Millennial Lithium

V.ML, Millenial Lithium, lithium, ArgentinaMillennial Lithium Corp. (V.ML | OTC.MLNFL | Frankfurt A3N2 ) is an emerging exploration and development company focused on world class lithium assets in Argentina.

For more information see Millennial’s website here

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Millennial Reports Positive Pumping Test Results from Second Pumping Well at Pastos Grandes Project, Argentina

Millennial Lithium Corp. (TSXV: ML) (“Millennial” or the “Company”) is pleased to report encouraging results from an extended pumping test of a second production-scale well at its Pastos Grandes Project in Salta, Argentina. Pumping well PGPW17-04 was installed to complete extended pumping of lithium brine to determine the robustness and chemical variation of the aquifer over 23 days in September, 2018. At a pumping rate of 15 litres/second (L/s), the lithium content remained consistent over the trial period and the drawdown was approximately 57 metres (m), with rapid recovery. Estimated transmissivity was calculated from the drawdown data at 40m2/day. The pumping test was completed under the direction and supervision of Montgomery and Associates.

Millennial President and CEO, Farhad Abasov, commented: “Millennial is very pleased with the results of this second pumping test in the central portion of the Company’s land position at Pastos Grandes over a significant 23 day time frame. This is another important milestone in our ongoing development program. The pumping rate was 15 L/s from September 7 to 30th with a draw-down of 57m with full recovery to initial levels after 24 days of recovery. Lithium concentrations remained consistent throughout the pumping test ranging from 482 mg/L to 518 mg/L and averaging 495 mg/l. The transmissivity of the 40m²/day is encouraging and indicates the aquifer has good potential to sustain long term pumping at 15 L/s The brine from the pumping test was utilized to feed the large scale pilot ponds currently in operation which will provide concentrated brine for the Company’s pilot plant scheduled for operation in Q2, 2019. With a strong cash position Millennial is on track to produce an updated 43-101 resource report in Q1 and complete the Bankable Feasibility Study in Q2 2019.”

Well PGPW17-04 was drilled using the mud rotary method to a total depth of 475m using 15″ and 13.5″ diameter drill bits. The well was completed with 10″ and 6″ diameter steel pipe with 10″ blank pipe for the section from 0m to 113.4m, with 6″ slotted pipe for the section from 113.4m to 464.3m and 6″ blank casing from 464.3m to 470.4m with an end cap. The annular space between the borehole and the casing were filled with gravel pack.

Constant flow pumping test was completed with a flow rate of 15.2 L/s with 23 days of pumping and 24 days of recovery water level measurements (See Table 1). Maximum drawdown was approximately 57m which was achieved after 2 days and full recovery of the well was observed after 24 days.

Table 1. Summary of Pumping Test at Well PGPW17-04

Well IDTotal
Depth (m)
Pumping Duration
(days)
Initial Water
Level (m bmp)*
Maximum Drawdown
(m bmp)*
Pumping
Rate (L/s)
PGPW17-04470.35234.7157.1115.2

 

The drawdown and recovery data provides the basis for the calculation of the aquifer transmissivity, the rate at which the brine moves through the aquifer. The best estimate of the transmissivity is 40 square metres per day (m²/d) and is considered to be good for fine-grained aquifers. Based on this transmissivity calculation, the aquifer has good potential to sustain a long term pumping rate of 15 L/s.

Brine sampling during the pumping test was completed every on a daily basis to determine the variation in brine chemical composition over the entire period the aquifer was tested. In general, the chemistry is consistent over the 23 day period with lithium ranging from 482 mg/L and 518 mg/L and averaging 495 mg/L. The best lithium values occur during the last five days of the pumping test. The magnesium to lithium (Mg/Li) ratio averages 5.3 and the average potassium to lithium ratio (K/Li) is 10.5 and the average sulphate to lithium ratio (SO4/Li) is 16.4.

Millennial continues to evaluate and define the characteristics of the lithium-bearing aquifer in the southern portion of its land package with pumping wells PGPW18-15 and PGPW18-17. Both wells are in development and are planned for completion in Q1 2019 with short term pumping tests and brine sampling to follow.

Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.

