengthens our partnership with another global leader in uranium mining and moves both Cameco and Kazatomprom closer to realizing the full potential of their investment in JV Inkai. For Cameco, the agreement advances our strategy of building on our low-cost production assets that helps to mitigate the risk of today’s uncertain uranium market and positions us to maximize returns when the market recovers.

Click here to read the full press release.

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CanAlaska Uranium (TSXV:CV) reports that it has optioned two claim groups for diamond exploration to Fjordland Exploration (TSXV:FEX).

As quoted in the press release:

The two claims comprising 449 hectares and 2045 hectares respectively, were recently staked by the Company, and are located east of the claims CanAlaska optioned to De Beers Canada Inc. in the Northwestern Athabasca Basin, Saskatchewan (see May 18, 2016 news release). The option deals with De Beers and Fjordland collectively comprise eighty-four (84) kimberlite-style targets.

The claims optioned to Fjordland cover anomalous magnetic response targets identified on the Saskatchewan’s Governments airborne magnetics survey completed in 2011. Claim MC00004307 has two prominent magnetic targets. Claim MC00004306 has seven prominent targets.

For a 100% interest in the claims, CanAlaska will receive a cash payment of $50,000 of which $5,000 has been received, and the balance payable on the anniversary date of the Agreement. Fjordland will also issue to CanAlaska 4 million shares on TSX Venture Exchange approval. CanAlaska reserves a 4% Gross Overriding Royalty (“GOR”) for diamonds and a 2% Net Smelter Returns Royalty (“NSR”) for other minerals. Fjordland has the priority right to purchase up to a 2% GOR for $500,000 for each 0.5% GOR thereby reducing CanAlaska’s GOR to 2%. Aggregate work commitments are $100,000 by December 31, 2017; not less than 40% of expenditures shall qualify as allowable assessment work. The terms of the Agreement are subject to approval of the TSX Venture Exchange.

Click here to read the full press release.

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Macarthur Minerals (TSXV:MMS) announced that:

• it has entered into a Memorandum of Understanding (“MOU”) with Venturex Resources Limited (“VXR”) to enter into a Farm-in and Joint Venture Agreement (“FJVA”) for rights to lithium on VXR’s Sulphur Springs Project (“Suphur Springs”), in the Pilbara region of Western Australia, which is contiguous with some of the Company’s Exploration Licence Applications.
• if pegmatite-hosted lithium mineralisation is identified at Sulphur Springs, it will allow for exploration and drilling for lithium to be fast tracked on that acreage, as the majority of the Sulphur Springs acreage comprises granted Mining Leases.
• assay results from the initial heliborne reconnaissance sampling of pegmatites is encouraging and confirms the presence of moderately to strongly fractionated rare element pegmatites within three of the Company’s Exploration Licence Applications. These results are positive, support the Company’s exploration targeting model, and justify ongoing assessment of the project tenements.

Connect with Macarthur Minerals (TSXV:MMS) to receive an Investor Presentation.

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Australia, the world’s third largest producer of uranium, hosts the largest endowment of uranium resources in the world, making up approximately 31 percent of global totals.

The country has been mining uranium since 1954, with several currently operating and more on the way. However, Australia produces uranium in other countries as well.

Although the country currently doesn’t use nuclear power, Australia produced 6689 tonnes of uranium in 2015, putting it behind only Kazakhstan and Canada, according to the World Nuclear Association (WNA). Despite the uranium spot price having a difficult year, it is still in high demand.

Before we dig deep into the uranium Australia mines around the world, let’s take a quick look into some of its current operating mines within the country.

Australia’s uranium mines

• Ranger Mine: this location is operated by Energy Resources of Australia (ASX:ERA), and opened in 1981.  Last June, ERA announced that it will defer proceeding further development of the underground mine to access 27,650 tonnes of uranium after it spent $177 million on the project.

