The demand for battery materials has increased exponentially leading to a shortage in lithium and cobalt, as several economies push for cutting carbon emissions. Europe has seen a surge in demand in electrical vehicles and the components needed to make their batteries, given the recent geopolitical turbulence. Moreover, supply chain issues have caused prices to surge as consumer demand outstrips production.
Quantum Battery Metals Corp. (CSE: QBAT, Forum) recently announced that it had started the preliminary steps of acquiring additional lithium properties in Canada. The company is boosted by the recent announcement of the Canadian government to spend an additional $3.8 billion CAD to help propel the country's efforts to become a key part of the global electric vehicle supply chain. Canada's decision to boost domestic production of lithium and copper will help the company increase its prospects and find additional positive results.
Company Director, David Greenway said in
a news release that it is great to see the government’s plan to spend the additional funds to push the country towards a green revolution.
“Canada has long been a producer of gold, but with increasing demand for lithium and cobalt for electric vehicles the country needs to push towards high demand rare earth metals, which Quantum is looking at intending to mining. We have already a specific list of locations which we feel will be ideal new projects for the company that would provide us with positive results and would help cement us as a leader in the battery metal space. We will push to become a leader in conflict free lithium and preferred supplier for numerous EV companies”
The company plans to expand its profile and increase its presence in known lithium rich regions by acquiring further projects. These plans include staking additional property before the year end of 2022, followed by the development of an extensive 2023 lithium exploration program and rely on the results to determine centralized areas to focus on. Quantum is looking into several lithium prospects to further enhance its battery metal portfolio.