Tag: Industrial Metals & Mining

Century Lithium Corp. (CYDVF) – Building on a Successful 2024

Posted on by cpereira@noblefcm.com


Thursday, November 21, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Closing out a productive year. Century Lithium had a productive year in 2024 with the two most significant achievements being completion of the feasibility study on the Angel Island lithium project and producing battery-grade lithium carbonate at its pilot plant. The feasibility study was released in April and while the economics were compelling, the company continues to focus on process optimization to improve potential returns by reducing the project’s estimated capital and operating costs. The use of a Chlor-alkali plant is unique and offers technical and environmental advantages by producing reagents for use onsite and producing surplus sodium hydroxide which can be sold to offset cash operating costs.

Environmental and regulatory permitting. On the environmental and permitting front, most of the required baseline studies have been completed and the company is editing a draft Plan of Operations and preparing key state permits for pollution and water quality compliance. Once the Plan of Operations is completed, the company may initiate the National Environmental Policy Act (NEPA) permitting process.


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Century Lithium Corp. (CYDVF) – Focus and Execution

Posted on by cpereira@noblefcm.com


Monday, November 04, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lithium carbonate production at the pilot plant. Century Lithium has successfully produced battery-quality lithium carbonate at its Angel Island lithium project pilot plant and demonstrated it has an end-to-end process to produce lithium carbonate. The pilot plant utilizes the Company’s patent-pending process for chloride leaching combined with direct lithium extraction (DLE). Management is now focused on process optimization to reduce the project’s estimated capital and operating costs, along with advancing environmental studies, permitting, and project funding.

Progress on the environmental and permitting front. Century Lithium has completed a draft hydrological model and a draft Plan of Operations Additionally, Century has identified potential alternative locations for water supply closer to the project within its water rights permit to optimize resource usage.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Century Lithium Corp. (CYDVF) – Battery Grade Lithium Carbonate Produced On-Site

Posted on by cpereira@noblefcm.com


Tuesday, September 24, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lithium carbonate production at the pilot plant. Century Lithium recently added a lithium carbonate stage at the company’s lithium extraction facility which is part of the company’s Angel Island Mine project. Previously, concentrated lithium solutions from the pilot plant were treated by Saltworks Inc. at their facility in Richmond, British Columbia to produce samples of battery grade lithium carbonate. Century Lithium is now able to do this at the pilot plant and demonstrate it has an end-to-end process to produce lithium carbonate. The pilot plant utilizes the Company’s patent-pending process for chloride leaching combined with direct lithium extraction (DLE).

Assay results. Century Lithium recently released assay results from the first lithium carbonate produced at the lithium carbonate stage at the company’s lithium extraction facility. Assays received for the initial five individual lots of lithium carbonate produced indicated purity of the lithium carbonate ranging from 98.2% to 99.2%. After addressing a mechanical issue, two additional 40-liter lots of concentrated lithium solution were treated and achieved a battery grade lithium carbonate purity level of 99.5% due to an expected reduction of impurities.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Century Lithium Corp. (CYDVF) – Getting Close to Producing Battery Grade Lithium On-Site

Posted on by cpereira@noblefcm.com


Wednesday, September 04, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lithium carbonate production at the pilot plant. Century Lithium successfully added a lithium carbonate stage at the company’s lithium extraction facility which is part of the company’s Angel Island Mine project. Previously, concentrated lithium solutions from the pilot plant were treated by Saltworks Inc. at their facility in Richmond, British Columbia to produce samples of battery grade lithium carbonate. Century Lithium is now able to do this at the pilot plant and demonstrate it has an end-to-end process to produce lithium carbonate.

Assay results. Century Lithium released assay results from the first lithium carbonate produced at the newly commissioned lithium carbonate stage at the company’s lithium extraction facility. Assays received for the initial five individual lots of lithium carbonate produced indicated purity of the lithium carbonate ranging from 98.2% to 99.2%. While lithium carbonate greater than 99.5% purity is typically considered battery grade, the company has identified steps to improve the purity level.


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Century Lithium Corp. (CYDVF) – Bringing the Final Step In-House

Posted on by cpereira@noblefcm.com


Wednesday, August 07, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Lithium carbonate production at the pilot plant. Century Lithium successfully added a lithium carbonate stage at the company’s lithium extraction facility which is part of the company’s Angel Island Mine project. Recall that Century recently changed the name of its Clayton Valley Lithium project to Angel Island Mine to distinguish it from other projects. Previously, concentrated lithium solutions from the pilot plant were treated by Saltworks Inc. at their facility in Richmond, British Columbia to produce samples of battery grade lithium carbonate.

