Noram Lithium Corp.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

Noram Lithium is a Canadian based junior exploration and development company focused on advancing its 100-per-cent-owned high-grade Zeus Lithium Project to production in Clayton Valley, Nevada, an emerging lithium hub within the United States. The Company has a recently updated resource estimate (January 2023) and completed a Preliminary Economic Assessment (PEA) in December 2021.

With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well financed with approximately $14-million in cash on Dec. 31, 2022, and no debt.

FLAGSHIP PROJECT

Zeus Lithium Project, Nevada

• Next to extensive infrastructure including power and paved road access.
• Strategically located adjacent to the only other U.S. Lithium producer – Albemarle Silver Peak. Lithium brine producer for >60 years.
• 100%-owned 2,800 acres with 146 placer claims and 136 lode claims.
• Large-scale deposit situated at surface with minimum to nil overburden – suitable for conventional mining methods.
• 82 drill holes (4,942 meters) completed with most holes ending in mineralization.
• Preliminary metallurgical tests completed – achieved up to 90% lithium recovery.
• Zeus PEA (After-Tax): US$2.7 Billion NPV (8%), 52% IRR, CAPEX US$528M, 40 Year Life of Mine (LOM)
• In December 2021, a robust PEA indicated the Project could produce an annual average of 31,900 tonnes of Lithium Carbonate for supply to battery manufacturers with a modelled mine life of 40 years (resources support a +100 year mine life).
• The PEA outlined a US$528 million capital cost to construct the Project.
• The PEA indicates an after-tax NPV (8%) of US$2.7 billion and an IRR of 52% at US$14,250/tonne LCE pricing. Note that the current daily prices have increased to over US$70,000/tonne LCE.
• Fourth Largest Resource in North America
• The Zeus Lithium Project contains a updated NI 43-101 Measured and Indicated Resource estimate of 5.2 million tonne (“Mt”) Lithium Carbonate Equivalent (“LCE”, 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) at a 400 ppm Li cut-off. (See News Release dated January 30, 2023)
• Process Design: Simplified Flowsheet
1. Feed Preparation/Beneficiation
2. Leaching, Neutralization and Filtration
3. Purification

High Grade Core:

• Opportunity to optimize mine plan with high-grade core of deposit
• Potential for low-strip high grade pit with 15-20 years mine-life
• 1,200 ppm Li cut-off grade:
• Measured and Indicated 1.2 Mt LCE (169 Mt at 1,326 ppm Li)
• 40% higher grade than 400 ppm cut-off Measured and Indicated estimate
• >27 years of resource at higher cut-off grades
• Currently being evaluated at scoping study level

Catalysts in 2023 – Aggressively De-risking Zeus

• Complete updated resource estimate
• Strengthen technical team
• Optimize mine plan with high-grade core starter pit
• Continue metallurgical testing to finalize flowsheet
• Finalize water balance and supply
• Appoint engineering firm to finalize Prefeasibility Study
• Advance social, environmental and green initiatives

Investment Highlights

Zeus Lithium Project

• Strategically located in Nevada
• Large resource supporting over 100 years of lithium production in the USA
• US$2.67B NPV(8%) at US$14,250/t LCE price
• Modest capital cost US$528M
• High margin project

Well funded through next development stages

• Cash and cash equivalents of C$14 million
• Tight capital structure with strategic investor
• Fully funded for 2023 de-risking program

Undervalued compared to peer group

• Management and insiders own 12% – aligned with shareholders
• Key de-risking events on the horizon
• Re-rate to peer average provides significant upside
• Excellent leverage to a rising lithium price

Management Team and Board

• Experience in engineering, geology, and capital markets

Management

Management and Directors

Sandy MacDougall, Chairman & Founder

Mr. MacDougall is an Economics graduate of the University of British Columbia has over 30 years of experience in the investment banking and finance industry. He was a former investment advisor at Canaccord Capital Corp. and was involved in numerous significant financings in Canada and abroad for a wide range of companies. His experience includes extensive exposure to precious and base metal projects throughout North and South America.

