Perth, Australia – 15 October 2024 | Arizona Lithium Limited (ASX: AZL, AZLO, OTC: AZLAF) (“Arizona Lithium” or “the Company”) is pleased to announce that it has successfully completed the construction of Pad #3 at the Prairie Lithium Project in Saskatchewan, Canada. This marks a significant milestone in the Company’s development plan, with drilling set to commence in the coming weeks.
Highlights:
-
Pad #3 Completed: Arizona Lithium has completed construction of Pad #3, with drilling to commence shortly. It is the third pad identified for lithium production at the Prairie Project.
-
Target Production of 6,000tpa LCE: With three pads cleared, Arizona Lithium has visibility on producing 6,000 tonnes per annum (tpa) of lithium carbonate equivalent, with each pad targeting 2,000 tpa of LCE.
-
Non-Dilutive Funding: The Company is well-funded, having raised A$11 million from a non-core acreage sale earlier this month, ensuring the advancement of the Prairie Project without the need for shareholder dilution.
-
Project Potential: According to the Preliminary Feasibility Study (PFS), each pad has an estimated Net Present Value (NPV) of US$150 million.
-
Further Expansion: Beyond the initial three pads, Arizona Lithium plans to identify and clear an additional nine pads on its current landholding, with a long-term target of producing 24,000 tpa of LCE.
Paul Lloyd, Managing Director of Arizona Lithium, commented: “Having Pad #3 cleared completes our short term goal of identifying three Pad locations for lithium production. As we outlined in the PFS, we aim to produce 2,000 metric tonnes of lithium carbonate equivalent from each Pad location, and each pad has a Net Present Value of approximately US$150 million (or A$225 million). Having Pad #2 and Pad #3 built and initial wells drilled, significantly de-risks our scale up plan once Pad #1 is in full production. We are excited to keep progressing towards our short, medium and long term goals with the ultimate goal being 24,000tpa of LCE production. It is a win for shareholders that we are able to use funds from a non-dilutive acreage sale that raised the company US$11 million.”
About the Prairie Lithium Project:
The Prairie Lithium Project is located in the Williston Basin of Saskatchewan, Canada, one of the world’s most mining-friendly jurisdictions. The project has access to critical infrastructure, including electricity, natural gas, fresh water, paved highways, and railroads. Arizona Lithium is committed to sustainable development, targeting reduced freshwater use, land disturbance, and waste, aligning with the Company’s focus on environmentally responsible lithium production.
Paul Lloyd
Managing Director
[email protected]
Jane Morgan
Investor and Media Relations
[email protected]
About us:
About Arizona Lithium Limited:
Arizona Lithium Limited is an Australia-based mineral exploration company. The Company is focused on the Big Sandy, Prairie Lithium and Lordsburg Projects in North America exploring for lithium. The Big Sandy lithium project is located on interstate I93 between Phoenix and Las Vegas. The project comprises 331 Bureau of Land Management (BLM) claims in Arizona, covering approximately 25 square kilometers (km2). The Lordsburg Lithium Project comprises about 291 BLM claims covering approximately 25 square kilometers and is located in the southwest corner of the state of New Mexico and is accessed along the I10 Interstate between Tucson and La Cruces close to the New Mexico, Arizona border. The Lordsburg Lithium Project lies within the playa lake system at the northernmost end of the Animas Valley, New Mexico. The Prairie Lithium project is located in southeast Saskatchewan and comprises over 390,000 acres of subsurface permits.
Contact details:
Jane Morgan
Jane Morgan Management
Investor and Media Relations
[email protected]