Wednesday, June 26, 2024

GLOBAL NUKE NEWZ

Grossi praises Brazil's contributions to nuclear development


25 June 2024


International Atomic Energy Agency Director General Rafael Mariano Grossi has highlighted the importance of Brazil for the global nuclear sector. During a trip to the country last week, he signed an agreement formalising the designation of Brazil's Institute for Energy and Nuclear Research as an IAEA Collaborating Centre.

The signing of the agreement by Grossi (left) and Rondinelli (right), formalising IPEN-CNEN's designation as an IAEA Collaborating Centre (Image: Douglas Troufa/CNEN)

"As we face the challenge of climate change, the key role of nuclear energy is set to grow and Brazil is uniquely situated to take full advantage of this," Grossi said in an address to the Chamber of Deputies, the lower house of the National Congress. "A global energy debate without Brazil makes no sense. A global nuclear debate without Brazil makes no sense."

Speaking with Minister of Mines and Energy Alexandre Silveira, Grossi said: "The IAEA encourages the continuous development of the fuel cycle in Brazil, given its potential to become a key actor in the nuclear sector production chain. These developments are crucial for strategic growth and energy security in the country."

He also addressed the Brazilian Nuclear Programme Development Committee, highlighting the critical role of nuclear energy for Brazil's economic growth and future decarbonisation plans.

During his visit, Grossi also highlighted the first-of-its-kind collaboration of the IAEA with the G20 on nuclear power. This new cooperation started this year when the Brazilian Presidency invited the IAEA to participate in the G20's Energy Transitions Working Group. The IAEA is presenting a series of briefings and reports to inform G20 members on the key role that nuclear energy can play in the energy mix and emphasising the need to accelerate financing in order to reach net zero targets.

In Rio de Janeiro, he visited the Nuclear Medicine Service at António Pedro University Hospital, where doctors explained how the IAEA's support, providing advanced equipment and training, has greatly improved early cancer detection and treatment quality.

The IAEA is also supporting the Brazilian Navy in its goals to increase medical services for remote communities located in the Amazon River delta. Two mammography machines have been installed on the ships Soares de Meirelles and Carlos Chagas, allowing these communities to have access to breast cancer diagnostic services for the first time.

Grossi also signed an agreement with Minister of Science, Technology and Innovation Luciana Santos to use nuclear science to study harmful algal blooms, microplastics, ocean acidification and more in Antarctica.

He also met with Admiral Marcos Olsen and discussions included Brazil's plans to develop naval nuclear propulsion. "The IAEA and Brazil are committed to working together for highest non-proliferation standards as Brazil advances naval nuclear propulsion plans," Grossi said.

Grossi also visited the headquarters of the Brazilian-Argentine Agency for Accounting and Control of Nuclear Materials (ABACC). "ABACC has played a key role in regional stability and its importance will only grow as Brazil embarks on naval nuclear propulsion. I am looking forward to continuing the strong cooperation between the IAEA, ABACC, Brazil and Argentina," he said.

IAEA Collaborating Centre


The IAEA's first Collaborating Centre on Nuclear Security in Latin America - the National Nuclear Energy Commission's (CNEN's) Instituto de Pesquisas Energéticas e Nucleares (IPEN-CNEN) - was also established during the trip. IPEN-CNEN, CNEN's technical-scientific unit in São Paulo, expressed interest in joining this scheme and, on 7 June, the IAEA approved the proposal for its designation.

An agreement was signed on 21 June by Grossi and CNEN President Francisco Rondinelli, formalising the designation. As an IAEA Collaborating Centre, IPEN-CNEN will assist the IAEA in activities in the areas of computer security, radiation detection and physical protection for nuclear security, for a period of four years.

"All the activities we have, of the International Atomic Energy Agency, in Brazil, need to have the indispensable cooperation of CNEN," Grossi said. "We recognise this crucial role of CNEN in the development of nuclear technology in the country. We are very grateful for this cooperation, which will continue and increase more and more."

Brazil currently has two operating nuclear power reactors and a third under construction. The country's 2050 national energy plan indicates that it could add 10 GW of nuclear in the next 30 years, which is enough to provide power for about 10 million people, with a possibility to include small modular reactors in its energy mix after 2030.

Ohi units cleared for another 10 years' operation

26 June 2024


Japan's nuclear regulator has approved Kansai Electric Power Company's long-term reactor management plan for units 3 and 4 of its Ohi nuclear power plant in Fukui prefecture, allowing the units to operate beyond 30 years. They become the first reactors to be permitted to operate up to 40 years under new legislation.

The Ohi plant, with units 3 and 4 in the foreground and the shut down units 1 and 2 behind (Image: Kansai)

Under regulations which came into force in July 2013, Japanese reactors had a nominal operating period of 40 years. One extension to this - limited to a maximum of 20 years - could be granted, requiring amongst other things, a special inspection to verify the integrity of reactor pressure vessels and containment vessels after 35 years of operation.

However, in December 2022, the NRA approved a draft of a new rule that would allow reactors to be operated for more than the current limit of 60 years. Under the amendment, the operators of reactors in use for 30 years or longer must formulate a long-term reactor management plan and gain approval from the regulator at least once every 10 years if they are to continue to operate. The new policy effectively extends the period reactors can remain in operation beyond 60 years by excluding the time they spent offline for inspections from the total service life.

The legislation was approved by Japan's Cabinet in February last year and enacted in May 2023. It comes into full effect in June next year.

The Ohi 3 and 4 reactors gained permission for operation extensions to 40 years under the old regulatory system in November 2021 and August 2022, respectively.

Kansai submitted an application to the Nuclear Regulation Authority (NRA) on 21 December to operate the units for over 60 years. The two 1180 MWe pressurised water reactors were connected to the grid in June 1991 and June 1992, respectively.

With the NRA's approval, Ohi 3 can now operate until 17 December 2031, while Ohi 4 can operate until 1 February 2033.

"We will continue to actively incorporate the latest knowledge from Japan and abroad and reflect it in plant design and equipment maintenance, thereby striving to improve the safety and reliability of nuclear power plants," Kansai said.

Kyushu Electric Power Company submitted its long-term reactor management plan to the NRA on 24 June for units 1 and 2 of its Sendai nuclear power plant in Kagoshima Prefecture.

 

SMR power plant planned for Swedish site

26 June 2024


Small modular reactor project development company Kärnfull Next has announced the municipality of Valdemarsvik in Östergötland county in southeastern Sweden as a new candidate site to host up to six reactors.

The proposed site (Image: Latona Group)

The company has entered into an exclusive partnership agreement with landowner Latona Group for the exploration rights for nuclear power on the site. "The ongoing study, expected to be finalised after the summer, has shown promising preliminary results leading the companies to jointly inform the municipality, site neighbours and now the general public about the plans for an SMR Campus," Kärnfull Next said.

The company noted that the property includes areas that were identified as suitable for nuclear power in studies going back as far back as the 1970s. With more than 1300 hectares in total, it said the site was appealing for co-location with 2030s energy-intensive industries, such as AI data centres. The large coastal site in Östergötland would be part of Kärnfull Next's Re:Firm South SMR programme, aiming to expand carbon-free and dispatchable energy production across southern Sweden.

"Location, topography and cooling conditions in a forward-looking municipality with extensive rural areas are examples of early indications of a positive outcome from the current stage," it said. "The project in Valdemarsvik offers significant opportunities for local job creation - a single SMR is estimated to create around 500 direct and indirect jobs per year for 70 years."


Illustration of a multi-unit SMR campus (Image: Instance/MIT)

The SMR campus in Valdemarsvik is initially planned to host between four and six small light water reactors, adding between 10-15 TWh of electricity generation per year.

"We are very enthusiastic about the indications from our preliminary study in Valdemarsvik," said Kärnfull Next CEO Christian Sjölander. "This site has potential to become a key component in our programme to supply large amounts of stable and sustainable energy to regions with significant capacity needs, and create substantial economic and social benefits for the local communities."

Gustav Carp, owner of Latona Group, added: "We are very pleased to collaborate with Kärnfull Next on this exciting project. The property is likely to offer uniquely favourable conditions for nuclear power, and we look forward to being part of the development of fossil-free energy production in the region. This initiative can create significant value for Valdemarsvik and its residents."

In March 2022, Kärnfull Next signed a memorandum of understanding with GE Hitachi Nuclear Energy on the deployment of the BWRX-300 in Sweden.

