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Lithium Ionic Files Technical Report for Preliminary Economic Assessment and Updated Mineral Resource Estimate for the Bandeira Lithium Project, Minas Gerais, Brazil
TORONTO, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports that it has filed
About this update from Lithium Ionic Corp
[{"type":"text","content":" TORONTO, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) reports that it has filed the independent technical report (the “Technical Report”) related to the Preliminary Economic Assessment (\"PEA\") and Mineral Resource Estimate announced on October 19, 2023, for its 100%-owned Bandeira lithium Project (“Bandeira”), located in Minas Gerais State, Brazil. The Technical Report, titled “Preliminary Economic Assessment for the Bandeira Lithium Project, Minas Gerais State, Brazil” was prepared by GE21 Consultoria Mineral Ltda. (“GE21”) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (\"NI 43-101\") and has an effective date of August 30, 2023. The PEA results support a long-life and low-cost spodumene concentrate mining project. Highlights include: Post-tax Net Present Value (“NPV”)8% of $1.6 billion (approximately C$2.2 billion) Post-tax Internal Rate of Return (“IRR”) of 121% Underground mine scenario processing 1.3Mtpa of ore over a 20-year mine life After-tax payback of 14 months Avg. LOM annual production of 217,700t of high-quality spodumene concentrate at 5.5% Li2O (“SC5.5”) equivalent (187,230 tpa SC5.5, in addition to 56,860 tpa of spodumene tails concentrate at 3% Li2O, or “SC3”) Total capital expenditure (“CAPEX”) of $233 million (including a 25% contingency) Pre-tax annual average free cash flow of $243 million All-in LOM operating costs (“OPEX”) of $349/t of spodumene concentrate SC5.5 The PEA results were based on an updated mineral resource estimate for Bandeira of 13.72Mt grading 1.40% Li2O, containing 474,892 tonnes of Lithium Carbonate Equivalent (“LCE”) in the Measured and Indicated (“M&I”) category, as well as Inferred resources of 15.79Mt grading 1.34% Li2O, or 523,118 tonnes of LCE Note: Base case parameters assume SPO 5.5% Li2O price of $1,859/t and exchange rate of US$5.00 /R$. All currencies are reported in US dollars unless otherwise specified. The Company is currently undertaking an independent NI 43-101 compliant Feasibility Study (“FS”), including an updated MRE, for Bandeira which is expected to be completed in early 2024. On November 21, 2023, the Company submitted the application for the Concomitant Environmental and Installation License (“LAC”, or Licença Ambiental Concomitante i...