Core Viewpoint - Grit Metals Corp. is initiating a non-brokered private placement to raise up to $1,000,000 through the sale of 10,000,000 units at $0.10 per unit, with proceeds aimed at working capital and corporate purposes [1][2]. Group 1: Offering Details - The Offering consists of units, each comprising one common share and one half of a common share purchase warrant, with each whole warrant allowing the purchase of one share at $0.25 for two years [1]. - The Offering is expected to close in December 2025, subject to customary conditions including TSX Venture Exchange approval [2]. - Securities issued will have a four-month-and-one-day resale restriction in accordance with securities laws [2]. Group 2: Company Overview - Grit Metals is focused on the Lithium-Cesium-Tantalum Finnish Pegmatite Project in central Finland, which is strategically located near the Keliber mine and production complex [3]. - The company is positioned to benefit from European legislation promoting environmentally friendly and energy-independent policies, particularly regarding access to rare earth elements and lithium [3]. Group 3: Industry Context - Keliber's parent company, Sibanye-Stillwater Limited, is investing an estimated €600 million in the Kautinen Region for the development of lithium mining infrastructure, including a spodumene concentrator and a lithium hydroxide chemical plant [4]. - This investment aims to establish a complete hard-rock spodumene pegmatite lithium supply chain, enhancing the region's lithium production capabilities [4].

Core Insights - The initial testwork indicates a viable pathway for producing valuable caesium as a by-product alongside lithium and tantalum from the CV13 Pegmatite [1][4][12] Summary by Sections Testwork Results - Marketable commercial grade pollucite concentrate has been produced from the Vega Caesium Zone at the CV13 Pegmatite, achieving 11.9% Cs2O at an 88% global recovery rate [2][4][8] - The XRT ore sorting method used is a conventional, dry, mechanical process that does not produce tailings, only coarse reject material [2][6][12] Mineral Resource Estimates - The Rigel and Vega Zones at the CV13 Deposit are the largest known pollucite-hosted caesium pegmatite mineral resources globally, with indicated resources of 693,000 tonnes at 4.40% Cs2O and inferred resources of 1,698,000 tonnes at 2.40% Cs2O [2][12][17] - The overall Shaakichiuwaanaan Mineral Resource includes 108.0 million tonnes at 1.40% Li2O and 0.11% Cs2O, with a cut-off grade of 0.40% Li2O for open-pit mining [7][23] Future Plans - A follow-up testwork program is planned to optimize the XRT circuit for pollucite recovery and to recover spodumene and tantalite from reject material [4][14] - The company is evaluating options to advance the caesium opportunity as a potential future by-product value stream and is engaging with potential end-users [14][15] Market Context - Caesium mineral deposits are rare, with only three primary caesium mines historically operating, indicating a significant supply constraint in the market [16][19] - Caesium carbonate currently trades at approximately US$155/kg, highlighting the economic potential of the caesium discovery at Shaakichiuwaanaan [19]

Core Insights - The company has successfully produced a marketable tantalite concentrate from the CV5 Pegmatite's dense media separation (DMS) waste streams, achieving grades of 8.7% Ta2O5 at 45% global recovery and 6.6% Ta2O5 at 49% global recovery, indicating strong recovery rates in line with industry peers [4][9][10] - The Shaakichiuwaanaan Project is recognized as one of the largest tantalum pegmatite mineral resources globally, with an indicated resource of 108.0 million tonnes at 166 ppm Ta2O5 and an inferred resource of 33.4 million tonnes at 155 ppm Ta2O5 [4][12][17] - The company plans to advance a follow-up testwork program to support the inclusion of tantalum as a co-product in future economic studies, enhancing the project's financial returns [3][15][17] Company Overview - PMET Resources Inc. is focused on advancing its 100%-owned Shaakichiuwaanaan Property located in the Eeyou Istchee James Bay region of Quebec, which is accessible year-round [5][28] - The project hosts significant mineral resources, including lithium, caesium, and tantalum, with ongoing metallurgical test programs evaluating recovery methods [6][72] Tantalum Market Context - Tantalum is classified as a critical and strategic mineral due to its essential applications in high-tech devices, electronics, and aerospace, with a current market price of approximately US$214/kg for refined tantalum [18][20] - The global tantalum supply is predominantly sourced from conflict-affected regions, highlighting the importance of developing stable and conflict-free sources, such as those from lithium pegmatites in Australia [20] Future Developments - The company is advancing its lithium-only feasibility study for the CV5 Pegmatite, targeted for completion in the second half of 2025, while also evaluating the economic potential of tantalum and other by-products [17][23] - An expanded testwork program is being initiated to design a tantalum recovery circuit, which is envisioned as a "bolt-on" addition that will not impact lithium recovery [15][14]

