Artemis Gold’s Blackwater mine at final commissioning stage
Artemis now expects to feed first ore to the ball mill in the next few weeks and continues to target first gold pour before year end.
Contemporary Amperex Technology (CATL) is planning to increase its investment in Neo Lithium (TSXV: NLC) and maintain an 8% equity interest in the lithium miner following Neo’s recently announced C$30.19 million financing.
On Tuesday, the Chinese battery maker provided notice to Neo Lithium of its intention to subscribe, on a non-brokered private placement basis, for 860,870 common shares of the company at a price of C$3.05 per share for aggregate gross proceeds of C$2.62 million.
Under an investor rights agreement between the parties, CATL holds a participation right to maintain its pro rata percentage holding in the company. This right was triggered as a result of the bought deal private placement of special warrants arranged by Neo Lithium last month.
Net proceeds from CATL’s investment will be used to fund development work at the 3Q lithium project in Catamarca, Argentina
Net proceeds from CATL’s investment will be used to fund development work at the 3Q lithium project in Catamarca, Argentina. The 3Q project is one of the largest brine deposits in the world in terms of both size and grade, containing an estimated 1.3Mt LCE (lithium carbonate equivalent) in proven and probable reserves.
In March 2020, Neo announced the production of battery-grade lithium carbonate using concentrate extracted from the 3Q project at its pilot plant in Fiambalá.
Shares of Neo Lithium advanced 0.9% to C$3.26 by midday Tuesday on the TSX Venture Exchange. The company’s market capitalization is C$417.5 million.
Broker Canaccord Genuity recently hiked its price target on Neo Lithium to C$4.20 from C$3.40, following news that the company has improved the purity of the battery-grade lithium carbonate produced at its pilot plant.
