ALBemarle Corporation (NYSE: ALB), a leader in the global specialty chemicals industry, will host its virtual 2023 Strategy Update tomorrow, Jan. 24, 2023 at 9:00 a.m. ET . The event is expected to conclude at approximately 10:45 a.m. ET .
Albemarle CEO Kent Masters and CFO Scott Tozier will present alongside Netha Johnson , president, Specialties, and Eric Norris , president, Energy Storage. The presentations and related discussions will provide details on corporate strategy, preliminary and unaudited fourth-quarter and full-year 2022 results and highlights, 2023 guidance and five-year outlook.
Key Themes for the 2023 Strategic Update include:
"We delivered record results in 2022, exceeding our previous projections, and our updated outlook and long-term targets reflect further growth acceleration," said Albemarle CEO Kent Masters . " Albemarle is a leading producer of critical ingredients for some of the most powerful trends transforming the modern world, and we are partnering with other industry leaders to provide secure supply, innovative technologies and improved sustainability. Our virtual strategy event will give investors a deeper understanding of who we are, where we are headed and how we plan to manage our growth to balance short- and long-term opportunities."
Outlook
Albemarle is introducing full-year 2023 guidance and 2027 long-term financial targets. The company projects accelerated growth in revenue and EBITDA based on expanded capacity, strategic contracting agreements, ongoing efficiency improvements and innovation in products and processes. The 2023 guidance and five-year outlook reflect the company's new segment structure – Energy Storage, Specialties, and Ketjen.
Introducing 2023 Financial Targets
FY 2023 Guidance
as of Jan. 23, 2023
Net sales
$11.3 – $12.9 billion
Adjusted EBITDA
$4.2 – $5.1 billion
Adjusted EBITDA Margin
37% – 40%
Adjusted Diluted EPS
$26.00 – $33.00
Net Cash from Operations
$2.1 – $2.4 billion
Capital Expenditures
$1.7 – $1.9 billion
Introducing Five-Year 2027 Financial Targets
Energy Storage
Specialties
Ketjen (Catalysts)
Total (a)
Net sales (5-Year CAGR)
25% – 27%
~5%
4% – 8%
19% – 21%
Adj. EBITDA Margin (2027E)
45% – 47%
32% – 36%
20% – 26%
41% – 44%
Adj. EBITDA (2027E)
$6.4B – $7.5B
$0.7B – $0.8B
$0.2B – $0.3B
$7.2B – $8.4B
Free Cash Flow (2027E)
$2.6B – $2.7B
(a) Total includes corporate costs not allocated to Albemarle's operating segments.
Preliminary Results
Below results are preliminary and unaudited and reflect our estimated financial results for the three months and year ended December 31, 2022 . In preparing this information, management made complex and subjective judgments and estimates about the appropriateness of certain reported amounts and disclosures. Our actual financial results for the three months and year ended December 31, 2022 have not yet been finalized by management and remain subject to the completion of management's final review and our other closing procedures, as well as the completion of the audit of our annual financial statements. These preliminary estimated results do not represent a comprehensive statement of all financial results for the three months and year ended December 31, 2022 . We are required to consider all available information through the finalization of our financial statements and their possible impact on our financial conditions and results of operations for the period, including the impact of such information on the complex judgments and estimates referred to above. The preliminary estimates above are based solely on information available to us as of the date of this release, and subsequent information or events may lead to material differences between these preliminary estimated financial results and the results of operations described in our subsequent SEC reports.
Fourth Quarter 2022 Highlights
(Unless otherwise stated, all percent changes represent year-over-year comparisons)
Fourth Quarter and Full-Year 2022 Preliminary Results
Three Months Ended
Year Ended
December 31,
December 31,
In millions, except per share amounts
2022
2021
2022
2021
Net sales
$2,590 – $2,650
$ 894.2
$7,290 – $7,350
$ 3,328.0
Net income (loss) attributable to Albemarle Corporation
$1,107 – $1,157
$ (3.8)
$2,662 – $2,712
$ 123.7
Adjusted EBITDA (a)
$1,210 – $1,260
$ 228.7
$3,440 – $3,490
$ 871.0
Diluted earnings (loss) per share
$9.30 – $9.80
$ (0.03)
$22.50 – $23.00
$ 1.06
Adjusted diluted earnings per share (a)
$8.35 – $8.75
$ 1.01
$21.65 – $22.05
$ 4.04
(a) See Non-GAAP Reconciliations for further details.
2023 Strategic Update Webcast Details
The company will webcast its 2023 Strategic Update live, which can be accessed through Albemarle Corporation's website at https://investors.albemarle.com .
Fourth-Quarter and Full-Year 2022 Earnings Results
Albemarle will report its fourth-quarter and full-year 2022 financial results after the NYSE closes on Wed., Feb. 15, 2023 . The company will hold a conference call and webcast to discuss its results on Thurs., Feb. 16, 2023 , at 9:00 a.m. ET . The company's earnings call, presentation and supporting material will be available on Albemarle's website at https://investors.albemarle.com .
About Albemarle
ALBemarle Corporation (NYSE: ALB) is a global specialty chemicals company that thinks beyond business-as-usual to power the potential of companies in many of the world's largest and most critical industries, such as energy, electronics, and transportation. We actively pursue a sustainable approach to managing our diverse global footprint of world-class resources. In conjunction with our highly experienced and talented global teams, our deep-seated values, and our collaborative customer relationships, we create value-added and performance-based solutions that enable a safer and more sustainable future.