Elevra Lithium (NasdaqCM:ELVR) Update Summary Company Overview - **Company Name**: Elevra Lithium Ltd - **Merger**: The merger between Sayona Mining and Piedmont Lithium is complete, resulting in the formation of Elevra, which aims to lead the North American hard rock lithium sector [1][2] Core Points and Arguments Merger Rationale - The merger was focused on creating a competitive business on a global scale rather than merely increasing size [2][3] - Benefits include a unified ownership structure, optimized logistics, and a stronger financial position to fund growth [3] Financial Position - Post-merger, Elevra has 168 million shares issued and a pro forma cash position of approximately $227 million as of June 30 [4][5] - The company is positioned as the number one pure play hard rock lithium producer in North America [3] Resource and Operational Performance - The updated 2025 JORC estimate shows 95 million tons at a grade of 1.15% and 49 million tons of reserves, representing a 124% increase in reserves since 2023 [8][9] - NAL's operational performance includes a 14% increase in ore mined and a 31% increase in concentrate production year-on-year [11] Growth Strategy - The growth strategy includes optimizing NAL, advancing brownfield expansions, and integrating supply chains with partnerships, particularly in Quebec [14][15] - The company plans to increase production to 315,000 tons per year with a capital investment of $270 million, resulting in a post-tax NPV of $950 million and an IRR above 26% [12][13] Market Demand and Offtake Agreements - The demand for lithium is projected to grow at a compound annual growth rate of 10% through 2030, driven by EV adoption and government mandates [15][16] - Elevra has secured offtake agreements with LG Chem for 200,000 tons and Tesla for 125,000 tons, with a focus on North American partnerships [16][50] Additional Important Content Governance and Leadership - The board is chaired by Dawne Hickton, with a diverse team possessing extensive operational and financial expertise [5][6] - The management team has practical experience in building and operating lithium mines, which is crucial for Elevra's growth [6] Synergies and Cost Savings - The merger is expected to yield over $15 million in annual savings through operational efficiencies [8] - The company emphasizes a disciplined approach to growth, ensuring that capital expenditures align with market cycles [12][15] Future Outlook - The company aims to maintain operational stability through market cycles, focusing on cost reduction and maximizing value during upswings [15] - The timeline for the NAL expansion includes permitting and construction phases, with a realistic roadmap set for completion by 2030 [12][26] Exploration and Development Projects - Elevra is considering monetizing other development projects while prioritizing the NAL brownfield expansion [35] - The Ewoyaa project remains a focus, but NAL is viewed as a stronger opportunity for immediate advancement [69] Environmental and Regulatory Considerations - The permitting process for greenfield projects in Quebec is expected to take a minimum of five years, emphasizing the importance of a methodical approach [67] This summary encapsulates the key points from the Elevra Lithium update, highlighting the company's strategic direction, operational performance, and market positioning in the lithium sector.

The Merger of Piedmont and Sayona Elevra Lithium SEPTEMBER 2025 ASX:SYA • NASDAQ:ELVR • OTCQB:SYAXF For personal use only Contents 01 Introduction ELEVRA LITHIUM For personal use only 2 02 Corporate Overview 03 Synergies & Progress 04 Resource Base & Operations 05 Growth Projects 06 Strategy & Market Outlook 07 Financials & Guidance 08 Appendix 01 Introduction For personal use only Recapping the Merger Strategic Rationale Unlocking synergies,strengthening our market position and delivering long term value S ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **lithium industry in China**, particularly the impact of supply disruptions on lithium prices and earnings estimates for lithium companies [2][21][35]. Core Insights and Arguments 1. **Lithium Price Forecasts**: - Average spot prices for lithium carbonate in China are revised upwards by **3%/33%/20%** to **Rmb77k/100k/90k per ton** for 2025E/2026E/2027E, respectively [2][21]. - The expectation of further supply disruptions due to mining rights investigations is a key driver for this optimistic outlook [2][21]. 2. **Supply and Demand Dynamics**: - Global lithium supply is expected to decrease by **1%/5%** for 2025E/2026E, while a **2% increase** is anticipated for 2027E [2][21]. - The supply surplus is projected to be **8%/1%/3%** of demand for 2025E/2026E/2027E [2][21]. 3. **Capital Expenditure Trends**: - Capital expenditure (capex) for China's lithium producers is anticipated to slow down, with an average lithium carbonate price of **Rmb75.8k/t** by the end of Q1 2025 and **Rmb65.4k/t** in Q2 2025 [3][21]. - Year-on-year growth in lithium demand is outpacing supply, indicating a potential structural shift in the market [3][21]. 4. **Earnings Upgrades for Lithium Companies**: - Earnings for China's lithium companies are raised by **5-250%** for 2025-2027E, with specific upgrades for Tianqi and Ganfeng due to their high exposure to lithium [4][21]. - Price targets for Tianqi Lithium are increased from **Rmb29.20 to Rmb54.72**, and for Ganfeng A from **Rmb29.50 to Rmb49.62** [4][21]. 5. **Company Rankings**: - The preferred order of investment is **Tianqi > Ganfeng - A > QSLI > Ganfeng - H**, based on self-sufficiency and exposure to lithium business [5][21]. Additional Important Insights 1. **Self-Sufficiency and Production Growth**: - Ganfeng's self-sufficiency rate for lithium feedstock is expected to improve from **30% in 2025 to 50% in 2026** [35][47]. - The Greenbushes mine, controlled by Tianqi Lithium, is projected to ramp up production significantly in 2026 [21][35]. 2. **Market Sentiment and Price Targets**: - Current trading prices for Tianqi and Ganfeng suggest that the market is pricing in lower lithium prices than projected, indicating potential upside [21][30][40]. - The risk to current share prices is skewed to the upside, with Tianqi trading at **Rmb43.84** and Ganfeng A at **Rmb39.26** as of August 25 [26][40]. 3. **Scenarios for Future Price Movements**: - Upside scenarios predict lithium carbonate prices could reach **Rmb120k/t** in 2026 under strict mining rights enforcement, while downside scenarios estimate prices could drop to **Rmb70k/t** [21][27][29]. 4. **Inventory Trends**: - There is a noted decline in lithium carbonate inventory at producers, while downstream battery producers are increasing their inventory, indicating a potential restocking phase [17][19]. This summary encapsulates the critical insights from the conference call regarding the lithium industry, focusing on price forecasts, supply-demand dynamics, company performance, and market sentiment.