Greg McCunn, P.Eng., MBA, Chief Executive Officer

Mr. McCunn brings thirty years of extensive experience in mining in both the base metal and precious metal industries. Mr. McCunn has led multiple junior mining companies from the exploration stage through the transition to project development, permitting, financing, construction and into operations. He has extensive experience in hydrometallurgical processing and flowsheet design and spent several years in Western Australia managing a leaching and purification operation producing nickel and cobalt from clay laterites.

Anita Algie, Chief Financial Officer and Director

Ms. Algie has over 17 years of experience in management, listings, compliance, corporate structure and development for exploration and resource-based public companies. She is the former President, CEO and Director of American Lithium Corp. and First Cobalt Corp.

Brad Peek, CPG, Vice President Exploration

Mr. Peek has more than 40 years of experience in project management, mineral exploration and in computer applications in the mineral exploration and mining. He has eleven years’ experience with a water engineering consultant firm.

Arthur Brown, Independent Director

Mr. Brown has 36 years of business experience. He has served on the boards of eight other companies in sectors ranging from technology to oil & gas and mineral exploration.

Cyrus Driver, CA, Independent Director

Mr. Driver was founding partner in the firm of Driver Anderson and a retired partner in the firm of Davidson and Company LLP. He currently serves as director and/or CFO of several TSX-V listed companies.

Adam Falkoff, Independent Director

Mr. Falkoff has over 20 years of experience in public policy, international relations, and business development.

Dr. Marcus Tomlinson, Metallurgical Consultant

Dr. Tomlinson has over 30 years’ experience in metallurgical process development, engineering, and operations support.

Dr. Vahid Sohrabi, Hydrogeological Consultant

Dr. Sohrabi is a Senior Hydrogeologist/Geochemist at Ecoventure and has more than 19 years of experience in the field of environmental services in Canada and internationally.

News Update

於2024年3月20日，Noram Lithium Corp.於3月18日在卑斯省溫哥華舉行的2024年度股東大會和特別會議上提出的所有議案均獲得通過。

在年度股東大會上，以下人士再次被選為公司董事：Anita Algie、Sandy MacDougall、Arthur Brown、Cyrus Driver 和 Adam Falkoff。 該公司新的綜合計劃獲得批准，特許專業會計師 Dale Matheson Carr-Hilton Labonte 也被重新任命為公司截至 2025 年 1 月 31 日財年的審計師。

On January 25, 2024, Noram Lithium Corp. has provided a second update from its phase VII drilling program under way at is 100-per-cent-owned Zeus lithium project, located in Clayton Valley, Nevada.

In November, 2023, the company announced a 10-hole drill program at Zeus, which was designed to test for the presence of a second high-grade layer, increase the drill density in the high-grade core of the deposit, and complete stepout drilling to the southeast and northwest to validate the geological model (see news release dated Nov. 21, 2023).

Assay results from three further holes, CVZ-087, CVZ-088 and CVZ-089, have been received and are reported herein. These holes were designed to test for the presence of a second high-grade layer as well as increase the drill density in the high-grade core of the deposit. All three holes intersected wide bands of favourable claystone and mudstones. Highlights from the assay results from the three holes are as follows. Highlights:

• CVZ-087:
• 66.3 metres at 1,153 parts per million lithium from 18.0 metres to 84.3 metres;
• Including 6.8 metres at 1,783 parts per million lithium from 36.3 metres to 43.1 metres;
• CVZ-088:
• 64.6 metres at 1,080 parts per million lithium from zero metres to 64.6 metres;
• Including 3.3 metres at 1,705 parts per million lithium from 4.0 metres to 7.3 metres;
• And 11.0 metres at 1,330 parts per million lithium from 12.0 metres to 23.0 metres;
• CVZ-089:
• 55.4 metres at 1,074 parts per million lithium from 8.5 metres to 63.9 metres;
• Including 2.9 metres at 1,302 parts per million lithium from 22.2 metres to 25.1 metres;
• Deeper drilling in the high-grade core of the deposit has extended the high-grade mineralization, concentrated in the black, sulphidic clay layer below previous drilling depth.