Kärnfull Next has been conducting site selection and feasibility studies in several municipalities in Sweden since 2022. By establishing multiple SMR parks as part of the same programme, the company expects to achieve economies of scale in terms of technology selection, construction partners, power purchase agreements and financing partners.

In August 2023, Nyköping was announced as another candidate site within the programme. Kärnfull Next said further feasibility studies are expected "to reach sufficient maturity levels to be announced later this year".

GEN energija lists JEK2 studies to be published ahead of referendum

25 June 2024


Slovenia's GEN energija has published an analysis concluding that the proposed JEK2 new nuclear project location is suitable from a seismic activity point of view - and also outlined a series of studies it aims to publish before a referendum is held on nuclear energy later this year.

How JEK2 could look (Image: GEN energija)

In its latest update on the state of the JEK2 project for two new nuclear units near the existing Krško nuclear power plant, GEN said "several analyses were carried out, which investigated the geology of the Krška basin and the proximity of possible JEK2 locations. They showed that the area [of the existing plant and earmarked for the proposed plant] ... is suitable for these facilities from the point of view of seismic activity. The Krška basin is considered to be the most geologically, geotechnically and seismologically researched area in Slovenia and beyond. The results of the research so far show that the design seismic loads (displacements, velocities and accelerations of the ground) allow the safe operation of the nuclear power plant and the safe design, construction and operation of JEK2, in accordance with international nuclear standards".

GEN says that about 80 - 20% - of the world's nuclear power plants are located and operate safely in areas of moderate or high seismic risk, with Slovenia located in a "moderate" area and has referenced there has been on-going safety research dating back decades.

The company has also listed a series of studies and documents which, at the request of the Ministry of Finance and the Ministry of Environment, Space and Energy, will be published by October, to "enable citizens to make an informed decision in the autumn referendum".

As well as the seismic study, there will also be ones on flood safety, how the new units will be integrated within the national electricity grid, an economic analysis including the "related and indirect investment costs", the financial and security risks relating to the import of nuclear fuel and the planned handling of waste from the new plant.

GEN energija is also conducting an information roadshow across the country to present information and answer questions about the proposed project. There is also a dedicated jek2.si website.

The JEK2 project


Slovenia's plan is to build the new nuclear power plant, with up to 2400 MW capacity, next to its existing nuclear power plant, Krško, a 696 MWe pressurised water reactor which generates about one-third of the country's electricity and which is co-owned by neighbouring Croatia. Prime Minister Robert Golob has committed to holding a referendum on the project before it goes ahead, and has suggested it could be held later in 2024.

The current timetable for the project is for a final investment decision to be taken in 2028, with construction beginning in 2032. In October, GEN Energy CEO Dejan Paravan said there were three technology providers being considered for the project - Westinghouse, EDF and Korea Hydro & Nuclear Power - who all had strengths and "the decision will not be easy".


Construction of WIPP ventilation system complete

24 June 2024


Now that construction of the new large-scale ventilation system at the Waste Isolation Pilot Plant (WIPP) is complete, the US Department of Environmental Management is aiming for it to be fully operational in 2026.

Finishing off construction of the final large ductwork at the SSCVS (Image: DOE Office of Environmental Management)

WIPP, in New Mexico, is the USA's only repository for the disposal of transuranic, or TRU, waste which includes clothing, tools, rags, residues, debris, soil and other items contaminated with small amounts of plutonium and other man-made radioactive elements from the US military programme. The repository is excavated out of a natural rock salt layer 650 metres below ground, and has been operational since 1999.

The new Safety Significant Confinement Ventilation System (SSCVS) is being built in tandem with a new utility shaft. The SSCVS will pull air through the repository, pre-filter it to remove salt and can also, when required, send the air through a high-efficiency particulate air (HEPA) filtration system before releasing it to the environment. When it is fully operational, the new system will increase underground airflow from 170,000 cubic feet (4814 cubic metres) per minute up to 540,000 cubic feet per minute. The increased airflow will mean that activities to emplace sealed waste drums in the repository can take place at the same time as facility mining and maintenance operations.

WIPP's management and operations contractor, Salado Isolation Mining Contractors (SIMCO), was able to begin commissioning phase work of initial portions of the SSCVS facility and systems in October 2023. "Completing SSCVS construction allows us to pivot our focus to testing and commissioning the remaining SSCVS systems," said Ken Harrawood, SIMCO's president and programme manager at WIPP.

Testing and commissioning includes testing systems, integration, developing operational procedures and guidelines, training and qualifying staff, after which the facility will be handed over to trained WIPP operations personnel to bring it online. The SSCVS commissioning phase is currently 85% complete, the Office of Environmental Management said.

Construction of the SSCVS began in 2018 with completion originally envisaged for 2021, but progress was impacted when WIPP, like most of the office's field sites, focused on essential mission-critical operations during the COVID-19 pandemic. The office has identified completing the commissioning of the SSCVS, and initiating the readiness review process, as one of its top priorities for 2024.


Committee to evaluate nuclear power option for Norway

24 June 2024


The Norwegian government has appointed a committee to conduct a broad review and assessment of various aspects of a possible future establishment of nuclear power in the country. It must deliver its report by 1 April 2026.

Energy Minister Terje Aasland (left) and Kristin Halvorsen, who heads the new committee (Image: Arvid Samland, Energidepartementet)

"The need for emission-free and stable energy sources that can help deal with the natural and climate crisis and meet an increasing need for power, technological development, as well as plans for the establishment of nuclear power production by private actors in collaboration with municipalities, have contributed to the question of nuclear power being brought up to date again," said Energy Minister Terje Aasland. "Nuclear power is a complex energy source that affects a number of areas of society. There is therefore a need to obtain an updated and solid knowledge base on nuclear power as a possible energy source in the Norwegian power system."

The 12-person committee will be headed by Kristin Halvorsen, director of the Centre for International Climate and Environmental Research - Oslo (Cicero).

The Ministry of Energy said it has drawn up the mandate for the committee in consultation with several other ministries. The mandate "calls for a broad assessment of complex questions, and the selection is therefore put together by people with expertise and experience from various fields," the government said.

"An important topic the committee should shed light on is nuclear power's suitability for the Norwegian power system, research and technology development within various concepts for nuclear power (including fusion), costs and other significant consequences for authorities (including the municipal sector) and private actors, area and environmental effects, waste issues, nuclear safety, safeguarding and non-proliferation, preparedness and competence," the government said. "The committee shall discuss advantages and disadvantages of nuclear power, describe the current regulations and point out the need for regulatory development and other prerequisites that must be in place for any future establishment of commercial and industry-driven nuclear power.

"The committee shall provide an updated knowledge base on various types of nuclear power technology, technological maturity, assumed time perspective for scale-up and commercial availability, and costs. An account must also be given of relevant investment factors and requirements for infrastructure, including the need for network connection and what requirements must be made for a suitable location."

The Ministry of Energy has been given the authority to make small changes to the committee's mandate and to appoint a secretariat for the committee. "It is not realistic for the committee to possess all the necessary knowledge within the various areas of the themes," it said. "A resource group must therefore be established, consisting of professionals, who can assist and give input to the committee in important subject areas, and ensure the involvement of central specialist communities. The committee can engage external expertise if necessary."

Between 1951 and 2019, Norway operated four research reactors at the Kjeller and Halden sites, but these were not for power production. "As a starting point, Norway therefore has no experience with development, commercial operation, regulation and licence processing of this form of power production," the government said.

However, the government noted that nuclear power "has become part of the energy debate and plans for its development are being promoted".

In November 2023, the Ministry of Energy received notification of proposals for a study programme from Norsk Kjernekraft. This is the initial step in the licensing process, and triggers administrative law requirements for a proper case management. Norsk Kjernekraft wants to construct a nuclear power plant consisting of small modular reactors (SMRs) with a total output of 1500 MW in Taftøy Næringspark in Aure and Heim municipalities. The company has also announced ongoing work with several similar projects. In addition, several other municipalities and county councils have expressed an interest in nuclear power.


Kozloduy used fuel storage licence updated

26 June 2024


Bulgaria's Nuclear Regulatory Agency has issued a fresh non-time-limited licence to operate the used fuel storage facility at the Kozloduy nuclear power plant.

Tsanko Bachiiski, NRA chairman, right, handed over the new licence to Kozloduy NPP executive director Valentin Nikolov (Image: NRA)

The amended licence follows the amendments introducted in March this year to the country's Law on the Safe Use of Nuclear Energy. Instead of the licence being limited by time - notably for 10 years - it is open-ended but with a condition within the licence to carry out a safety review at least every 10 years.

