GREENWICH, Conn., Nov. 03, 2025 (GLOBE NEWSWIRE) -- Stardust Power Inc. (NASDAQ: SDST) (“Stardust Power” or the “Company”) an American developer of battery-grade lithium carbonate, announced today that it has entered into a Letter of Intent (“the Agreement”) with Mandrake Resources Limited to secure 7,500 metric tons per annum of lithium carbonate equivalent (“LCE”) in the form of lithium chloride from Mandrake’s Utah Lithium Project (“Utah” project). The lithium chloride will feed directly into Stardust Po ...

Core Insights - TNR Gold Corp has achieved a 100% increase in share price this year and aims for further growth milestones [1][5][14] - The company is transitioning from a project generator to a royalty-generating entity, with the first royalty payments expected soon from the Mariana lithium project [2][6][7] Mariana Lithium Project - Partner Ganfeng has commenced gradual production of lithium chloride, with plans to scale up to 20,000 tonnes per year [2][6] - The project is anticipated to generate cash flow for TNR Gold, marking a significant strategic shift [6][7] Los Azules Copper Project - A collaboration agreement between McEwen Copper and the International Finance Corporation (IFC) is seen as a strong endorsement for project financing [3][8] - TNR Gold's royalty on Los Azules could be valued at up to $30 million based on recent comparable deals [3][11] - The project is among the largest copper projects globally, with significant resources estimated at 10.9 billion pounds of copper in the indicated category and 26.7 billion pounds in the inferred category [12][13] Market Recognition - A new research report has raised TNR Gold's target price from $0.28 to $0.30, reflecting growing market confidence in the company's potential [4][13]

Summary of Tianqi Lithium Corp Conference Call Company Overview - **Company**: Tianqi Lithium Corp - **Ticker**: 002466.SZ - **Sector**: Basic Materials - **Main Activities**: Development, manufacturing, and shipment of lithium products including lithium carbonate, lithium chloride, and lithium hydroxide [12][22] Key Financial Highlights - **FY24 Results**: Reported a net loss of CNY 7.9 billion, aligning with the lower end of the profit warning range (CNY 7.1-8.2 billion) [1] - **4Q24 Performance**: - Net loss widened to CNY 2.2 billion, primarily due to an asset impairment loss of CNY 1.7 billion, including CNY 1.3 billion related to the Kwinana Lithium Hydroxide Plant 2 in Australia [1] - Revenue decreased by 58% year-on-year and 18% quarter-on-quarter to CNY 3 billion, attributed to weak lithium prices and reduced shipments of lithium concentrate [1][15] Production and Capacity Expansion - **Chemical Grade Plant 3 (CGP3)**: Construction at Greenbushes mine is on track, with first spodumene production expected in 4Q25. Total nameplate capacity will reach 2.14 million tons per annum post-completion [2] - **Domestic Refinery Plans**: Additional capacity of 30,000 tons per annum (ktpa) for lithium hydroxide and 1,000 tons for lithium metals is under construction [2] - **Volume Growth Forecast**: Estimated shipment volumes of lithium chemicals to grow by 5-12% from FY25 to FY27 [2] Financial Health and Outlook - **Balance Sheet**: Net-debt-to-equity ratio of 19% as of end-2024, with CNY 5.8 billion cash on hand, sufficient to cover capital expenditures for ongoing projects [3] - **Operating Cash Flow**: Positive operating cash flow of CNY 5.55 billion in FY24 [3] - **Profitability Recovery**: Expected gradual recovery in profitability for the lithium refinery business as high-cost inventories are consumed and pricing mechanisms are adjusted [3] - **Earnings Forecast**: FY25 and FY26 earnings revised down to CNY 1.07 billion and CNY 1.96 billion respectively, reflecting slower-than-expected recovery in lithium prices [3] Valuation and Target Price - **Target Price**: Reduced to CNY 32.00, based on a price-to-book (P/B) ratio of 1.2x for FY2026, which is 1 standard deviation below historical averages [5][13] - **Current Trading**: Stock trades at 1.2x FY26F P/B, with an implied upside of 3.3% from the closing price of CNY 30.99 [5][22] Risks and Considerations - **Downside Risks**: Include slower-than-expected capacity construction, lower lithium prices, and weaker demand in downstream sectors like electric vehicles and energy storage systems [13][17] - **Upside Risks**: Higher-than-expected lithium prices and stronger downstream demand could positively impact performance [18] Additional Insights - **Market Performance**: The stock has seen a decline of 34.8% over the past 12 months [9] - **ESG Commitment**: Tianqi Lithium is focused on monitoring environmental impact and ensuring sustainability in its operations, contributing to the electrification trend in the automotive market [14] This summary encapsulates the critical points from the conference call regarding Tianqi Lithium Corp's financial performance, production outlook, valuation, and associated risks.