WINNIPEG, MB / ACCESSWIRE / December 22, 2021 / Snow Lake Resources Ltd., doing business as Snow Lake Lithium Ltd. (NASDAQ: LITM) (“Snow Lake” or the “Company”), is pleased to provide the following letter to its stakeholders.
As we approach the end of 2021, it’s hard not to reflect on how eventful this year has been for the world as a whole. For Snow Lake Lithium in particular, the hard work and persistence of management and investors resulted in our extremely successful initial public offering on NASDAQ.
We are extremely grateful to all of the shareholders. In particular, we owe a debt of gratitude to our major shareholder Nova Minerals (NVA: ASX) for their vision and continued support.
We would also like to thank all of our professional service providers, including the team at ThinkEquity, who acted as the sole book manager for our Nasdaq IPO, raising $ 27.6 million at 7, $ 50 per share. Bevilacqua PLLC who guided the registration process and provided legal advice on US law matters. Thompson Dorfman Sweatman has been our legal counsel in Manitoba Canada for years and continues to provide us with the best advice on Canadian legal matters. Devisser Gray LLP who provided us with the audit support we needed. Among others who have been an incredible resource in getting us across the finish line.
For the Snow Lake team, our work has only just begun. We are now fortunate to be able to fully accelerate our primary goal of becoming the leading supplier of fully integrated, carbon neutral and renewable lithium hydroxide to the North American electric vehicle industry. Today, around 80% of the world’s lithium supply is controlled by China with more than 300 electric vehicle manufacturers. This puts North America at an extreme handicap at the start of the electrification revolution. While the North American auto industry has made substantial production commitments and has even started to deploy capital to the largest retooling pivot since the invention of the assembly line, it has yet to begin to do so. faced with the existential threat of a non-existent supply for the colossal demand coming on the horizon.
If the North American manufacturing base is to remain relevant in the new industrial reality, the problem of metal supply for batteries must be addressed immediately and systematically. Currently, North America does not have a functioning integrated lithium producer and the industry faces an uncertain future that will shift from the geopolitics of fossil fuels in the Middle East to the geopolitics of batteries in Asia. . Based on historic precedents, Snow Lake Lithium is betting on the indomitable spirit and innovative culture of the North American electric vehicle industry.
Snow Lake Lithium is ideally located in the heart of Manitoba, Canada. Manitoba is blessed with an abundance of hydroelectric power that gives us access to a fully renewable source of energy. Manitoba is fortunate to have the Arctic Gateway Railway which connects the north to the Port of Churchill and, more importantly, the south to connect via Winnipeg to the entire United States rail network. From Snow Lake to downtown Detroit, it takes about a day and a half by train, compared to nearly nine months of a lithium brine operation in South America to Asia and back to North America.
Manitoba also has a proud, century-old mining culture. This means we benefit from a talented and experienced workforce as well as a supportive community with a government that seeks to secure the sustainable future of the mining sector for the province.
We are grateful for the support we have received from the local community and the provincial government and for the warm hospitality they have extended to Snow Lake Lithium. We look forward to a long and happy relationship.
At Snow Lake Lithium, we know we need to move into commercial production and we wasted no time in the few weeks after capitalization to begin executing our strategy.
1- Understanding of resources –
November 29e 2021 that we announced (see press release: Snow Lake Resources Ltd. receives a government grant of CA $ 62,000) the commitment of EarthEx Geophysical Solutions Inc (www.eexgeo.com) who are currently deploying the latest geophysical monitoring technology on our property. We are very excited about the data this will provide the company and we will use it to assess new magnetic anomalies on the concession to further identify potential lithium pegmatites on our property.
2- Winter drilling campaign –
We have a fully licensed 24/7 drilling campaign that is mobilizing right now and is looking to drill up to 15,000 meters starting next month. Increase the current resource at depth and laterally, but also pursue some of the external targets that our team has identified on the basis of the summer exploration program (see press release: Snow Lake obtains permit for winter drilling campaign ) and historical drilling results. We’re incredibly excited about the potential to dramatically expand our current resource base and add additional tons from outside targets.
3- SGS Metallurgy Program –
SGS, world leader in lithium analysis, is now fully committed (see press release: Snow Lake Lithium engages SGS for metallurgical testing) to work on our material and provide us with results that will be essential to perform a Preliminary Economic Assessment, or PEA, initiate a Pre-Feasibility Study, or PFS, and give us the data we need to pursue a fully integrated lithium operation from the mine to the hydroxide. We hope to have the first test results in the second quarter of 2022.
4- Extension of the concession –
We recently expanded our footprint by approximately 57% (see press release: Snow Lake Lithium announces expansion of Manitoba land holdings) and we are extremely excited about the potential of our new lands to provide additional lithium resources in the future.
5- Study of the baseline of the SLR environment –
We have started work on obtaining a full environmental permit (see press release: Snow Lake Lithium engages SLR as part of basic environmental program). This is a major achievement in removing barriers and ensuring that we can reach a frictionless trajectory to full production.
For the New Year, our to-do list includes performing a preliminary economic assessment, completing a pre-feasibility study, and starting engineering studies on our mine for a plant development. ‘hydroxide. We will also continue to invest energy to cultivate collaborations and strategic relationships in the electric vehicle growth space with industry leaders and sector activists. 2022 promises to be an incredibly exciting year for Snow Lake, we look forward to reaching our milestones and continuing our engagement with our stakeholders.
Also take a look at our new website www.snowlakelithium.com.
I have attached our latest presentation which can also be viewed at www.snowlakelithium.com/presentation/.
I wish you all happy holidays and a wonderful and healthy new year!
About Snow Lake Resources Ltd.
Snow Lake Lithium is committed to operating a fully renewable and sustainable lithium mine that can provide a fully traceable, carbon neutral and safe product for the electric vehicle and battery markets. We not only aspire to set the standard for responsible lithium battery mining, but also intend to be the first lithium producer in the world to achieve Certified B Corporation status in the process.
Our wholly owned Thompson Brothers Lithium project covers a 21,703 acre site that has only been explored at 3% and contains 11.1 million metric tonnes of indicated and inferred resources at 1% Li2O.
This press release contains “forward-looking statements” which are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate”, “believe”, “contemplate”, “might”, “estimate”, “expect”, “have the intention “,” seek, “” may “,” could “,” plan “,” potential “,” predict “,” plan “,” target “,” aim “,” should “,” will “,” should ” , or the negative of such words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on the current expectations of Snow Lake Resources Ltd. and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and include statements regarding the intended use of the proceeds and the intended closing. In addition, certain forward-looking statements are based on assumptions about future events which may not prove to be correct. These and other risks and uncertainties are described in more detail in the section entitled “Risk Factors” of the final prospectus relating to our public offering filed with the Securities and Exchange Commission and other documents and reports that we file with the Securities and Exchange Commission. The forward-looking statements contained in this announcement are made as of this date, and Snow Lake Resources Ltd. assumes no obligation to update this information, except as required by applicable law.
THE SOURCE: Snow Lake Resources Ltd.
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