Core Insights - Lithium Ionic Corp. is advancing its Bandeira Lithium Project towards construction readiness amid a strengthening lithium market, with a focus on disciplined delivery and securing commercial partnerships [3][21]. Engineering and Development Progress - The overall engineering for the Bandeira Project is currently 48% complete, with basic plant engineering finalized and primary civil engineering also completed [4][7]. - Detailed engineering for raw water services and drainage is nearing completion, while mine access and site infrastructure engineering are progressing well [5][7]. - The project has entered a structured procurement phase, with 23% of infrastructure procurement packages tendered to support execution [9]. Offtake and Financing - Lithium Ionic is in advanced discussions for offtake agreements with parties in North America, Europe, China, and Japan, with multiple term sheets received and binding agreements expected soon [10][11]. - The company aims to secure a financing-ready offtake agreement to support project debt, aligning offtake negotiations with project financing discussions [11]. Team and Technical Enhancements - The company is enhancing its leadership and technical capacity by adding key personnel, including a Director of ESG and Permitting, and a Community Relations Manager [12][13]. - Independent technical support has been expanded through engagements with specialists and consulting firms to bolster underground mine design and engineering disciplines [14][15]. Environmental and Regulatory Updates - Lithium Ionic is integrating ESG principles into the project, focusing on minimizing environmental impact and optimizing resource use [16]. - The company submitted its environmental licensing application in January 2024, receiving a favorable technical opinion from the State Foundation for the Environment (FEAM) in February 2025 [17][18]. - The environmental permitting process is ongoing, with all requirements being addressed under Brazil's new Environmental Permitting Law enacted in February 2026 [19]. Market Conditions - The lithium market has seen a significant rebound, with the price of spodumene concentrate increasing by over 125% from approximately US$800/t in September 2025 to over US$1,800/t in February 2026 [21]. - This price increase enhances the project's economic viability and reflects a supportive market backdrop for lithium production [21][22].

Core Viewpoint - Elevra Lithium has signed a non-binding memorandum of understanding with Mangrove Lithium for the supply of spodumene concentrate, potentially delivering up to 144,000 tonnes per annum starting in 2028, subject to market conditions [1][2]. Group 1: Agreement Details - The agreement could transition into a binding contract if Mangrove invests in a lithium conversion facility by June 2027 [2]. - The initial supply agreement is set to last five years, beginning in 2028 and increasing to 144,000 tonnes per annum by 2030, which would represent approximately 46% of anticipated sales [2]. Group 2: Mangrove's Operations - Mangrove plans to convert spodumene concentrate into battery-grade lithium hydroxide at its facility in eastern Canada, contributing to a domestic battery supply chain [3]. - The facility is designed to produce 20,000 tonnes per annum of battery-grade lithium, sufficient to power 500,000 electric vehicles [3]. Group 3: Technological Feasibility - Mangrove's pilot plant in Delta, Canada, has demonstrated the feasibility of its lithium conversion process, with test work on NAL spodumene expected to conclude by Q3 2026 [4]. - Mangrove has operationalized North America's first commercial electrochemical lithium refining plant with a capacity of 1,000 tonnes per annum [4]. Group 4: Strategic Fit and Financial Backing - Mangrove's partnership with Elevra is seen as a strategic fit to enhance supply chain security and create domestic jobs, aligning with Canada's Critical Minerals Strategy [5]. - Mangrove recently secured $85 million in funding, supporting its proprietary refining platform, which offers environmental and cost advantages [5][6]. Group 5: Expected Benefits - Expected benefits of the agreement include reduced logistics costs due to proximity, a pricing structure that ensures cash flow stability, and potential increased annual output from the NAL Brownfield Expansion [7].

Core Viewpoint - Elevra Lithium Limited has signed a non-binding Memorandum of Understanding with Mangrove Lithium to supply spodumene concentrate, potentially enhancing the domestic lithium supply chain in Canada and supporting the construction of a lithium conversion facility [1][6]. Group 1: Agreement Details - The non-binding MoU outlines negotiations for a definitive agreement where Elevra could supply up to 144,000 tonnes per year of spodumene concentrate to Mangrove at market-related prices, ensuring positive cash flow for North American Lithium [2][3]. - The proposed supply is set for an initial five-year period starting in 2028, ramping up to 144,000 tonnes per annum by 2030, which would account for approximately 46% of estimated sales volumes [3]. Group 2: Strategic Benefits - The collaboration aims to establish a resilient domestic battery supply chain in Canada, reducing reliance on overseas processing and enhancing local job creation [7][9]. - Elevra's supply to a local partner is expected to improve cost efficiency and reinforce the competitiveness of operations, minimizing freight and logistics costs [8][9]. Group 3: Technological and Environmental Aspects - Mangrove has demonstrated the viability of its lithium conversion process through a pilot plant and has constructed North America's first commercial electrochemical lithium refining plant, which has a capacity of 1,000 tonnes per annum [4][5]. - The proprietary refining platform developed by Mangrove eliminates solid waste byproducts and utilizes low-cost, low-carbon electricity, providing both environmental benefits and a cost-competitive alternative to traditional lithium refining methods [5][10]. Group 4: Financial Backing - Mangrove recently secured an US$85 million financing round led by Canada Growth Fund, with participation from notable investors such as Breakthrough Energy and BMW i Ventures, indicating strong financial support for its operations [5].

