Lithium Ionic: 2024 Year-in-Review, Setting Stage for a Pivotal 2025
Lithium Ionic: 2024 Year-in-Review, Setting Stage for a Pivotal 2025
TORONTO, ON, January 8, 2025 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N)
("Lithium Ionic" or the "Company") is pleased to present a summary of its key accomplishments
in 2024 - a transformative year defined by major milestones across exploration, engineering and
project development, alongside continued expansion of ESG and sustainability initiatives. These
achievements have firmly positioned the Company for a pivotal 2025, with its flagship Bandeira
Lithium Project in Brazil’s Lithium Valley set to transition to the construction phase.
Key 2024 Developments:
Flagship Bandeira Lithium Project: Progressing Towards Construction in 2025
With a 161% increase in mineral resource estimates, Bandeira remains the fastest
growing hard rock lithium deposit in the Americas with additional resource increases
expected in 2025.
Delivered a robust NI 43-101 Feasibility Study outlining a 14-year mine life, strong
project economics and bottom-quartile operating costs.
Drilled 8,200 metres in 2024, with results to be incorporated into an updated NI 43-101
mineral resource estimate (“MRE”) expected in early 2025.
Secured a non-binding Letter of Interest (LOI) for up to US266M from the Export-Import
Bank of the United States (EXIM), establishing a clear pathway for full project financing.
Strengthened project funding with a non-dilutive US$20M royalty financing supporting
the balance sheet and early development activities into 2025.
Strengthened leadership in preparation for project development with key technical and
governance appointments.
Baixa Grande Project (formerly referred to as “Salinas”): A Second Growth Engine
Announced a maiden MRE of 14.76Mt in April 2024, with significant exploration upside.
Completed 6,600 metres of drilling in 2024, which is currently being modelled into an
updated MRE expected in early 2025.
Remains a key development asset, with mineral deposit open at depth and extents,
representing a significant opportunity for further growth supporting regional production
capacity.
Ongoing Strategic Land Acquisitions Strengthened its Position in the Lithium Valley
Acquired the remaining 15% of Salinas properties, achieving full 100% ownership.
Expanded the Company’s land holdings by approximately 3,000 hectares through an
option agreement for additional claims in the Itinga group of properties, increasing its
total land position to ~17,000 hectares (see July 3, 2024, press release).
Demonstrated success by the Lithium Ionic team in acquiring exploration tenements and
generating tangible resources and exploration targets for further development.
Sustainability and ESG
Reinforced its commitment to responsible development by joining the United Nations
Global Compact and becoming a member of the International Lithium Association.
Strengthened alignment with best standard practices by actively participating in IRMA
Self-Assessing Mining Group meetings and progressing toward adoption of international
standards (IFC, IFRS S1/S2, TCFD).
Introduced key policies, including ESG, Diversity and Inclusion, and Human Rights,
embedding global best practices to enhance corporate commitments.
Advanced community and environmental initiatives, including the revitalization of public
spaces and reclamation initiatives that involved planting over 2,000 native seedlings.
Blake Hylands, P.Geo., CEO of Lithium Ionic, commented, “2024 has been a defining year for
Lithium Ionic, highlighted by substantial mineral resource growth and engineering milestones. At
our flagship Bandeira Project, we’ve made remarkable progress, moving closer to a construction
decision while establishing a clear funding pathway. Meanwhile, the Salinas claims which were
acquired in 2023 have exceeded expectations with the maiden mineral resource estimate at Baixa
Grande further strengthening our portfolio and long-term growth strategy. This significant mineral
resource growth is a testament to the strong geological understanding of this region by our
exploration team, and as a result we have set ourselves apart as one of the fastest growing hard
rock lithium deposits in the Americas. As a company that only formed in 2022, I’m incredibly proud
of the speed and efficiency with which our team has laid the foundation for success, advancing
all critical pillars towards the development phase. Looking ahead, 2025 is set to be another pivotal
year as we prepare to build a mine and realize our vision of becoming a leading lithium producer
in Brazil’s Lithium Valley - a region that has only begun to show its strategic importance on a
global stage.”
