MONTREAL, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; “BRW” or the “Company”) is pleased to announce that it has confirmed a historical spodumene pegmatite and discovered a second one at its Paamiut project in Greenland. Brunswick Exploration now has two projects with confirmed lithium showings in Greenland and is the only company actively looking for lithium in Greenland. Mr. Killian Charles, President and CEO of BRW, commented: “Following the exp ...

MONTREAL, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; FRANKFURT:1XQ; “BRW” or the “Company”) is pleased to announce that it has confirmed a historical spodumene pegmatite and discovered a second one at its Paamiut project in Greenland. Brunswick Exploration now has two projects with confirmed lithium showings in Greenland and is the only company actively looking for lithium in Greenland. Mr. Killian Charles, President and CEO of BRW, commented: “Following the exp ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium Market - **Company**: Morgan Stanley Research Core Insights and Arguments 1. **Lithium Supply/Demand Balance**: The lithium market is expected to move closer to balance due to better-than-expected demand from Electric Vehicles (EVs) and Energy Storage Systems (ESS), despite a larger surplus anticipated in 2026 unless supply discipline is maintained [5][44] 2. **Price Stabilization**: Lithium and spodumene prices have stabilized, with spodumene rebounding from a low of $610 per ton and lithium carbonate bouncing off $7,400 per ton, indicating a potential floor for prices [41] 3. **Supply Discipline**: Historical reluctance among lithium producers to cut production in response to falling prices has led to elevated inventories. Recent disruptions from CATL and potential shutdowns of lepidolite mines in Yichun may further impact supply [42][44] 4. **Demand Trends**: NEV sales in China are projected to rise by 22% YoY in 2025, with Battery Electric Vehicles (BEV) increasing by 8% and Plug-in Hybrid Electric Vehicles (PHEV) by 40%. However, some cities have paused vehicle trade-in programs due to funding issues [43][44] 5. **Future Risks**: Upside risks include more supply cuts and increased EV incentives in China, while downside risks involve smaller BEV pack sizes and potential rapid price rebounds that could incentivize other supply sources [44] Additional Important Information 1. **Interactive Model**: Morgan Stanley has developed an interactive model allowing investors to adjust variables such as auto sales, EV penetration, and battery types to assess impacts on the lithium market in real-time [1][2] 2. **Quarterly Updates**: The lithium supply/demand model will be updated quarterly to reflect the latest market conditions and forecasts [1] 3. **Market Dynamics**: The model includes various scenarios for committed, brownfield, and greenfield projects, which will significantly influence future supply and demand dynamics [19][21] 4. **Battery Technology Trends**: There is a growing interest in the proportion of NMC and LFP batteries, with LFP gaining traction due to cost improvements and range enhancements [26][28] 5. **Global EV Sales Forecast**: The model allows for adjustments in global auto sales forecasts, which are crucial for predicting lithium demand [34][35] This summary encapsulates the key points discussed in the conference call, focusing on the lithium market's current state, future outlook, and the tools provided by Morgan Stanley for investors to analyze market dynamics.

Core Viewpoint - Q2 Metals Corp. has reported significant progress in its summer 2025 infill drilling campaign at the Cisco Lithium Project, highlighting multiple wide intercepts of spodumene pegmatite, which indicates strong potential for lithium mineralization [2][3][5]. Drilling Results - The Summer Drill Program involved eight holes drilled over a total of 4,603 meters, all of which intercepted pegmatite with visual indications of spodumene mineralization [3][4]. - Notable drill hole results include: - Hole CS25-044 with a continuous intercept of 457.4 meters [4][5]. - Hole CS25-038 encountered 22 spodumene pegmatite intervals, including a 58.9-meter wide interval [5]. - Hole CS25-039 had 13 intervals, with the widest being 108.5 meters [5]. - A total of 46 holes have been drilled to date, amounting to 20,138 meters, with assays pending for the summer campaign [5]. Mineral Resource Potential - The Cisco Project has an Exploration Target estimating potential mineralization of 215 to 329 million tonnes at a grade ranging from 1.0% to 1.38% Li2O, based on the first 40 holes drilled [11][29]. - The mineralized zone spans approximately 1.5 kilometers in northeast-southwest direction, with ongoing drilling aimed at refining the model and defining an initial inferred Mineral Resource estimate [10][20]. Future Plans - The company plans to continue its drilling campaign into the fall and winter, focusing on infill drilling within the main mineralized zone and testing additional outcrop zones [20][30]. - Three drill rigs are currently operational, emphasizing the commitment to advancing the exploration and resource estimation process [5][20]. Company Overview - Q2 Metals Corp. is a Canadian mineral exploration company focused on the Cisco Lithium Project, which consists of 801 claims covering 41,253 hectares in Quebec, Canada [28][29]. - The project is strategically located 6.5 km from the Billy Diamond Highway, facilitating access to infrastructure [28].

