Belmont is one of three permitted for water rights in Clayton Valley. The other 2 are Albemarle and Cypress Development. These water permits are essential for extraction of Lithium. Right now we are drilling Kirby and trading at what we would get for the water rights. NRM has over 2 million tons and dont have water access trading at 52 cents. The market will get it sooner or later.
Permitted for Water
The Kibby Basin lithium property is fully permitted by the state of Nevada to extract a maximum 2,896 acre-feet (944 million gallons) annually of water for brine processing and production of lithium compounds.
Obtaining a water permit for the Kibby Basin lithium project was a major milestone for Belmont where, because of the desert conditions in the region, water is of major importance to any potential mining operation. The Clayton Valley Basin for instance is over-appropriated (current water rights are in excess of water volumes available for an average year) and obtaining water rights for proposed operations is a hurdle that several companies in the Clayton Valley Basin have yet to overcome, even in their advanced stage of development.
Cypress Development (TSV:CYP) recently paid $3,000,000 for a water permit in Clayton Valley (Cypress NR) which allows for the beneficial use of 1,770 acre/feet of water annually for mining, milling and domestic use.