Bandeira: Key Milestones Towards Construction Stage
The Bandeira Lithium Project continued to establish itself as one of the most promising lithium
assets in Brazil’s Lithium Valley. From 2023 to 2024, the mineral resources at Bandeira grew
significantly, increasing by 161.4% to 41.9 Mt grading 1.35% Li ₂O. Beyond this growth, drilling
conducted since the March 2024 MRE cut-off has further demonstrated the Project’s potential
with excellent intercepts such as:
▪ 64.7m grading 1.39% Li2O (ITDD-24-276, October 8, 2024)
▪ 40m grading 1.46% Li2O (ITDD-24-259, April 29, 2024)
▪ 24.1m grading 1.86% Li2O (ITDD-24-256, April 29, 2024)
▪ 20.4m grading 2.13% Li2O (ITDD-24-260, April 29, 2024)
In May 2024, the Company released a Feasibility Study outlining a 14-year mine life producing
an average of 178,000 tonnes of high- quality 5.5% Li₂O spodumene concentrate annually (see
press release from May 29, 2024). The study highlighted exceptional economics, including a low
CAPEX of US$266 million, a post -tax NPV of US$1.3 billion, and an IRR of 40%. Additionally,
Bandeira’s on-site operating costs of US$444/t position the project as highly resilient to volatile
lithium market conditions.
Project engineering activities ramped up following the Feasibility Study, with the initiation of basic
and detailed engineering and selection of key EPCM service providers, well positioning the
Company for a transition to the construction and development phase (see press release dated
October 22, 2024). Additionally, the Company also welcomed key technical talent to its leadership
team and Board, strengthening its ability to deliver on its strategic objectives (see press releases
dated February 1, 2024 and September 3, 2024).
In May 2024, a critical milestone was achieved with the granting of a water rights permit by the
Minas Gerais Institute of Water Management (IGAM) (see press release from May 2, 2024). This
permit guarantees sufficient water supply to meet the operational demands of the future Bandeira
operation, addressing one of the most essential needs for mining projects.
Following the Feasibility Study, the Company prioritized project financing efforts, and by the end
of November 2024, it had secured a non-binding Letter of Interest (“LOI”) for US$266M in debt
financing for the development of Bandeira. This significant milestone further validates the
Project’s viability and sets the stage for full project funding.
The Company is on the verge of achieving another pivotal milestone with the expected imminent
approval of the Licença Ambiental Concomitante (“LAC”) license, which will authorize construction
to begin. The LAC application was submitted in late 2023 and is in the final stages of approvals.
with all information requests satisfied by the Company.
Baixa Grande: A Second Growth Engine
The Baixa Grande deposit, part of the Salinas group of properties, has been a key growth driver
for Lithium Ionic since its acquisition in early 2023. On April 4, 2024, the Company announced a
maiden MRE outlining 5.86Mt of Measured and Indicated (“M&I”) resources grading 1.09% Li₂O
and 8.90Mt of Inferred resources grading 0.97% Li ₂O; this based on drilling data up until
November 2023. Subsequent drilling conducted into 2024 returned excellent results highlighting
the strong growth potential of the deposit, including:
▪ 15m grading 1.53% Li2O (BGDD-24-133, April 23, 2024)
▪ 19m grading 1.15% Li2O (BGDD-24-131, April 23, 2024)
▪ 14m grading 1.32% Li2O (BGDD-24-140, April 23, 2024)
▪ 10.2m grading 1.44% Li2O (BGDD-24-135, April 23, 2024)
A total of 6,600 metres were drilled at Baixa Grande in 2024, with the data now being incorporated
into an updated MRE expected in early 2025.
The strategic importance of the Salinas properties was further underscored by Pilbara Minerals’
acquisition of the Colina deposit in August 2024, located adjacently to the west of Baixa Grande.