• Olympic Dam: one of the biggest mining companies in the world, BHB Billiton (NYSE:BHP), operates the mine. Olympic Dam is Australia’s biggest underground mine, producing copper, gold, silver and, of course, uranium.
• Beverley Mine: Heathgate Resources, formed in 1990, operates the Beverley mine, which officially opened in February 2001. . In December 2010 the company received government approval to mine the Beverley North deposits. Mining of Beverley ceased at the end of 2013, and of Beverley North early in 2014.

• Four Mile: its leases are contiguous with the Beverley mine, and is operated by Alliance Resources (ASX:AGS), with its mining commencing in April of 2014. Total production of uranium from April 2014 to June 2015 was 2,441,092 pounds.

Junior Australian uranium companies

A-Cap Resources (ASX:ACB)

Big news is happening with A-Cap Resources: it’s set to build the first ever uranium mine in Botswana, with a capital expenditure of $351 million after passing an environmental assessment.  A-Cap submitted the application for a mining license last August with plans to open a pit mine with a lifespan of more than 18 years.

Botswana is estimated to hold approximately 1.04 billion tonnes of uranium reserves. Over the last decade, no production has taken place because its government issued several prospecting licenses.

Toro Energy (ASX:TOE)

Toro currently holds exploration projects in Africa and investments in Strateco Resources in Quebec. In Namibia, Toro holds a joint venture partner with Deep Yellow (ASX:DYL), another Australian uranium exploration company and together have three exploration licenses located throughout Namibia.

Furthermore, the company has proclaimed they are working towards becoming Australia’s next uranium producer with the development of a mine in Wiluna.

Peninsula Energy (ASX:PEN)

Peninsula Energy commenced operations in December 2015 at its Lance Projects in Wyoming and is currently progressing its Karoo Uranium Projects in South Africa through feasibility.

In the company’s quarterly activity report released in April, minimum sodium bicarbonate levels were achieved in March at the Lance Uranium project, increasing the rate of uranium extraction.

Paladin Energy (ASX:PDN)

Paladin Energy currently has projects in Australia, as well as two mines in Africa. It has completed a stage 3 expansion at theLanger Heinrich project and is producing 5.2 million pounds of uranium per annum.

The company’s second mine, the Kayelekera Mine in Malawi, has been placed on care and maintenance due to low uranium prices until there is an improvement in price.

Aura Energy (ASX:AEE)

Since listing in 2006, Aura Energy has rapidly grown to include major uranium projects with large resources in Europe and Africa. The company has also acquired projects with known uranium occurrences such as Sweden.

Currently, Aura’s focus is on the Häggån Project, located in Sweden’s Alum Shale Province, one of the largest depositories of uranium in the world. It also holds the Reguibat Province in Mauritania.

Aura noted in its quarterly report for 2016 that the Häggån Project has the potential to be a large low cost uranium producer and coverage, noting that the tenement coverage for the project had expanded significantly during the quarter. Two additional exploration permits were granted adjoining the company’s existing permits.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Toro Energy and Peninsula Energy are clients of the Investing News Network. This article is not paid-for content. 

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Day one of the eighth annual Lithium Supply and Markets Conference kicked off with a number of presentations, including a panel discussion on the state of the lithium market.

Moderated by Chris Berry of House Mountain Partners and the Disruptive Discoveries Journal, topics discussed included lithium prices, supply and demand, and the true importance of Tesla Motors (NASDAQ:TSLA) for the market.

Other participants in the panel included Joe Lowry of Global Lithium, Jon Hykawy, president and director of Stormcrow Capital, Anthony Tse, managing director of Galaxy Resources (ASX:GXY), Luis Saenz, CEO of Li3 Energy (OTCMKTS:LIEG) and John Kanellitsis, president of Lithium Americas (TSX:LAC)

All in all, some interesting views were brought to the table, some of which might not be what those familiar with the space would expect.

Here’s a few brief points from the discussion:

It’s different this time

As Chris Berry stated, the four most dangerous words in investing are ‘it’s different this time.’ But is it really different for the lithium market this time?

