Lithium Ionic Drills 1.77% Li₂O over 16m, including 2.36% Li₂O over 9m at Bandeira, Minas Gerais, Brazil
Lithium Ionic Drills 1.77% Li₂O over 16m, including 2.36% Li₂O over 9m at Bandeira,
Minas Gerais, Brazil
TORONTO, ON, December 3, 2024 – Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE:
H3N) (“Lithium Ionic” or the “Company”) is pleased to announce positive new drill results from its
flagship Bandeira Lithium Project (“Bandeira”, the “Project”) , located within the prolific “Lithium
Valley”, in northern Minas Gerais State, Brazil. These intercepts are part of an ongoing drill
program aimed at increasing mineral resource definition and expanding the mineralized footprint.
These latest results demonstrate strong potential for continued mineral resource growth ,
intersecting meaningful extensions of high-grade mineralized pegmatites.
Bandeira Drill Results Highlights:
Hole ITDD-24-280:
▪ 16.00m grading 1.77% Li₂O from 137.41m, incl. 9.00m grading 2.36% Li₂O
Hole ITDD-24-268:
▪ 19.60m grading 1.33% Li₂O from 83.74 meters, incl. 8.47m grading 1.81% Li₂O
Hole ITDD-24-283:
▪ 14.00m grading 1.81% Li₂O from 105.10m
Hole ITDD-24-285 (See section in Figures 2 and core photo in Figure 3):
▪ 14.00m grading 1.54% Li₂O from 157.87m
Hole ITDD-24-282:
▪ 14.00m grading 1.30% Li₂O from 138.05m
▪ 11.07m over 1.34% Li₂O from 200.75m
Hole ITDD-24-270:
▪ 6.67m grading 2.11% Li₂O from 70.65m
▪ 12.00m grading 1.09% Li₂O from 110.03m
Hole ITDD-24-290:
▪ 7.78m grading 1.58% Li₂O from 176.45m
Hole ITDD-24-275:
▪ 8.96m grading 1.32% Li₂O from 206.21m
Hole ITDD-24-269:
▪ 4.75m grading 2.28% Li₂O from 88.72m
Blake Hylands, P.Geo., CEO of Lithium Ionic, commented, “These latest results from Bandeira
underscore the continued growth potential of our flagship Project, with well-mineralized pegmatite
extensions and entirely new zones into previously untested areas. This new data not only
reinforces our confidence in the resource but increases our near surface resources which
presents optimization opportunities with strengthening and expanding the already robust
Bandeira mining plan . With key milestones on the horizon, we remain focused on advancing
Lithium Ionic toward becoming Brazil’s next major lithium producer.”
Bandeira Project Overview & Feasibility Study Highlights
The Bandeira property spans 175 hectares in northeastern Minas Gerais State, Brazil,
representing just ~1% of Lithium Ionic’s large ~17,000-hectare land package. Despite this
footprint, Bandeira accounts for ~70% of the 60.1Mt * global lithium mineral resource estimate,
making it the cornerstone of the Company’s development strategy (see press release dated April
12, 2024).
In May 2024, Lithium Ionic released a robust Feasibility Study for Bandeira, which outlined a 14-
year mine life producing an average of 178,000 tonnes of high -quality 5.5% Li ₂O spodumene
concentrate annually. The study demonstrated a low CAPEX of US$266 million, delivering a post-
tax NPV of US$1.3 billion and an IRR of 40%.
The Feasibility Study underscored the low-cost nature of Bandeira, with on-site operating costs
estimated at US$444/t, and an all-in delivered cost of approximately US$ 557/t (CIF, Shanghai),
positioning it as a competitive operation despite current lithium price environments. The spot price
for s podumene concentrate (min. 6% Li 2O; CIF China) is currently approximately 8 40$/t
(Fastmarkets’ Battery Raw Material Price Update , as of Dec. 2, 2024) . These figures not only
reflect the Project’s efficient design but also the cost efficiencies that result from the region’s
excellent infrastructure, including low -cost hydroelectric power, access to dependable water
resources, well-established transport infrastructure, and access to foreign markets via nearby
ports. These advantages collectively enhance the Project’s cost efficiency and its resilience to
fluctuating market conditions.
Permitting & Development Progress
The Company’s Licença Ambiental Concomitante (LAC) application, submitted in late 2023, is
currently in the final stages of review by the Minas Gerais State Secretariat for the Environment
and Sustainable Development (SEMAD). Final information requests have been submitted with an
approval review currently being scheduled.
On October 22, 2024 , Lithium Ionic announced the launch of Engineering, Procurement, and
Construction Management (“EPCM”) services in partnership with Hatch and Reta Engenharia, an
important milestone marking the transition to the construction and development phase of the
Project.
On November 27, 2024, the Company announced that it secured a non-binding Letter of Interest
(“LOI”) from the Export-Import Bank of the United States (“EXIM”) to provide up to US$266 million
in debt financing for Bandeira; a major achievement that provides a clear pathway to fund the
development of the Project.