This marked Pilbara’s first venture into the Americas and reinforced the quality and global
competitiveness of the lithium deposits in Brazil’s Lithium Valley.
While the Company remains focused on advancing Bandeira to near -term production, Baixa
Grande is poised to play a significant role in Lithium Ionic’s long -term growth and production
strategy, contributing to the overall strength and diversification of its portfolio.
Gearing up for Construction Start in 2025:
Lithium Ionic is entering 2025 with clear objectives , foremost among them maintaining strong
momentum at Bandeira to quickly establish this project as the region’s next significant lithium
producer. Key milestones at Bandeira this year include the anticipated granting of a construction
permit in the near-term and advancing detailed engineering to support a production decision. The
Company is committed to progressing through the due diligence process with EXIM, aiming to
finalize a definitive project financing package that will support commencement of construction in
the second half of the year.
Simultaneously, exploration and drilling activities will continue at Bandeira, Baixa Grande, and
other high-priority regional targets to further expand mineralization and improve mineral resource
classification, to continue reinforcing the long-term growth potential of the Company’s portfolio.
Lithium Ionic extends its gratitude to shareholders for their ongoing support and looks forward to
delivering a transformative year, driving value creation for all stakeholders in 2025.
On behalf of the Board of Directors of Lithium Ionic Corp.
Blake Hylands
Chief Executive Officer, Director
About Lithium Ionic Corp.
Lithium Ionic is a Canadian mining company exploring and developing its lithium properties in
Brazil. Its Itinga and Salinas group of properties cover ~17,000 hectares in the northeastern part
of Minas Gerais state, a mining-friendly jurisdiction that is quickly emerging as a world-class hard-
rock lithium district. Its Feasibility-stage Bandeira Project is situated in the same region as CBL’s
Cachoeira lithium mine, which has produced lithium for +30 years, as well as Sigma Lithium
Corp.’s Grota do Cirilo project, which hosts the largest hard-rock lithium deposit in the Americas.
Qualified Persons
The technical information in this news release has been prepared by Carlos Costa, Vice President
Exploration of Lithium Ionic and Blake Hylands, CEO and director of Lithium Ionic, who are both
“qualified persons” as defined in NI 43- 101. Mr. Costa and Mr. Hylands have both read and
approved the content in this news release.
Investor and Media Inquiries:
+1 647.316.2500
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that constitute “forward -statements.” Such forward -
looking statements involve known and unknown risks, uncertainties and other factors that may
cause the Company’s actual results, performance or achievements, or developments to differ
materially from the anticipated results, performance or achievements expressed or implied by
such forward-looking statements. Although the Company believes, in light of the experience of its
officers and directors, current conditions and expected future developments and other factors that
have been considered appropriate that the expectations reflected in this forward -looking
information are reasonable, undue reliance should not be placed on them because the Company
can give no assurance that they will prove to be correct. When used in this press release, the
words “estimate”, “project”, “belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon or comparable terminology
are intended to identify forward- looking statements and information. The forwar d-looking
statements and information in this press release include information relating to the mineralization
and prospectivity of the Company’s mineral properties, the economic viability of Bandeira, the
financing of the Project, the development of the Company’s mineral properties, the Company’s
exploration program and other mining projects and prospects thereof, the Company’s ability to
obtain the requisite permitting and approvals and the timing thereof, the Company’s ability to
increase the mineral resource estimates at its projects, the Company’s ability to obtain financing,
the timing of MREs, the impact of the Company’s ESG and other initiatives and the Company’s
future plans. Such statements and information reflect the current view of the Company. Risks and
uncertainties that may cause actual results to differ materially from those contemplated in those
forward-looking statements and information. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other facto rs which may cause our actual results,
performance or achievements, or other future events, to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking statements.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such
date. Readers should not place undue importance on forward-looking information and should not
rely upon this information as of any other date. The Company undertakes no obligation to update
these forward-looking statements in the event that management’s beliefs, estimates or opinions,
or other factors, should change.
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