Right, so the field has narrowed and is continuing to narrow....

Right, so the field has narrowed and is continuing to narrow. Some companies have passed on their projects and others are reporting that they haven’t found any lithium mineralisation. Some are still hoping, with fractionated pegmatites, while a handful have found spodumene in good enough quantities to continue works. Only a few though.

It looks to narrow further as many companies reported that they are actively pursuing new projects, showing that what is good for the companies survival is not necessarily good for their position in the Cup. And it’s a good thing they don’t care about winning the Malibu Cup

Some pretty bad results have been released, I assume in the hope we’re all on holidays and won’t notice. If they had been released earlier (during lithium fever) we would very likely have seen similar SP action to OM1 and C1X. As it is, the SPs are already down, so it didn’t move the dial much. We do have a new project to add to the mix, but there are more deletions that additions.

• BMM - Corvette North and Corvette NW. The company is continuing preliminary exploratory works on these 2 and other Ontario projects, while they pursue their Gorge project in Ontario. Further strategic opportunities were regularly reviewed during the quarter.

Staff & Admin Costs: $597 mill

Cash Left: $ $1,189

Quarters Left: 0.84.

8.8.2 Yes, the Company is considering its options with regards to raising additional funds. The Company believes it would be successful in raising sufficient funds to continue with the planned level of operations.

• BNZ - 75% of Ruby Hill (West and East), option to get to 100%, No update this month and the quarterly hasn't been released.

• BUR - Chubb Central in which they have found a stacked spodumene containing pegmatite system, and Chubb North. BUR reported another Pollucite hit at Chubb Central in the Main Dyke and has acquired further projects in Manitoba.

Staff & Admin Costs: $369 mill

Cash Left: $ $2,016

Quarters Left: 1.

8.8.2 The Company intends to raise capital and its pursuing joint venture and possible asset disposals.

• C1X - Corvette Far East and La Salle (75% JV w Midland). Ann about it’s REE in WA and in the quarterly: Review of multiple projects across commodities to augment the company’s portfolio.

Staff & Admin Costs: $274 mill

Cash Left: $ $1,116

Quarters Left: 1.28:

8.8.2 As an active exploration company, the Company is in regular discussions with financiers who can potentially assist with funding the Company’s further exploration programs.

• CAZ - Sundown. Results of the 304 rock chips were reported, and CAZ believe they have fractionated pegmatites in the north and NW, although didn’t report K/Rb ratios. The highest lithium content was 54 ppm although the majority were sub 20ppm ie very low. Compare these with RB6 and RBX below. They have only explored 1% of their tenements and will continue mapping and field work. The Company continues to review new opportunities.

Staff & Admin Costs: $284 mill

Cash Left: $ $4,937

Quarters Left: 5:

8.8.2 N/A

• CBH - Carmoy, Mago North, Taiga. No update about the rock chips provided.

Staff & Admin Costs: $129 mill

Cash Left: $2,916

Quarters Left: 9.8

8.8.2 N/A

• CY5- Pontax (up to 70%), Auclair, Sakami, Mitsumis. Drilling at the Pegasus and Lyra outcrop should have started mid Jan and continue until the end of March. The Company is also expecting results from a till sampling program recently completed, to help establish additional targets in areas of glacial cover. Auriga drill results were released (good grades of 1.3% and 1.4% Li2O, but 9.5m to 13.9m intercepts were not well received). The current thinking is that all 3 are part of the one big system. They are planning for Prospecting at Sakami during the spring field work and doing Pontax project studies and environmental baseline studies (think it’s the first of three years). Drilling at Pontax was completed last quarter outside the MRE and results are due in the March quarter. Also released REE results.

Staff & Admin Costs: $1,016 mill

Cash Left: $ $9,317

Quarters Left: 2.19.

8.8.2 N/A

An impressive $9 mill in the kitty but only 2 quarters left.

• DAF - Mia Adjacent A withdrawn horse.