The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Millennial Produces Battery Grade Lithium Carbonate from Pastos Grandes Brine

Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) (“Millennial” or the “Company”) is pleased to report that bench scale process test work completed by SGS Canada Inc. (SGS) in their facilities in Lakefield, ON on brine from the Company’s Pastos Grandes project in Salta, Argentina, has yielded battery grade (> 99.5% Li2CO3) lithium carbonate. Final purification testwork results yielded a lithium carbonate product that is 99.92% Li2CO3 with low levels of magnesium (Mg), calcium (Ca), boron (B), sulphate (SO4) and iron (Fe), with no other detectable metals.

Millennial President and CEO, Farhad Abasov, commented: “We are excited that the bench scale process test work recently completed by SGS has yielded very positive results with a lithium carbonate product purity of 99.92%. Typical lithium carbonate battery grade for EV batteries is approximately 99.5% Li2CO3, so we are very encouraged by these results that suggest the Pastos Grandes brine is amenable to industry standard processing and capable of producing a battery grade product. The bench scale testing has also provided an excellent framework for our pilot plant, which is currently in the final design phase, and provides a basis for the potential commercial plant design for the Company’s Definitive Feasibility Study.”

SGS has completed bench scale process trials on lithium-bearing brine from pumping well PGPW17-4 at Pastos Grandes. Approximately 600 litres of brine were shipped to SGS in Lakefield, Ontario for testing to investigate the amenability of the brine to producing battery grade lithium carbonate. The initial main element chemistry of the raw brine is outlined in Table 1.

LiCaMgKNaBSO4
(mg/l)(mg/l)(mg/l)(mg/l)(mg/l)(mg/l)(mg/l)
480758249051801150007008200

Table 1 Main element chemistry of raw brine.

SGS subjected the brine to liming followed by mechanical evaporation over several weeks and further removal of Ca and Mg via selective precipitation through the introduction of soda ash and caustic soda. Further evaporation reduced the volume to approximately 10 litres grading about 1.9 % Li. Standard and industry-tested purification procedures were employed on the concentrated brine including solvent extraction to reduce the boron content, followed by ion exchange to remove any remaining B. Ion exchange was followed by the main stage of carbonation with soda ash to produce a preliminary lithium carbonate product. The lithium carbonate product was then directed to further purification via bicarbonation with CO2. The final lithium carbonate product after the bicarbonation/decomposition process has a purity of 99.92% Li2CO3; additional chemical data for the final product is provided below in Table 2:

Li2CO3BMgCaKNaSO4Fe
(%)(g/t)(g/t)(g/t)(g/t)(g/t)(g/t)(g/t)
99.92<410.393<1046<300<4

Table 2 Final lithium carbonate product chemistry

Recovery of lithium through the primary lithium carbonate process was approximately 75% from the B-free solution and recovery through the bicarbonation/decomposition stage was approximately 74% of the lithium carbonate treated, however lithium losses are generally minimal in the process overall, as the lithium remaining in the mother liquor solution is typically recycled.

In addition to the promising purity of the lithium carbonate produced, it is also encouraging that metals and other impurities, some of which can affect the quality and effectiveness of the lithium carbonate for battery performance, are very low to not detectable. Testing will continue at SGS to optimize the process, reduce impurities and improve recoveries and any positive achievements will be incorporated into the pilot plant design and tested on site at Pastos Grandes.

Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Millennial Provides Pastos Grandes Project Progress: Comprehensive Development Program Advancing

Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) (“Millennial” or the “Company”) is pleased to provide an update on all its technical programs at its Pastos Grandes Project in Salta, Argentina. The Company is currently engaged in a comprehensive development plan which includes completion of a Definitive Feasibility Study, expansion drilling for an updated resource estimate, operating pilot ponds to provide concentrated lithium-rich brines pumped from the salar, development of a Pilot and Training Lithium Processing Plant designed to produce 3 Tonnes Per Month of Lithium Carbonate Equivalent (LCE), adding additional pumping test wells, and completing various technical studies and infrastructure improvements designed to expedite the Company’s ongoing Feasibility Study.

Millennial President and CEO, Farhad Abasov, commented: “We are very pleased with the progress in all facets of our development plan at Pastos Grandes. Our expansion drilling program continues to enlarge and optimize the footprint of the lithium-bearing brine and we expect an updated Resource Estimate in early Q1 2019; the pilot ponds are concentrating the lithium brine via solar evaporation and the design and implementation of the Pilot Processing Plant are well underway. WorleyParsons is progressing well with the Company’s Definitive Feasibility Study which remains on target for completion in Q2, 2019. Millennial remains fully funded to complete all its initiatives and looks forward to a productive 2019.”