Market Overview - Australian shares continue to rise, with a +0.4% advance in futures following a +1.9% increase the previous day, supported by a rebound in Wall Street technology stocks [1][3] - The Nasdaq index is up +0.9%, while the S&P 500 and Dow Jones both increased by +0.5%, indicating a recovery in market sentiment after a previous decline [3] Company News - Electro Optic Systems (ASX:EOS) is under scrutiny as it prepares to respond to a short sell report from Grizzly Research, with the market expecting the release before market open [4] - Elevra Lithium (ASX:ELV) has signed a Memorandum of Understanding (MOU) to supply Mangrove Lithium with spodumene concentrate, with expectations to supply up to 144,000 tonnes per year [4] - PLS Group (ASX:PLS) has secured a multi-year offtake agreement with Canmax for 150,000 tonnes of spodumene at a price of US$1,000 per tonne [5] - Eastern Gas Corp (ASX:EGA) is set to debut on the ASX, focusing on oil and gas exploration in the Cooper and Surat Basin, with an initial market capitalization of $5.5 million [5] - Compushare (ASX:CPU) and Amotiv (ASX:AOV) are also expected to report earnings, with CSL (ASX:CSL) leading a series of quarterly reports [5][6] Commodity Prices - The Australian dollar is trading at US 70.9 cents [7] - Iron ore prices have increased by nearly +1%, currently at $99.80 per tonne [7] - Brent crude oil has risen by +1.5%, now priced at $69.06 per barrel [7] - Gold is trading at $5,095 per ounce, while US natural gas futures have decreased by -8% to $3.14 per gigajoule [7]

Core Viewpoint - Elevra Lithium has signed a non-binding Memorandum of Understanding (MoU) with Mangrove Lithium to supply spodumene concentrate from the North American Lithium (NAL) mine, aiming to strengthen its position in the North American electric vehicle sector and support local battery supply chains [1][2][9]. Group 1: Agreement Details - The MoU outlines negotiations for a definitive agreement where Elevra could supply up to 144,000 tonnes per year of spodumene concentrate to Mangrove at market-related prices, ensuring positive cash flow for NAL [4]. - The proposed supply is set for an initial five-year period starting in 2028, ramping up to 144,000 tonnes per annum by 2030, which would account for approximately 46% of estimated sales volumes [5]. Group 2: Processing and Production Capacity - Mangrove plans to process the spodumene concentrate into battery-grade lithium hydroxide or carbonate in Eastern Canada, potentially on-site at NAL, to support a domestic battery supply chain [5]. - The facility is expected to produce 20,000 tonnes of battery-grade lithium annually, sufficient for 500,000 electric vehicles [6]. Group 3: Financial and Strategic Implications - Mangrove has secured $85 million in financing, led by Canada Growth Fund, with participation from various investors, indicating strong financial backing for its operations [8]. - Elevra's CEO emphasized that this partnership enhances cost efficiency and competitiveness while aligning with the Canadian Government's strategy to build a secure critical minerals supply chain [9].

