The project will produce lithium carbonate equivalent (LCE) for the battery market over a 23-year period.

The results from about 8,730 metres across 52 drill holes were part of Graphite One’s largest exploration program in the company’s history at the Graphite Creek project.

CME's lithium hydroxide contract is cash-settled, therefore easy to use as hedgers do not need to worry about taking delivery of unsuitable grades.

Junior producers have been particularly hard hit.

An environmental impact study will be filed for an exploration program to be completed on Block IV during the year.

The Western Australia-based junior entered the ASX on the right foot, having raised A$15 million ($10m) on a heavily oversubscribed IPO.

A critical review of current developments in the global lithium industry and key takeaways by Chris Williams, Analyst at Adamas Intelligence.