Resource Expansion Drill Program and Resource Update

Two drill rigs are currently active on the Remsa license, a portion of the Pastos Grandes Project, testing the extensions of the lithium-bearing brine aquifer. Drilling has been completed at PGMW18-20B and sample results are awaited. Due to the promising results from exploration wells PGMW18-15 and PGMW18-17 (236m @ 500 mg/l Li and 545m @ 444 mg/l Li respectively; see News Releases Sept. 10, 2018 and Oct. 15, 2018 respectively) Millennial undertook additional geophysical surveys to determine the potential extension of the lithium-bearing brine to the west of the Remsa license. Preliminary results from the geophysical survey indicate potential for additional brine further into the Remsa license portion of the Pastos Grandes Project. A drill rig will be mobilized to collar PGMW19-21 on the western edge of the Remsa license and drilling will begin early in 2019.

The updated Resource Estimate by Montgomery & Associates, which is required to complete the Definitive Feasibility Study, is in progress with data from the geophysical surveys providing additional geological information and enhancing interpretations of the continuity of geological units west of the current drilling. Completion of an updated Resource Estimate will await the results of exploration well PGMW19-21 which will be completed early in Q1, 2019.

Pilot Ponds

Pilot Ponds filled with brine from pumping well PGPW17-4 in late September, 2018 are concentrating lithium in preparation for lime treatment to reduce magnesium content in the brine. Colour changes are noticeable now in the ponds as halite and sylvite begin to precipitate (see website photos; http://millenniallithium.com/pastos-grandes/). Brine levels in the ponds continue to drop as the contained water evaporates, with levels indicating nearly 50% volume reduction since the ponds were filled. Brine is being transferred to isolated smaller ponds as part of the evaporation concentration and purification process, preparing the concentrate feed to the Pilot Processing Plant.

The pilot liming plant construction has been completed and will be commissioned early in Q1, 2019. This will allow for the liming of the brine, eliminating the majority of the contained magnesium in preparation for feeding the Processing Plant.

Pilot Processing Plant

Millennial is developing a Pilot Processing Plant designed to produce 3 Tonnes Per Month of lithium carbonate utilizing concentrated brine from the pilot ponds on the salar. Plant engineering and design work as well as installation and commissioning of the plant is being completed by WorleyParsons Chile. The timeline for the design and construction of the plant is approximately 4 months with training extending for an additional month. Design of the building to house the plant is complete and a local contractor has been engaged to construct the building over a 2 month period.

Pumping Test Wells

Long term pumping tests were completed at production well PGPW17-4 over a 23 day period from Sept. 7-30th, 2018. Data and results of this program are currently being compiled and the final report is scheduled for release in Q1, 2019.

Drilling and development of production and test wells PGPW18-17 and PGPW18-15 are underway. ML has contracted a second drilling company to increase productivity. Both pumping wells are scheduled for completion to 500m-600m in Q1, 2019, to be immediately followed by pumping tests in preparation for the well field model and production pumping.

Geophysics

Additional ground geophysics (seismic tomography) is in progress on the western portion of the Remsa license and extending west onto the adjacent license held by Millennial. Preliminary interpretations indicate continuity of brine-bearing sediments on the western edge of the Remsa license and further west into a contiguous Millennial license. An exploration well (PGMW19-21) is planned in early 2019 to test the potential for lithium-bearing brine in this region at the western edge of the basin.

Environmental Impact Assessment-Exploitation

Ausenco-Vector has been engaged to complete the Environmental Impact Assessment for the Exploitation stage of the project. Millennial and WorleyParsons are in the process of providing data and project information to Ausenco to allow completion of the report. Ausenco indicates that the report will be ready for submission to government officials in Q1, 2019 for approval in Q2-Q3, 2019.

Infrastructure

Infrastructure improvements at the site are ongoing with the residence camp construction recently completed. The all-weather camp consists of modules to house 40-60 people, supporting infrastructure for the on-site laboratory and Training Plant. Energy engineering firm ERGY Solar has been engaged to construct a 250 KVa hybrid power plant at the camp site which will provide power for the camp as well as the Training Plant and laboratory. Construction of the solar field is in progress. The solar panel supports have been fabricated and are mostly installed, and most major components have been received in Salta. The ICP lab equipment has been received and a specialized container is being prepared to house the entire lab set-up. Having an on-site lab will allow quick turn-around for basic daily sampling of brine from the ponds, as well as quick indicative results for the resource expansion drilling and pumping tests.