We regularly post information to www.albemarle.com , including notification of events, news, financial performance, investor presentations and webcasts, non-GAAP reconciliations, SEC filings and other information regarding our company, its businesses, and the markets it serves.
Additional Information regarding Non-GAAP Measurers:
It should be noted that adjusted net (loss) income attributable to Albemarle Corporation, adjusted diluted earnings per share ("EPS"), non-operating pension and other post-employment benefit ("OPEB") items per diluted share, non-recurring and other unusual items per diluted share, adjusted effective income tax rates, EBITDA, adjusted EBITDA, EBITDA margin and adjusted EBITDA margin are financial measures that are not required by, or presented in accordance with, accounting principles generally accepted in the United States , or GAAP. These non-GAAP measures should not be considered as alternatives to Net income attributable to Albemarle Corporation ("earnings") or other comparable measures calculated and reported in accordance with GAAP. These measures are presented here to provide additional useful measurements to review the company's operations, provide transparency to investors and enable period-to-period comparability of financial performance. The company's chief operating decision maker uses these measures to assess the ongoing performance of the company and its segments, as well as for business and enterprise planning purposes.
A description of other non-GAAP financial measures that Albemarle uses to evaluate its operations and financial performance, and reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found on the following pages of this press release, which is also is available on Albemarle's website at https://investors.albemarle.com . The company does not provide a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP, as the company is unable to estimate significant non-recurring or unusual items without unreasonable effort. The amounts and timing of these items are uncertain and could be material to the company's results calculated in accordance with GAAP.
Forward-Looking Statements
Some of the information presented in this press release and the upcoming presentation, conference call and discussions that follow, including, without limitation, preliminary results for the three months and year-ended Dec. 31, 2022 , Albemarle 2023 and five-year ("2027") outlooks, information related to the timing of active and proposed projects, production capacity, committed volumes, pricing, financial flexibility, expected growth, anticipated return on opportunities, earnings and demand for Albemarle's products, productivity improvements, tax rates, stock repurchases, dividends, cash flow generation, costs and cost synergies, capital projects, future acquisition and divestiture transactions including statements with respect to timing, expected benefits from proposed transactions, market and economic trends, effects of re-segmenting/realignment of the company's Lithium and Bromine business units and retention of the company's Catalysts business, and all other information relating to matters that are not historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from the views expressed.
Factors that could cause Albemarle's actual results to differ materially from the outlook expressed or implied in any forward-looking statement include, without limitation: changes in economic and business conditions; product development; changes in financial and operating performance of its major customers and industries and markets served by it; the timing of orders received from customers; the gain or loss of significant customers; fluctuations in lithium market pricing, which could impact our revenues and profitability particularly due to our increased exposure to index-referenced and variable-priced contracts for battery grade lithium sales; changes with respect to contract renegotiations; potential production volume shortfalls; competition from other manufacturers; changes in the demand for its products or the end-user markets in which its products are sold; limitations or prohibitions on the manufacture and sale of its products; availability of raw materials; increases in the cost of raw materials and energy, and its ability to pass through such increases to its customers; technological change and development, changes in its markets in general; fluctuations in foreign currencies; changes in laws and government regulation impacting its operations or its products; the occurrence of regulatory actions, proceedings, claims or litigation (including with respect to the U.S. Foreign Corrupt Practices Act and foreign anti-corruption laws); the occurrence of cyber-security breaches, terrorist attacks, industrial accidents or natural disasters; the effects of climate change, including any regulatory changes to which it might be subject; hazards associated with chemicals manufacturing; the inability to maintain current levels of insurance, including product or premises liability insurance, or the denial of such coverage; political unrest affecting the global economy, including adverse effects from terrorism or hostilities; political instability affecting its manufacturing operations or joint ventures; changes in accounting standards; the inability to achieve results from its global manufacturing cost reduction initiatives as well as its ongoing continuous improvement and rationalization programs; changes in the jurisdictional mix of its earnings and changes in tax laws and rates or interpretation; changes in monetary policies, inflation or interest rates that may impact its ability to raise capital or increase its cost of funds, impact the performance of its pension fund investments and increase its pension expense and funding obligations; volatility and uncertainties in the debt and equity markets; technology or intellectual property infringement, including cyber-security breaches, and other innovation risks; decisions it may make in the future; future acquisition and divestiture transactions, including the ability to successfully execute, operate and integrate acquisitions and divestitures and incurring additional indebtedness; expected benefits from proposed transactions; timing of active and proposed projects; continuing uncertainties as to the duration and impact of the coronavirus ("COVID-19") pandemic; performance of Albemarle's partners in joint ventures and other projects; changes in credit ratings; the inability to realize the benefits of its decision to retain its Catalysts business and to realign its Lithium and Bromine global business units into a new corporate structure; and the other factors detailed from time to time in the reports Albemarle files with the SEC, including those described under "Risk Factors" in Albemarle's most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q. These forward-looking statements speak only as of the date of this press release. Albemarle assumes no obligation to provide any revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
ALBEMARLE CORPORATION AND SUBSIDIARIES
Non-GAAP Reconciliations
(Unaudited)
See below for a reconciliation of adjusted net income attributable to Albemarle Corporation, EBITDA, adjusted EBITDA, and adjusted diluted earnings per share, which are non-GAAP financial measures, to Net (loss) income attributable to Albemarle Corporation ("earnings"), the most directly comparable financial measure calculated and reported in accordance with GAAP. Adjusted net (loss) income attributable to Albemarle Corporation is defined as net (loss) income before the non-recurring, other unusual and non-operating pension and other post-employment benefit (OPEB) items as listed below. The non-recurring and unusual items may include acquisition and integration related costs, gains or losses on sales of businesses, restructuring charges, facility divestiture charges, certain litigation and arbitration costs and charges, and other significant non-recurring items. EBITDA is defined as net (loss) income attributable to Albemarle Corporation before interest and financing expenses, income tax expense, and depreciation and amortization. Adjusted EBITDA is defined as EBITDA plus or minus the non-recurring, other unusual and non-operating pension and OPEB items as listed below.