The Agency said "the results of this review should justify the safe operation of the facility and are a prerequisite for the chairman of the NRA to issue an order for their approval and determine the period for carrying out the next periodic safety review".

The Kozloduy plant is in the northwest of Bulgaria on the Danube River and provides about 34% of the country's electricity. It features two Russian-designed VVER-1000 units currently in operation, which have both been through refurbishment and life extension programmes to enable operation for 60 years.

According to World Nuclear Association's Information Paper on Nuclear Power in Bulgaria, used fuel at Kozloduy is initially stored in a pool at the site which was built in 1990 and upgraded and given a new licence by the Bulgarian Nuclear Regulatory Agency in 2001. A dry used fuel storage facility was built near this at Kozloduy and opened in May 2011 with a capacity of 5200 fuel assemblies in 72 casks for storage for up to 50 years.


Researched and written by World Nuclear News

New Candu design could boost Canadian GDP, report finds

26 June 2024


Construction of a four-unit Candu Monark plant would boost Canada's GDP by more than CAD90 billion (USD66 billion) and create thousands of jobs over the project's lifetime - and each unit built overseas would have a GDP impact of CAD4.8 billion. So says a new report from the Conference Board of Canada.

The independent report, which was commissioned by AtkinsRéalis, found that the manufacturing, engineering, and construction phase of four Candu Monark units would generate more than CAD40.9 billion of GDP impact for Canada, with CAD49.5 billion of GDP impact during the operation phase. It would generate the equivalent of more than 20,000 "full time, well-paying jobs" and more than 324,000 person-years of employment during manufacturing, engineering and construction and sustain 3,500 full-time equivalent jobs per year over a 70-plus year operating life. The report also found an additional CAD29.1 billion in additional tax revenue across municipal, provincial and federal governments over the life of the project.

AtkinsRéalis unveiled the Candu Monark, a Generation III+ reactor design, in November 2023. The natural uranium-fuelled reactor design builds on the design of currently operating Candu units and features a larger output of 1,000 MW, improved cost per megawatt-hour, a longer operating life of 70 years, and sustainable design principles to minimise environmental impact. The company says it is the easiest reactor design to build, operate and maintain in AtkinsRéalis's Candu nuclear portfolio.

The Candu supply chain underpins a Canadian nuclear ecosystem that already supports more than 76,000 stable and well-remunerated jobs across a wide variety of professional and skilled trades fields, the company said, and is "perfectly suited" to a new build of Monark reactors. The intellectual property for the design is 100% Canadian owned, and the domestic supply chain would benefit "strongly" from exporting the reactor, the report found.

"We have a world-class, made-in-Canada solution in Candu nuclear technology that will allow us to navigate the energy transition successfully and accrue many economic advantages for Canada," said AtkinsRéalis President, Nuclear, Joe St. Julian.

"As Ontario looks to ramp up capacity to meet the 18,000 MW of new nuclear power, large nuclear reactors like Candu reactors will be key to addressing the forecasted demand. Candu reactors will optimise the amount of energy provided from scarce grid-connected regions in Ontario, and if they are designed, built, supplied and serviced from within Canada, it is a win-win for all Canadians," AtkinsRéalis Executive Vice-President, Nuclear, Canada Gary Rose said.

All of Canada's currently operating nuclear power plants use Candu - taken from Canada Deuterium Uranium - technology. The pressurised heavy water reactor design was developed by federal Crown corporation Atomic Energy of Canada Ltd (AECL), in cooperation with Canadian industry, from the late 1950s onwards and the first commercial unit began operation in 1971. AtkinsRéalis is the original equipment manufacturer of Candu technology (SNC-Lavalin Group Inc rebranded to AtkinsRéalis in 2023).

The government of Ontario last year announced the start of pre-development work to build up to 4800 MWe of new nuclear capacity at Bruce Power's existing site, in what would be Canada's first large-scale nuclear build in more than 30 years, in addition to plans to deploy small modular reactors in Ontario, Saskatchewan, New Brunswick and Alberta.

In February, AtkinsRéalis launched the Canadians for CANDU campaign to promote the deployment of Candu nuclear technology at home and abroad in support of Canadian and global efforts to reach net-zero emissions.


OPG expands green financing to include new nuclear

26 June 2024


Ontario Power Generation's new Sustainable Finance Framework replaces its 2021 Green Bond Framework and will permit funding of a broader range of clean energy technologies. It now allows net proceeds from the bond to be used for new nuclear projects as well as to provide funding for existing nuclear facilities.

OPG plans to build SMRs at the Darlington New Nuclear site (Image: OPG)

Green bonds are financial instruments that finance green projects and provide investors with regular or fixed income payments. The key difference between green bonds and regular bonds is that the money raised from investors is used exclusively to finance projects that have a positive environmental impact.

Ontario Power Generation (OPG) was the first Canadian utility to release green bonds in Canada and, together with its subsidies, has issued more than CAD3 billion (USD2.2 billion) of green bonds to date. In 2022, it updated its Green Bond Framework to allow net proceeds from green bonds to be used to finance maintenance and/or refurbishment of existing nuclear facilities, and issued a first-of-its-kind nuclear green bond offering for CAD300 million. The net proceeds from the issuance were allocated to the Darlington nuclear power plant refurbishment project.

OPG says the new Sustainable Finance Framework will permit funding of a broader range of clean energy technologies as well as initiatives to create opportunities for Indigenous communities and businesses. New nuclear projects, such as small modular reactors and large new nuclear, may now be financed from the net proceeds from OPG's sustainable bond issuance, as well as the maintenance or refurbishment of existing facilities.

The sustainable bonds may also be used to finance renewable energy projects like hydro refurbishment, solar, wind and hydrogen production; energy efficiency and management solutions such as energy storage and clean fuel storage; clean transportation initiatives such as zero-emissions vehicles; and developing climate adaptation and resilience capabilities for flood protection and extreme weather.

"As Canada's largest corporate green bond issuer, expanding our eligible use of proceeds from these bonds recognises growing demand for clean electricity and OPG's commitment to advancing economic Reconciliation with Indigenous Nations and communities," said OPG Chief Financial Officer and Corporate Services Officer Aida Cipolla. "Partnerships will be key to achieving economy-wide decarbonisation and lasting environmental benefits."

OPG recently completing early site works for the construction of the first of four BWRX-300 small modular reactors at its Darlington New Nuclear project, as well as being more than half-way through a CAD12.8 billion project to refurbish the four Candu units at its Darlington plant, which is scheduled to be completed by the end of 2026. It is also initiating a project to refurbish units 5-8 at its Pickering plant.

Paladin acquires Fission, creating multi-asset uranium company

24 June 2024


Australia-headquartered Paladin Energy Limited is to acquire Canadian uranium project developer Fission Uranium Corp in a transaction the companies say will create a "globally significant uranium company" listed on Australian and Canadian stock exchanges and will help advance Fission's Patterson Lake South project towards production.

Langer Heinrich returned to commercial operation earlier this year (Image: Paladin)

The combination will mean shareholders of both companies will benefit from an enhanced project development pipeline, with "multi-asset production" expected by 2029, and a diversified presence across leading uranium mining jurisdictions of Canada, Namibia and Australia, they said.

Paladin, which is listed on the Australian Securities Exchange (ASX), has a 75% ownership of the Langer Heinrich uranium mine in Namibia, which returned to commercial operation earlier this year for the first time since 2018. The company's portfolio of uranium exploration and development assets in Canada and Australia includes the Michelin project in Newfoundland and Labrador, which is at the preliminary economic assessment stage. Fission, listed on the Toronto Stock Exchange (TSX), is the 100% owner of the Patterson Lake South (PLS) high-grade uranium project in Saskatchewan, for which a feasibility study has highlighted the potential for a 10-year mine life with production of 9.1 million pounds U3O8 (3500 tU) per year.

Paladin will acquire 100% of the issued and outstanding shares of Fission by way of a court approved plan of arrangement under the Canada Business Corporation Act. On completion of the transaction, Fission shareholders will own 24.0% of Paladin, which will have a pro-forma market capitalisation of approximately USD3.5 billion, the companies said. Paladin has applied for listing of the Paladin Shares on the Toronto Stock Exchange, concurrent with completion of the transaction, so that Fission shareholders will receive TSX-listed Paladin shares.