"The second set of results from the phase VII drill program further proves our geological thesis for the Zeus deposit," stated Greg McCunn, chief executive officer of Noram. "The extension of the high-grade mineralization in areas where there was previously only shallow drilling is expected to add further high grade to our mineral resource estimate and mine plan."

On January 16, 2024, Noram Lithium Corp. is providing an update on its phase VII drilling program under way at its 100-per-cent-owned Zeus lithium project, located in Clayton Valley, Nevada.

In November, 2023, the company announced a 10-hole drill program at Zeus (phase VII) which was designed to test for the presence of a second high-grade layer, increase the drill density in the high-grade core of the deposit, and complete stepout drilling to the southeast and northwest to validate the geological model (see news release dated Nov. 21, 2023).

Assay results from the first two holes of the program are reported in this release. Holes CVZ-082 and CVZ-083 were stepout holes designed to test for extension of the existing mineralized zone to the north-west. Both holes intersected wide bands of favourable claystone and mudstones (see news releases dated Nov. 29 and Dec. 6, 2023). Highlights from the assay results from the two holes are as follows:

Highlights:

• CVZ-082:
• 47.7 metres at 1,108 parts per million lithium from 4.3 metres to 52 metres, including:
• 5.7 metres at 1,454 ppm Li from 24.1 metres to 29.8 metres.
• CVZ-083:
• 85.1 metres at 966 ppm Li from 4.1 metres to 89.2 metres, including:
• 5.5 metres at 1,377 ppm Li from 36.9 metres to 42.4 metres;
• 2.4 metres at 1,471 ppm Li from 48.5 metres to 50.9 metres;
• 6.1 metres at 1,409 ppm Li from 57 metres to 63.1 metres.
• Stepout drilling to the northwest has validated the geological model and expanded upon the known high-grade core of the deposit.

"The first results from the phase VII drill program are encouraging and prove our geological thesis for the Zeus deposit," stated Greg McCunn, chief executive officer of Noram. "The stepout holes are approximately two kilometres west of the high-grade core of the deposit. The results show resource-grade lithium clay mineralization starting from surface and extending down 50 to 100 metres. Within this material, there are high-grade layers from two to six metres thick at grades more than 50 per cent higher than the average mineral resource grade. With these two additional drill holes in this area, we are expecting to be able to expand our high-grade resources."

On January 09, 2024, Noram Lithium Corp.'s founder and executive chairman, Sandy MacDougall, will be taking a medical leave of absence, effective immediately. Mr. MacDougall is expecting to return to the executive chairman role on or about April 1, 2024.

The board of directors has appointed independent director Cyrus Driver as interim chair until Mr. MacDougall returns.

On December 20, 2023, Noram Lithium Corp. has completed core hole CVZ-87, the fourth hole in its 10-hole phase VII drilling program on its 100-per-cent-owned Zeus project in Clayton Valley, Nevada, United States. The hole was an infill hole to more precisely define the previously announced mineral resource. This hole, along with others in this round of drilling, is expected to upgrade some of the inferred resource to indicated and some of the indicated resource to the measured categories in the core of the main deposit.

CVZ-87 was completed at a depth of 568 feet (173.13 metres). The core has been cleaned, logged, photographed and is in the process of being sampled for assay by the crew with the independent consulting group Big Rock Exploration of Duluth, Minn., U.S. Sampling of the core using an industry-standard quality assurance/quality control protocol is under way. Samples are to be delivered to ALS Laboratories in Reno, Nev., for assaying. Assay results are pending.

On December 13, 2023, Noram Lithium Corp. has completed the third hole of its 10-hole drilling program on the Zeus property in Clayton Valley, Nevada, United States. The core hole was bottomed at 1008 feet (307.2m), making it the deepest hole thus far drilled on the property. The Phase VII program was designed to drill deeper and test the possibility of a deep high-grade lithium lens below the previously defined Zeus resource which has been postulated from previous drilling and would have a significant impact on the Prefeasibility Study.

