Lithium is key to overwhelming EV demand, but supply is limited. According to a new report (1,2), the lithium market is worth around $7.5 billion, up almost 10% compared to last year. And, experts believe demand will only accelerate from here as automakers ramp EV production. With new incentives for sustainable energy (EVs), automakers are investing billions in electrifying their fleets.

In the U.S., the Infrastructure Investment and Jobs Act set aside $5 billion in federal funding for EV charging stations to support President Biden’s goal of getting EVs to account for 50 percent of new auto sales by 2030. With automakers on board, there will be ample demand for lithium in the years ahead and increased focus on lithium mining companies (3).

One small cap lithium mining company that we would like to draw your attention to is Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF).

Spey Resources is a Canadian mineral exploration company which has an 80% interest in the ‎Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Spey ‎also holds an option to acquire a 100% undivided interest in Pocitos II and 20% interest in the ‎Pocitos I lithium projects‎. Spey also holds interests in four lithium exploration projects located ‎in the James Bay Region of ‎Quebec‎. Spey has a 100% interest in the Silver Basin Project located ‎in the Revelstoke Mining Division of British Columbia as well as an option to acquire a 100% ‎interest in the Kaslo Silver project, west of Kaslo, British Columbia (4).

On October 17th, the company announced that the Ministerio de Produccion y Desarrollo Sustentable‎ (Minister of Production and Sustainable Development) has approved the Company’s drill permits for Pocitos Salar projects 1 and 2. As mentioned in the Company’s press release dated October 6, 2022, the drill camp, internet, diesel tanks and geological offices have been constructed in the town of Pocitos.

Phil Thomas, CEO of Spey, states, “these are exciting times for the Company since we have received our green light to drill and have mobilized the drill rigs to Pocitos 1. Drilling has begun on Pocitos 1 and we anticipate drilling to begin on Pocitos 2 around October 27, 2022.

Another reason to place SPEYF on top of the radar is its latest PR announcing that it has completed the acquisition of 100% of the issued and outstanding share capital of Lithium Energy Metal Corporation from all of the former shareholders of LEM (5).

LEM holds interests in four projects in the James Bay Region of Quebec near projects held by Patriot Battery Metals Inc. The projects vary in distance from PMET’s projects, one of them being within approximately one kilometer of the border of a PMET project.

  1. The 454 Block Project – consists of 10 contiguous claims (513 hectares). The claims occur within the Archean Langelier Complex, which are the oldest rocks in the Le Grand sub-province of the regional Superior Province, and comprise foliated tonalite with hornlende-biotite magnetite.
  2. The West Lac Corvette Project – consists of 10 contiguous claims (513 hectares). The claims cover Mesoarchean rocks of the Rouget Formation, derived from basalts as well as Neoarchean Marbot Formation wackes (with injections of granite), and southern margin of the Mesoarchean tonalite pluton (post de Le Moyne).
  3. The Trieste Project – consists of two separate contiguous blocks totaling 50 claims and covering 2,575 hectares (618 hectares north, and 1,957 hectares south), with mylonite and amphibolite rocks of the Mesoarchean Trieste Formation that were derived from basalts.
  4. Salomon Project – 100 claims in two separate continuous blocks, covering 5,155 hectares.  The project includes Mesoarchean mylonites and amphibolites, as well as younger Neoarchean metamorphic wackes and arkoses.

Would it be safe to conclude that early investors may be rewarded if SPEYF hits lithium? Trading at mere 26 cents, SPEYF seems to have a lot of room on the upside if all plans come to fruition. Start your due diligence now and always follow trader’s vigilance.

Albemarle (NYSE:ALB) is leading the charge in global lithium output. Among the company’s biggest customers is Panasonic (OTC:PCRFY), which manufactures lithium batteries for everything from small consumer electronics to EVs. Other companies in Albemarle’s space includes: DuPont de Nemours (NYSE:DD), PPG Indus (NYSE:PPG), Intl Flavors & Fragrances (NYSE:IFF), RPM International (NYSE:RPM) and Sensient Technologies (NYSE:SXT).

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Talking about EV stocks, Tesla Inc (NASDAQ:TSLA) is up 3.72% in the premarket session after yesterday’s gain of over 7%. Other companies in Tesla’s space includes: XPeng (NYSE:XPEV), Phoenix Motor (NASDAQ:PEV), Fisker (NYSE:FSR), General Motors (NYSE:GM) and Ford Motor (NYSE:F).

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