Following through on the feasibility study. Adding the lithium carbonate stage at the pilot plant satisfies one of the recommendations contained in the recently published feasibility study. Being able to produce battery grade lithium on site further demonstrates the commercial viability of the project and will also help the company to better optimize the process from the direct lithium extraction (DLE) phase through to production of the final product. Century successfully treated 200 liters of concentrated lithium solution and produced 20 kilograms of high-grade lithium carbonate on site.


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Century Lithium Corp. (CYDVF) – On the Path Leading to a Production Decision

Posted on by cpereira@noblefcm.com


Wednesday, May 15, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Results of the Clayton Valley feasibility study. Century released the results of a feasibility study (FS) for its Clayton Valley lithium project in Nevada. A phased approach was adopted. Phase I and II mining rates of 7,500 tonnes per day and 15,000 tonnes per day, respectively, are maintained over five years each, while the Phase III mining rate of 22,500 tonnes per day is maintained for 30 years. The production plan reflects a life-of-mine average of 34,000 tonnes per year of battery grade lithium carbonate or 13,000 tonnes and 27,000 tonnes per year during Phase I and II, respectively, and 41,000 tonnes per year during Phase III.

Updating our financial model. We have assumed the mine begins commercial production in 2029. Our mining model is for the years 2029 through 2069. While our financial assumptions are detailed in the body of this report, our valuation is based on the present value of free cash flows, and we have used a discount rate of 8.0%. Our price target for the equity is C$3.25 per share or US$2.35 per share. In our view, the project’s low operating cost after sales of surplus sodium hydroxide is a key differentiator relative to other lithium projects.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Century Lithium Corp. (CYDVF) – Clayton Valley Feasibility Study Sets the Stage for Commercialization

Posted on by cpereira@noblefcm.com


Tuesday, April 30, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Results of the Clayton Valley feasibility study. Century released the results of a feasibility study (FS) for its Clayton Valley lithium project in Nevada. A phased approach was adopted. Phase I and II mining rates of 7,500 tonnes per day and 15,000 tonnes per day, respectively, are maintained over five years each, while the Phase III mining rate of 22,500 tonnes per day is maintained for 30 years. The production plan reflects a life-of-mine average of 34,000 tonnes per year of battery-grade lithium carbonate or 13,000 tonnes and 27,000 tonnes per year during Phases I and II, respectively, and 41,000 tonnes per year during Phase III.

Key assumptions and net present value. Key assumptions include: 1) initial capital expenditures of $1.5 billion, $651 million for Phase II, and $1.3 billion for Phase III, 2) a lithium carbonate price of $24,000 per tonne, 3) average operating cost of $8,223 per tonne of lithium carbonate produced, or $2,766 per tonne after sales of surplus sodium hydroxide, 4) a lithium recovery rate of 78%, and 5) sustaining capital of $315 million over the life of the project. Based on an 8% discount rate, the project is expected to generate an after-tax net present value of $3.01 billion and 17.1% internal rate of return.


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Century Lithium Corp. (CYDVF) – Clayton Valley Lithium Project Feasibility Study Expectations

Posted on by cpereira@noblefcm.com


Wednesday, April 03, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Feasibility study expected shortly. Century’sClayton Valley lithium project is among the most advanced pre-permitted lithium projects in North America. In2023, the company focused on pilot plant operations with the results of a project feasibility study (FS) expected to be released within the next couple of weeks. The full report will be available approximately 45 days later. While production is expected to be consistent with the earlier preliminary feasibility study (PFS), we expect a phased approach to full scale production.

Feasibility study expectations. While we expect the feasibility study to reflect higher capital and operating costs, the economics may improve relative to the PFS due to several factors. These include: 1) a higher base case pricing assumption for lithium carbonate equivalent that could be in the range of US$22,000 to US$30,000 per tonne compared to US$9,500 per tonne used in the PFS, 2) a potential economic benefit from the by-product sales of sodium hydroxide, 3) the leaching process will be based on using hydrochloric acid instead of sulfuric acid, and 4) the project will likely incorporate lower cost renewable power. 


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Century Lithium Corp. (CYDVF) – Why 2024 Could be a Break-Out Year for Century Lithium

Posted on by cpereira@noblefcm.com


Friday, February 02, 2024

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Feasibility study expected in the first quarter of 2024. Century’s Clayton Valley lithium project is among the most advanced pre-permitted lithium projects in North America with the third largest deposit in the United States. In 2023, the company focused on pilot plant operations with the project feasibility study (FS) expected to be complete in the first quarter of 2024. Production will be consistent with the earlier preliminary feasibility study (PFS) although the company is examining the benefits of a phased approach to full scale production. 