"The completion of this hole at depth was an important step for Noram. It allowed us to confirm and better understand the geology of the area. With each program, we have been able to build a more comprehensive model and validate our interpretations. This is crucial in truly understanding the size and extent of the resource as well as its commercial value" stated Sandy MacDougall, Executive Chairman and Director.

On December 06, 2023, Noram Ventures Inc. has completed the second hole of its 10-hole drill program, referred to as CVZ-83. CVZ-83 was drilled to a depth of 770 feet (234.7 metres). It is the deepest hole ever drilled on Noram's wholly owned Zeus project in Clayton Valley, Nevada, United States. The core has been cleaned, logged and photographed and is in the process of being sampled for assay by the crew with the independent consulting group Big Rock Exploration of Duluth, Minn., U.S. The hole was drilled approximately 860 feet (265 metres) north of CVZ-82, reported in Noram's most recent news release.

After passing through 13.5 feet (4.11 m) of unconsolidated surface gravel, the hole encountered the green tuffaceous mudstones and volcanic rocks logged in previous drill holes. These rocks extend to the bottom of the hole, a thickness of 756.5 feet (230.6 m). From previous drilling, it is believed that the tuffaceous mudstones and volcanics are highly prospective for the high-grade lithium values that have become the norm for the Zeus deposit. If this is proven to be true from the pending assays, it will increase the deposit to the northwest from its previously defined extent.

With the completion of CVZ-83, the drill has moved to CVZ-84 and drilling is in progress. Sampling of the core using an industry-standard quality assurance/quality control protocol is under way. Samples are to be delivered to ALS Laboratories in Reno, Nev., for assaying. Assay results are pending.

"This is extremely exciting news for Noram. Not only are we expanding the size and extent of the resource in the northwest quadrant, but we are also validating our theory about this deposit at depth by drilling some of these much deeper holes. All of which has major implications on a successful PFS," commented Sandy MacDougall, executive chairman and director.

On November 29, 2023, Noram Lithium Corp. has completed the first of its 10-hole drill program, referred to as CVZ-82. CVZ-82 was drilled to a depth of 555ft (169.2m), with an intersection of approximately 338.5 ft (103.2m) of favourable claystones and volcanics. This program is designed to:

• Better define the high-grade core of the currently known lithium clay deposit.
• Test the southwest extension of the high-grade zone.
• Test whether there exists a second, deeper lithium clay deposit beneath the currently known deposit.
• Further define the structures and bedding angle of the sediments in the projected northwest pit area.
• Test the mineralization depth and potential location of a possible mineralizing structure on the southeast side of the deposit.Obtain geotechnical information.

On November 21, 2023, Noram Lithium Corp. has received final permits from Nevada's Bureau of Land Management for a 10-hole infill resource development program focused on testing for the presence of a second high-grade layer, increasing the drill density in the high-grade core of the deposit and complete stepout drilling to the southeast and northwest to validate the geological model.

"The company has engaged Titan Drilling Ltd. of Elko, Nev., who does exceptional work and is familiar with the project as they have worked with us on the Zeus property previously. Drilling has commenced at CVZ-82, and we expect to update shareholders in the forthcoming weeks with information as it comes it. We are incredibly fortunate to possess the kind of project. After six prior very successful programs, Noram has consistently been able to visually identify high-grade zones of mineralization as the core is being removed and subsequently confirm with assay results. Based on coloration, we know whether we are headed in the right direction. This is one incredible advantage of a project like this one," stated Sandy MacDougall, executive chairman and director. "We are expecting some very exciting updates in the near future as we are just beginning to understand the size and extent of this resource."

On November 14, 2023, Noram Lithium Corp. has provided an update on its 100-per-cent-owned Zeus lithium project, located in Clayton Valley, Nevada.

The Company recently completed a third phase of metallurgical testing on Zeus drill core at Kemetco Research Inc. in Richmond, BC Canada and confirmed the metallurgical processing flow sheet for the Project (see news release dated September 13, 2023). During the final phases of the test work program, high purity lithium carbonate was produced from solution generated by large laboratory scale batch leach tests (Figure 1).