Three Months Ended
Year Ended
December 31,
December 31,
In millions, except percentages and per share amounts
2022
2021
2022
2021
Net income (loss) attributable to Albemarle Corporation
$1,095 – $1,157
$ (4)
$2,650 – $2,712
$ 124
Add back:
Non-operating pension and OPEB items (net of tax)
(30)
(48)
(42)
(61)
Non-recurring and other unusual items (net of tax)
(82) – (94)
170
(58) – (70)
407
Adjusted net income attributable to Albemarle Corporation
983 – 1,033
$ 119
2,550 – 2,600
$ 470
Diluted earnings (loss) per share
$9.30 – $9.80
$ (0.03)
$22.50 – $23.00
$ 1.06
Add back:
Non-operating pension and OPEB items per share
(0.25)
(0.41)
(0.36)
(0.52)
Non-recurring and other unusual items per share
(0.70) – (0.80)
1.45
(0.49) – (0.59)
3.49
Adjusted diluted earnings per share
$8.35 – $8.75
$ 1.01
$21.65 – $22.05
$ 4.04
Weighted-average common shares outstanding – diluted
117,925
116,999
117,793
116,536
Net income (loss) attributable to Albemarle Corporation
$1,095 – $1,157
$ (4)
$2,650 – $2,712
$ 124
Add back:
Interest and financing expenses
24
5
123
61
Income tax expense (benefit)
24
15
391
29
Depreciation and amortization
86
68
301
254
EBITDA
1,229 – 1,291
85
3,465 – 3,527
469
Non-operating pension and OPEB items
(42)
(62)
(57)
(79)
Non-recurring and other unusual items (excluding items associated with interest expense)
11 – 23
206
20 – 32
481
Adjusted EBITDA
$1,210 – $1,260
$ 229
$3,440 – $3,490
$ 871
The company has identified certain items and excluded them from Albemarle's adjusted net income calculation for the periods presented. A listing of these items, as well as a detailed description of each follows below (per diluted share):
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Restructuring and other (1)
$ —
$ —
$ —
$ 0.02
Acquisition and integration related costs (2)
0.05
0.05
0.11
0.06
Albemarle Foundation contribution (3)
—
—
—
0.13
Loss (gain) on sale of business/interest in properties, net (4)
—
1.13
0.07
(1.70)
Loss on extinguishment of debt (5)
—
—
0.13
0.20
Legal accrual (6)
—
0.03
—
4.36
Indemnification adjustments (7)
—
0.34
—
0.34
Other (8)
0.01 – 0.11
0.19
(0.05) – 0.05
0.34
Tax related items (9)
(0.86)
(0.29)
(0.85)
(0.25)
Total non-recurring and other unusual items
$(0.70) – $(0.80)
$ 1.45
$(0.49) – $(0.59)
$ 3.50
(1)
Facility closure costs related to offices in Germany, and severance expenses in Germany and Belgium, in Selling, general and administrative expenses.
(2)
Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses.
(3)
Charitable contribution using a portion of the proceeds received from the divestiture of the company's fine chemistry solutions business ("FCS"), to the Albemarle Foundation included in Selling, general and administrative expenses This contribution is in addition to the normal annual contribution made to the Albemarle Foundation by the company, and is significant in size and nature.
(4)
In 2022 we recorded post-measurement period Wodgina acquisition purchase price adjustment for a revised estimate of the obligation to construct the lithium hydroxide conversion assets in Kemerton due to anticipated cost overruns from supply chain, labor and COVID-19 pandemic related issues. In 2021 we recordged the gain on the sale of the FCS business. This is partially offset by a post-measurement period Wodgina acquisition purchase price adjustment.
(5)
In 2022 we recorded a loss on early extinguishment of debt representing the tender premiums, fees, unamortized discounts, unamortized deferred financing costs and accelerated amortization of associated interest rate swap from the redemption of the $425 million senior notes originally due in 2024 using the proceeds from the issuance of $1.7 billion in senior notes in May 2022.
In 2022 we recorded a loss on early extinguishment of debt related to tender premiums, fees, unamortized discounts and unamortized deferred financing costs from the redemption of $1.5 billion in debt using the proceeds from the issuance of common stock.
(6)
Charge recorded following the settlement of an arbitration ruling for a prior legal matter in Other income (expenses), net.
(7)
Revision of an indemnification estimate for an ongoing tax-related matter of a previously disposed business in Germany recorded in in Other income (expenses), net.