Paladin CEO Ian Purdy said Fission is a "natural fit" for the company's portfolio. "The addition of PLS creates a leading Canadian development hub alongside Paladin's Michelin project, with exploration upside across all Canadian properties," he said. The transaction would also de-risk the development of PLS for Fission shareholders, underpinned by production from Langer Heinrich and Paladin's offtake contract book. "Paladin will bring the required investment to PLS in order to advance it towards production," he added.

Fission President and CEO Ross McElroy said the combination would create a world class diverse uranium producer, adding a class leading development project in a Tier 1 jurisdiction with the ability to expand production and cash flow profiles in the near term. "With commercial production at Langer Heinrich and further development milestones at PLS, this opportunity will create a diverse pureplay uranium company with current production and a deep pipeline of near and mid-term assets available to investors," he added.

The combination will create "one of the largest amongst pure-play uranium companies" with pro-forma U3O8 mineral resources of 544 million pounds U3O8 and ore reserves of 157 mllion pounds across conventional open-pit and high-grade underground orebodies, with multi-asset production expected "by the end of the decade," the companies said.

The transaction is targeted to close in the third quarter of this year, subject to satisfaction of conditions.

Researched and written by World Nuclear News

Exxon, South Korea’s SK On sign non-binding deal for lithium supply

Reuters | June 25, 2024 | 

Image by Harry Green | Adobe Stock.

US energy major Exxon Mobil said on Tuesday it had signed a non-binding agreement to supply lithium from its proposed Arkansas project to South Korean EV battery maker SK On.


The agreement has the potential to be a multi-year offtake deal of up to 100,000 metric tons, the company said.

Exxon in November announced plans to produce lithium from pumped out brine in Arkansas, from regions considered to hold significant deposits of the metal.

SK On, a unit of SK Innovation, intends to use the lithium for making EV batteries in the US.

The company, which supplies to Volkswagen and Ford Motor, operates two facilities for making batteries in Georgia. It is building four more plants jointly with automakers.

“Through this partnership with ExxonMobil, we will continue strengthening battery supply chains in the US,” said Park Jong-jin, executive vice president of strategic procurement at SK On.

(By Sourasis Bose; Editing by Mohammed Safi Shamsi)


Lilac Solutions releases lithium extraction data amid rising competition

Reuters | June 25, 2024 | 

(Image courtesy of Lilac Solutions).

Lilac Solutions said on Tuesday the latest version of its lithium extraction technology can recover more than 90% of the lithium found in many brine formations, and that it has cut the construction cost of its system by 50%.


The release of the long-awaited data on Lilac’s process for recovering lithium – a key component in electric vehicle batteries that is abundant but can be hard to process – is aimed at rebutting claims its technology is inefficient and uneconomical as it works to woo clients across the globe.

Oakland, California-based Lilac, which was founded in 2016 and counts BMW and Breakthrough Energy Ventures as investors, has long been reticent to release data related to its version of a direct lithium extraction (DLE) technology.

Despite growing interest in the DLE sector from Exxon Mobil, Saudi Aramco and others, no DLE technology has worked at commercial scale without the use of traditional evaporation ponds.

Lilac on Tuesday released a 24-page white paper on the fourth generation of its technology, which uses ion exchange ceramic beads to attract lithium in batch cycles – akin to a laundry machine – after which a water-and-acid mixture is used to wash off the metal.

The data release comes as Lilac and its rivals – including International Battery Metals, EnergyX, Sunresin and others – are heavily marketing their DLE technologies to potential customers across the globe.

EnergyX to build lithium plant in US ‘Ark-La-Tex’ region

“Our technology works and I want to show that,” Raef Sully, who became Lilac’s CEO in February, said on the sidelines of the Fastmarkets Lithium Supply and Battery Raw Materials Conference, one of the world’s largest gatherings of lithium producers.

“We’re trying to close that gap between rumor and perception and be like, ‘Hey, here we are. Here’s the data.'”

A short seller in July 2022 attacked Lilac partner Lake Resources for relying on what it called “Lilac’s yet-to-be-proven technology.”

The short seller alleged that Lilac’s beads only work for 150 cycles, making the technology uneconomical. Lilac at the time said the short seller’s report was “inaccurate”, but did not release hard data to refute it.

On Tuesday, the company said that the latest version of its technology works for 4,000 cycles, and can reduce water usage with the use of recycling equipment, Sully said.

Lilac plans to use the latest version of its DLE technology at Utah’s Great Salt Lake, where a pilot plant should be online by October, Sully said. Lilac is also eyeing lithium projects in Arkansas, South America and Europe, he added.

The company’s rivals have also been touting their own DLE data, including Koch Engineered Solutions, which has been testing its technology in Arkansas with partner Standard Lithium that it says has an average lithium recovery rate of 95.9% at certain conditions.

“We’re trying to change the narrative and show this whole ‘phantom DLE’ thing is no longer phantom,” said Garrett Krall, head of Koch’s lithium business. “We now are ready to guarantee our (DLE) process in any brine resource around the world.”

(By Ernest Scheyder; Editing by Jan Harvey)
Trafigura clinches share of major zinc deal snubbed by Glencore

Bloomberg News | June 26, 2024 |

The Kipushi zinc-copper-silver-germanium project in DRC. 
(Image courtesy of Ivanhoe Mines.)

Production from a large new zinc mine in the Democratic Republic of Congo will be split between several new buyers including trading giant Trafigura Group, after rival Glencore Plc backed away from a previous deal for the entire supply.


Ivanhoe Mines Ltd.’s Kipushi zinc mine started production in the past few days and is finalizing deals to sell its zinc to Trafigura, China’s Citic and Boliden AB, according to people familiar with the matter, who asked not to be identified as the matter isn’t public.

Kipushi is set to be one of the world’s largest zinc mines, with output planned at more than 250,000 tons per year, and will produce a semi-processed form of ore known as concentrate that is currently in tight supply.

Ivanhoe, Gécamines to reopen historic Kipushi mine

For Trafigura, the deal will help cement its position in the zinc concentrates market, with neither of its major competitors Glencore or IXM getting a share of the offtake. Glencore, long a dominant player in the zinc market, has recently been making changes at the top of its zinc unit and taking steps to exit certain investments.

The market for zinc concentrates has been extremely tight, with processing fees paid by miners to smelters plunging as mine supply disappoints and smelters in Europe reopen in the wake of the 2021-2022 energy crisis. On the spot market, the so-called treatment charges have fallen to just $5 a ton, the lowest since at least 2014, according to Fastmarkets, while annually agreed “benchmark” treatment charges dropped 40% this year.

Glencore deal

Ivanhoe last year announced that it had signed a term sheet to sell the entire zinc output of the Kipushi mine to Glencore in exchange for a $250 million financing facility.

But since then, Glencore has pulled back from that deal, the people said, amid several senior changes in its zinc department. Nick Popovic, the co-head of zinc and copper trading who was pictured at the signing ceremony for the Kipushi term sheet, retired from the company a few months later.

Ivanhoe taps Glencore for $250 million to start Kipushi zinc mine ahead of schedule

Meanwhile IXM, the metals trader owned by China’s CMOC Group Ltd., had been in advanced negotiations for a share of the offtake from Kipushi but failed to agree a loan deal in time, the people said. IXM’s head of lead and zinc, Xavier-Alexandre Ortiz, left the company last week, with a spokesperson saying that “ambitions for the business differed.”

Ivanhoe declined to comment. The miner had previously said that it had received “significant additional interest” from potential buyers of Kipushi concentrate since agreeing the term sheet with Glencore, and that it was in negotiations with numerous parties for deals that would include financing of “$200 million or higher.”

While the contracts are being finalized, it’s still possible they may not all result in deals.

Spokespeople for Citic Metal, which owns a 24% stake in Ivanhoe, and Trafigura declined to comment. Boliden, which owns zinc smelters in Finland and Norway, said on Tuesday it does not comment on ongoing contract negotiations and had not signed a contract for supply from Kipushi. Glencore and IXM also declined to comment.

Glencore’s failure to go ahead with the deal it had agreed last year comes amid wider changes in its zinc unit — a market where it once dominated, boasting a more than 50% share of the “addressable” market for zinc metal and concentrates in its 2011 IPO prospectus.

In addition to Popovic’s retirement, Glencore earlier this year named a new head of its lead and zinc assets, Suresh Vadnagra, replacing the previous co-heads Denis Hamel and Aline Coté. The company also recently sold its controlling stake in Peruvian zinc miner Volcan Cia Minera SAA.