Millennial has broken ground on the Pastos Grandes community centre/warehouse and all-purpose building. This work is central to our community relations and engagement with the people of Pastos Grandes and is being well received.

Definitive Feasibility Study

WorleyParsons Chile is progressing with the Company’s Pastos Grandes Definitive Feasibility Study. Basic engineering and design work as well as pond layout and mass balance calculations are approaching completion. These will form the basis for earth movement estimates and determination of the required equipment and sizing of equipment for the proposed 25,000 Tonne Per Year LCE operation target. The Feasibility Study remains on schedule for completion in Q2, 2019.

Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.

The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Exploration Drilling Intersects Highest Lithium Grades to Date at Pastos Grandes Project

Millennial Lithium Corp. (TSXV: ML) (FSEA3N2) (OTCQB: MLNLF) (“Millennial” or the “Company”) is pleased to report positive drilling and analytical results from the latest exploration well at its Pastos Grandes Project in Salta, Argentina. Exploration well PGMW18-19 intersected, and bottomed, in a robust lithium-bearing brine zone which yielded 566 mg/l Li, 5,733 mg/l K and 3,385 mg/l Mg from 366m to the bottom of the hole at 602m for an intersection thickness of 236m.

Millennial President and CEO, Farhad Abasov, commented: “We are very encouraged to see that additional drilling on the eastern portion of the REMSA license at Pastos Grandes salar has intersected robust lithium values and very suitable chemistry for development via solar evaporation and conventional processing. The Pastos Grandes Project continues to deliver positive news on all fronts and this new analytical data will be fed into the ongoing resource block model estimate which is scheduled for completion by the end of Q4 2018. Exploration drilling as well as the development of 2 of 4 additional pumping wells, pilot pond test work, a pilot-scale process training center design and infrastructure expansion continue on site as the Company moves towards completion of its Feasibility Study.”

Exploration well PGMW18-19 was drilled to a depth of 602m and terminated in brine-bearing sand. This hole is located in the northeastern portion of the contiguous REMSA license, approximately 1,000m east of PGMW18-12, and confirms the extension of the lithium-bearing brines to the eastern portion of the REMSA license. Additional drilling at well PGMW18-20 is underway approximately 1,000m southeast of well PGMW18-19 to delineate further extensions to the east.

Exploration well PGMW18-19 was sampled using a double packer system which is designed to isolate sample intervals. Fifteen brine samples were collected from between depths of 366m to 602m (236m interval). This area was found to be dominated by fine sand with variable amounts of halite and local clay seams. This 236m interval returned an average composition of 566 mg/l Li, 5,733 mg/l K, 3,385 mg/l Mg and 9,075 mg/l SO4 to yield the following ratios: Mg/Li is 6.0, K/Li is 10.2 and SO4/Li is 16.3. The well bottomed in a sand-halite unit which shows enrichment in lithium and a reduction in Mg and SO4 with respect to the shallower sand unit (see Table 1). The bottom interval from 528m yielded an average composition of 604 mg/l Li, lower Mg/Li of 5.3 as well as a lower SO4/Li ratio of 12.8 over 74m.

Table 1 Summary of PGMW18-19 results.

HOLE IDFROM (m)TO (m)THICKNESS (m)Li (mg/l)K/LiMg/LiSO4/Li
PGMW18-1936660223656610.26.016.3
including528602746049.65.312.8

 

Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate chain of custody and QA/QC program in place for ensuring veracity, accuracy and precision of the analytical results.

The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Millennial Completes Milestone Environmental Baseline Studies at Pastos Grandes and Engages Vector-Ausenco for Construction and Operations EIA

Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) (“Millennial” or the “Company”) is pleased to report that Ausenco-Vector (“Ausenco”) has completed a comprehensive programme of Environmental Baseline Studies at its Pastos Grandes Project in Salta, Argentina. Millennial is also pleased to announce that it has engaged Ausenco to complete an Environmental Impact Assessment for the potential exploitation of lithium at its Pastos Grandes Project.

Ausenco has completed Environmental Baseline Studies at Millennial’s flagship property, Pastos Grandes, in Argentina. Studies completed include the documentation of flora, fauna, climate, air quality, hydrogeology, soil usage, a socio-demographic survey and ecosystem characterization and, where applicable, seasonal variations in those fields.