Summary of Tianqi Lithium Conference Call Company Overview - **Company**: Tianqi Lithium (002466.SZ) - **Industry**: Lithium production and supply Key Financial Highlights - **1H25 Net Profits**: Reported at Rmb84 million, indicating a challenging 2Q25 with a loss of approximately Rmb19 million, which, excluding foreign exchange gains, translates to a loss of around Rmb280 million [1][2][3] - **Revenue Trends**: Average lithium carbonate price decreased by 38% year-over-year and 13% quarter-over-quarter, reflecting a volatile market environment [1][9] - **Gross Profit Margins**: Spodumene contributed 67% to total gross profit in 1H25, up from 53% in 2024, with gross profit margins of 54% for spodumene and 26% for lithium [2][9] Operational Insights - **Free Cash Flow**: Barely breakeven at Rmb10 million in 1H25, with operating cash flow of Rmb1.8 billion and capital expenditures also at Rmb1.8 billion [3] - **Net Gearing Ratio**: Increased to 20% in 1H25 from 15% at the end of 1H24, indicating a rise in leverage [3] Market Position and Valuation - **Current Share Price**: Rmb43.96 as of August 29, 2025, with a target price set at Rmb26.26, suggesting a potential downside of 40.3% [4][11] - **Valuation Metrics**: Trading at 1.6x and 1.4x 2025E price-to-book ratios for A and H shares respectively [3][11] Risks and Opportunities - **Market Dynamics**: Recent price rallies in lithium and spodumene (up 15% and 11% respectively) could benefit Tianqi Lithium, especially if the company resumes its OEM process to reduce inventory [1] - **Upside Risks**: Stronger-than-expected demand for lithium-ion batteries and favorable government supply reform policies could positively impact the company's stock price [12] Additional Considerations - **Investment Ratings**: The company is currently rated as a "Sell" by analysts, reflecting concerns over profitability and market conditions [4][11] - **Future Projections**: Expected net profit for 2025 is projected at Rmb1.2 billion, with a significant recovery anticipated in subsequent years [6][11] This summary encapsulates the critical financial and operational insights from the conference call, highlighting both the challenges and potential opportunities for Tianqi Lithium in the current market landscape.

