some info from Grok comparision between PMT vs LTR vs PLS
Below is a comparison of resource grade and mineral resource size for Patriot Battery Metals, Liontown Resources, and Pilbara Minerals, focusing on their key lithium projects. All data is based on the most recent public information available as of March 2, 2025, and pertains to their primary lithium deposits.
Weighted Average: Approximately 1.38% Li₂O (calculated as (80.1 × 1.44 + 62.5 × 1.31) / 142.6)
Notes: This estimate, effective August 21, 2024, reflects the CV5 and CV13 spodumene pegmatites. It’s the largest lithium pegmatite resource in the Americas, with cut-off grades of 0.40% Li₂O (open-pit), 0.60% Li₂O (underground CV5), and 0.80% Li₂O (underground CV13). The deposit remains open, suggesting potential for growth.
2. Liontown Resources
Project: Kathleen Valley Lithium Project, Western Australia
Resource Size:
Measured: 20 Mt
Indicated: 109 Mt
Inferred: 27 Mt
Total: 156 Mt
Resource Grade:
Measured: 1.4% Li₂O
Indicated: 1.3% Li₂O
Inferred: 1.2% Li₂O
Weighted Average: Approximately 1.31% Li₂O (calculated as (20 × 1.4 + 109 × 1.3 + 27 × 1.2) / 156)
Notes: Data is based on the April 2023 Mineral Resource Estimate. Kathleen Valley is a world-class lithium deposit, with production targeted to start in 2024 at 511,000 tonnes per annum (tpa) of spodumene concentrate, expandable to 658,000 tpa. The resource supports a long-life, high-grade operation.
3. Pilbara Minerals
Project: Pilgangoora Lithium-Tantalum Project, Western Australia
Resource Size:
Measured: 43.1 Mt
Indicated: 163.7 Mt
Inferred: 134.6 Mt
Total: 341.4 Mt
Resource Grade:
Measured: 1.25% Li₂O
Indicated: 1.13% Li₂O
Inferred: 1.09% Li₂O
Weighted Average: Approximately 1.14% Li₂O (calculated as (43.1 × 1.25 + 163.7 × 1.13 + 134.6 × 1.09) / 341.4)
Notes: This estimate, updated as of June 30, 2023, reflects the combined Pilgangoora Operation, including the Pilgan and Ngungaju plants. Pilbara Minerals operates the world’s largest independent hard-rock lithium mine, with a current capacity of 580,000 tpa of spodumene concentrate, expanding to 1 Mtpa through the P680 and P1000 projects.
Analysis
Resource Size:
Pilbara Minerals has the largest resource at 341.4 Mt, more than double that of Patriot (142.6 Mt) and Liontown (156 Mt). This reflects its mature status and extensive exploration history.
Liontown Resources edges out Patriot slightly in total resource size, but both are significantly smaller than Pilbara.
Patriot Battery Metals has a respectable resource for an early-stage project, with potential to grow as drilling continues.
Resource Grade:
Patriot Battery Metals leads with the highest weighted average grade at 1.38% Li₂O, suggesting a richer deposit that could yield more lithium per tonne mined.
Liontown Resources follows closely at 1.31% Li₂O, competitive with Patriot and indicative of a high-quality resource.
Pilbara Minerals has the lowest grade at 1.14% Li₂O, but its massive scale compensates, allowing for significant production volumes.
Development Stage:
Pilbara Minerals is fully operational, producing spodumene concentrate and expanding capacity, giving it a clear advantage in current output.
Liontown Resources is pre-production but advancing rapidly toward 2024 output, with firm offtake agreements in place.
Patriot Battery Metals is still in the exploration and resource definition phase, with production years away, but its high grade and size make it a promising future player.
Conclusion
Patriot Battery Metals offers the highest grade (1.38% Li₂O) and a substantial resource (142.6 Mt), positioning it as a high-potential contender, though it’s early in development.
Liontown Resources balances grade (1.31% Li₂O) and size (156 Mt) with near-term production, making it a strong mid-tier option.
Pilbara Minerals dominates in scale (341.4 Mt) and operational status, despite a lower grade (1.14% Li₂O), solidifying its role as an industry leader.
If "Lionshare Resources" was intended to mean a different entity, please provide clarification, and I’ll refine the comparison. Otherwise, this analysis assumes Liontown Resources as the third party.
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