• FIN - Cancet West, Ross, Gaspe (Clay in south Quebec). FIN will drill 1,500m at White Bear this Winter and is planning to explore the rest of their Cancet tenements during this year’s spring fieldwork season.

Staff & Admin Costs: $221 mill

Cash Left: $ $1,856

Quarters Left: 3.2

8.8.2 N/A

• FRS - 50% JV with ALX Resources for Hydra Lithium Project. It comprises 8 smaller projects including: Volta (bw PMT and CBH), Echo and Nike (near PLN), Sprite (just above LLI Brisk area 3), Cobra/Viper (near KNI Mia Northand RDS) and Python West & Python East (up far north). Again no further update other than to find out via the quarterly that they will focus on the Volta tenement package for the Quebec projects - the one between CBH and the Rio/Midland JV.

Staff & Admin Costs: $652mill

Cash Left: $ $1,279

Quarters Left: 1.14

8.8.2 Left blank. 8.8.1 said they will reduce director fees and staff costs, but even still I would have thought 8.8.2 should have been completed. This is cash left is after the $1.78m CR during the quarter.

• IEC - Ilama. IEC SP can only go 0.001 lower and then it will bottom out. IEC aquired 80% of a WA Lake Johnston region Lithium project, on trend from the TG6 project. While TG6 chart has formed a hill after Mr Lithium Joe gave them a shout out on twitter, this ann for IEC didn’t do much for their SP. They are planning to drill this project. The quarterly provided the results for the Illama rock chips and showed another project with a fractionation trend.

Staff & Admin Costs: $503 mill

Cash Left: $ $2,254

Quarters Left: 2.66

8.8.2 N/A

• JBY - 4 projects: Joule (near RDS and SUM Castor), Aero (above LLI Brisk area 1), Aqua (b/w FIN’s Cancet West) and Triolus (near SYA Moblan). No real update other than to confirm desktop studies had been undertaken on the Trolius project.

Staff & Admin Costs: $346 mill

Cash Left: $ $3,065

Quarters Left: 2.2

8.8.2 N/A

• KNI - Fraser, Mia North, and Nemaska South Lithium. disqualified from the cup.

• KOB - JB1 project. They ann that the results from field work at their JB1 Lithium project showed no significant mineralisation. KOB have acquired a SA Uranium project, which probably explains why theirs was the only SP to increase last month. They have sampling results for a Manitoba/Ontario Lithium project.

Staff & Admin Costs: $142 mill

Cash Left: $ $4,197

Quarters Left: 8.2.

8.8.2 N/A

KOB will likely be removed from the race.

• L1M - Dalmas and Hiver. I got a bit excited by an ann on 24 Jan that they had started drilling, but it turned out to be at their WA Dundas Lithium project (as opposed to the Quebec Dalas project haha). There were no further results provided for the 2 Quebec projects and L1M will do desktop reviews of their project areas.

  
  

Staff & Admin Costs: $453 mill

Cash Left: $ $2,865

Quarters Left: 2

8.8.2 N/A

• LLI —Trieste, Brisk. Trieste: Loyal announced assays for the 1,192m over 14 drill holes at Dyke 1, and have begun drilling at Dyke 3 and Dyke 5.

Staff & Admin Costs: $321 mill

Cash Left: $ $6,404

Quarters Left: 2.33

8.8.2 N/A

• LU7 - Apollo, Adina West and Adina South (80% for the 3). It feels very much like LU7 are now pursuing the Lithium Chemical production, rather than Lithium Mining, with only one bullet point on their quarterly summary page being devoted to plans for mining, the remainder mostly for their carbonate plant plans.

Staff & Admin Costs: $920 mill

Cash Left: $ $1,361

Quarters Left: 1.32.

8.8.2 The Company continues to monitor its cash position and will take the necessary steps to raise cash as and when required.

• MEG - Cyclone and K. No further update.

Staff & Admin Costs: $260mill

Cash Left: $ $1,142

Quarters Left: 1.8.