(8)
Other adjustments for 2022 primarily relate to:
•
Gain resulting from the adjustment of indemnification related to previously disposed businesses
•
Facility closure expenses of offices in Germany
•
Gains from the sale of legacy properties not part of our operations
•
Net gain related to the fair value adjustment of equity securities in a public company
•
Gain from the reversal of a liability related to a previous divestiture
•
Charges for environmental reserves at sites not part of our operations
•
One-time retention payments for certain employees during the Catalysts strategic review and business unit realignment
•
Gain relating to the adjustment of an environmental reserve at non-operating businesses we had previously divested
•
Shortfall contributions for our multiemployer plan financial improvement plan
Other adjustments for 2021 primarily relate to:
•
legal fees related to a legacy Rockwood legal matter noted above
•
Expense related to a legal matter as part of a prior acquisition in our Lithium business
•
non-routine labor and compensation related costs that are outside normal compensation arrangements
•
asset retirement obligation charges to update an estimate at a site formerly owned by Albemarle
•
loss resulting from the sale of property, plant and equipment
•
Charges for environmental reserves at sites not part of our operations
(9)
The net discrete tax benefit for 2022 was primarily related to the reversal of a valuation allowance in Australia. In addition, the discrete net benefit includes withholding taxes and foreign return to provisions, partially offset by a benefit for excess tax benefits realized from stock-based compensation arrangements.
The net discrete tax benefit for 2021 is primarily related to benefits for the ongoing tax-related matter of a previously disposed business in Germany, the release of valuation allowance related to foreign operations, changes to uncertain tax positions, excess tax benefits realized from stock-based compensation arrangements, and return to accrual adjustments.
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Soil sampling outlines several lithium targets, with values up to 177ppm and coincident mapped pegmatites, plus large gold anomalies up to 2.5km-long in the Pilbara
Kairos Minerals Ltd (ASX: KAI)is pleased to advise that it has identified new gold and lithium targets at its 100 per cent-owned Croydon Project in WA’s Pilbara.
Highlights
Kairos Managing Director, Dr Peter Turner said: “These are very strong results which demonstrate that Croydon has outstanding potential to host extensive lithium and gold mineralisation.
“In light of these results, we are moving quickly to implement follow-up programs of field verification, mapping and drilling.
“It is important to note that the large Croydon Project was pegged for its geological characteristics and potential to host Hemi-style mineralisation – these results attest to its prospectivity not just for gold but for significant lithium mineralisation as well.
“The Viento-Fuego-Tierra-Aqua Prospects are significant gold anomalies arranged in clusters over 20km along a granitic margin and provide Kairos with an exciting pipeline of gold prospects with scale and tenor that warrant imminent drill-testing”.
The targets have been identified by the successful geochemical sampling program in which 1,304 soil samples were collected at 200m x 80m and 800m x 160m spacing and submitted for Ultrafine+™ analysis at the Labwest Laboratory in Perth.
The complete data analysis has identified a new gold target at the Viento prospect and four new lithium targets. The Tierra and Eastern 1 lithium targets show similar geological settings to the Mt Cassiterite pegmatite suite, part of the 259Mt @ 1.17%Li2O deposit, owned by Mineral Resources and Albemarle Corporation (ASX: MIN and NYSE: ALB).
Kairos has also completed the in-fill soil sampling program at Tierra and Aqua prospects, with taregts now ready to be drill-tested.
Lithium Targets
The geochemical soil sampling program defined four new lithium targets based on elevated lithium and pathfinder elements and the local geology (Figure 2).
Click here for the full ASX Release
This article includes content from Kairos Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Benton Resources Inc. (TSXV: BEX) ("Benton" or "the Company") today announces results from the Phase II drilling program at its Far Lake Copper-Silver project located 80 km west of Thunder Bay, Ontario. The second phase of drilling at Far Lake totaled 2,696 m and was designed to test new areas associated with surface mineralization as well as various chargeability anomalies outlined by a deep, 3D IP geophysical survey. Highlights from this latest campaign include copper mineralization in the previously untested Centre Pond zone, intersected at a drill hole depth of 338 m (DDH FL-21-17).
Benton continues to be encouraged by the Cu mineralization identified in this intrusive complex and will continue to model the data collected for further targeting on the project. The Company is presently collecting up to 3,500 soil samples for multi-element analysis and is actively mapping and prospecting the property to generate further targets for drilling later this year. Geochemical anomalies identified in 2020 soil sampling led to the discovery at FL-20-11.
Additional sampling of DDH FL-20-11 (drilled in the first campaign) increased the width of a previously released mineralized interval by 4 m, expanding the mineralized zone to 0.15% Cu over 64.2 m including 0.35% Cu over 15.6 m and 1.08% Cu and 1.63 g/t Ag over 2.6 m.
Drill hole FL-20-11 is located approximately 1,800 m NW along the same structure as the Far Lake Discovery Zone where surface sampling produced Cu grades up to 22% over 0.7 m and first phase drill results yielded intercepts of 0.19% Cu and 0.34 g/t Ag over 33.6 m including 1.11% Cu and 1.33 g/t Ag over 3.1 m (FL-20-03). The Discovery Zone continues to be interrupted by mafic dykes and the Company continues to model the dykes to better understand the structure controlling mineralization and to avoid hitting them in future drilling within the mineralized zones.
Drill holes FL-21-13 & 14 were drilled in the vicinity of hole FL-20-11 (0.15% Cu over 64.2 m) and were successful at intersecting the granodiorite with advanced argillic alteration that hosts up to 5% chalcopyrite locally. Additionally, the granodiorite includes moderate phyllic (chl-ser), propylitic (qtz-epi-carb) and weak potassic (kspar-alb-qtz) alteration. Highlights from these holes include 0.25% Cu over 3 m and 0.12% Cu over 3 m, in holes 13 and 14 respectively.