(By Jack Farchy and Michael J. Kavanagh)


Legal & General unit to sell Glencore stake over thermal coal plans

Reuters | June 26, 2024 |


Image courtesy of Glencore.

Legal & General’s investment management unit said on Wednesday that it is selling its stake in global commodities trader Glencore this year on concerns over its production of thermal coal.


Legal & General Investment Management (LGIM) is also selling its stake in New York-listed retailer TJX, it said, raising the number of divestments under its Climate Impact Pledge to 16, applying across funds covering around 176 billion pounds ($223 billion) in assets under management.

“While divestment is one of the many stewardship tools we use as a mechanism for driving change, we see it as a last resort and by no means the last stage of engagement,” Stephen Beer, LGIM senior manager for sustainability and responsible investment, said.

LGIM said that its decision on Glencore followed a shareholder resolution last year, requesting the miner to disclose how its thermal coal production aligns with the Paris Agreement’s objective to limit the global temperature increase to 1.5 degrees Celsius.

UK-based LGIM has a 0.44% stake in Glencore, according to LSEG data.

“We remain concerned that Glencore does not meet our red line asking mining companies to disclose whether they plan to increase thermal coal capacity,” LGIM said.

Glencore declined to comment on the news, while TJX did not immediately respond to a request for comment.

Environmental, social and governance (ESG) investing boomed in 2020 and 2021 during the Covid-19 pandemic as low oil prices spurred more investors to diversify beyond fossil fuels, and as fund managers sought to be more climate-conscious.

Through its Climate Impact Pledge, LGIM assesses over 5,000 companies across 20 ‘climate-critical’ sectors. It has also highlighted concerns about climate risk management with Woodside Energy and Nippon Steel in the past.

Glencore mines and trades thermal coal, which is a major contributor to greenhouse gas emissions. The company also has coking coal assets.

It plans to run down its thermal coal mines by the mid-2040s, closing at least 12 by 2035.

($1 = 0.7907 pounds)

(By Echha Jain and Yadarisa Shabong; Editing by Savio D’Souza, Sonia Cheema and Emelia Sithole-Matarise)
De Beers sales drop to $315m amid search for new owner

Cecilia Jamasmie | June 26, 2024 


Roughs diamonds. (Image courtesy of De Beers Group.)

De Beers’ sales of rough diamonds fell for the second time this year, with the Anglo American’s (LON: AAL) unit recording a provisional $315 million, down from $383 million in the previous cycle and $456 million at this time last year.


The world’s largest diamond producer by value attributed the dip to the quieter summer period, but industry experts believe the results show that the diamond market remains in the doldrums.

“With the key China market struggling amid renewed graft investigations, we don’t expect to see much evidence of recovery during 2024,” BMO analyst Colin Hamilton wrote in a brief on Wednesday.

De Beers chief executive Al Cook confirmed the pessimistic outlook. “The recent annual JCK jewelry show in Las Vegas confirmed a resurgence in retailers’ interest in natural diamonds in the United States but ongoing economic growth challenges in China mean we continue to expect a protracted U-shaped recovery in demand,” he said in the statement.

Parent company Anglo American, which recently fended off a takeover by the world’s largest miner BHP (ASX:BHP), is in the midst of selling its 85% stake in De Beers.

The decision, announced in May, is part of a major company-wide restructuring and comes as the diamond sector continues to face declining sales, a sluggish global economy, and the rise of lab-created diamond alternatives.



Source: De Beers Group.

In preparation for the split from Anglo, De Beers— which coined the slogan “Diamonds are Forever”— is ditching man-made stones. This means it would end a six-year experiment to sell lab-grown diamond jewellery through its own brand, Lightbox, created in 2018.

While the miner is not halting the sale of its Lightbox stones right away, it will put the unit under review once it depletes current inventory, which will take about a year.

De Beers is targeting annual core profits of $1.5 billion by 2028. Last year, the business made just $72 million, though traditionally its profits have ranged between $500 million and $1.5 billion as the diamond industry swings from boom to bust.

The diamond miner seems ready to fly alone as it did for 124 of its 136 years of existence. Anglo American acquired a majority stake in De Beers only 13 years ago.

The government of Botswana holds the remaining shares and recently stated it would increase its stake in the company in order to play a central role in selecting a new investor to replace Anglo.
Contango to pour first gold from Alaska mine on July 8

6/25/2024

In September 2020, Contango and Kinross formed the Peak Gold joint venture aimed at developing the namesake deposit (later renamed Manh Choh) located on top of a group of low hills in the northern part of the Tetlin lease.

The JV — led by Kinross as operator — subsequently completed the work leading to a feasibility study in 2022, followed by its successful permitting for the project and construction of the mine.

Mining operations commenced in August of 2023 and ore hauling started in November 2023, leading to a sizeable stockpile of ore at Kinross’ Fort Knox facilities ready to be processed through the mill.

As outlined on the JV’s website, the two small open pits comprising Manh Choh are estimated to be mined concurrently for about 4 to 5 years, producing about 225,000 ounces of gold a year.

Based on over 55,000 metres of drilling to date, the deposit currently has a defined resource of 9.2 million tonnes in the measured and indicated category averaging 4.1 g/t gold and 14 g/t silver, for 1.2 million oz. of contained gold and 4.2 million oz. contained silver.
Newmont the only miner to make TIME's top 100 green firms ranking

25.06.2024 

Newmont (NYSE: NEM, TSX: NGT, ASX: NEM) is the only miner among the world's top 100 most sustainable companies for 2024, according to a new ranking published on Tuesday by TIME and Statista.The gold miner is ranked 84th in the list, led by the French multinational Schneider Electric.According to TIME, the companies at the top of the list have signed on to some of the most respected climate programs, including the 1.5°C target from the Science Based Targets initiative (SBTi), and have received high scores from CDP (formerly the Carbon Disclosure Project). TIME and Statista held companies to high standards for their Scope 1 and 2 emissions and energy consumption relative to company size, emissions reductions in 2021 and 2022, and the proportion of renewable energy used by the company's operations. At the top of the list, Schneider Electric scored 88.86 out of 100. Its environmental initiatives include creating software and services for energy management. Schneider has also set ambitious targets to become carbon neutral by 2025.It is important to note that many highly ranked companies are in industries that don't produce many physical products—such as banking, tech, and consulting. Newmont scored 71.64. Among Newmont's environmental targets for 2030, the company aims to reduce absolute greenhouse gas (GHG) emissions (Scope 1 and 2) by 32%, reduce GHG emissions intensity (Scope 1 and 2) by 32%, and reduce absolute Scope 3 emissions (joint venture assets, and supply chain) by 30%. Besides Newmont, the ranking includes five other natural resources and mining companies among the top 500, including Hindustan Zinc (ranked 239) and Aurubis (ranked 468).Continue to the full article at Mining.com


Newmont Ranks Among the Top 100 Most Sustainable Companies


By Fernando Mares | Journalist & Industry Analyst
 - Wed, 06/26/2024 - 
MEXICAN BUSINESS NEWS

Newmont, the world’s leading gold miner, has been ranked among TIME and Statista’s Top 100 most sustainable companies globally. The US-based company stands out as the only mining company to secure a spot in the Top 100. Additionally, among the mining companies listed in the Top 500, Newmont is the sole operator with operations in Mexico.

TIME and Statista have introduced a robust methodology to determine the world's most sustainable companies for 2024. This methodology emphasizes tangible, public commitments to environmental improvement and tracks companies' adherence to them.

Top-ranking companies have pledged their adherence to climate initiatives like the Science Based Targets initiative (SBTi) and have received high scores from the Carbon Disclosure Project (CDP). Criteria for evaluation include Scope 1 and 2 emissions, energy consumption relative to company size, emissions reductions in recent years, and the proportion of renewable energy used. Ranked 84th on the list, Newmont stands out among the 100 global sustainability leaders, with France-based Schneider Electric leading with a score of 88.86 out of 100. Newmont stands out as a leader in the natural resources and mining sector, achieving a score of 71.64 on the sustainability index. Many high-ranking companies are from sectors that do not produce a significant number of physical products, such as banking, technology, and consulting.

Newmont’s environmental targets for 2030 aim to reduce absolute greenhouse gas emissions in Scope 1 and 2 by 32%, decrease GHG emissions intensity in both Scope 1 and 2 by 32%, and lower absolute Scope 3 emissions, which cover joint venture assets and its supply chain, by 30%.