Millennial has engaged Ausenco to complete an Environmental Impact Assessment for the potential exploitation of the lithium-rich brine resource on its Pastos Grandes Project. The objectives of the EIA are to identify, prevent, minimize, correct and mitigate any potential impacts on the environment or the social framework at the Pastos Grandes Project. Ausenco has extensive experience in the preparation of EIAs for the mining industry in compliance with Argentine federal and provincial regulations. All work will be completed in accordance with Argentine National Law No. 24.585 (Environmental Protection for Mining Activity). The EIA is planned for completion in Q1, 2019.

Millennial President and CEO, Farhad Abasov, commented: “We are very pleased with the work done by Ausenco in completing the Environmental Baseline Studies at Pastos Grandes and to engage them to continue with their work at the project with the Environmental Impact Assessment in support of environmental permits for construction and the potential exploitation of the lithium resource. Millennial remains committed to sound and compliant mining practices, high environmental standards and active community consultation, involvement and participation in the project.”

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Millennial Strengthens Board for Development of Pastos Grandes Project, Salta, Argentina

Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQX: MLNLF) (“Millennial” or the “Company”) is pleased to announce the appointment of Mr. John Edward (Jack) Scott, P. Eng, MBA as a Director of the Company.

Mr. Scott is currently Executive Vice President, Major Projects of the Alberici Group and Chief Administrative Officer for Alberici Constructors Ltd. Scott is responsible for major project and market partnerships throughout North America for Alberici, a $US 2 billion, privately-held construction contractor. Jack’s prior roles include senior executive positions in publicly-traded companies including Allana Potash Corp. where he was instrumental in the advancement of Allana’s Danakhil Potash Project and its subsequent acquisition by Israel Chemicals Ltd.; NaiKun Wind Energy Group Inc. and AGRA Inc. (now part of Wood Group plc). Jack has also held executive roles in public-private, public and private organizations including Advanced Applied Physics Solutions Inc. at TRIUMF, Canada’s national particle physics lab; Atomic Energy of Canada Limited; and ADCOM Inc., (now part of TELUS Corporation).

Farhad Abasov, the President and CEO of the Company, comments “We are excited to have Jack Scott join Millennial Lithium as we strengthen our Board with mining, construction and development experience. Jack brings a tremendous expertise in large project financing and construction. I look forward to taking our lithium brine projects in Argentina to the next level of development and Jack will complement our Board and strong technical team in Salta Province in Argentina.”

The Company has also issued 72,000 stock options at an exercise price of $1.78 to Mr. Scott. The stock options are exercisable for a period of 5 years from today’s date.

The Company also wishes to announce the resignation of Andrew Bowering as a Director. Millennial thanks Mr. Bowering for his efforts and contributions to date and wishes him the best in his future endeavors. Mr. Bowering will continue in an advisory role with Millennial.

To find out more about Millennial Lithium Corp, please contact investor relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Exploration Drilling Expands Lithium Brine Horizon To REMSA License at Pastos Grandes

Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2:GR) (OTCQB: MLNLF) (“Millennial” or the “Company”) is pleased to report positive drilling and analytical results from the latest complete exploration wells at its Pastos Grandes Project in Salta, Argentina. All four new exploration holes (PGMW18-12—15) completed to date have terminated in thick lithium-bearing brine zones with Hole 15 intersecting lithium grades reaching up to 500 mg/L Li with the lithium horizon displaying a thickness of 236 metres.

Millennial CEO, Farhad Abasov, commented: “We are very encouraged to see that drilling on the REMSA license at Pastos Grandes salar continues to encounter very thick lithium brine-bearing sequences significantly extending the area of known lithium-rich brine further south. We continue to drill on the REMSA license, seeking to expand the lithium resource in support of the project’s Feasibility Study.”

Exploration holes PGMW18-12, PGMW18-13, PGMW18-14 and PGMW18-15 were drilled to depths of 554 metres (m), 559m, 635m and 594m respectively and all wells terminated in brine-bearing sand. These holes confirm the extension of the brine on to the contiguous REMSA license south of the original core Pastos Grandes licenses. The first three holes are located in a north-south line extending south from PGMW17-04, extending the area of known mineralization a further 3,000m into the REMSA license. Hole PGMW18-15 is located approximately 2,000m to the west of the north-south line and also intersected a thick lithium-bearing brine horizon (see Table 1). All wells bottomed in Li-bearing brine hosted by fine to coarse-grained sand which acts as a strong aquifer.

