Lithium stocks are still exploding, as hoped. Look at Albemarle (NYSE:ALB), for example. Last week, the stock took off after reporting a better than expected profit. The company posted net income of $1.13 billion, or $9.60 per share, as compared to a loss of $3.8 million, or 3 cents per share, year over year. All thanks to a five-fold jump in lithium sales. Better, things may only improve from here. That’s because global demand for lithium batteries is expected to jump five-fold by 2030, according to Li-Bridge, as noted by Reuters. All as demand for electric vehicles, and energy storage systems also increases. In fact, according to Li-Bridge, “Demand for lithium batteries in the United States is expected to grow more than six times and translate into $55 billion per year by the end of the decade, but still the country is expected to depend on imports for supply.” All of which is great news for companies, such as such as Usha Resources Ltd. (TSXV: USHA) (OTCQB: USHAF), Livent Corporation (NYSE: LTHM), American Lithium (NASDAQ: AMLI) (TSXV: LI), and Lithium Americas (NYSE: LAC) (TSX: LAC).
Even more impressive, General Motors may pick up more lithium land. After announcing plans to invest $650 million into Lithium Americas to secure lithium supply, this may be the first of many. “Automakers are starting to realize that the only way to guarantee lithium supplies is to own or have a controlling stake in the source,” added CNBC.
Look at Usha Resources Ltd. (TSXV: USHA) (OTCQB: USHAF), For Example
Usha Resources Ltd., a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to provide this exploration update on the findings of the drilling from its second hole at its Jackpot Lake Lithium Brine Property located in Clark County, Nevada. For information on the results of its first successfully completed drill hole JP22-1, please see the Company’s news release dated February 7, 2023).
The drill is now at the 231-metre level and its exploration team has encountered similar stratigraphy to the core observed from JP22-1, where multiple zones of evaporite crystals are present as interbeds, veining, and inclusions within lacustrine sediments comprising clays, silts, and sands. The presence of evaporite crystals within JP22-2 further supports the presence of a brine forming environment throughout the Dry Lake Basin as JP22-2 is located approximately 2.75 kilometres north-northwest of JP22-1 and targets the “north lobe” of the Dry Lake Basin. Furthermore, based on the evidence observed, the Company believes that there is a strong potential for similar stratigraphy to be observed within its newly staked claims whereby the Company strategically expanded its control from 140 to 442 claims totalling approximately 35.3 square kilometres or 8,714 acres (see Usha Resources’ news release dated February 16, 2023).
“We are pleased with the drilling completed so far in JP22-2” said Deepak Varshney, CEO of Usha Resources. “Demonstrating continuity within the first two drill holes of our project is a key finding that continues to support that Dry Lake, within which Jackpot is hosted, is a similar geologic setting to that of Clayton Valley. These evaporites show that the basin has undergone a long geologic period of successive accumulation and concentration events which is the model for deposition at Albemarle’s Silver Peak Nevada Lithium Mine. The information identified continues to help us build our model of the basin and we look forward to seeing the stratigraphy within the rest of our second hole as drilling continues.”
Other related developments from around the markets include:
Livent Corporation reported results for the fourth quarter and full year of 2022. Fourth quarter revenue was $219.4 million, down 5% and up 79% from the third quarter of 2022 and the prior year’s quarter, respectively. Continued strength in lithium market conditions and customer demand resulted in higher sequential volumes, the impact of which was partially offset by a less favorable customer mix. For the full year, Livent reported revenue of $813.2 million, nearly double 2021 results. Full year Adjusted EBITDA was $366.7 million, over five times higher than the prior year, and adjusted earnings per share were $1.40 per diluted share. This significant improvement was a result of higher average realized prices across all lithium products.
American Lithium provided operating and financial highlights for the third-quarter. “During the quarter, the Company made strong progress and delivered on several key milestones,” stated Simon Clarke, CEO of American Lithium. “Successful drilling at TLC allowed us to deliver new and expanded resources, forming the foundation for the Company’s maiden PEA announced yesterday.” During the quarter, the company continued to receive strong drill results from its 2022 drill program as it intersected high grade sections at TLC.
Lithium Americas announced it entered into a purchase agreement with General Motors pursuant to which GM will make a $650 million equity investment in Lithium Americas. In connection with the Transaction, the Company has provided an update on the construction plan for the Thacker Pass lithium project in Humboldt County, Nevada, including the release of an independent National Instrument 43-101 feasibility study. The agreement represents the largest-ever investment by an automaker to produce battery raw materials, with GM to become Lithium Americas’ largest shareholder. Lithium Americas to receive $650 million equity investment from GM consisting of $320 million first tranche investment for common shares representing 9.999% of Lithium Americas before separation; and $330 million second tranche investment, contemplated to be invested in the Company’s U.S. business following the separation of its U.S. and Argentine businesses.
Albemarle, a leader in the global specialty chemicals industry, today announced the official brand launch of Ketjen, its wholly owned subsidiary that crafts tailored, advanced catalyst solutions for the petrochemical, refining and specialty chemicals industries. The company shared the new name of its catalysts business in November 2022 after announcing plans to operate the business as a subsidiary. As a distinct brand, Ketjen will continue to support customers in their unique energy transition journeys from fluidized catalytic cracking to clean fuels to hydro-processing to organometallics and curatives. “As the industry responds to global market dynamics, our customers need innovative solutions to help them navigate their changing landscapes,” said Ketjen President Raphael Crawford. “Ketjen will continue to provide its portfolio of advanced catalyst and specialty chemicals solutions, which are unique to each customer’s needs, to increase production performance and business value.”
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