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New Age Metals Inc V.NAM

Alternate Symbol(s):  NMTLF

New Age Metals Inc. is a Canada-based junior mineral exploration and development company. The Company is focused on the discovery, exploration, and development of green metal projects in North America. The Company has two divisions: a Platinum Group Element division and a Lithium/Rare Element division. The Platinum Group Element Division includes the 100% owned, multi-million-ounce, district-scale River Valley Project, one of North America’s undeveloped Platinum Group Element Projects, situated 100 kilometers by road east of Sudbury, Ontario. The Company’s Lithium Division holds mineral claims in the Winnipeg River Pegmatite Field, where it is exploring for hard rock lithium and various rare elements such as tantalum, rubidium, and cesium. Its lithium projects include Lithium One, Lithman East, Lithman West, Lithman North, Lithium Two, Lithman East Extension, Cat Lake Lithium Project, Bird River Lithium, Lithium One West, Lithium One East, and Lithman East.


TSXV:NAM - Post by User

Post by Goodtoreadthis1on Sep 22, 2022 9:43pm
184 Views
Post# 34980715

Record LI price for Pilbara

Record LI price for Pilbara
CommoditiesFinanceLithiumNews

Pilbara Minerals notches new auction record and share price

Pilbara Minerals auction

Pilbara Minerals has achieved another record from its Battery Material Exchange (BMX) platform, with its ninth auction attracting the equivalent of $US7708 ($11,527) per dry metric tonne (dmt).

 

A cargo of 5000dmt of spodumene concentrate was sold at a target grade of approximately 5.5 per cent lithia. Delivery is expected from mid-October.

Pilbara Minerals attracted 22 bids in the space of 30 minutes, with a highest bid of $US6988/dmt for the 5.5 per cent lithia product. This equates to $US7708/dmt (6 per cent lithia, CIF* China) on a pro rata basis.

The lithium miner’s previous auction attracted the equivalent of $US7012/dmt (6 per cent lithia, CIF China). Interestingly, a total of 67 bids were made during this 30-minute auction.

The previous auction sawPilbara Minerals accept the equivalent of $US6841/dmt (6 per cent lithia, CIF China) from 41 bids.

The success of the BMX platform is representative of lithium’s skyrocketing demand, with prices continuing to soar amid the growing electric vehicle (EV) revolution.

Lithium carbonate prices hit a new record of 500,500 yuan ($106,649) in China on Friday, according to data from Asian Metal Inc.

Pilbara Minerals is not only soaking up the windfalls but also continues to diversify its business to shield from future headwinds.

This includes the potential development of a ‘midstream’ product through its binding memorandum of understanding (MoU) with technology company Calix.

The MoU is exploring the potential to produce higher-grade lithium salts via an innovative refining process – a method that could replace the lower-grade spodumene concentrate if successfully developed and proven.

This initiative has the backing of a $20 million grant from the Australian Government as part of the Modern Manufacturing Initiative (MMI).

Pilbara Minerals was trading at $5.04 at the time of writing (11.00am AEST, September 21). The company reached a new record share price of $5.08 just 20 minutes prior.

*CIF represents ‘cost, insurance and freight’.

 
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