Alongside Newmont, the ranking features five other natural resources and mining companies within the Top 500. Ireland-based CRH is ranked 162nd, India-based Hindustan Zinc holds the 239th spot, France-based Imerys ranks 296th, and Germany-based Aurubis is positioned at 468th.

Other Companies Listed
While Newmont is the sole mining company listed in the Top 100, the ranking also includes companies that provide services and supplies to the mining industry. SGS holds sixth position, followed by Siemens at 11th, Stantec at 14th, WSP at 53rd, Accenture at 54th, Cisco at 57th, Microsoft at 64th, and Epiroc at 95th.

Some of the products and services offered by these companies to the mining sector directly contribute to reducing the environmental impact of mining operations. At Mexico Mining Forum 2023 ECHO, Joseph Starwood, Director of Industry Digital Strategy for Mining, Microsoft, highlighted how mining companies can utilize the Microsoft Azure platform to monitor equipment at mining sites through sensors. This approach optimizes maintenance practices and reduces emissions by improving fuel efficiency. "The idea of the digital sustainable mine of the future combines the physical mines we know today with new ESG-aligned business models and capabilities, enabled by an intelligent digital fabric,” Starwood said.

Abraham Tacho, Regional Business Leader Mexico, Stantec, has also noted the company’s approach to designing mining projects considering their impact on communities, often linked with water and waste matters. “Sustainability has become critical in recent years. Stantec’s specialized ESG groups and services extend beyond the mining industry to a wide range of clients in various sectors, which significantly enhances our value proposition. The quantity and quality of our experts contribute immensely to this value,” Tacho said in an interview with MBN.

Ganfeng Lithium Initiates Arbitration Against Mexico

By Paloma Duran | Journalist and Industry Analyst 
- Mon, 06/24/2024 - 
MEXICAN BUSINESS

China's Ganfeng Lithium, together with its subsidiaries Bacanora Lithium and Sonora Lithium, have initiated arbitration against the Mexican government following the cancellation of its mining concession for the Sonora Lithium project. This move, registered last Friday on the website of the International Centre for Settlement of Investment Disputes (ICSID), marks a significant escalation in the discussion.

The dispute stems from the approval of López Obrador's Mining Law in April 2022, which granted the State exclusive control of lithium exploration and production. Subsequently, President López Obrador cancelled the lithium concessions of the company, claiming that Ganfeng and its subsidiaries did not meet the required investment thresholds. "This decision was driven by both the nationalization of the lithium resources and the failure to meet investment, which led to the withdrawal of our concession," stated Alfonso Durazo Montaño, Governor, Sonora.

The Sonora Lithium project was originally scheduled to begin commercial production in 2023, officially making Mexico a lithium producer. However, political uncertainty has left the future of lithium exploration efforts in Mexico uncertain. While industry stakeholders have supported Ganfeng's position, arguing that the government's decision to revoke the concessions lacked a legal basis, the Ministry of Economy has not changed its stance.

Peter Secker, CEO, Bacanora, stressed that if the matter is not resolved through the courts or through the creation of a new partnership, the project could end up being sold. "No one is going to invest a billion dollars unless they have some kind of security. People will prefer, for these larger projects, to go to lower risk jurisdictions," Secker said.

According to a US Geological Survey's 2024 report, Mexico ranks ninth in lithium reserves with 1.7Mt. Despite Mexico’s lower lithium reserves, experts suggest that with the exploitation of economically viable deposits, Mexico could emerge as a major player in lithium production. However, the country faces two challenges. First, Mexico's lithium reserves are mainly in clay formations- Second, the government has limited the participation of private companies in lithium production.

In July 2023, CONAHCYT began developing a method to separate clay from lithium in Sonora, stating it was a technology previously only held by China, and that CONAHCYT had made 95% progress in this task.

Teck, Taku River Tlingit First Nation, BC partner on Tulsequah Chief mine remediation

 June 25, 2024 

River in Atlin, BC, near the Tulsequah mine. Stock image.

The province of British Columbia, Teck Resources (TSX: TECK:B) and the Taku River Tlingit First Nation (TRTFN) have agreed to jointly advance remediation of the former Tulsequah Chief mine site.

Five years after the Ministry of Energy and Mines first ordered a now-bankrupt junior mining company to clean up an acid rock drainage problem at the Tulsequah mine near Atlin, BC, the provincial government began taking the initial steps to remediate the defunct mine.

A report prepared for the ministry in 2020 estimated the capital cost of closing the mine and the reclamation work at C$48 million (about $36m). The cost of annual monitoring and maintenance is estimated at C$27 million ($20m)

The Tulsequah Chief mine site, located within TRTFN territory approximately 100 km southwest of Atlin, is a historic underground copper, lead and zinc mine, which was operated from 1951-57 by Cominco, a predecessor company to Teck, and is currently owned by Chieftain Metals Inc.

The leadership of the TRTFN has been saying since 2018 that the Tulsequah Chief mine needs remediation to prevent further degradation of the Tulsequah River.

Work at the mine was suspended since the Toronto-based Chieftain Metals filed for receivership in 2016, over C$27 million in debt.

“The Taku River Tlingit First Nation is committed to ensuring the Tulsequah Chief Mine is remediated and restored to natural conditions, according to Tlingit values and cultural principles of environmental stewardship,” Charmaine Thom, spokesperson for Taku River Tlingit First Nation, said in a news release.

“The co-operative partnership between the Government of British Columbia, Teck, and TRTFN reinforces the collective commitment to clean abandoned mines to an acceptable condition that meets the standard of both governments, this is an important step toward reconciliation,” Thom said.

Under this approach, Teck will voluntarily undertake and fund site investigation work in 2024-25. Teck will also lead implementation of the final closure plan. The 2024-25 work will include establishing safe site access, assessing underground mine conditions, monitoring water quality and flow, and evaluating waste rock disposal sites.

This work will inform the final Tulsequah Reclamation and Closure Plan, which is being co-developed by Teck and the TRTFN, guided by the TRTFN's vision for their future use of the restored site.

“We look forward to continue working co-operatively with the Province and Taku River Tlingit First Nation to advance remediation of the Tulsequah Chief Mine site,” Teck’s vice-president environment Scott Maloney said in the release.

“While Teck has not been the owner of Tulsequah for some time, we recognize the importance of all parties working together to progress remediation of this historic site, in support of reconciliation and sustainability, and as a reflection of the best practices of today’s modern, responsible mining sector in BC,” Maloney said.

The province said it will work with Teck and the TRTFN to enable the efficient implementation of this approach under B.C.'s regulatory framework. This work, the Ministry said, will help to protect the Tulsequah River, enable the land to be restored as quickly as possible for the TRTFN's beneficial use and ensure TRTFN rights and laws are incorporated into reclamation planning at Tulsequah.

“We are committed to ensuring the Tulsequah Chief Mine site is cleaned up in accordance with the province’s high environmental standards,” said Josie Osborne, Minister of Energy, Mines and Low Carbon Innovation.
LithiumBank Announces Largest Known Lithium-Brine Resources in North America and Highest Resource Grade in Alberta

NEWSFILE - NEWSFILE - MON JUN 24, 2024



Calgary, Alberta--(Newsfile Corp. - June 24, 2024)

 - LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF) ("LithiumBank'' or the "Company") is pleased to announce the initial National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") lithium-brine mineral resource estimates of 10,078,000 tonnes of inferred Lithium Carbonate Equivalent ("LCE") at a grade of 79.4 mg/L lithium within the Leduc Formation ("Fm") aquifer, and 11,603,000 tonnes inferred LCE at 80.9 mg/L lithium within the Swan Hills Fm aquifer underlying its 100% owned Park Place lithium brine project ("Park Place") located in west-central Alberta. The initial mineral resource estimate assessments were prepared by global technology company SLB (NYSE: SLB) using 3D static modelling mining workflows. These assessments were then used to determine the resource estimates and reviewed and validated by a Qualified Person as defined by National Instrument 43-101 of Canada. The total inferred mineral resource for the Park Place project is 21,681,000 tonnes LCE between the two formations contained within the license boundaries with a combined average grade of 80.2 mg/L lithium. The Company anticipates filing a NI 43-101-compliant technical report in respect of Park Place on SEDAR+ within 45 days of this announcement.