Core Viewpoint - Lithium Ionic Corp. has made significant progress in 2025, positioning itself for a successful transition into construction of its Bandeira Lithium Project in 2026, with a focus on permitting, engineering, and financing [2][3][20] Group 1: 2025 Highlights - The year 2025 saw substantial mineral resource growth, establishing Lithium Ionic as a leading hard-rock lithium developer in Brazil's Lithium Valley [4] - The company reported consolidated global mineral resources of 36.76 million tonnes grading 1.31% Li₂O in the Measured & Indicated category and an additional 31.87 million tonnes grading 1.19% Li₂O in the Inferred category [5] - The Bandeira Project's updated mineral resource estimate showed 27.27 million tonnes Measured & Indicated at 1.34% Li₂O and 18.55 million tonnes Inferred at 1.34% Li₂O, marking a 30% increase in Measured & Indicated tonnage compared to the previous year [6][7] Group 2: Project Development and Feasibility - An optimized Feasibility Study delivered in September 2025 highlighted Bandeira as one of the lowest-cost hard-rock spodumene projects globally, with a post-tax NPV(8%) of US$1.45 billion and a post-tax IRR of 61% [12][18] - Initial CAPEX was reduced to US$191 million, down approximately 28% from the prior study, and site operating costs are projected at US$378 per tonne of spodumene concentrate [18] - The company engaged RTEK International DMCC as a strategic advisor to enhance construction readiness and operational execution at Bandeira [11] Group 3: ESG and Permitting - The appointment of Flávia Veronese as Director of ESG strengthened the company's leadership in environmental, social, and governance initiatives, particularly in the permitting process for the Bandeira Project [14] - The company views recent environmental permitting discussions as constructive, enhancing clarity and confidence in the permitting framework for Bandeira and other assets [15] Group 4: Financial Position and Strategic Moves - In late 2025, Lithium Ionic closed an oversubscribed private placement totaling $18.3 million, significantly strengthening its balance sheet and supporting ongoing development activities [16] - The company terminated the K2 Option Agreement to focus on its most advanced and value-accretive assets, including the Bandeira Project [21][23] Group 5: 2026 Outlook - The company aims to complete the final steps required to transition the Bandeira Project into construction, with key priorities including advancing the permitting process and finalizing project financing [19][20]

Core Viewpoint - Elevra Lithium Limited has refined its North American Lithium (NAL) mine expansion program, identifying a pathway to expedite production with lower unit operating costs [1][6]. Group 1: Expansion Plans - The company plans to increase spodumene concentrate production to 315,000 tonnes per annum (ktpa), with construction completion expected by the end of calendar year 2029 (CY29) [2]. - Recent efforts have focused on reducing permitting constraints, which were identified as a critical path in the expansion schedule [3]. - The proposed expansion will involve a series of debottlenecking steps, anticipated to bring forward incremental production by approximately two years compared to previous plans [4]. Group 2: Production and Cost Efficiency - The initial phase aims for a 15-20% increase in annual spodumene concentrate production starting mid-CY27, utilizing existing milling permits [7]. - A subsequent expansion will increase milling capacity to 6,500 tonnes per day (tpd), with production expected to reach 315 ktpa by early CY28 [7]. - The final step will replace existing crushing circuits with a new system designed to meet the production requirements, expected to be completed by early CY29 [7]. Group 3: Financial Metrics - The updated forecast for post-expansion C1 unit cash costs is US$630 per tonne, an increase from the previously reported US$562 [8]. - All-in sustaining costs (AISC) remain unchanged at US$680 per tonne, with a project net present value (NPV) of approximately US$950 million and an internal rate of return (IRR) of 26.4% [9].

Core Viewpoint - Mineral Resources (MinRes) and POSCO Holdings have entered into a binding agreement to establish a lithium joint venture, with POSCO acquiring a 30% stake in MinRes' operational lithium business, which includes ownership of the Wodgina and Mt Marion lithium mines [1][2]. Financial Details - POSCO Holdings will pay $765 million (Won1.12 trillion) for its 30% interest in the joint venture, which translates to an indirect 15% interest in both the Wodgina and Mt Marion mines. This transaction values MinRes' existing 50% interest in these mines at approximately $3.9 billion [2]. - MinRes will retain a 70% stake in the new entity, equating to a 35% underlying interest in each mine [2]. Operational Aspects - MinRes will continue to manage both mines under existing agreements with its joint venture partners, Albemarle at Wodgina and Jiangxi Ganfeng Lithium at Mt Marion. The operational entities of MinRes will remain separate from the new joint venture [3]. - As part of the investment, POSCO Holdings will receive spodumene concentrate proportional to its 30% interest [3]. Strategic Intent - POSCO Holdings aims to secure a stable and cost-competitive supply of raw materials to enhance long-term competitiveness, emphasizing the operational excellence and vision of MinRes [4]. - The partnership seeks to combine POSCO's downstream expertise with MinRes' mining capabilities to promote sustainable growth in the energy materials industry and support the transition to eco-friendly mobility [5]. Relationship and Future Plans - This collaboration builds on the existing relationship between MinRes and POSCO, previously established through the Onslow Iron joint venture [6]. - The binding agreement is subject to customary conditions, including regulatory approvals, with the transaction expected to close in the first half of 2026 [6]. - Following the transaction, MinRes plans to use the proceeds to repay external debt, strengthen its balance sheet, and support future growth [7].

