Lithium is in Demand as Popularity of Electric Vehicles Grows

Lithium is in Demand as Popularity of Electric Vehicles Grows

PR Newswire

NEW YORK, Jan. 7, 2022

NEW YORK, Jan. 7, 2022 /PRNewswire/ -- News Commentary

The lithium market has witnessed high demand in recent years thanks to the increasing popularity of electric vehicles (EVs). Lithium proved to be an essential mineral for the electrification of vehicles as LiOH, a white hygroscopic crystalline material and an inorganic compound, is mostly used by lithium-ion battery manufacturers. Nowadays, many car manufacturers are venturing into battery manufacturing, like BMW Group for example, which has signed an agreement with Ganfeng Lithium, a lithium extracting company in China, for supplying LiOH for battery cells owing to the rising penetration of EVs. As a result, the global lithium market size was valued at USD 2.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 14.8% from 2021 to 2028, according to data provided by Grand View Research. Far Resources Ltd. (CSE: FAT) (OTC: FRRSF), Snow Lake Resources Ltd. (NASDAQ: LITM), Kandi Technologies Group, Inc. (NASDAQ: KNDI), Lordstown Motors Corp. (NASDAQ: RIDE), Aqua Metals, Inc. (NASDAQ: AQMS)

Geographically, the Asia Pacific region dominated the market as it held the largest volume share of 56.3% in 2020 owing to the rapidly developing automotive, glass, and consumer goods industries in countries such as China, Japan, South Korea, and India. However, the U.S. has major significance in battery production after China, which makes it one of the key lithium-consuming countries in the world. Last year, the bureau of land management approved the Thacker Pass Mine proposed by Lithium Nevada Corporation. The mine is believed to serve as the largest source of lithium supply in the U.S. and is expected to be able to produce about 60 kilotons of battery-grade lithium carbonate by 2026.

Far Resources Ltd. (CSE: FAT) (OTC: FRRSF) now Foremost Lithium Resource & Technology, announced yesterday breaking news that, "it has received a permit from the Province of Manitoba to extract a bulk sample from its Zoro Lithium Project located in the historic mining district of Snow Lake, Manitoba.

Foremost Lithium plans to extract a 500-kilogram bulk sample of spodumene-bearing pegmatite from Dyke 1 on its Zoro Lithium Project. The bulk sample will be shipped to a reputable third party for metallurgical testing and process development. A 2020 peer reviewed technical publication co-authored with SGS Mineral Services concluded that spodumene-bearing pegmatite from Zoro Dyke 1 can be processed using industry standard metallurgy to produce a 6% battery-grade lithium (Li2O) concentrate.i The goal for the upcoming 500 kg bulk sample is to demonstrate that pegmatite from the Company's Zoro Lithium Project is suitable to produce battery-grade lithium hydroxide (LiOH) thereby making it viable to market its lithium to strategic partners prior to development.

Scott Taylor, President and CEO of Foremost Lithium states 'In addition to the Zoro Lithium Project, recently collected samples from our Jean Lake Lithium Project returned high-grade assays of 3.89% to 5.17% Li2O%. Given the similarity in mineralogy of the Beryl pegmatite to Dyke 1 on the Zoro property, the potential to produce battery-grade lithium hydroxide from the Beryl pegmatite is a distinct possibility. As such, the extraction of a bulk sample at the Beryl pegmatite for purposes of third-party metallurgy is currently being planned. This is the first step in our journey and commitment to shareholders to deliver a secure domestic supply of battery-grade lithium hydroxide.'

About Foremost Lithium: Foremost Lithium is an energy tech company driven to being one of the first North American Companies committed to produce high quality battery-grade lithium hydroxide domestically to fuel the electric vehicle battery market. Given the importance and global focus on increasing energy decarbonization, especially when it comes to vehicles, The Company is hyper-focused in continued exploration and growth on its three lithium properties, Jean Lake and Zoro located in Snow Lake, Manitoba, and Hidden Lake in the Northwest Territories. Foremost Lithium also holds assets in precious commodities with its Winston Gold/Silver Project in New Mexico, USA."

Snow Lake Resources Ltd. (NASDAQ: LITM), d/b/a Snow Lake Lithium Ltd. announced on December 20th, 2021, an update to it's stakeholders on it's progress toward commercial lithium production.  Snow Lake has entered into a contractual agreement with SGS Natural Resources in Lakefield, ON to perform the necessary metallurgical testing required for the preliminary economic assessment, or PEA, and for the subsequent pre-feasibility study, or PFS.  CEO of Snow Lake Lithium, Philip Gross, commented "We are currently running to achieve full scale production and seeking to quantify all unknown variables. The SGS metallurgical studies will provide the critical data needed to complete our PEA, initiate a PFS and confirm our trajectory to becoming the first B Corp fully renewable, carbon neutral North American hydroxide producer to the EV industry."

Kandi Technologies Group, Inc. (NASDAQ: KNDI) announced on December 28th, 2021 that its wholly owned subsidiary Jiangxi Province Huiyi New Energy Co. Ltd ("Huiyi") entered mass production of its lithium iron phosphate ("LFP") battery IFR18650-2200mAh, one of the most advanced on the global market.  "We are delighted by Huiyi's technical breakthrough and production achievement," said Mr. Hu Xiaoming, Chairman and Chief Executive Officer of Kandi, "As technology-leading LFP batteries move into the market, we believe Kandi and Huiyi can harness synergies based on our complementary strengths in R&D and target markets. We are confident that Kandi can strengthen its market position in the supply chains of various electric vehicles as we integrate Huiyi into our operations."

Lordstown Motors Corp. (NASDAQ: RIDE) and Hon Hai Technology Group ("Foxconn") (TWSE: 2317), one of the largest electronics manufacturers in the world, announced on November 20th, 2021 that they have entered into a definitive Asset Purchase Agreement regarding LMC's facility in Lordstown, Ohio.  Young Liu, Chairman of Hon Hai Technology Group, commented "This partnership marks the commencement of integrating our resources with Lordstown Motors to develop Ohio into Hon Hai's most important electric vehicle manufacturing and R&D hub in North America. As we look to inject Hon Hai's software and hardware capabilities in the information and communications industry with the wealth of automotive experience that resides in this town and our partners, we will be able to provide customers with more real-time and efficient Electric vehicle products."

Aqua Metals, Inc. (NASDAQ: AQMS) announced on January 3rd, 2022 that it has commenced Aqualyzer equipment shipments to ACME Metal, the world's first licensed AquaRefining facility.  "Aqua Metals is proud of our progress with the commercial rollout of our 3rd generation AquaRefining solution for lead recycling. Our team and the ACME team have worked tirelessly to drive this project forward to create a truly innovative showcase of the first AquaRefining operation in the APAC region," said Steve Cotton, President and CEO of Aqua Metals. "Our sales pipeline continues to mature, and we look forward to announcing further momentum on our efforts as we expand our markets. We are also expediting our development of AquaRefining for lithium-ion batteries so that this rapidly growing industry can utilize the clean, low emissions, low waste, and safe working environmental advantages of our innovative technology. A clean recycling process for the coming tsunami of lithium-ion batteries will enable the industry to recover the critical minerals in these batteries while making a direct, positive impact on confronting global climate change."

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