8.8.2 Yes, the entity is currently assessing funding options. Based on successful previous raisings and strong shareholder register the Company expects any future raisings to be successful. The entity also has sufficient capacity to raise further capital without shareholder approval under ASX Listing Rules 7.1 and 7.1A.

• MLS - Corvette River. MLS released an ann saying they have confirmed their project has LCT pegmatites, with new samples of up to 0.08% Li2O. While their location is good, see below the map of their tenements (ie small) and the word spodumene did not appear alongside the small amounts of lithium. They are planning to drill to see if there’s any spod. MLS also considers now an important time in the company’s evolution from Junior explorer to project developer, with the Company’s flagship Lac Rainy graphite project a near term priority for advancement. If that’s the case, it may be a possible disqualified.

Staff & Admin Costs: $304 mill

Cash Left: $ $14,970

Quarters Left: 24

8.8.2 N/A

• MRZ - Two Quebec Projects. 1 Northern Lights project which comprises Bohier, Lac Barou, Chateau Fort and the Eastman Léran Project (Northern Lights Minerals Pty Ltd, MRZ’s 75% owned subsidiary (NLM), owns 100% of the Eastmain Léran Project) which is near near BNZ. Also a JV with Azimut to earn 70% of the Wapatik Gold-Copper Nickel Project near the James Bay deposit. No further update but interestingly; the quarterly said they are looking for Lithium on the Wapatik JV with Azimut, whereas previously it was not listed as for Lithium. They believe the west and central part of the Wapatik tenement are the more prospective for Lithium.

Staff & Admin Costs: $167 mill

Cash Left: $ $1,888

Quarters Left: 2

8.8.2 N/A

• MTC - Sauvolles (East, Central and West). 12 day field exploration to focus on 11 priority targets. No update on the Quebec projects. MTC are investigating the sale of their Sturec Gold Mine in Slovakia. With one of the smaller cash balances of the field, the sale may be a good bolster to their cash balance.

Staff & Admin Costs: $266 mill

Cash Left: $ $610

Quarters Left: 1.63

8.8.2 The Board is reviewing its funding requirements. The company has a successful track record of raising funds through various means and it expects to successful in raising further funds.

• NYM - Le Myone, Pontax East, Walrus Island. Walrus Island remains NYM’s focus for Quebec in 2024, and exploration activities will commence again late in the March Quarter. The company is currently in the process of assessing other Canadian Lithium opportunities and rationalising its Australia assets.

Staff & Admin Costs: $250 mill

Cash Left: $ $888

Quarters Left: 1.12

8.8.2 The Company is in discussions with its shareholders and supportive capital market participants around the funding needs of the Company going forward and is confident of being able to fund its ongoing perations.

• OCN - Monaro. A withdrawn Horse.

• OLY - Cadillac. No update.

Staff & Admin Costs: $249 mill

Cash Left: $2,520

Quarters Left: 2.

8.8.2 N/A

• OM1 - Lac Des Montagnes. Triage gave a good summary of Omnia. But the LDM project has been de-prioritised. They did ann that they had secured a drilling contractor for LDM and were doing further field exploration planning, but I didn’t see an announcement about the drilling commencing. They had 1.798 quarters of funding left in the quarterly and were being required to raise 6 mill to complete the acquisition.

Staff & Admin Costs: $213 mill

Cash Left: $ $1,561

Quarters Left: 1.798.

8.8.2 The Company is currently in suspension pending a new acquisition. As part of this transaction, ASX requires the company to complete a capital raise for up to $6 million. Refer the ASX announcement dated 5 January 2024

• PIM - Adina East 75%. Lac Bigniba, Lac Rug. No further Quebec updates. The company surrendered 4 non-core projects and made ann about a Uranium project.

Staff & Admin Costs: $152 mill

Cash Left: $2,300

Quarters Left: 11.6.