Core Viewpoint - PMET Resources Inc. has entered into a definitive agreement to acquire the Pikwa Property, expanding its land position in the James Bay region of Quebec, which is expected to enhance its exploration potential for multiple commodities [1][6][10]. Acquisition Details - The acquisition involves a 100% interest in the Pikwa Property from Azimut Exploration Inc. and SOQUEM Inc. [1][6] - The Pikwa Property consists of 509 mineral claims covering approximately 10 km of a highly prospective greenstone belt trend [2][3]. - The acquisition is subject to customary closing conditions, including approval from the Toronto Stock Exchange [6]. Geological Potential - The Pikwa Property is located immediately west of PMET's flagship Shaakichiuwaanaan Property and is part of a continuous land position of over 70 km of greenstone trend [3][5]. - The geological setting of the Pikwa Property indicates strong potential for various commodities, including orogenic gold, porphyry deposits, and LCT pegmatites [2][3]. - Historical exploration has identified spodumene-bearing pegmatite and spodumene grains in till, further enhancing the property's potential [3][4]. Strategic Importance - The acquisition is viewed as a strategic addition to PMET's land holdings, consolidating some of the most prospective LCT pegmatite trends globally [5]. - The Pikwa Property includes multiple base and precious metal targets, which have been the focus of historical exploration efforts [4][5]. Financial Considerations - Upon closing, PMET will issue an aggregate of 841,916 common shares at a deemed price of $3.68 per share to Azimut and SOQUEM [8]. - A 1% net smelter return royalty interest will be granted to both Azimut and SOQUEM in relation to the Pikwa Property [8].

Summary of PMET Resources Inc. Investor Teleconference - October 20, 2025 Company Overview - **Company**: PMET Resources Inc. - **Project**: Shakwakawanan Project, Quebec, Canada - **Focus**: Lithium and co-products (caesium and tantalum) Key Points and Arguments Feasibility Study Results - The feasibility study for the Shakwakawanan Project is a significant milestone, showcasing the project's potential in the lithium raw materials development pipeline in North America [1][3] - The project has a maiden reserve of over **84 million tons**, supporting approximately **20 years** of mine life [6] - The expected production capacity is **800,000 tons per annum** of spodumene concentrate, positioning it among the top five largest hard rock lithium mines globally [9] Geological and Resource Highlights - The geology at Shakwakawanan is described as exceptional, containing lithium, caesium, and tantalum, with high-grade subsets [5][10] - The project is expected to generate additional co-products, enhancing its economic viability [10][11] Market Conditions and Demand - The demand for lithium is projected to increase significantly, driven by the growth of electric vehicles (EVs) and energy storage solutions [29][30] - The cost of lithium-ion battery cells has decreased to around **$50-$60 per kilowatt-hour**, expanding the addressable market for lithium [29] Capital Expenditure and Financials - The net capital expenditure (CapEx) for the project is estimated at approximately **C$1.5 billion** [15] - There has been a **30% increase** in CapEx due to factors such as enhanced power supply, mining equipment purchases, and inflationary pressures [16] - The all-in sustaining costs for lithium operations are projected to be below **$600 per ton**, making it competitive globally [12] Development Strategy and Next Steps - The project will proceed with a staged operation, starting at **400,000 tons per annum** and ramping up to **800,000 tons per annum** [12] - The company is focused on optimizing the project and securing final mine authorizations through the COMEX/COMEV process [14][26] - A bulk sampling program is planned, targeting **up to 50,000 tons** of ore to further de-risk the operation [36] Partnerships and Industry Engagement - PMET has established a partnership with **Volkswagen AG** and its subsidiary **PowerCo**, which serves as a key offtake partner [7][49] - The company is actively engaging with industry participants to secure additional partnerships and diversify the supply chain [48][49] Community Relations and Employment - PMET aims to employ approximately **20%** of the local Cree community in the project, with **33%** of spending directed towards Cree businesses [28] Future Outlook - The project is expected to commence commissioning in the **second half of 2029** and achieve commercial production in the **first half of 2030** [26] - The company anticipates further growth in demand for lithium and its co-products, positioning the Shakwakawanan Project as a critical player in the North American lithium supply chain [31][60] Additional Important Insights - The project is seen as a response to the growing need for critical minerals in the Western world, with increased governmental focus on supporting such initiatives [60] - The potential for additional co-products like caesium and tantalum is being explored, with ongoing test work to optimize recovery processes [23][65] This summary encapsulates the essential information from the teleconference, highlighting PMET Resources Inc.'s strategic direction, project viability, and market positioning within the lithium industry.