A California-based startup backed by tech billionaires Bill Gates and Jeff Bezos is embarking on a global expedition across four continents to find lithium deposits for the burgeoning electric vehicle market.
KoBold Metals, which uses artificial intelligence (AI) and machine-learning to uncover critical metals, just launched an ambitious four-continent search for lithium deposits in the US, Canada, South Korea, Australia and Africa.
Utilizing machine learning for mineral deposit detection, KoBold identified a lithium prospect earlier in the year in the Baie James region of Canada, challenging previous assumptions about the lack of economic lithium deposits in that area.
KoBold’s journey into battery metals began three years ago in Canada, by securing exploration rights in northern Quebec. The startup has since acquired about a dozen exploration properties through joint ventures with industry giants like BHP and BlueJay Mining. With a primary goal of bridging the supply gap for the electrification of transportation, KoBold said it aims to contribute significantly to the burgeoning $5 trillion lithium market.
As governments around the globe increase their zero emissions goals, new sources of high-quality lithium will become more and more essential to meet ever-rising demand. Fortunately, a lithium development company with a significant resource in Canada is making significant headway in becoming a major player in the sector.
E3 Lithium Ltd. (TSXV:ETL) (FSE:OW3) (OTCQX:EEMMF) is a resource company with 16.0 million tonnes of lithium carbonate equivalent (LCE) in Measured and Indicated categories and 0.9 million tonnes LCE in the Inferred category.
E3 Lithium‘s objective is to produce high-purity, battery-grade lithium products to contribute to the growing electrical revolution. With a substantial lithium resource and innovative technology solutions, E3 Lithium aims to deliver lithium to the market from one of the world’s best jurisdictions.
E3 Lithium Outlines Growth Plans for 2024 Following Successful 2023
E3 Lithium is gearing up for substantial growth in 2024 following a successful 2023. The company achieved notable milestones during the past year, including upgrading its resource to 16.0 million tonnes of LCE, establishing a groundbreaking Direct Lithium Extraction (DLE) field pilot plant in Alberta, producing high-purity battery-grade lithium hydroxide, and initiating a best-in-class PFS led by Fluor.
“We set ambitious targets for ourselves in 2023 to advance our technology and our business; we have succeeded in accomplishing every milestone. The results we demonstrated in 2023 will continue to enable the completion of our PFS as we move into 2024,” said Chris Doornbos, E3’s President and CEO. “With the design of the commercial facility solidified, E3 can then contemplate a variety of growth and value creation opportunities on the back of our industry-leading resource and demonstrated DLE process.”
The company also bolstered its financial position, securing a C$3.5 million grant from Natural Resources Canada and raising close to C$30 million through oversubscribed fundraises. E3 Lithium continued to grow and mature as a company, expanding its team, Board of Directors, and Advisory Committee, while actively collaborating with partners such as Imperial Oil and Pure Lithium.
As E3 Lithium (TSXV:ETL) (FSE:OW3) (OTCQX:EEMMF) looks ahead to 2024, the company plans to progress reservoir development, advance DLE testing and analysis, announce the selection of a lithium refining vendor, and expand its team to support increased commercial activities. The company is also exploring additional opportunities to enhance shareholder value and plans to publish the first Alberta lithium Pre-Feasibility Study (PFS) outlining updated project economics and leading to the booking of Canada’s first lithium in brine reserves. Detailed guidance for 2024 will be provided in the New Year, accompanied by a webinar featuring Chris Doornbos.
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