"The Phase III metallurgical test work program at Kemetco and associated modelling and design work has been a tremendous success" stated Greg McCunn, CEO of Noram. "The production of a high purity product from the solution generated during larger scale batch leach tests is the final confirmation that we have a process that can successfully be implemented to produce battery grade lithium carbonate for the electric vehicle industry in the United States."

The purity of the lithium carbonate produced was 99.2%. The main impurities remaining in the lithium carbonate were small traces of sodium and potassium sulphate. In the industrial scale process, the lithium carbonate will be subjected to bicarbonation, where the lithium carbonate is redissolved with carbon dioxide. This process allows for a more thorough removal of sodium and potassium than can be achieved on a laboratory sample. Based on these encouraging results, there is a high level of confidence that battery grade lithium carbonate (+99.5%) can be achieved at a commercial scale at Zeus.

On November 07, 2023, Noram Lithium Corp. is providing an update on its 100-per-cent-owned Zeus lithium project, located in Clayton Valley, Nevada.

The company recently completed a geological review of the project using geological consultants from Big Rock Exploration (BRE -- see news release dated Oct. 30, 2023). During September and October, a number of important tasks were completed by BRE, including regional-scale and district-scale geological mapping and reviewing drill core from holes within the high-grade core area.

The results of the work highlighted the potential for multiple high-grade layers below the known high-grade layer which outcrops at surface and is the focus of the current mine planning for the project. The geological theory for the formation of the Zeus deposit is analogous to the model developed for Lithium America's Thacker Pass project.

"We are very excited to be working with Big Rock Exploration," stated Sandy MacDougall, executive chairman of Noram. "The project area boasts enormous potential in the lithium space. BRE will be overseeing the next program as we drill to validate our theory that a second notable high-grade layer exists below the existing one that has been well defined, the significance of which is immense for Noram and their shareholders. The drill program will be fully funded from our existing cash balance of $8.9-million."

On October 30, 2023, Noram Lithium Corp. has provided an update on its 100-per-cent-owned Zeus lithium project, located in Clayton Valley, Nevada.

In parallel to the current technical de-risking work that has been ongoing at Zeus, including optimizing the mine plan and improving the process design, the Company has been conducting a major geological review of the Project; including creating an updated geological model based on surface mapping and core re-logging.

"This review was an absolutely critical step in progressing towards our PFS. Throughout this process, we kept coming back to the significant number of drill holes that ended in high-grade mineralization. It started to form an obvious trend and begged the question - what if there was a major second layer of high-grade mineralization below the first layer? This discovery would make an enormous impact on the Company, shareholder value and the production of a PFS" stated Sandy MacDougall, Executive Chairman and Director. "Noram continues to maintain a very healthy treasury and is taking the necessary steps forward to drill this extremely exciting prospect, in order to incorporate this into the forthcoming PFS."

On October 18, 2023, Noram Lithium Corp. has engaged Clarkham Capital Ltd. to assist with communications and marketing to the European investment community. Services will include preparation of articles, co-ordination of coverage with financial news platforms, and translation and distribution of news releases.

On September 06, 2023, Noram Lithium Corp. is providing an update on its 100-per-cent-owned Zeus lithium project, located in Clayton Valley in Nevada.

In mid-March, the Company produced an updated Mineral Resource Estimate (MRE) for Zeus which outlined a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off1. Following the updated MRE, the Company initiated several Project de-risking initiatives, including engaging an independent consultant to optimize the Zeus mine plan, focusing on the high-grade core of the deposit. Highlights of the mine plan optimization analysis work completed to-date:

This analysis was derived from the existing MRE using a variable cut-off grade stockpiling strategy. Preliminary results of the work are as follows:

• Higher-grade material ("HGO") for direct feed to processing: 39 Mt at 1,450 ppm Li
• Higher-grade material stockpiled for processing after HGO: 22 Mt at 1,360 ppm Li
• Medium-grade material stockpiled for processing after HGO: 7 Mt at 1,120 ppm Li
• Lower-grade material stockpiled for potential processing: 37 Mt at 850 ppm Li
• Waste material: 38 Mt
• Implied strip ratio of 0.36 (waste:material for processing)
• Contained LCE of 668,000t, approximately 11% of the overall mineral resources
• 19-years of operations processing high/medium-grade material plus a potential additional mine life of 11 years processing low-grade stockpile, at a nominal processing rate of 3.5 Mt/year