Summary of Tianqi Lithium Conference Call Company Overview - **Company**: Tianqi Lithium (9696.HK) - **Industry**: Lithium production and chemicals - **Current Price**: HK$40.66 - **12-Month Price Target**: HK$21.50 - **Downside Potential**: 47.1% Key Financial Highlights - **1H25 Net Profit**: Rmb87 million, EPS of Rmb0.053 per share, compared to a net loss of Rmb5.20 billion in 1H24 [1] - **Recurring Net Loss**: Rmb209 million, improved from Rmb3.07 billion in 1H24 [1] - **Interim Dividend**: Nil for 1H25, same as last year [1] - **Market Capitalization**: HK$66.7 billion [6] - **Enterprise Value**: HK$84.0 billion [6] Earnings Estimates Revision - **Earnings Estimates**: Revised down by 6-48% for 2025-27E due to higher minorities, partially offset by higher gross profit from lithium ore and chemicals [2] - **Gross Profit (GP) Estimates**: Revised up by 4-15% for 2025-27E [22] Industry Insights - **Lithium Pricing**: Recent supply disruptions in China are expected to support spot lithium carbonate prices above current domestic marginal costs [2] - **Global Supply Risks**: The risk on current spot prices, which are 39% above the bottom in June, is viewed as downside due to excess global capacity [2] - **Valuation Analysis**: Bottom-of-the-cycle valuation suggests a theoretical valuation of Rmb16.0 per share at US$10.5k/t-LCE, or Rmb20.8 per share at US$16.0k/t-LCE [2][34] Revenue Breakdown - **Lithium Ore**: Contributed 67% of total gross profit; revenue down 7% YoY but 17% above estimates [23] - **Lithium Compounds**: Contributed 33% of total gross profit; revenue decreased by 36% YoY, inline with estimates [24] Operational Metrics - **Operating Cash Flow**: Rmb1.82 billion in 1H25, down 19% YoY [26] - **Free Cash Flow**: Remained negative at Rmb1.23 billion [26] - **Net Gearing**: Increased to 19% in 1H25 from 16% at the end of 2024 [27] Risks and Challenges - **Key Risks**: 1. Higher lithium product prices 2. Project execution risk 3. Raw material purchase risk 4. Uncertainty in government policy affecting EV adoption 5. Currency and country risks related to overseas assets 6. Slower growth in EV battery recycling 7. Positive outcomes from SQM Atacama renewal [29][36] Conclusion - **Rating**: Maintain Sell rating for Tianqi Lithium with revised 12-month target prices at HK$21.5/Rmb23.0 [2][35]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Lithium - **Current Outlook**: The company has shifted from a bearish stance over the past two years to a more optimistic view, calling for higher lithium prices due to supply disruptions in China and potential for further disruptions [2][22][34]. Price Forecasts - **Spodumene Prices**: - CY26: Increased by 32% to US$1,250/t - CY27: Increased by 10% to US$1,150/t - CY28: Increased by 23% to US$1,350/t - Current spot price is US$940/t [2][22]. - **Long-term Price Assumption**: Remains unchanged at US$1,200/t for spodumene [5][22]. Company-Specific Insights Pilbara Minerals (PLS) - **Financial Position**: - FY25 results showed no material changes, with a sector-leading balance sheet of A$599 million in net cash [3][12]. - **Production Guidance**: - Expected production of 880kt at A$590/t FOB, slightly above guidance of 820-870kt [3][12]. - **Future Projects**: - Ngangaju is expected to restart production in FY27, with an optimized DFS for Colina planned for June FY26 [3]. - **Earnings Upgrades**: - Significant EPS upgrades for FY26, FY27, and FY28, with EPS increasing by over 100% for FY26 [10][12]. - **Price Target**: Upgraded to A$2.30/share, a 44% increase from previous estimates [5][12]. IGO Limited (IGO) - **Dividend Outlook**: - Expected to return to healthy dividends in FY26 despite challenges in joint ventures [4][12]. - **Production Challenges**: - Facing write-downs and cash burn at Kwinana, with a disappointing outlook for Greenbushes [4][12]. - **Earnings Upgrades**: - EPS for FY26 increased by over 100% compared to previous estimates [10][12]. - **Price Target**: Upgraded to A$5.75/share, a 20% increase from previous estimates [5][12]. Market Dynamics - **Supply Disruptions**: - Anticipated continued disruptions in Chinese lithium supply, leading to further price increases [22][34]. - **Production Capacity**: - Greenbushes is positioned well for near-term production, with guidance of 1,500-1,650kt SC production at a cash cost of A$310-360/t [34]. - **Long-term Demand**: - Demand for battery materials remains strong, with a focus on electric vehicles (EVs) and battery energy storage systems (BESS) [26][34]. Conclusion - The lithium market is expected to experience price increases due to supply disruptions, with both Pilbara Minerals and IGO positioned to benefit from these changes. Upgrades in earnings forecasts and price targets reflect a more optimistic outlook for the sector moving forward.