• Lowry stated “I do think it’s different this time.” While he noted that there have been “clear false starts” in the past, he agreed that we are now at an inflection point for electric transportation.

• Saenz agreed that this time is different for the lithium market, but added that he was “concerned in the sense that there is a lot of hype.”

• Hykawy threw in a disagreement. While he does see lithium demand and battery use growing, he was hesitant to make a definitive call over the long term. “I don’t think you can anticipate, however much that demand grows, that you’re going to see long term prices that are historically high and continue to grow,” he said. “I think we have to return to a more stable base.” 

On Tesla

• Hykawy praised Tesla for what the company has done for the battery industry, the electric vehicle space and lithium demand. However, he suggested that batteries might be “a little too limiting” a concept for electric vehicles, and that there will be more evolution in the design of electric cars moving forward.

• Tse agreed that Tesla has been a boon for the lithium industry, and that the design of electric vehicles will continue to evolve. He also stressed that it’s not all about Tesla when it comes to lithium demand—the electric vehicle maker makes up only about two percent of lithium demand globally.

Lithium prices

Of course, lithium is not an exchange-traded commodity, making it difficult to track pricing trends, or even to obtain pricing information. Here’s some of what analysts on the panel had to say about navigating the opaque lithium market:

• Lowry pointed out that there isn’t really a lithium spot market. “There’s a China price, and there’s a price outside of China,” he said, adding that more product will move at higher prices this year than many in the industry like to talk about. He believes that prices are too high and will moderate over the long term inside of China. But outside of China, he sees prices for lithium products going into double digits and staying there into 2025, noting, among other things, that most lithium hydroxide production capacity is inside of China while most demand is outside of the country.

• Kanellitsis, previously an investment banker, stated that Lithium Americas sticks with conservative price estimates when looking at its projects. “We’ve always used $5,000 as the price,” he said.

• Tse was skeptical about new lithium supply coming online in time to meet growing demand. “One new project needs to come online at 100 percent capacity, every single year, for the next five years, in order to achieve a balance,” he said, “and that in my view is not going to be happening.” Baylis put his range of estimates for lithium products between $12,000—$13,000 per tonne.

• Hykawy took a look at a few commodity price rises in recent history, namely, the run in uranium prices in 2007-2008, and the run up in rare earths prices in 2010 and 2011. Interestingly, he noted uranium supply and demand were fairly steady when prices spiked, and that rare earth prices spiked even inside of China in 2011, despite there arguably being an excess of supply due to stringent export quotas. Why? According to Hykawy, even though uranium and rare earths are not exchange traded, investors found a way to speculate on prices by buying and storing physical product. Of course, that created an overhang supply, which would come back to the market at some point. While he doesn’t believe that will be as much of a danger for lithium as it was for rare earths, given growing demand, it’s certainly a potential factor worth considering.

Don’t forget to follow us @INN_Resource for real-time news updates!

 

Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Galaxy Resources is a client of the Investing News Network. This article is not paid for content.

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Striker Exploration has announced its operating and financial results for the three month period ending March 31, 2016.

As quoted in the press release:

FIRST QUARTER 2016 HIGHLIGHTS

With the continued pull back of oil prices in early Q1/16 and a greater than 50% drop in natural gas prices, the Company only completed the carryover work from the Q4/15 capital program and suspended all other capital spending activities. The Company took steps to reduce staff & G&A following that time period.

As previously announced, the Company’s Board of Directors has determined that it is timely, prudent and in the best interests of shareholders to initiate a formal process to explore strategic alternatives with a view to enhancing shareholder value. Such strategic alternatives may include, but are not limited to, a corporate sale, merger or other business combination, the sale of all or a material portion of Striker’s assets, a reorganization, recapitalization or restructuring of Striker or any combination of the foregoing. FirstEnergy Capital Corp. has been retained by Striker to act as its exclusive financial advisor in connection with this comprehensive review and analysis of strategic alternatives.