"LithiumBank spent the past five-years consolidating Park Place brine hosted mineral licenses. This work has now culminated in 100% ownership of the largest LCE inferred mineral resource in North America and with the highest recorded lithium grade in Alberta. This is a remarkable achievement for the Company. The Park Place resource puts LithiumBank's collective lithium brine resources inventory for the Company's Alberta projects at 27.78 million tonnes LCE. This presents district scale potential opportunity for Canada to become a major supplier of lithium in North America," commented LithiumBank CEO, Rob Shewchuk. "The Company will now focus on additional brine sample assaying, completing lithium extraction test work, and initiate a Preliminary Economic Assessment ("PEA") for Park Place. We believe this can be expeditiously achieved as we can make use of our knowledge gained from our Boardwalk PEA, effectively dated February 22, 2024, located approximately 50 km to the north, in which the Leduc Formation brine is similar in chemistry, depth of resource, porosity and permeability. Park Place brine will be chemically and metallurgically evaluated at the Company's, exclusively licensed, 10,000 L/day Direct Lithium Extraction ("DLE") pilot plant in Calgary following a bulk brine sampling program in H2 2024."

Highlights:Park Place is the largest known NI 43-101 inferred lithium brine resource estimate in North America.
Highest known reported lithium-in-brine grades used in a NI 43-101 inferred lithium resource estimate in Alberta.
10,078,000 tonnes inferred LCE within the Leduc Fm aquifer at an average of 79.4 mg/L lithium.
11,603,000 tonnes inferred LCE within the Swan Hills Fm aquifer, which underlies the Leduc Formation, at an average of 80.9 mg/L lithium.
Multiple high porosity areas occur that have a combined Leduc & Swan Hills Fm thickness of over 350 metres, and as high as 510 m, to be studied for potential selection of future PEA.
Subsurface reservoir modelling conducted by SLB included data from 420 wells, 104 km2 of 3D seismic data and 262 km of two-dimensional ("2D") seismic data.
Technical work pertaining to mineral resources to be documented in the technical report was performed by SLB, and overseen by Qualified Persons from Matrix Solutions Inc.
The subsurface reservoir model constructed by SLB will assist in planning well networks and locations in future economic and engineering studies such as a PEA; and
Park Place bulk brine sample collection to occur in H2 2024 to be included in the 10,000 L/day continuous direct lithium extraction ("cDLE") pilot plant test work located in the Company's DLE facility in Calgary, Alberta.


Figure 1: Map of the Park Place project showing Area of Interest ("AOI") and lithium brine samples used in the Park Place NI 43-101 resource estimate along with surface infrastructure.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/214147_ce6f8256f4b9fbb1_001full.jpg

The consolidated Park Place project consists of 1,404,558 acres of contiguous Brine Hosted Mineral Licenses ("BHML"). The project is situated between Edson, Fox Creek, and Hinton, approximately 180 km west of Edmonton, and is approximately 50 km to the south of the Company's Boardwalk lithium brine project ("Boardwalk"). This area has seen over 70 years of hydrocarbon extraction resulting in a well-established and well-trained labour force, networks of all-weather gravel roads, drill sites that can be easily accessed from Provincial highways, and electrical transmission lines that run through and adjacent to the project (see Figure 1).

Reservoir Evaluation

The reservoir evaluation was completed by SLB and overseen be Alex Haluszka, M.Sc., P.Geo. of Matrix Solutions Inc., a qualified person ("QP") under NI 43-101.

The Park Place NI 43-101 mineral resource estimate includes inferred mineral resources from both the Leduc and Swan Hills Formations of 21,681,000 tonnes LCE at a weighted average grade of 80.2 mg/L lithium (Table 1). Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The mineral resource estimate work was prepared within a portion of the Park Place Property (81%) that is defined as the area of interest ("AOI") and totals 1,140,115 acres (Figure 1). The Swan Hills Fm directly underlies the Leduc Fm and appear to be in hydraulic communication based on regionally available pressure data. While they may represent a regionally connected aquifer system, the two formations are evaluated separately due to an identifiable difference in lithology and porosity. The Swan Hills Fm is mapped to from 24 to 264 m in thickness within the claims area and the Leduc Fm immediately overlies the Swan Hills Fm, where present, with a maximum thickness of 366 m within the claims area. The maximum observed combined thickness where the two units overlap within the property is 511 m of highly porous reservoir rock occur that would potentially present ideal locations for consideration within a PEA (Figure 2).



Figure 2: A-A' Cross-section through Park Place (as shown in Figure 3) of the effective porosity model for Leduc Fm and Swan Hills Fm.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/214147_ce6f8256f4b9fbb1_002full.jpg

Table 1: Park Place Lithium global in-situ Inferred Mineral Resource Estimations
Reporting parameters Leduc Fm Domain Swan Hills Fm Domain Combined Total
Total Volume (km3)1 501.2 660.5 1,161.7
Pore Volume (km3)2 25.1 28.4 53.5
Average Li Concentration (mg/L) 79.4 80.9 80.23
Average Effective Porosity (%) 5.0 4.3 4.64
Average brine pore space (%) 95 95 95
Total elemental Li resource (tonnes) 1,893,000 2,180,000 4,073,000
Total LCE (tonnes) 10,078,000 11,603,000 21,681,000


1. Total volume of rock and pore space
2. Total volume of effective porosity
3. Calculated using a weighted average (by pore volume) from the average grade of the Leduc and Swan Hills formations
4. Calculated using a weighted average porosity by total formation volume for both Leduc and Swan Hills formations

Note 1: Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will ever be upgraded to a higher category. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
Note 2: The weights are reported in metric tonnes (1,000 kg or 2,204.6 lbs).
Note 3: Tonnage numbers are rounded to the nearest 1,000 unit.
Note 4: In a 'confined' aquifer (as reported herein), effective porosity is an appropriate parameter to use for the resource estimate.
Note 5: The resource estimation was completed and reported using a cut-off of 50 mg/L Li.
Note 6: To describe the resource in terms of industry standard, a conversion factor of 5.323 is used to convert elemental Li to Li2CO3, or Lithium Carbonate Equivalent (LCE).

The NI 43-101 mineral resource three-dimensional model utilized over 1,171 wells that have been drilled into the Devonian aged strata being evaluated. Of the 1,171 wells, 420 have good quality data to make stratigraphic picks within the AOI as shown in Figure 3. The dataset consisted of 196 wells intersecting the top of the Leduc Fm, 300 wells intersecting the top of the Swan Hills Fm, and 236 wells intersecting the bottom of the Swan Hills Fm.

SLB constructed 3D geological and porosity models in Petrel™ subsurface software by using existing well logs and a combination of 3D and 2D seismic data acquired throughout the AOI at Park Place. SLB conducted petrophysical analysis of 118 wells, processed and interpreted 3D and 2D seismic data to correlate between acoustic impedance and porosity. Porosity data was parameterized in a 3D grid by distributing the porosity evaluated from well logs using a variogram derived from 3D and 2D seismic impedance data. Log porosity was verified via direct petrophysical correlations to core porosity measurements. This demonstrated that the petrophysical log-based porosity correlates well with effective core porosity.


Figure 3: Tonnage map of the Park Place indicating A-A' cross-section from figure 2 and wells used for stratigraphic picks.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/214147_ce6f8256f4b9fbb1_003full.jpg

Total in-place formation brine volume was obtained by multiplying the total rock volume of the Leduc and Swan Hills Fm within the AOI using the estimated porosity volume of the 3D grid.

An analysis of available oil and gas reserves information indicates an original hydrocarbon saturation of these reservoirs of approximately 5%. SLB models provided estimated volumes of each formation within the claims area by summing the effective porosity grid blocks overlapping the claims and assuming 95% of the pore space being brine saturated:The Leduc Fm, within the AOI, hosts 23.8 km3 of lithium-rich brine.
The Swan Hills Fm, within the AOI, hosts 26.9 km3 of lithium-rich brine.
Combined total of 50.8 km3 of brine within the AOI at Park Place.

North American Brine Resources



Figure 4: Comparison of LCE brine resources by select companies. With the addition of the Park Place inferred lithium resource, LithiumBank is now the largest known holder of inferred LCE brine resources by a company in North America.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10140/214147_ce6f8256f4b9fbb1_004full.jpg

Inferred Mineral Resource Calculation Process

During 2022 and 2024, LithiumBank obtained permission from two oil and gas companies to collect Leduc and Swan Hills formations brine samples from 2 separate oil and gas wells for the purpose of analytical testing.Three brine samples were collected from a 72-metre-thick vertical interval at the top of the Leduc Fm from well 100/12-03-059-23W5/00 and returned grades ranging between 71.2 – 82.0 mg/L lithium with an overall average of 77.2 mg/L lithium (Figure 1).
Three brine samples were collected from a 2-metre-thick vertical interval at the top of the Swan Hills Fm in well 100/01-23-062-20W5/00 returning grades between 75.5 – 84.9 mg/L lithium with an overall average of 80.1 mg/L lithium.