Summary of Key Points from the Conference Call Industry Overview - The focus is on the lithium industry, particularly the spodumene market, with significant developments in China affecting supply and pricing dynamics [1][11][15]. Core Company Insights Pilbara Minerals (PLS) - PLS has increased its price target by 45% to A$1.60/share due to improved short-term price outlook, despite a strong share price performance [1][7]. - The company reported a strong production quarter with recoveries improving to ~72% and production of 221kt of SC5.1 [7]. - PLS's capex guidance is expected to decline by ~50% YoY, indicating a shift towards operational and cost discipline [2][18]. - The recent site visit highlighted PLS's advanced ore sorting as a competitive advantage, with a strong balance sheet of ~$1 billion in cash [3][18]. - Production guidance for FY26 is set at 820-870kt with cost guidance of A$560-600/t FOB [7][18]. IGO Limited (IGO) - IGO's price target has been raised by 33% to A$4.80/share, but the company retains a Sell rating due to share price performance [1][7]. - The June quarter saw improved performance from the Nova asset, but production guidance for FY26 was disappointing, with expectations of 1.5-1.65mt, below prior estimates [7][16]. - IGO's capex for Greenbushes is higher than expected at A$575-675 million, and the Kwinana refinery is expected to continue operations despite previous assumptions of care and maintenance [7][16]. Patriot Battery Metals (PMT) - PMT's price target has been increased to A$0.65/share and C$5.90/share, with a Buy rating due to an improved funding environment [1][7][20]. - The company is positioned well for long-term production, with a focus on the Shaakichiuwaanaan Project, which is not sensitive to short-term pricing fluctuations [7][20]. - PMT's funding strategy includes a ~60:40 debt-equity split totaling C$1.6 billion, with an increased assumed raise price to C$4.50/share [7][20]. Pricing and Market Dynamics - Spodumene prices have been revised upwards by 17%/27%/27%/16% for 2025-2028, now projected at US$838/950/1,050/1,100/t, respectively [1][11]. - The market is currently pricing in higher spodumene prices than spot prices, indicating potential overvaluation of equities [4][18]. - The long-term price forecast for spodumene remains at US$1,200/t, with current prices expected to recover steadily [11][12]. Additional Insights - The recent crackdown on lepidolite mines in China may lead to supply disruptions, but the actual impact could be less severe than anticipated [1]. - The focus on operational efficiency and cost discipline is becoming increasingly important for companies in the lithium sector as they navigate market fluctuations [2][18]. - The strategic significance of downstream operations, such as IGO's Kwinana refinery, is highlighted, although it faces operational challenges [16][18]. Conclusion - The lithium industry is experiencing significant price adjustments and operational shifts, with companies like PLS, IGO, and PMT adapting to changing market conditions. The focus on cost discipline and strategic investments will be crucial for navigating the evolving landscape.

Core Viewpoint - Beyond Lithium Inc. has expanded its critical minerals portfolio by acquiring the Owl Creek Copper Porphyry Project in British Columbia, which encompasses approximately 1,566 hectares and is located near significant porphyry deposits for copper-moly and copper-gold mineralizations [1][2]. Company Developments - The company now holds three high-quality assets: the Ear Falls Project in Ontario with proven spodumene mineralization, the Rare One Project in British Columbia with rare earth and base metal mineralization, and the newly acquired Owl Creek Project with extensive copper mineralization from surface [2]. - The company has filed a second amended offering document for a non-brokered private placement of up to 10,000,000 units at a price of $0.03 per unit, aiming for aggregate gross proceeds of up to $300,000 [10][12]. Geological Context - The Owl Creek Project is situated within the Cascade Magmatic Arc, which is known for hosting significant porphyry deposits for copper-moly and copper-gold mineralizations [3]. - Historical exploration at the Owl Creek site has shown promising results, including a 66-meter section with 0.33% Cu and other drill results indicating copper grades of 0.2% Cu over 182 meters and 0.4% Cu over 91.4 meters [5][8]. Regulatory and Consultation Framework - In March 2025, British Columbia introduced a Mineral Claim Consultation Framework, requiring consultation with Indigenous communities prior to registering mineral claims. The consultation process for the Owl Creek Project is expected to begin by early September 2025 [9]. Financial and Investment Aspects - The net proceeds from the amended offering will be used for general working capital, mineral property exploration activities, and marketing [12]. - The offering is scheduled to close on or about August 29, 2025, subject to customary conditions, including raising a minimum of C$150,000 [12].

Core Insights - Brunswick Exploration Inc. has identified the largest spodumene pegmatite trend in the country, significantly expanding the Ivisaartoq lithium pegmatite field with a strike length of approximately 2 kilometers [1][2]. Group 1: Discovery and Exploration - The discovery includes a corridor of spodumene-bearing dykes measuring approximately 2,000 meters long by 300 meters wide, which remains open in all directions [3]. - The larger geochemically anomalous envelope measures roughly 3 kilometers by 1.5 kilometers and contains numerous additional pegmatites, indicating potential for more spodumene deposits [3]. - The company has identified a minimum of eight pegmatite outcrops within the newly discovered corridor [3]. Group 2: Mineralization Details - Surface expressions of the spodumene outcrops range from approximately 5 to 400 meters in length and 2 to 40 meters in width, with lithium mineralization predominantly consisting of spodumene [4]. - The spodumene content varies from sparse to up to 50%, with crystals ranging in size from 1 to 40 centimeters [4]. - Other minor lithium-bearing minerals identified include holmquistite, elbaite, and lepidolite [4]. Group 3: Future Plans - The company is planning an inaugural drill campaign to test the newly discovered outcrops at Ivisaartoq [4][5]. - Grab and channel samples are being sent for analysis to ALS in Dublin, Ireland, to establish the size, orientation, and overall grade of the pegmatite outcrops [5].