FL-21-15 was nearly a 200 m eastern step-out from FL-20-11 and again intersected a chalcopyrite mineralized altered granodiorite containing up to 0.1% Cu over 14 m.
FL-21-16 was the deepest hole of the campaign and targeted a deep IP chargeability anomaly coinciding with mineralized surface samples. Anomalous copper mineralization was encountered throughout the hole, but more importantly intersected a major lithological contact between granitic and metasedimentary rocks at depth, which will be important when mapping the units on the property.
FL-21-17 was drilled 425 m below the Centre Pond zone and intersected mainly red granite with strong potassic, hematite alteration with magnetite. The coarse, red granite contains blebby chalcopyrite and pyrite. Highlights include 0.16% Cu over 6 m.
FL-21-18 targeted an airborne VLF anomaly along strike of the discovery zone. Copper mineralization was insignificant, but the hole intersected a wet structure that could account for the anomaly.
FL-21-19 was drilled below the discovery zone at depths deeper than the first phase of drilling. Sulphide mineralization is primarily seen as blebby or disseminated pyrite in zones of strong deformation as well as chalcopyrite in zones of strong deformation, as blebs in a silica-infilled breccias or as wisps in a quartz vein. Highlights include 0.13% Cu over 23 m.
FL-21-20 was a southern step-out from hole 19 and designed to intersect high-grade copper at depth. Unfortunately, this hole encountered another wide intrusive gabbro at an unexpected depth and angle and the mineralized zone was nearly missed altogether. Mineralized intervals include 0.12% Cu over 1.4 m and 0.11% Cu over 3 m.
In addition to copper mineralization, the campaign intersected weakly anomalous uranium in FL-21-16 (21ppm U over 10 m) and FL-21-19 (23.8ppm over 9 m).
Up-to-date copper results from Far Lake drilling are as follows:
*Previously released results
**No significant assays
A map showing the location of each hole is available on the Company's website (www.bentonresources.ca).
The Company would also like to announce that it has made the first anniversary payment pursuant to its option agreement with White Metal Resources Corp. ("White Metal") on the Far Lake property (see Company news release dated May 20, 2020). The Company paid White Metal $30,000 and issued 400,000 common shares of the Company.
Equity Holdings
Benton continues to be very encouraged by the progress made by Clean Air Metals Inc. ("Clean Air"), in which Benton holds 24.6 million shares. Clean Air has two drill rigs operating on the Thunder Bay North and Escape Lake Copper-Nickel-PGM projects and has released excellent drill results from its ongoing drill campaign. Benton looks forward to receiving ongoing encouraging drill results and future project advancement.
Benton also holds 3,940,000 shares of Quadro Resources Ltd, which is advancing various projects in Newfoundland and Ontario. Additionally, Benton holds 3.6 million shares of Maxtech Ventures Inc. Maxtech has an Option and Joint Venture agreement on Benton's Panama Lake gold project in the Red Lake mining region. Further, Benton holds 1.36 million shares of Metallica Metals advancing Benton's Saganaga (Starr) Gold project, and 1.0 million shares of Sokoman Minerals Corp. which continues to release excellent drill results from its Moosehead Project in Newfoundland. Benton recently entered into a strategic alliance with Sokoman Minerals for three large-scale joint venture properties including Grey River, Golden Hope and Kepenkeck in Newfoundland.
Benton also has two NW Ontario projects optioned to Rio Tinto Exploration Canada (the Bark Lake and West Baril Lake Copper-Nickel PGE projects).
QP
Nathan Sims (P.Geo.), Senior Exploration Manager for Benton Resources Inc., the 'Qualified Person' under National Instrument 43-101, has approved the scientific and technical disclosure in this news release and prepared or supervised its preparation.
On behalf of the Board of Directors of Benton Resources Inc.,
"Stephen Stares"
Stephen Stares, President
About Benton Resources Inc.
Benton Resources is a well-funded Canadian-based project generator with a diversified property portfolio in Gold, Silver, Nickel, Copper, and Platinum group elements. Benton holds multiple high-grade projects available for option which can be viewed on the Company's website. Most projects have an up-to-date 43-101 Report available.
Parties interested in seeking more information about properties available for option can contact Mr. Stares at the number below.
For further information, please contact:
Stephen Stares, President & CEO
Phone: 807-475-7474
Email:sstares@bentonresources.ca
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x251
Email:cathy@chfir.com
Website: www.bentonresources.ca
Twitter: @BentonResources
Facebook: @BentonResourcesBEX
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
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Cypress Development (TSXV:CYP, OTCQB:CYDVF) focuses on developing its 100 percent owned Clayton Valley lithium project in Nevada, USA. The company’s extensive exploration and development have led to discovering a world-class lithium-bearing claystone resource adjacent to the Albemarle (NYSE: ALB) Silver Peak mine, North America’s only lithium brine operation. The company’s discovery of the massive resource made Clayton Valley a premium American source of lithium that has the potential to impact the supply of lithium for the fast-growing energy storage battery market.
“We’re in Nevada and we’re in a country that badly needs lithium. We would be the most environmentally friendly project, and the lowest acid consumer. We’re able to eliminate sulfuric acid in our process and that would make us an extremely environmentally friendly, large, inexpensive low cost producer in the heart of the United States.” said Cypress Development CEO Dr. Bill Willoughby.