*See NI 43-101 compliant technical report related to the Bandeira Bandeira MRE titled “NI 43 -101 Technical Report –
Mineral Resource Update on Bandeira Project, Araçuaí and Itinga, Minas Gerais State, Brazil” (effective date of March
5, 2024; QP: Leonardo Soares of GE21); See NI 43 -101 compliant technical report related to the Salinas MRE titled
“Independent Technical Report on Mineral Resources Estimate” (effective date of January 4, 2024; QP: Leonardo
Soares, P.Geo., M.Sc., of GE21); and the NI 43-101 compliant technical reports related to the Outro Lado deposit titled
“Mineral Resource Estimate for Lithium Ionic, Itinga Project” (effective date of June 24, 2023; authored by Maxime
Dupéré, B. Sc., P.Geo. and Faisal Sayeed, B. Sc., P.Geo).
Figure 1. Plan map of Bandeira showing new drill intercepts
Figure 2. Section LT 600 NE, Showing New Drill Holes ITDD-24-277, ITDD-24-283, ITDD-24-
285 and ITDD-24-290
Figure 3. Core Photos, Hole ITDD-24-285
Table 1. Bandeira Drill Results
Hole ID Az Dip From To Metres Li2O (%)
ITDD-24-267 150 -62 35.48 39.00 3.52 0.97
ITDD-24-268
0 -90
83.74 103.34 19.60 1.33
including 83.74 90.63 6.89 1.37
including 94.87 103.34 8.47 1.81
and 124.62 126.57 1.95 2.37
and 155.94 159.57 3.63 0.91
and 165.32 167.32 2.00 1.10
and 176.52 179.57 3.05 0.73
ITDD-24-269 150 -64 88.72 93.47 4.75 2.28
ITDD-24-270
0 -90
70.65 77.32 6.67 2.11
and 110.03 122.03 12.00 1.09
including 110.03 115.03 5.00 1.59
and 142.75 146.48 3.73 2.01
ITDD-24-271 0 -90 70.38 73.38 3.00 0.89
ITDD-24-272 150 -60 67.38 70.00 2.62 1.62
ITDD-24-273 0 -90 141.35 142.71 1.36 0.86
ITDD-24-274 150 -85 185.82 188.21 2.39 0.74
ITDD-24-275 150 -65 156.38 159.55 3.17 0.74
and 206.21 215.17 8.96 1.32
including 206.21 210.09 3.88 1.07
including 213.70 215.17 1.47 2.49
ITDD-24-277
0 -90
26.73 33.73 7.00 0.83
and 193.17 194.64 1.47 0.77
and 206.04 211.57 5.53 0.99
ITDD-24-278 330 -55 101.24 104.96 3.72 1.83
ITDD-24-279 330 -55 96.09 99.46 3.37 0.94
ITDD-24-280 330 -70 137.41 153.41 16.00 1.77
including 140.41 149.41 9.00 2.36
ITDD-24-281 0 -90 NSR
ITDD-24-282
0 -90
85.72 89.24 3.52 1.60
and 138.05 152.05 14.00 1.30
and 187.84 189.40 1.56 1.25
and 200.75 211.82 11.07 1.34
and 250.50 252.56 2.06 0.50
and 264.64 269.20 4.56 1.79
and 283.28 286.21 2.93 0.98
ITDD-24-283
330 -75
105.10 119.10 14.00 1.81
and 135.79 138.79 3.00 1.80
and 146.03 149.28 3.25 1.35
and 193.34 200.02 6.68 0.62
and 209.93 211.33 1.40 1.28
and 218.85 222.81 3.96 0.79
ITDD-24-285 0 -90 115.78 119.50 3.72 0.81
and 157.87 171.87 14.00 1.54
ITDD-24-286 330 -75 25.25 31.25 6.00 1.11
ITDD-24-287 150 -55 124.47 127.47 3.00 1.31
ITDD-24-289 0 -90 77.14 79.77 2.63 1.42
ITDD-24-290 150 -80 108.26 110.26 2.00 0.96
and 176.45 184.23 7.78 1.58
*Assays for ITDD-24-276 reported in October; ITDD-24-281 returned no significant results; ITDD-24-284
and ITDD-24-288 were not sampled.
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.
Quality Assurance and Control
During the drill program, assay samples were taken from NQ core and sawed in half. One -half
was sent for assaying at SGS Laboratory, a certified independent commercial laboratory, and the
other half was retained for results, cross checks, and future reference. A strict QA/QC program
was applied to all samples. Every sample was processed with Drying, crushing from 75% to 3
mm, homogenization, quartering in Jones, spraying 250 to 300 g of sample in steel mill 95% to
150. SGS laboratory carried out multi-element analysis for ICP90A analysis.
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 person s” 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 devel opments 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 t hat 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 t erminology
are intended to identify forward -looking statements and information. The forward -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 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 contempl ated in those forward -looking
statements and information. By their nature, forward -looking statements involve known and
unknown risks, uncertainties and other factors 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 dat e 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.
Information and links in this press release relating to other mineral resource companies are from
their sources believed to be reliable, but that have not been independently verified by the
Company.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the
policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press
release.