Samples were analysed at AGAT Laboratories, an ISO 17025:2017 certified lab, in Calgary Alberta. LithiumBank implemented Quality Control and Quality Assurance (QA/QC) protocols for the analysis. Testing of brine samples from the 2 wells included duplicate samples, sample blanks, and laboratory-prepared sample standards. Samples were collected from the well head by BV Labs technicians (Leduc samples) and AGAT Lab technicians (Swan Hills samples) and couriered to AGAT Laboratories for analysis in Calgary.

The LithiumBank brine sampling and analytical programs showed the Leduc and Swan Hills Formation aquifers underlying the Park Place Property contain elevated concentrations of lithium and the sampling program validated the post-2010s minerals industry exploration Li-brine results, with the exception of the historical Li-brine data compiled by the Government of Alberta ("GoA"). Hence, a total of 40 LithiumBank-derived and historical brine samples were used to determine the grade for the inferred mineral resource estimations (7 brine analyses from the Leduc Fm and 33 brine analyses from the Swan Hills Fm). Furthermore, Roy Eccles, a QP under NI 43-101 was involved in the historical minerals industry Li-brine sample collection campaigns and can therefore validate the collection, chain-of-custody, and analytical procedures that were used to determine select historical lithium-brine values. The QP was not able to validate the GoA data for use in the resource modelling and estimation process.

The QP assessed both within-property and adjacent property Li-brine data using historical mineral industry- and LithiumBank-derived Li-brine values. In the QPs opinion average Li-brine concentrations of 79.4 mg/L Li and 80.9 mg/L Li should be used to estimate the Li-brine mineral resources for the Leduc and Swan Hills aquifers, respectively, underlying the Park Place property. Additional brine sampling and assay testing is required at Park Place to provide additional confidence to the distribution of lithium within the Leduc Fm and Swan Hills Fm aquifers.

Resource Estimate Calculation

The NI 43-101 mineral resource estimates were calculated as a global in-situ resource within the Leduc and underlying Swan Hills formations. The Park Place Li-brine resource estimate is classified as an inferred mineral resource in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum definition standards and best practice guidelines (2014, 2019) and the disclosure rule NI 43-101 as adopted by the Canadian Securities Administrators.

Combined, the Leduc and Swan Hills Fm aquifers consist of a total of 1,161.7 cubic kilometres (Leduc Fm = 501.2 km3 and Swan Hills 660.5 km3). Within the aquifers, the Leduc Fm hosts 23.8 km3 of brine with a lithium concentration of 79.4 mg/L and the Swan Hills Fm hosts 26.9 km3 of brine with a lithium concentration of 80.9 mg/L. Total elemental lithium in the Leduc Fm is 1,893,000 tonnes and 2,180,000 million tonnes in the Swan Hills Fm. To determine the amount of elemental lithium the following formula was used:

RLi = A x T x P x C

With RLi = lithium resources of selected reservoir(kg), A = surface area (km2), T = thickness (m), P = effective porosity (expressed between 0 and 1), C = average concentration (mg/l).

Multiplying the elemental lithium by a factor of 5.323 determines the LCE quantities that are stated to be 9,643,000 tonnes inferred LCE in the Leduc Fm and 11,372,000 tonnes inferred LCE in the Swan Hills Fm. The combined inferred lithium-brine resource estimate of both the Leduc and Swan Hills Formations is 21,681,000 tonnes LCE with a weighted average lithium grade of 80.2 mg/L. Figure 3 illustrates the combined (Leduc and Swan Hills Fm) tonnage map of the AOI with hotter colours indicating areas of higher combined tonnage.

An evaluation of permeability of the reservoir was completed in addition to the reservoir pore volume. The QP for reservoir evaluation believes there is sufficient permeability and pressure within the reservoir that brine production wells can be completed to deliver brine to surface for consideration in future economic assessment scoping studies

Lithium Extraction Evaluation

The evaluation of the suitability of applying DLE as a mineral processing technology for Park Place has been overseen by Maurice Shevalier, P.Chem, of Matrix Solutions Inc., QP as defined in NI 43-101.

LithiumBank has yet to conduct mineral processing test work on brine from Park Place; however, brine characteristics of the Leduc Fm and the Swan Hills Fm at Park Place are similar enough to the brine at Boardwalk to safely assume the DLE technology used to extract lithium from the brine will be successful at Park Place. The Company is expected to conduct a bulk brine sampling program from both the Leduc and Swan Hills formations in H2 2024. Park Place will benefit from an existing, exclusive licensing agreement with G2L Greenview Resources Ltd. ("G2L") and piloting with their cDLE® Ion Exchange ("IX") technology. The G2L IX technology is unique in that it is designed to work at high flow rates while maintaining a very high recovery of lithium (98%) and achieving a high purity (70%) lithium eluate, as reported in the Boardwalk PEA dated effective February 22, 2024. The Boardwalk PEA demonstrates that lower cost and readily available reagents such as quick lime (CaO) and sulphuric acid (H2SO4) can produce a high purity lithium sulphate eluate and lowering the cost of downstream processing of an LHM.

The scientific and technical information relating to the Park Place mineral resources presented in this news release has been reviewed and approved by Mr. Alex Haluszka P. Geol. of Matrix Solutions Inc. Mr. Alex Haluszka is independent of LithiumBank and the Park Place property, and a Qualified Person as defined by NI 43-101.

The scientific and technical information relating to the Park Place mineral resources, related to the potential of lithium extraction, presented in this news release has been reviewed and approved by Mr. Maurice Shevalier, P.Chem, of Matrix Solutions Inc. Mr. Maurice Shevalier, P.Chem, is independent of LithiumBank and the Park Place property, and a Qualified Person as defined by NI 43-101.

The scientific and technical information relating to the brine sampling and lithium grade validation for the Park Place mineral resources presented in this news release has been reviewed and approved by Mr. Roy Eccles P. Geol. of APEX Geoscience Ltd. Mr. Eccles is independent of LithiumBank and the Park Place Property, and a Qualified Person as defined by NI 43-101.

Risks and Uncertainties

There is no guarantee that a company can successfully extract lithium from Alberta's Devonian petroleum system in a commercial capacity. Initial mineral processing bench-scale and/or demonstration pilot test work may not translate to a full-scale commercial operation.

LithiumBank has been dependent on petro-companies to access brine for chemical analysis. In the absence of not owning their own wells, LithiumBank must work with petro-companies to obtain small and bulk brine samples to build on its current data set. The Company is currently negotiating to selectively acquire existing wells within the AOI, similar to what the Company has done at Boardwalk (news release, May 16, 2024) to allow for additional brine sampling.

The information used to quantify the reservoir effective porosity was historical information collected through petroleum exploration in the study area. Therefore, there is an implicit bias in this dataset towards portions of the reservoir that are hydrocarbon saturated. Although the QP believes the reservoir properties are sufficiently representative of the bulk formation, this will need to be confirmed through continued exploration and data collection. The existing measurements come from a combination of secondary physical properties (geophysics) and core analysis that were upscaled to the bulk reservoir volume. The bulk reservoir properties have not yet been confirmed through targeted exploration drilling and pumping tests from the brine resource interval. Furthermore, DLE technologies have not been tested directly as an extraction technique for the Park Place brines. At the current time, DLE applicability has been inferred from testing activities completed at LithiumBank's other properties.

About LithiumBank Resources Corp.

LithiumBank Resources Corp. (TSXV: LBNK) (OTCQX: LBNKF), is a publicly traded lithium company that is focused on developing its two flagship projects, Boardwalk and Park Place, in Western Canada. The Company holds 2,130,470 acres of brown-field lithium brine licenses, across three (3) districts in Alberta and Saskatchewan. The Company has licensed a DLE technology from Go2Lithium.

About G2L Greenview Resources Inc. (Go2Lithium)

G2L Greenview Resources Inc is a 100% owned subsidiary of Go2Lithium Inc. Go2Lithium Inc. was formed in early 2023 as a 50/50 joint venture between Computational Geosciences Inc (CGI), a subsidiary of the Robert Friedland-chaired Ivanhoe Electric Inc. (NYSE: IE) and Clean TeQ Water (ASX: CNQ). Please see Clean TeQ's website (www.cleanteqwater.com) for additional information on their suite of water treatment and metal extraction technologies.