Sienna Resources Inc. (TSXV: SIE) (FSE: A1XCQ0) (OTC PINK: SNNAF) (the "Company") Sienna Resources is pleased to announce the commencement of field exploration at the Bleka Gold Project in Norway. The Bleka Vein was discovered in 1880 and mined intermittently until 1940, with historic production reported as 165 kilograms (i.e., ~ 5,300 troy ounces) of gold sourced from mineralized material with an average grade of 36 gt gold1. The historic Bleka vein is hosted in a deformed greenstone belt in southern Norway and was formed during two phases of quartz-veining events. Auriferous quartz veins characteristically contain Cu-Bi and tourmaline2. Compilation of historic reports combined with reconnaissance mapping revealed a series of under-explored vein swarms on the Bleka property. Earlier this year, a systematic sampling program to test the vein swarms was initiated to identify gold-rich vein sets. Results were encouraging with over 10% of samples showing anomalous gold results (6 of 52 rockchip samples contained more than 0.1 ppm Au)3. Historic reports show rock chip samples with similar quantities of anomalous results with some vein samples reaching up to 103 gt Au4. As a result of this field work, previously unknown quartz veins were discovered and follow-up soil sampling is currently being conducted in an attempt to identify additional buried quartz veins.
Going forward Sienna has planned more surface sampling coupled with a planned UVA supported magnetic survey which will delineating important structural features to generate high priority drill targets. Over the coming weeks the historic mine maps will be compiled to create 3D model of the known mineralization and drill planning will commence to test mineralized continuation down plunge and along strike from the existing mine workings. SIE has not performed sufficient work to verify the published data reported above, but SIE believes this information is considered reliable and relevant.
Bleka Property
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Jason Gigliotti, President of Sienna Resources stated, "We are pleased to continue on the initial success that has been achieved at the Bleka gold project. We have a methodical, tactical approach to generate the highest priority drill targets in the coming weeks and look forward to what the next phase of work on the property will uncover. Not only are we active on this exciting gold project, we are also active in Finland and Ontario on our platinum-palladium projects."
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
About Sienna Resources
Sienna Resources Inc. is focused on exploring for and developing high-grade deposits in politically stable, environmentally responsible and ethical mining jurisdictions. Sienna is partnered with an NYSE listed mining company on three separate projects in Scandinavia including the past-producing Bleka & Vekselmyr Orogenic Gold Projects in Southern Norway which are both greenstone-hosted gold systems, the Kuusamo platinum group elements (PGE) project in Finland directly bordering the LK Project being advanced by Palladium One Mining Inc. (PDM-TSX.v), and the Platinum-Palladium-Nickel Slättberg Project in Southern Sweden. In North America, Sienna's projects include the Marathon North Platinum-Palladium Property in Northern Ontario directly bordering Generation Mining Ltd.'s (CSE: GENM) 7.1-million-ounce palladium-equivalent Marathon Deposit. Sienna also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nevada, home to the only lithium brine basin in production in North America, in the direct vicinity of Albemarle Corp's (NYSE: ALB) Silver Peak deposit and Tesla Motors Inc.'s (Nasdaq: TSLA) Gigafactory. Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the Company's properties.
If you would like to be added to Sienna's email list please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
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 press release.
1. Gamst & Thomsen (1998) Gold Exploration in The Seljord and Hjartdal area of Telemark, Southern Norway, Norwegian Geological Survey Report 4655. (https://dirmin.no/sites/default/files/bibliotek/BV4655.pdf)
2. Wilberg & Røsholt (1998) Exploration Report. Bleka Concession, Telemark South Norway, Norwegian Geologic Survey Report 4661. (https://dirmin.no/sites/default/files/bibliotek/BV4661.pdf)
3. Samples were collected in accordance with industry standards best practices. Samples are collected and sent to ALS Malå, Sweden prep lab before they are sent for analysis at ALS Ireland. Pulps are analyzed using four acid super trace analysis (ME-MS61) and cyanide leach with AAS finish (Au-AA14). Accredited control samples (blanks and standards) are inserted into the sample intervals regularly.
4. Harpøth & Gregersen (1984) Gold Exploration in the Belka Fold area, Telemark, Norwegian Geological Survey Report 1656. (https://dirmin.no/sites/default/files/bibliotek/BV1656.pdf)
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Sienna Resources Inc. (TSXV: SIE) (FSE: A1XCQ0) (OTCBB: SNNAF) (the "Company") Sienna has closed its financing consisting of 2,222,222 flow-through shares for gross proceeds of $200,000. No warrants were issued in the financing. An aggregate finders' fee of $12,000 was paid in connection with the private placement. All the securities issued in connection with this private placement have a hold period that expires on February 17, 2021. Proceeds will be used towards the Company's planned work programs. The private placement is subject to final approval of the TSX Venture Exchange and was originally announced on October 14, 2020. Please refer to that news release.
This flow through will be allocated primarily for Sienna's Marathon North Platinum-Palladium Property in Northern Ontario directly bordering Generation Mining Ltd.'s (CSE: GENM) 7.1-million-ounce palladium-equivalent Marathon Deposit. Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the Company's properties.
Jason Gigliotti states, "We are very pleased to have closed this placement, above the current market price and with no warrants attached, which will enable immediate work to begin on our Marathon North Platinum-Palladium Property in Ontario. Not only do we plan to be active on this exciting project we are also very active in Scandinavia on our platinum-palladium project in Finland and we expect to be drilling on our Norway gold project making the remainder of 2020 a very active period for Sienna. We are fully financed for all of our planned work programs in 2020 and look forward to what we uncover from having boots on the ground in at least 3 countries in the coming weeks."
