Avalon Undertakes a Mineral Resource Estimate Update following Positive Drill Results for Separation Rapids JV, ON

Core Insights - Avalon Advanced Materials Inc. and its joint venture partner SCR-Sibelco NV have initiated a mineral resource update for the Separation Rapids Project in Ontario, focusing on upgrading the 2023 Mineral Resource Estimation and expanding the mineral resource base [1][3]. Drilling Results - The 2024 winter drill campaign has yielded significant lithium intersections, with notable results including: - SR24-114: 1.67% Li2O over 105.6 meters and 1.78% Li2O over 21.5 meters [2] - SR24-113: 1.68% Li2O over 66.2 meters and 1.95% Li2O over 32.6 meters [2] - SR24-115: 1.81% Li2O over 13.8 meters [2] - SR24-116: 1.69% Li2O over 8.9 meters and 1.67% Li2O over 12.7 meters [2] - These results confirm high-grade lithium and indicate potential for increasing the mineral resource base [2]. Future Plans - The company is on track to release an updated 2023 Mineral Resource Estimation in Q3 2024, which is expected to reflect the project's true potential and identify additional exploration targets [3]. - Avalon is strategically positioned to contribute to Canada's Critical Mineral Strategy, particularly in relation to its Thunder Bay Processing facility [3][14]. Industry Context - The ongoing developments at Separation Rapids underscore Avalon's critical role in enhancing the supply chain for the electric vehicle market in North America and the glass ceramics industry [4][14].