Other highlights for the quarter were:

• Completed 1.0 gross and net well in the Wilson Creek area for $0.5 million. The Company also performed a number of recompletions in the Wilson Creek area and incurred equipping and facility costs related to 2015 drills;

• Maintained balance sheet strength with net debt of $8.35 million (current existing credit facilities – $40.0 million), representing debt to trailing annualized funds flow of 0.80x.

• Produced 2,490 boe/d, down 10% from the 2,778 boe/d in Q4/15. This reflects the natural declines and flush volumes coming on stream in Q4/15 from the completed capital spending program.

• Realized gains of $0.9 million or $3.92 per boe/d from financial instruments that were in place.

Click here to read the full press release.

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Denison Mines (TSX:DML) has reported receipt of uranium assay results from the winter 2016 exploration drilling program on its 60 percent owned Wheeler River property located in the infrastructure rich eastern portion of the Athabasca Basin region.

As quoted in the press release:

The winter drilling program included 32 drill holes totalling 21,761 metres, and was primarily designed to test targets in the vicinity of the Gryphon deposit. The assay results, received from multiple high grade intercepts, confirm the expansion of the recently discovered mineralized zone located within 200 metres north and northwest of the Gryphon deposit. Similar to the Gryphon deposit, the new zone of mineralization is interpreted to occur as a series of stacked lenses. The assay results further confirm the interpretation of multiple new lenses of mineralization, which have been added to the Company’s geological model for the Gryphon deposit. The lenses, designated the D-series lenses, are open along strike to the southwest and northeast and occur roughly parallel to the known strike of the adjacent Gryphon deposit.

Assay highlights from D-series lenses located immediately north of the Gryphon deposit include:

• 5.3% U₃O₈ over 11.0 metres (from 718.5 to 729.5 metres; drill hole WR-641), including
  12.6% U₃O₈ over 4.5 metres (from 725.0 to 729.5 metres)
• 11.9% U₃O₈ over 1.5 metres (from 670.5 to 672.0 metres; drill hole WR-651)
• 2.9% U₃O₈ over 6.0 metres (from 759.0 to 765.0 metres; drill hole WR-633D1)
• 2.3% U₃O₈ over 4.0 metres (from 750.5 to 754.5 metres; drill hole WR-633D1)
• 6.2% U₃O₈ over 2.5 metres (from 584.5 to 587.0 metres; drill hole WR-646)

Click here to read the full press release.

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Alix Resources Corp (TSXV:AIX) announced Lithium Australia NL (ASX:LIT) has now completed its phase one obligations to officially earn a 25% vested interest in the Electra Lithium Project which borders Bacanora Minerals Ltd. (BCN-TSX:V) and Rare Earths Minerals PLC Sonora Lithium Project located in Sonora, Mexico.

As quoted in the press release:

Work continues at the Electra Project to explore and develop the projected extensions of the giant Sonora lithium clay deposit.

LIT and Alix acknowledge the challenge of bringing the low-grade giants into production and believe the key to commercialization lies in:

• Low energy process flowsheets, and
• Potential to beneficiate the ore.

The lithium clay deposits present a significant challenge and the application of the best available technology will be key to commercializing these occurrences. The application of advances in exploration techniques will accelerate resource assessment.

Adoption of mineral separation technology form other industries may allow the production of a beneficiated product, to reduce capital and operating costs.

Alix Resources CEO, Mike England, stated:

We are pleased to have Lithium Australia achieving their first milestone and becoming a JV partner with Alix. With work underway at Electra we look forward to updating shareholders of both Companies as developments occur.

Lithium Australia Managing Director, Adrian Griffin, stated:

At Lithium Australia we recognize the value of innovation in developing process solutions. Our success in developing the Sileach™ process for spodumene is a great example and we strongly believe we can develop a processing strategy to enhance the commercial opportunity provided by processing lithium clays.

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