FinancialBuzz.com’s latest “Buzz on the Street” Show: Featuring Our Corporate News Recap on “Neo Lithium Announces Positive PFS Results on its 3Q Project”
Neo Lithium Corp. (OTCQX: NTTHF) (TSX-V: NLC) is pleased to announce positive results of a pre-feasibility study prepared in accordance with National Instrument 43-101 for its wholly-owned Tres Quebradas lithium brine project (“3QProject“) in Catamarca Province, Argentina.
Neo Lithium Corp. has quickly become a prominent new name in lithium brine exploration by virtue of its high quality 3Q Project and experienced team. Already well capitalized, Neo Lithium is rapidly advancing its recently discovered 3Q Project – a unique high-grade lithium brine lake and salar complex in Latin America’s “Lithium Triangle”.
The 3Q Project is located in the Province of Catamarca, the largest lithium producing area in Argentina. The project covers approximately 35,000 ha and the salar complex within this area is approximately 16,000 ha.
Lithium prices have skyrocketed during recent years due to the growing global demand for lithium-ion batteries. In 2018, lithium prices surged by 45%, or to USD 16,500 per ton year-over-year as the demand began to outpace the supply. Lithium-ion batteries are being used within various applications such as electric vehicles (EV), portable consumer electronics, and grid energy storage systems, to name a few. The batteries are commonly used in applications that require lightweight and high-energy density solutions as lithium-ion batteries are much more compact when compared to traditional batteries. They also boast a higher energy density per weight than traditional batteries. Additionally, the ongoing technological advancements are aimed towards reducing the weight of these batteries, while also maintaining the ability to provide sufficient power. While the battery market is the largest segment of the overall lithium market, energy storage systems are expected to witness the fastest growth rate because of the ongoing developments in the wind and solar PV across the world. Furthermore, the rising demand for efficient but clean energy is also accelerating the lithium market and causing prices to rise dramatically. According to data compiled by Grand View Research, the global lithium-ion battery market is expected to reach USD 93.1 Billion by 2025, while registering a robust CAGR of 17% as well. The EV market is expected to be a major driver for the overall marketplace, while the growing adoption in portable consumer electronics and grid storage systems is also expected to accelerate its growth.
The EV market is growing rapidly due to government initiatives aimed at adopting clean environment legislation, as various nations have already moved to limit or even ban gas-powered vehicles. For instance, countries within the European Union have implemented regulations to limit gas-powered vehicles on the road. Meanwhile, the U.S. offers EV owners federal credit for taking the initiative to reduce global environmental harm. Several automotive manufacturers have also pledged to reshape their vehicle production lines. Within the shortcoming years, a handful of manufacturers plan to solely produce only EVs and eliminate the production of gas-powered vehicles. “As automakers ramp up production for evermore EVs, demand on the power grid from EVs will grow exponentially. According to best estimates, growth in EV adoption could drive a 300-fold increase in electricity consumption by 2040, compared to 2016. The current grid will need to evolve significantly to accommodate that growth, driving a blitz of new innovation in wind and solar power, which will ultimately shift global reliance on coal toward clean energy alternatives,” it was stated in a Thomson Reuters research report.
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