8.8.2 N/A

• PLN - La Grande Riviere, Quatre East and Quatre West. No real update about the Quebec projects, just about Ontario project. The news at PLN seems to be more about a revolving door to the office. Another resignation (of their MD to focus on other commitments) after approx 3-4 months since listing. Echos of Gerard leaving earlier both at PLN and subsequently BM8. It pays to research the T20 at some of these companies.

Staff & Admin Costs: $471 mill

Cash Left: $ $2,800

Quarters Left: 3.34

8.8.2 N/A

• PR1 - La Forge. No update, just a generic plan follow up exploration programs for all Pure assets based on results from December quarter exploration.

Staff & Admin Costs: $175 mill

Cash Left: $1,714

Quarters Left: 3.36

8.8.2 N/A

• RB6 -Ceiling. Assay results for the November field work rock chips: Not Good. Their highest Li2O was 271 ppm (small) and the K/Rb ratio was 63 (high). That was their lowest K/Rb ratio; with all bar one other over 100. Note, these are not the only results you should look at, but are ones I highlight as many other companies have highlighted the K/Rb ratios (more so than other results). RB6 interpreted their results to indicate that the pegmatites on the property are likely LCT-type.

Not dissuaded, RB6 has increased their landholding at Ceiling and also staked 12 claims to the north of Ceiling called the Nimbus Project. I will share an updated map.

Staff & Admin Costs: $249 mill

Cash Left: $2,837

Quarters Left: 0.84.

8.8.2

• RBX - Wali and Ernst Lake - RBX released the rock chip assay results that they interpret to confirm the projects are prospective for Lithium-Cesium-Tantalum (LCT) pegmatites. However their results are possibly worse than RB6’s results; the best was 89ppm lithium (as opposed to Li2O, which is higher). eg RB6 best was 126ppm lithium and 271ppm Li2O, K/Rb of 63.

Staff & Admin Costs: $134 mill

Cash Left: $816

Quarters Left: 2.2.

8.8.2 N/A

• RDS - Radisson East and Sakami, also a JV with Galan (GLN) for 3 (Taiga, Camaro and Hell Cat). Their quarterly provided a nice summary of their projects. No new news (and that is not tautology).

Staff & Admin Costs: $81 mill

Cash Left: $614

Quarters Left: N/A

8.8.2 Left blank. But the quarterly stated they believed they have enough cash. p16.

• REC - Express and Wapistan.Released Express Assay data that they interpret to show that "Express is in the right part of an LCT system to host lithium mineralisation and results show varying degrees of fractionation". They did not however find any spodumene. They did have a few higher Li2O ppm eg sample C00431733 had 1139ppm Li2O and 820ppm Rb, most were much lower.

Staff & Admin Costs: $306 mill

Cash Left: $1,263

Quarters Left: 2.07

8.8.2 N/A

RGL - Abigail. RGL had 120 days to do dd from 31 Aug. 18 Sep they mobilised to site to do DD field work. Oct quarterly, RGL said they will undertake a more comprehensive green fields generation programme in early 2024 so long as the Setp results warrant it. They mustn't have, as 31 Jan RGL ann they won't be exercising the option. Another withdrawn horse.

• SUM - Castor. SUM released the Castor assay results and confirmed they indicate elevated gold and copper anomalies. ie. NOT Lithium. Their portfolio of projects continues to be reviewed and assessed and they will pursue their Stallion Uranium Project in WA. At least they were honest: “ The best lithium results included Sample 247804 - 54 ppm Li (0.0116 % Li2O)” ie Low. “based on low Li, Cs, and Rb values and high K/Rb ratios, the results received by the Company do not suggest that these pegmatites are associated with an LCT pegmatite system or are proximal to LCT pegmatites. “

SUM can probably be removed from the race.

Staff & Admin Costs: $301 mill

Cash Left: $2,194

Quarters Left: 2.5

8.8.2 N/A

The cup continues to collect dust on my desk

Now that there are only a handful of companies that have thus far found spodumene, I think it a good idea to flesh out what they have found. As not all have found spodumene in equal measure. I will do them over separate posts, as the images will likely be deleted from the posts if I try to do them over 1 post.