The technical contents of this release were approved by Greg Thomson, PGeo, a qualified person as defined by National Instrument 43-101.
About Sienna Resources
Sienna Resources Inc. is focused on exploring for and developing high-grade deposits in politically stable, environmentally responsible and ethical mining jurisdictions. Sienna is partnered with an NYSE listed mining company on three separate projects in Scandinavia including the past-producing Bleka & Vekselmyr Orogenic Gold Projects in Southern Norway which are both greenstone-hosted gold systems, the Kuusamo platinum group elements (PGE) project in Finland directly bordering the LK Project being advanced by Palladium One Mining Inc. (PDM-TSX.v), and the Platinum-Palladium-Nickel Slättberg Project in Southern Sweden. In North America, Sienna's projects include the Marathon North Platinum-Palladium Property in Northern Ontario directly bordering Generation Mining Ltd.'s (CSE: GENM) 7.1-million-ounce palladium-equivalent Marathon Deposit. Sienna also has the Clayton Valley Deep Basin Lithium Project in Clayton Valley, Nevada, home to the only lithium brine basin in production in North America, in the direct vicinity of Albemarle Corp's (NYSE: ALB) Silver Peak deposit and Tesla Motors Inc.'s (Nasdaq: TSLA) Gigafactory. Management cautions that past results or discoveries on properties in proximity to Sienna may not necessarily be indicative to the presence of mineralization on the Company's properties.
None of the securities sold in connection with the private placement will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
If you would like to be added to Sienna's email list please email info@siennaresources.com for information or join our twitter account at @SiennaResources.
Contact Information
Tel: 1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
info@siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
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 press release.
Not for distribution to U.S. Newswire Services or for dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/66387
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Winsome Resources Limited (ASX:WR1; “Winsome” or “the Company”) is pleased to present its investor presentation.
HIGHLIGHTS
1. High Grade, thick mineralized intersections drilled
Recent drilling success showing 1.34% Li2O over 107.6m from 2.3m to 109.9m at Adina 1
2. Quality asset portfolio
Five hard- rock lithium assets in Quebec, Canada
3. Government support
Low sovereign r is k in an established tier one m ining region with Canadian government providing major tax incentives for mining exploration
4. Hydro- power access
Ready access to Quebec’s world class hydro- power infrastructure
5. Flagship projects still to release maiden resource
The Company’s flagship Cancet & Adina projects maiden resource scheduled for 2023
6. Cornerstone industry investment
Strategic support from Lithium Royalties Corporation (LRC)
7. Growth play
Continual opportunities in Canada for lithium – market busy but not saturated – positioned to capitalize on ever – growing global demands for batteries and renewables
STRONG METRICS AND DEMAND FUNDAMENTALS
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This article includes content from Winsome Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) is pleased to provide shareholders with an overview of quarterly activities for the period ending 31 December 2022 (“Quarter”, “Reporting Period”), including subsequent events that might have a significant impact between 31 December 2022 and the issuance date of this Report.
HIGHLIGHTS
LPI advised during the reporting period that it had successfully completed the transactions to consolidate its ownership of the Maricunga Lithium Brine Project in Chile (“the Maricunga”, “Project”).
As announced on 20 December 2022, the Company completed a merger with Salar Blanco, LLC to acquire the 31.31% of Maricunga, which was held by joint venture partner Minera Salar Blanco SpA. This involved merging Salar Blanco, LLC into LPI. As a result, Mr Martin Borda, the sole shareholder of Salar Blanco, became the largest share- holder of the Company holding some 28% of LPI’s issued ordinary shares.
On 22 December 2022, it was announced that the Plan of Arrangement with joint venture partner Bearing Lithium Corp (BRZ:TSXV), which held a 17.14% interest in Maricunga, had been concluded. All BRZ shareholders received 0.7 LPI share for every 1 BRZ share owned, on or around 23 December 2022. BRZ has now been delisted from the TSXV.
As a result of the transactions, LPI has consolidated ownership of 100% of the Maricunga project. The company is now well positioned to deliver additional value to shareholders. The consolidation:
The reviewed corporate structure is shown in Figure 2.
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This article includes content from Lithium Power International, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Battery and critical metals explorer and developer Pan Asia Metals Limited (ASX: PAM) (‘PAM’ or ‘the Company’) is pleased to provide this Quarterly Activities Report, summarising activities for the quarter ending 31 December, 2022.
HIGHLIGHTS
Reung Kiet Lithium Project – Ore Sorting
During the Quarter PAM completed ore sorting test-work conducted on drill core sample from the Reung Kiet Lithium Prospect, delivering exceptional results which indicated 72.8% lithium recovery into 39.2% sample yield at an average grade of 0.92% Li2O, almost double the feed grade of 0.50% Li2O. 60.8% of the feed was discarded as waste/low grade siltstone at an average grade of 0.22%, which is below the current Mineral Resource cutoff grade of 0.25% Li2O. See Table 1 below and PAM’s ASX announcements dated 22 November, 2022, titled ‘Exceptional Ore Sorting Test-Work Results Confirmed’ (see Table 3: Summary of ASX Announcements).
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This article includes content from Pan Asia Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) has released its Quarterly Cash Flow Report.