Exploration well PGMW18-12, drilled to a final depth of 554m, and was sampled using a double packer system, as were all four wells discussed in this release, which is designed to isolate sample intervals. Six brine samples were collected from well PGMW18-12 from 383m to 504m (121m interval) outlining a robust brine horizon grading 491 mg/L Li over a minimum of 121m and bottomed in a flowing sand unit which prevented additional sampling at the bottom of the hole. Impurity levels in the brine are lower than previous drilling at Pastos Grandes with a Mg/Li of 5.8 and a SO4/Li of 17.6. The chemistry of this brine horizon supports the general interpretation that lithium grades are increasing to the south and impurities are decreasing. For reference, the average resource grade for the northern Measured + Indicated resources is 445 mg/l Li, the average Mg/Li is 6.3 and the average SO4/Li is 18.2 (see news release dated Nov. 29, 2017).

Table 1 Summary of Current drill results.

HOLE IDFROM (m)TO (m)THICKNESS (m)Li (mg/l)Mg/LiSO4/Li
PGMW18-123835041214915.817.6
PGMW18-13499554554146.923.9
PGMW18-143066353294326.220.0
PGMW18-15835945114515.8Pending
Including3585942365005.5Pending

Well PGMW18-13 is located approximately 1500m south of PGMW18-12 and was drilled to a depth of 559m with 5 samples taken in the lithium-rich horizon. The lithium-bearing aquifer in this well is located at a greater depth, from approximately 450m to the bottom of the well. The increase in the thickness of the overlying halite unit suggests that this location may be located closer to the basin depocenter. Well PGMW18-13 remains open at depth, yielding 55m of lithium-brine with an average grade of 414 mg/L Li from 499m to 554m with a Mg/Li of 6.9 and a SO4/Li of 23.9. This hole bottomed in lithium brine rich sands as the hole was terminated due to limitations of the drilling machine.

Exploration well PGMW18-14 is located approximately 1500m south of well PGMW18-13 near the southern limit of the REMSA license and was drilled to a depth of 635m. 12 samples were taken over the lithium-rich interval. Lithium-rich sand and silt were intersected from 306m to 635m (329m); this interval yielded 432 mg/L Li, a Mg/Li ratio of 6.2 and SO4/Li of 20. Well PGMW18-14 also bottomed in lithium-brine bearing sand, similar to wells PGMW18-12 and PGMW18-13.

Lithium-rich brine was also intersected in well PGMW18-15 located approximately 2,000m southwest of PGMW18-12. This well displays a marked difference in geology, suggesting that that this hole is further removed from the basin depocenter. In the hole the halite horizon extends to only 170m deep followed by fine and coarse sand to the bottom of the hole at 594m. 27 samples were taken over the main 511m lithium brine interval, the thickest interval intersected to date. The brine-bearing section at this location contains an average grade of 451 mg/L Li with 5.8 Mg/Li. Within this thick lithium-rich aquifer is a higher grade zone from 358m to 594m (thickness of 236m) which yielded 500 mg/L Li and Mg/Li of 5.5. Sulphate analyses are pending and expected later in September.

A seismic survey was recently completed on the REMSA license, the results from which will greatly help with the interpretation of the latest drilling results and resource estimation. The results of that survey will be reported as they are received and the information is incorporated with existing drill results and CSAMT survey results over the same area.

Exploration drilling is ongoing with a rig currently at PGMW18-16 located 1200m southeast of PGMW18-12 currently at a depth of 602m and the second rig mobilizing to REM-01(1500m west of PGMW18-12). In addition, pumping tests are underway at PGPW17-4 and pilot evaporation ponds, approximately 3.25 ha in size, are being filled with brine to provide concentrated Li plant-grade feed for the Company’s pilot plant.

Sampling was conducted in accordance with CIM guidelines for brine resource evaluation, with an appropriate QA/QC program in place for ensuring accuracy and precision of the analytical results.

The primary analytical laboratory for the data used in this program is the SGS Laboratory in Buenos Aires, Argentina. SGS is accredited to ISO 9001:2008 and ISO14001:2004 for their geochemical and environmental labs for the preparation and analysis of numerous sample types, including brines.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

President and CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Millennial Provides Update of Ongoing Feasibility Study and Pilot Testwork at its Pastos Grandes Lithium Project, Argentina

Millennial Lithium Corp. (TSXV: ML) (FSE: A3N2) (OTCQB: MLNLF) (“Millennial” or the “Company”) is pleased to announce that there has been significant progress on its flagship Pastos Grandes Project in Salta, Argentina. Millennial has initiated numerous studies in support of its ongoing basic engineering and Feasibility Study recently initiated by WorleyParsons Chile.

