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 think about 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 NASDAQ IPO.
We are extremely grateful to all 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 services providers, including the team at ThinkEquity, who acted as sole bookrunner for our initial public offering on the Nasdaq, raising $27.6 million at 7, $50 per share. Bevilacqua PLLC who guided the listing process and provided legal advice on US law matters. Thompson Dorfman Sweatman has been our legal advisor in Manitoba 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 were an incredible resource to get us across the finish line.
For the Snow Lake team, our work has only just begun. We are now fortunate to be in a financial position to fully accelerate our primary goal of becoming the first fully integrated, carbon-neutral renewable lithium hydroxide supplier to the North American electric vehicle industry. Today, around 80% of the world’s lithium supply is controlled by China, which has more than 300 electric vehicle manufacturers. This places North America in an extremely handicapping position at the start of the electrification revolution. While the North American auto industry has made substantial production commitments and even begun to deploy capital into the largest retooling pivot since the invention of the assembly line, it has yet to begin to do faced with the existential threat of a non-existent supply for the colossal demand. come on the horizon.
If the North American manufacturing base is to remain relevant in the new industrial reality, the issue of battery metal sourcing must be addressed immediately in a systematic way. To date, 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. Building on historic precedent, Snow Lake Lithium is betting on the indomitable spirit and innovative culture of the North American electric vehicle industry.
Snow Lake Lithium is conveniently located in the heart of Manitoba, Canada. Manitoba is blessed with an abundance of hydroelectric power that gives us access to a completely renewable energy source. Manitoba is blessed with the Arctic Gateway Railway which runs north to the Port of Churchill and, more importantly, south to connect via Winnipeg to the entire US rail network. From Snow Lake to downtown Detroit, it takes about a day and a half by train, compared to nearly nine months from a South American lithium brine operation to Asia and back to North America.
Manitoba also has a proud century-old mining culture. This means that we benefit from a talented and experienced workforce as well as a supportive community with a government that seeks to ensure the sustainable future of the province’s mining sector.
We are grateful for the support we have received from the local community and the provincial government and 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 following capitalization to begin executing our strategy.
1- Understanding of resources –
November 29and 2021 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 will use it to assess new magnetic anomalies on the claim to further identify potential lithium pegmatites on our property.
2- Winter drilling campaign –
We have a fully licensed 24/7 drilling campaign mobilizing as we speak and looking to drill up to 15,000 meters from next month. Expand the current resource to depth and strike, but also pursue some of the outside targets that our team has identified based on the summer exploration program (see press release: Snow Lake Receives License for Winter Drilling Campaign ) and historical drill results. We’re incredibly excited about the potential to greatly expand our current resource base and add tons more from outside targets.
3- SGS Metallurgy Program –
SGS, the world leader in lithium analysis, is now fully committed (see press release: Snow Lake Lithium uses SGS for metallurgical testing) to work on our material and provide us with results that will be essential to complete a Preliminary Economic Assessment, or PEA, initiate a Prefeasibility Study, or PFS, and provide us with the data we need to pursue a fully integrated lithium operation from the hydroxide mine. We hope to have the first test results in the second quarter of 2022.
4- Expansion of the concession –
We recently expanded our footprint by approximately 57% (see press release: Snow Lake Lithium Announces Expansion of Land Holdings in Manitoba) and we are extremely excited about the potential of our new landholdings to provide additional lithium resources in the future.
5- SLR environmental baseline study –
We have started work towards obtaining a full environmental permit (see press release: Snow Lake Lithium commits SLR to a grassroots environmental program). This is a major achievement in breaking down barriers and ensuring we can achieve a frictionless path to full production.
For the new year, our to-do list includes completing a preliminary economic assessment, completing a pre-feasibility study, and commencing technical studies at our mine for the development of a hydroxide plant. We will also continue to invest energy in cultivating strategic collaborations and 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 achieving our milestones and continuing our engagement with our stakeholders.
Please also see our new website www.snowlakelithium.com.
I have attached our latest presentation which can also be found 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 we aim to be the first lithium producer in the world to achieve Certified Company B status in the process.
Our wholly owned Thompson Brothers Lithium Project covers a 21,703 acre site that is only 3% explored and contains 11.1 million metric tonnes of indicated and inferred resources at 1% Li2O.
This press release contains “forward-looking statements” that 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 in this press release can be identified by the use of words such as “anticipate”, “believe”, “intend”, “could”, “estimate”, “expect”, “have the ‘intent to’, ‘seek,’ ‘may’, ‘could’, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘target’, ‘aim’, ‘should’, ‘will’, ‘ would” or the negative of these 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 uncertainties, inherent risks and assumptions that are difficult to predict and include statements regarding the intended use of proceeds and expected closing. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be accurate. These risks and uncertainties, as well as others, are described more e n 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.
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