Ann: March 2018 Quarterly Activities Report, page-66

I have had a look at the lithium updates from the last two quarterlies. The most recent quarterly has no mention of any announcements made by other companies post quarter end....

Dec 17 quarterly.

Bolded areas in relation to post quarter end...

Lithium

Post Quarter end, Pilbara Minerals Limited has commenced an expedited lithium DSO mining program at its Pilgangoora Project. During the Quarter, Atlas struck a deal with Pilbara to purchase up to 1.5 million tonnes of lithium direct shipping ore over a 15-month period (see ASX release dated 20 December 2017).

Atlas will process and transport the ore using its existing infrastructure, including its Mt Dove crusher and Utah Point facilities. Atlas is working to finalise port approvals and export sales agreements to allow shipping to commence in the June 2018 Quarter.

As part of the Pilgangoora agreement, Atlas agreed to extend the deadline by which Pilbara is required to spend $1 million on the Cisco Lithium Prospect to October 2018. Atlas sold a 51% interest in the Cisco Joint Venture to Pilbara earlier this year (see ASX release dated 29 March 2017). Joint Venture drilling, funded by Pilbara, is now scheduled to start in the June 2018 Quarter.

During the Quarter, the Company carried out further work to refine targeting for lithium enrichment at its 100% owned Pancho lithium prospect (see ASX release dated 29 January 2018).
Altura Mining Limited continues to advise the market that first lithium concentrate sales from the Altura Pilgangoora Project remain on track for the June 2018 Quarter (see Altura’s release dated 8 January 2018). Atlas holds a 5% gross sales royalty over M45/1231, which covers the majority of Altura’s Pilgangoora Project.


Mar 18 quarterly

Bolded areas in relation to post quarter end...​

Lithium

During the Quarter, Atlas signed an off-take agreement with Sinosteel Australia Pty Ltd for the export of lithium direct shipping ore (DSO) sourced from the Pilgangoora Lithium Project, owned by Pilbara Minerals Limited (ASX: PLS) (see ASX Announcement dated 2 March 2018).

Atlas will sell up to 1.5 million tonnes of lithium DSO to Sinosteel over a 15-month period on a fixed priced basis. As part of the arrangement, Sinosteel advanced funds for pre-payments made by Atlas to Pilbara Minerals for lithium DSO mine development costs. With conditions precedent to the arrangements with Pilbara Minerals and Sinosteel now satisfied, Atlas has mobilised a second crusher to Mt Dove in preparation for the commencement of lithium DSO exports in the June 2018 Quarter.

During the Quarter, Atlas carried out further work to finalise a drill program designed to target lithium enrichment at its 100% owned Pancho lithium prospect. Joint venture drilling of the Cisco Lithium Prospect, funded by Pilbara Minerals, is scheduled to start in the June 2018 Quarter. Atlas owns a 49% interest in the Cisco Joint Venture (see ASX release dated 29 March 2017).

Altura Mining Limited (ASX: AJM) has confirmed that it is on track to meet its target of first sales of lithium concentrate from its Pilgangoora Project in the June 2018 Quarter (see Altura’s ASX Announcement dated 20 February 2018). Atlas holds a 5% gross sales royalty over M45/1231, which is one of the two Mining Leases over the Altura Pilgangoora Project area. Atlas understands that mining will be initially focused on M45/1230, which is not subject to the Atlas royalty.

No mention of PLS announcement from 10th April 18 in relation to the DSO update and that the mine gate sale was just about to occur