UBS upgraded the lithium sector, saying demand from the energy transition will outstrip available supplies, supporting long-term prices Spey Resources Corp. (CSE: SPEY) (OTC: SPEYF) (FRA: 2JS)
Spey Resources (SPEYF) is a Canadian mineral exploration company which holds two option agreements to acquire 100% interest in the Candela II, Pocitos I and II lithium brine projects located at Salta Province, Argentina
Lithium Uses
Lithium is the third element in the periodic table, containing three protons in its atomic nucleus. A highly reactive alkali metal, it has excellent heat and electrical conductivity. These characteristics make it extremely useful for the manufacturing of lithium-ion batteries for electronics and electric cars. Its superior high energy density, durability, and thermal resistance is ideal for its use in the modern world. Over 50% of mined lithium is used for battery power.
Lithium Supply
Brine lakes, known as salars, have the highest volume of minable lithium. These lithium mines are prevalent in six world countries - Chile, China and Argentina (all salars); Australia, Zimbabwe and Portugal (hard rock). In 2021, over 100,000 tonnes of output were produced (excluding USA), an increase of 21% compared to 2020. Electric vehicles will drive a lithium supply crunch- the end of the ICE age is in the near future. The UBS predicted by 2025 over 20% of the auto market will be electric vehicles, and over 50% by 2030.
Lithium Market
The lithium market was a $6.8 billion market in 2021, with a projected $8.24 billion worth in 2027. The growth of companies producing sustainable alternatives for transportation is driven by the adoption of the electric vehicle. Lithium batteries now account for the largest share of lithium use. The current global reserve of lithium is estimated at 73 million tonnes.
Lithium Demand
Lithium is one of the most in-demand commodities across the globe given its immense use and benefits, especially in the battery market. According to a report by Deloitte, analysts have a consensus that the demand for lithium will double or even triple by 2030. It is predicted the global demand will reach over 1.79 million metric tonnes by 2030. Lithium is critical to meet the needs of an ever evolving renewable energy source.
Read More: https://finance.yahoo.com/news/spey-resources-extracts-99-5-000000229.html
Achievement of certain development milestones and planned future activities regarding the Incahuasi Salar property
On March 23, 2022, the Company acquired an 80% interest in the Candela II project by paying USD$1,000,000 and continues to have the right to option the other 20%;
On August 10, 2022, the Company completed and lodged an initial NI 43-101 compliant drilling report with 161ppm lithium sample recorded, and identified an aquifer at 200m depth in drill hole INCA-21-05R; Based on five exploratory (5) drill holes from the Company’s initial drilling report, it was determined that a production drill hole program be completed; The Company is actively searching for a drilling contract to execute the Company’s five (5) hole production drill program at Candela II that will include one or more production wells where a submersible pump can be used to do a brine flow test;
The Company anticipates that an amended work plan for the drilling program at Incahuasi will be lodged shortly; and the Company expects a mineral resource estimate to be computed after the five (5) production drill hole program is completed.
Achievement of certain development milestones and planned future activities regarding the Pocitos Salar
The exploration area is located in the Department of Los Andes, Salta province. It is accessed starting from the city of Salta by national route No. 51 passing through the town of San Antonio de Los Cobres, then continues until the junction with provincial route No. 27 – in the vicinity of Rincon Salar, some 273km from Salta.
The Company has lodged an addendum for the purposes of maintaining the road onto the Salar in order to facilitate drilling;
Community permission has been granted to drill a well on Pocitos 2 to a depth of 400m; and
The Company is actively searching for a drilling contract to drill an exploratory well at Pocitos II, bordering Pocitos I project.
Lithium Brines Close to Surface. Quality Lithium Mines at Depth
Why Invest In Lithium Mining Stocks ?
Lithium has become the essential ingredient for lightweight, power-dense batteries used by laptops, cell phones and electric vehicles (EVs). Given the insatiable demand for these products—especially EVs—the price of lithium has more than doubled since 2015.
Lithium has become the essential ingredient for lightweight, power-dense batteries used by laptops, cell phones and electric vehicles (EVs). Given the insatiable demand for these products—especially EVs—the price of lithium has more than doubled since 2015.
- Pocitos Salar - Argentina Exploration Drill Program 2018 - 75,000 litres per minute lithium brine
CEO and Director, Nader Vatanchi speaks about Spey Resource’s ultimate goal of putting highly prospective properties into production
Potentially Great Opportunity - Trading Closer To Its 52-week Low With The Overall Market ROUT
Time to Take Notice OF Spey Resources (SPEYF)
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References:
https://finance.yahoo.com/news/spey-resources-corp-incahuasi-pocitos-113000344.html
https://www.speyresources.ca/
https://www.cnbc.com/2022/08/28/ubs-upgrades-lithium-sector-as-demand-rises-favors-these-stocks.html