Farhad Abasov, Millennial President and CEO, commented, “We are very pleased with the progress at our Pastos Grandes Project. WorleyParsons is advancing the Pastos Grandes Feasibility Study which remains on schedule for completion in Q1 2019. Technical studies in support of the Feasibility Study, including exploration drilling, pumping well tests and geophysics are well underway on the REMSA license that comprises part of the Pastos Grandes Project. The pilot pond earthworks have been completed and lining will begin shortly followed by filling the ponds with brine from our pumping well PGPW18-4. The pilot plant design is advancing and construction of the 3 tonne-per-month lithium carbonate plant is expected to begin in Q4 2018.”

Drilling

Exploration drilling has been initiated in the recently acquired REMSA license. Thirteen additional holes are programmed in the new area; this work is expected expand the lithium resources at the project and, with pumping tests, establish reserves for the project. First drill results from the current program are expected in September, 2018.

Pumping Well Testwork

A minimum three pumping wells are planned. The first is near previous hole PGMW17-4b which intersected an aquifer approximately 381.5m thick yielding 535 mg/l lithium. The pumping test work is scheduled to begin in early September 2018; the brine will be captured in the pilot ponds located adjacent to the well to be used for pilot-scale processing. The additional pumping wells are planned for the REMSA license and will be located once analytical data is received.

Pilot Pond Testwork

Pilot pond earthworks with internal baffles has been completed and lining of the ponds with geotextile followed by HDPE liner to commence by month end. The main pond set, consisting of four segments, is 150m by 150m and a second pond set measures 100m by 100m. These ponds are expected to provide plant grade brine via solar evaporation for a pilot plant that is planned produce lithium carbonate production data to be utilized in the detailed engineering for the commercial plant. Construction of the ponds is documented in recent photos located on the Company’s web-site (www.millenniallithium.com).

Geophysical Studies

Ground geophysical studies are also underway at Millennial’s Pastos Grandes Project including a seismic survey and a TEM survey, both designed to delineate the extension of the brine bearing horizon on the Pastos Grandes core licenses onto the contiguous REMSA license to the south. The surveys are in progress with estimated completion and interpretation delivery in September 2018.

Pilot Plant

An on-site laboratory and a pilot plant capable of producing 3 tonnes per month of lithium carbonate are in the design and procurements stages with construction to commence early in Q4 2018. The plant is to be operated at the project site near the pilot pond operation and is expected to include impurity removal via solvent extraction and, carbonation and ion exchange to produce high purity lithium carbonate. The plant will provide valuable data for the detailed engineering of the commercial plant, important operational experience for the Millennial team, and tonne-lot quantities of lithium carbonate for customer trials.

This news release has been reviewed by Iain Scarr, AIPG CPG., Chief Operating Officer of the Company and a Qualified Person as that term is defined in National Instrument 43-101.

To find out more about Millennial Lithium Corp. please contact Investor Relations at (604) 662-8184 or email info@millenniallithium.com.

MILLENNIAL LITHIUM CORP.

“Farhad Abasov”

CEO, Director

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of USD$ for Cdn$, fluctuations in the market for lithium, changes in exploration costs and government royalties or taxes in Argentina and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

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Millennial Lithium: Lithium Resource, Infrastructure, Margins

Farhad Abasov, President and CEO of Millennial Lithium (V.ML), has experience with shifting markets for the resource he’s looking for. As the President and CEO of Allana Potash, as he explored in Ethiopia for potash, he watched as the entire potash market changed in a couple of years. Now he is watching the lithium marketplace gyrate as his company explores for lithium in Argentina.

“The fundamentals in lithium have not changed significantly,” said Abasov. “But more people are looking at the details of particular projects. They want to understand the production issues and the costs. Which means they are separating the “fluff” from the real stuff.”

“On the demand side,” said Abasov, “the demand for electric vehicles has almost completely decoupled from oil prices. Now mass storage is becoming important.”

What all of this has done is upped the bar for lithium projects. “People are looking at the lowest cost quartile projects,” explained Abasov.

Which means that Millennial Lithium’s Pastos Grandes project in Salta Province Argentina has to demonstrate a robust resource and a path to production.