On July 31, 2023, Noram Lithium Corp. has provided a corporate update and an update on its 100-per-cent-owned Zeus lithium project located in Clayton Valley, Nevada. Zeus lithium project update:

In mid-March, the company produced an updated mineral resource estimate (MRE) for Zeus, which outlined a measured and indicated resource estimate of 5.2 million tonnes (Mt) lithium carbonate equivalent (LCE) (1,034,000 tonnes at 941 parts per million (ppm) lithium (Li)), and an additional inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off. Following the updated MRE, the company initiated a number of project derisking initiatives:

• Engaged SRK Consulting to optimize the Zeus mine plan, focusing on the high-grade core of the Zeus deposit;
• Initiated a further round of metallurgical test work to confirm and refine the proposed flowsheet for the project, which is based on known technology to produce high-purity lithium carbonate from Zeus mineralized material; and
• Engaged Ausenco to complete a prefeasibility for the project.

On June 01, 2023, Noram Lithium Corp. has engaged Creative Direct Marketing Group Inc. (CDMG) to provide the company with marketing services and to raise public awareness of the company.

"This is another significant step forward for Noram. The Zeus project is a U.S.-based project and yet Americans hold a relatively small market share. Engaging the expertise of CDMG, who hosts an enormously successful track record, will allow Noram to further establish its rightful place in the heart of the push for a clean energy economy. America's domestic supply of battery-grade lithium is an indispensable part of this goal; as evidenced by the late 2022 U.S. Department of Energy funding initiatives for domestic supply," said executive chairman Sandy MacDougall. "There is a vulnerability in the domestic supply chain and Noram is well positioned to be a key part of the solution."

On April 14, 2023, Noram Lithium Corp. announced today it has appointed Mr. Glenn Barr as Vice President, Project Development, effective immediately.

Mr. Barr has more than 25 years of experience in complex mining project development. Most recently he was Vice President, Project Development at Twin Metals Minnesota (TMM). His work included leading engineering studies, overseeing metallurgical test work programs and integrating environmental protection measures into project design. Prior to TMM, he held various roles at Stantec and Teck. As an Engineering Liaison at Stantec, he guided the environmental and engineering consultants in ensuring alignment and work efficiencies. While at Teck, he was integral in the development and commercialization of a novel hydrometallurgical process, and was a key member of the team that engineered and constructed a hydrometallurgical processing plant in Brazil. Mr. Barr holds a Bachelor of Science, Chemistry from the University of Victoria.

On April 12, 2023, Noram Lithium Corp. has engaged Ausenco Engineering Canada Inc. to lead the prefeasibility study (PFS) of its 100-per-cent-owned Zeus lithium project in Clayton Valley, Nevada.

The company recently engaged SRK Consulting Inc. to produce an optimized mine plan for Zeus (see news release dated Feb. 7, 2023) and initiated a further round of metallurgical testing with Kemetco Research Inc. to confirm and refine the process design for the project (see news release dated Feb. 14, 2023). Both of these continuing work streams will form the basis of the PFS, now being managed by Ausenco.

On March 20, 2023, Noram Lithium Corp. has filed on SEDAR a National Instrument 43-101 technical report titled "Updated Resource Estimate Zeus Lithium Project." The technical report supports the updated mineral resource estimate announced on Jan. 30, 2023, and is available for review on both SEDAR and the company's website. There are no material differences in the mineral resources reported in the news release of Jan. 30, 2023, and those described in the report.

March 15, 2023, Noram Lithium Announces Results from 2023 Annual General Meeting

https://noramlithiumcorp.com/

February 13, 2023, Noram Lithium Announces a Further Metallurgical Test Work Program for the Zeus Lithium Project

https://noramlithiumcorp.com/news/2023/

February 7, 2023, Noram Lithium Engages SRK Consulting to Optimize Zeus Mine Plan

https://noramlithiumcorp.com/

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