Investing.com - Financial Markets Worldwide
Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

As lithium market booms, explorer Neo Lithium eyes Toronto listing

Published 2016-07-04, 05:37 p/m
© Reuters. As lithium market booms, explorer Neo Lithium eyes Toronto listing
LAAC
-

July 4 (Reuters) - Neo Lithium Corp, a small lithium
exploration company with a recent discovery in Argentina, is
planning to list on Canada's TSX Venture Exchange around July
15, its chief executive, Waldo Perez, said on Monday.
The company, which owns the 3Q brine-reservoir lithium
project in northwest Argentina, is fully funded for now after
three recent rounds of financing brought in C$18 million ($14.01
million), Perez said in an interview.
"But we have a very aggressive business plan to develop the
project... so there may be other financings coming," said Perez,
who is the former CEO of Lithium Americas LAC.TO and the
founder of its Cauchari project in Argentina.
Lithium forms a small but irreplaceable component of
rechargeable batteries, used in electric cars and consumer
devices like mobile phones.
Prices have soared in the past year, and demand is set to
outstrip supply by 2023, according to specialist consultants
Stormcrow Capital. Shares in some lithium companies have more
than tripled in value this year as investors and speculators
have piled in.
Most lithium is produced in Australia and Chile, with the
bulk of the world's reserves straddling huge salt flats in
Chile, Bolivia and Argentina.
Early sampling at Neo Lithium's 3Q project, which was only
discovered this past December, suggests high lithium grades and
low impurities, Dundee Securities' analysts said in a June 13
report.
The company is readying for a drill program at 3Q in the
spring to produce resource and reserve estimates. Its goal is to
start building brine ponds next year and to be able to have a
concentrated lithium-containing brine in about two years time,
Perez said.
($1 = 1.2851 Canadian dollars)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.