Millennial began that process in December of 2017 with a 43-101 compliant resource estimate of 2.1MMT in the measured and indicated category and an additional 0.9MMT inferred category. It followed up the resource estimate with a Preliminary Economic Assessment done by engineers at WorleyParsons and completed in February 2018. The PEA found an after-tax NPV8 of $824 million, based on production of 25 thousand tonnes per year lithium carbonate over a mine life of 25 years. So far so good. But the real test is the Feasibility Study.

Millennial has again commissioned WorleyParsons to look at the Pastos Grandes project in much greater detail. This Feasibility study will include the drilling results to date and will involve building a small-scale plant to process the lithium product. By building a pilot plant, WorleyParsons will gain real operating numbers on the actual lithium brine the project contains.

“We hope to have the Feasibility Study at the end of Q1 2019,” said Abasov. “If it is successful then we’ll be looking for financing to build the project.”

At the same time, Millennial is continuing to drill to expand and define its resource, “We hope to have results in the first week of September,” said Abasov. “The drilling is going pretty well. In line with expectations. We’ll expand the existing resource. We hope to use a high-grade resource for at least fifteen years.”

There has been some concern over the political and economic stability of Argentina in recent months but Abasov is not too worried. “We are in the very good mining jurisdiction of Salta Province. Nothing has changed there. There has been some pressure on the Argentinian peso but that seems to be stabilizing. Overall, the population is supporting reforms and things seem to be going in the right direction,” said Abasov.

In fact, Millennium is comfortable enough with Argentina and the prospects for lithium that it has acquired another lithium project to the northeast. “We a project at the Cauchari salar. We have an Environmental permit and are now awaiting community approval and hope to have drills turning in Q3,” said Abasov. “Everything is ready, the community is positive, there is plenty of infrastructure. Now we just have to go through the formal process.”

With one project heading towards feasibility and another in permitting, Millennial is committed to Argentina. However, Millennial is also committed to getting its projects built. “We’re in the process of selecting a lead financial adviser,” said Abasov. “The major funders are comfortable with Argentina. But they are also looking at reality. Only a handful of lithium projects with the best economics will come online.”

Millennial’s financial adviser will work towards either an M&A transaction or some sort of funding package. “We have people looking at our company,” said Abasov.

Resource definition, plus a positive Preliminary Economic Assessment plus a Feasibility Study backed with hard numbers from a fully functioning pilot plant all add up to an attractive acquisition target or joint venture situation. Being able to execute on the exploration and de-risking of an asset is what Abasov demonstrated at Allana.

Yes, the price of lithium has dropped from its highs but Abasov is confident, “We have very good margins even at today’s prices.”

Margins which Abasov hopes to see confirmed in Millennial’s forthcoming Feasibility Study. Stay tuned.


 

 

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Lithium Cash Crunch?

Bloomberg has an interesting article out on the difficulties lithium producers are having raising cash to go into production,

“Battery producers and automakers “have absolutely no clue on how long it takes to be able to put a mining project into operation,” said Guy Bourassa, chief executive officer of Nemaska Lithium Inc., which spent about 18 months piecing together a complex C$1.1 billion ($830 million) funding program for a mine and processing plant in Quebec. “There will be a big problem — it’s going to be an impediment” to raising supply, he said.

An “inability to access traditional funds has delayed the development of the sector,” said Richard Seville, CEO of Brisbane-based Orocobre Ltd., which began lithium sales in 2015 from northern Argentina, and experienced difficulty boosting output. “These projects aren’t easy — so the banks just don’t want to go there.”

Part of the problem is that lenders remain cautious of the risk of another commodity slump, Commonwealth Bank of Australia, the nation’s largest bank, said in an August presentation. It declined to comment specifically on the lithium market.”

Read the whole thing here.

In the face of the banks and conventional funders’ reluctance to take on lithium projects, some brine producers are de-risking their assets to the point of production and then looking for off take agreements which will serve as the plinth upon which the CAPEX can be funded. Others are looking at low CAPEX lithium solutions – our friends at Standard Lithium V.SLL are using low cost methods to process after brines and MGX Minerals (C.XMG) are looking at processing waste water from petroleum operations.

Banks and other senior financing institutions have adopted a “show me” attitude – so companies like Millennial Lithium (V.ML) and Advantage Lithium (V.ALL) are doing just that. Millennial just retained consultants to produce a Feasibility Study for its flagship Pastos Grandes Project in Salta, Argentina and Advantage just updated its  NI43-101 report on the resource upgrade of the Company’s flagship Cauchari Lithium Project in Jujuy, Argentina in preparation of a PEA in Q3 2018.

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