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This article includes content from Lithium Power International, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Winsome Resources Limited (ASX:WR1; “Winsome” or “the Company”) is pleased to provide this report on activities for the quarter ending 31 December 2022. It was a period in which the Company celebrated several milestones, including marking one year of trading on the ASX at the end of November, as well as being listed to trade on the US OTCQB market.
QUARTER HIGHLIGHTS
EXPLORATION
CORPORATE
HEALTH & SAFETY
EXPLORATION ACTIVITIES
ADINA PROJECT: SHAPING UP TO BE A WORLD CLASS LITHIUM ASSET
Over the quarter, Adina continued to reveal itself as a highly prospective exploration target.
In the previous quarter, the Company reported the discovery of the new Jamar outcrop and high-grade lithium assays from rock chip samples, revealing grades as high as 4.89 per cent Li2O.1
The Jamar discovery became one of the key targets for Winsome’s latest drill campaign, which commenced in October 2022 with a heli-portable diamond core rig delivered to site. A range of anomalies identified in gravity surveys were also targeted.
The gravity surveys had also revealed possible extensions to known pegmatite outcrops, informing the exploration team of several additional drill targets.
By the end of October, several significant mineralised pegmatite intersections had been drilled, most notably in drill hole AD-22-005, which collectively totalled more than 160m, close to the surface beneath the Jamar outcrop. This and other significant intercepts were part of the catalyst for Winsome to extend the drill program from an initially planned 5,000m to more than 20,000m and to organise for a second drill rig to be deployed.
Subsequent to the end of the quarter, Winsome reported assays from the first drill hole returned strong lithium mineralisation including 1.34 per cent Li2O over 107.6m2. Coupled with earlier drill and rock chip results, this level of mineralisation shows Adina is shaping up as a world-class lithium rich pegmatite with similarities to some of the other declared resources and new discoveries in its vicinity in the James Bay region.
Throughout the first quarter, 2023, Winsome will receive and report on additional assay results from core samples collected before the Christmas break. The second drill rig has arrived at site and drilling has recommenced. The Company will provide a drilling update in the near term.
CANCET PROJECT: FLAGSHIP CONTINUES TO REVEAL POSITIVE SIGNS
Ahead of the RC drilling campaign, which commenced in October concurrently with the Adina campaign, the exploration team completed surface striping of the main ore body at Cancet.
The stripping revealed visible large spodumene crystals, providing a good indication of the structural geology of the at-surface ore body. While the presence of spodumene crystals within pegmatite does not necessarily equate to lithium mineralisation until confirmed by chemical assay, it provided the Company with assurance of several drill hole targets across the pegmatite body.
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This article includes content from Winsome Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The Board of Galan Lithium Limited (Galan or the Company) is pleased to provide this Quarterly Activities Report for the quarter ended 31 December 2022 to the date of this report. The focus for the quarter was the solid progression of the Definitive Feasibility Study (DFS) and associated works/activities, including well pump testing and further drilling at its 100% owned, high-grade/low- impurity Hombre Muerto West (HMW) Project in the Catamarca Province, Argentina as well as continued exploration at the wholly owned Greenbushes South lithium project in Western Australia.
HIGHLIGHTS
Hombre Muerto West DFS:
HMW Exploration and Resource Expansion:
Greenbushes South:
Corporate:
OPERATIONS
Mineral Resources
Please also refer to the JORC Code Tables, 2012 Edition, as detailed in Annexure 1 of the Galan ASX announcement dated 24 October 2022 entitled “Spectacular 2.5x Increase in HMW Resource – Now 5.8 Mt LCE @ 866 mg/l Li (76% in Measured Category)”.
The original Mineral Resource Estimate (MRE) was completed by SRK Consulting (Australasia) (SRK) in March 2020 (ASX: GLN 12 March 2020) and was based upon results from 1,054 metres of drilling within the Pata Pila, Rana de Sal and Casa del Inca tenement holdings at Hombre Muerto West. The hydrogeologic domains were constrained to logged units within the drillholes and supported by the interpretation of Controlled Source Audio-Frequency Magnetotellurics (CSMAT) and Transient Electromagnetic (TEM) geophysical profiles. Mineral Resource Estimates for lithium (reported as Li2CO3 equivalent) and potassium (KCl equivalent) were completed by SRK.
Table 1 summarises the updated MRE, incorporating the results of the 2021-2022 exploration campaign and reporting in accordance with the JORC Code guidelines. According to SRK, the Hombre Muerto West MRE is hosted within geologically well-defined zones of high-grade lithium mineralisation, including significant mineralised hydrogeologic domains.
The HMW Project is located on the western shore of the Hombre Muerto Salar, a world-renowned lithium-bearing salar located in the Argentinean Puna plateau region of the high Andes at an elevation of approximately 4,000 m above sea level. The HMW Project comprises various exploration areas (note that the Catalina, Santa Barbara and Pucara tenements are not included in the HMW Resource), covering a total estimated polygon area of 7.5 km strike, up to 2.5 km in width and up to 718 m in depth. It lies adjacent to Livent Corporation, Allkem Limited and POSCO’s Sal de Vida projects. It is approximately 1,400 km northwest of the capital of Buenos Aires and 170 km west-southwest of the city of Salta. The Candelas Project lies approximately 40 km ESE of the HMW Project. It is hosted within a ~15 km by 3–4 km wide structurally controlled basin infilled with sediments that host the Li-bearing brines (Figure 1).
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This article includes content from Galan Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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