Itinga Project

The Itinga basin, within the Eastern Brazilian Pegmatite Province (EBPP) is the largest lithium pegmatite province of South America and is emerging as one of the largest lithium spodumene basins globally.

Lithium Ionic’s flagship Itinga Project is located in the state of Minas Gerais, Brazil’s most mining-friendly state in the country’s southeast region. The wholly-owned properties are situated approximately 25 km east of the town of Araçuaí (population of ~40,000) and 594 km northeast of Belo Horizonte, the state capital.

The Itinga Project properties are located in the municipalities of Araçuaí and Itinga. The Company’s two main lithium deposits, Bandeira and Outro Lado, are located in proximity to two lithium producers, Sigma Lithium Corp.’s Grota do Cirilo Project and Companhia Brasileira de Lítio’s (CBL) Cachoeira mine.

In June 2023, the Company reported an initial mineral resource estimate (“MRE”) of 7.57Mt at 1.40% Li₂O (261kt LCE) in the M&I category and 11.86Mt at 1.44% Li₂O (421.5kt LCE) in the Inferred category at the Itinga Project (Bandeira and Outro Lado lithium deposits). See the press release HERE, and the technical report HERE.

Upcoming Catalysts:

• Regular drill results. A 50,000-metre expansion and definition drilling program is underway for H2 2023 (Itinga + Salinas), to increase the size of the MRE and establish an NI 43-101 mineral reserve estimate at Bandeira and Outro Lado, while defining an NI 43-101 mineral resource estimate at other prospective regional targets.

• Accelerated project engineering. A Preliminary Economic Assessment (PEA) is underway and expected to be completed in Q3 2023, with the objective of accelerating a Definitive Feasibility Study (DFS) targeted for completion by the end of 2023.

• Permitting process underway. Environmental Impact Assessment (“EIA”) studies for both deposits are underway and expected to be complete within H2 2023, at which time the applications are expected to be submitted for the respective environmental and social licenses.