Feasibility study expectations. While we expect the feasibility study to reflect higher capital and operating costs, the economics may improve relative to the PFS due to several factors. These include: 1) a higher base case pricing assumption for lithium carbonate equivalent that could be in the range of US$22,000 to US$25,000 per tonne compared to US$9,500 per tonne used in the PFS, 2) a potential economic benefit from the by-product sales of sodium hydroxide, 3) the leaching process will be based on using hydrochloric acid instead of sulfuric acid, and 4) the project will likely incorporate lower cost renewable solar or geothermal power. Based on improvements to the process flowsheet since the publication of the PFS, we expect a compelling feasibility study.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Century Lithium Corp. (CYDVF) – Major Catalysts on the Horizon

Posted on by cpereira@noblefcm.com


Thursday, November 30, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Feasibility study expected by year-end. During the third quarter, Century Lithium focused on pilot plant operations and completing the Clayton Valley Lithium Project feasibility study which is expected by year-end. Estimates for the feasibility study have been updated based on optimization and evaluation of economic scenarios, including the start-up schedule and potential by-products, including sodium hydroxide. Most of the work remaining is focused on completion of the economic model, sensitivity analysis, and finalizing capital and operating costs.

Collaboration with Koch. Century’s collaboration with Koch Technology Solutions on the direct lithium extraction (DLE) section of the pilot plant continues with results to date meeting expectations. The company has achieved an average lithium recovery rate of 85% and average DLE recovery greater than 99.5% with continued success in producing battery grade lithium carbonate from pilot plant solutions treated at Saltworks Technologies Inc.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

LithiumBank Resources (LBNKF) – Favorable DLE Test Results Bode Well for Boardwalk PEA

Posted on by cpereira@noblefcm.com


Monday, November 27, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Impressive DLE test work results. Results from bench-scale G2L Greenview direct lithium extraction (DLE) test work on brine from LithiumBank’s Boardwalk lithium brine project produced a high-purity concentrated brine, or eluate, with lithium concentrations between 3,000 and 7,000 milligrams per liter with greater than 98% recovery of lithium from the brine and low levels of impurities.

Potential to reduce project operating costs. Lower cost reagents used in the G2L DLE processing are approximately a third of the cost of those used in the DLE process that was used in the company’s maiden Boardwalk PEA published in May 2023. The results are expected to be included in an updated Boardwalk PEA expected in late 2023.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Largo Inc. (LGO) – September-quarter results remain depressed but trends are starting to improve

Posted on by cpereira@noblefcm.com


Thursday, November 09, 2023

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world’s highest-grade vanadium deposits at the Company’s Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) leading vanadium supplier with an outlined growth plan and 2.) U.S.-based energy storage business support a low carbon future.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Volumes are down due to an accident and technical delays. However, management reports improved October results. Vanadium prices remain an issue, but the decline shows signs of abating. Management reports that input costs such as sodium carbonate are beginning to ease and that the company is actively working to lower costs at the mine and at Largo Clean Energy (LCE). 

Financial results remain depressed. The company has made several investments to improve operations including completing an infill drilling program. Completion of Largo’s Ilmenite plant and an initial shipment should not only improve profitability but also diversify sales. The company’s cash position remains adequate at $39.6 million to fund future operations. We would note that Largo’s debt position increased by $50 million year over year but was unchanged from June 30, 2023 levels.


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Eskay Mining Corp. (ESKYF) – Observations from the 2023 Diamond Drill Program

Posted on by cpereira@noblefcm.com


Friday, November 03, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Productive drill season. Eskay Mining had a productive 2023 diamond drill and exploration season at its 100% controlled Consolidated Eskay Gold Project. The roughly 6,000 meter drill program centered on seven targets: 1) Cumberland, 2) Scarlet Knob-Bruce Glacier, 3) Tarn Lake, 4) Hexagon-Mercury, 5) Maroon Cliffs, 6) Storie Creek, and 7) TV South. While the company confirmed new precious metal rich volcanogenic massive sulfide (VMS) discoveries, the most significant outcome, in our view, is that the program highlighted the significant exploration potential in the areas between the Cumberland target and the TV-Jeff complex. Tied for second are results from Scarlet Knob and Tarn Lake.

Encouraging results at Cumberland. Cumberland is ~6 kilometers south of the TV deposit and is similarly situated along the east side of the Eskay anticline. Nine holes were completed at the Cumberland target. Several returned promising assays, including Hole CBL23-28 which returned 3.02 grams of gold per tonne, 68.66 grams of silver per tonne, 0.24% copper, 0.74% lead, and 4.86% zinc, or 6.28 grams of gold equivalent, over 15 meters.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.