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Overview
Ultra Lithium Inc. (TSXV:ULT, OTCQB: ULTXF, Frankfurt: QFB), a Canadian mineral exploration and development mining company, is leveraging a portfolio of diversified lithium deposits to meet an ever-expanding global demand for this critical mineral that will help energize the world’s decarbonization efforts.
For years, lithium-ion batteries have powered mobile technologies like smartphones and laptops, but as the emergence of electric vehicles (EVs) continues to drive demand for this critical metal, lithium supply could face some challenges. To hit net-zero carbon emission goals, it is estimated the world would need 2 billion EVs on the road by 2050, which could lead to a global lithium shortage starting as soon as 2025.
Clean energy technologies currently represent roughly 30 percent of lithium demand, but that share is expected to hit 90 percent by 2040
Ultra Lithium is aggressively pursuing its lithium projects in Canada and the US, each at various stages of exploration.
The company’s Canadian assets include Georgia Lake and Forgan Lake, both of which have lithium pegmatite deposits. Developing partnerships with and gaining support from local First Nations communities are important aspects of Ultra Lithium’s core values. In September 2022, the company signed an exploration agreement with the Biinjitiwaabik Zaaging Anishinaabek (BZA) community for continuing exploration and future development of the Forgan Lake property with the support of the BZA community.
Ultra Lithium’s Argentina lithium brine project, Laguna Verde, covers over 7,569 hectares and is within the world-renowned Lithium Triangle, known for producing more than 50 percent of the world’s lithium. Its rich lithium brine deposits make it suitable for direct lithium extraction (DLE), an emerging extraction technology. DLE is a more sustainable, economical and time-sensitive method of extracting high-purity lithium compared to conventional methods.
On May 17, 2023, Ultra Lithium signed a binding term sheet to sell the Laguna Verde lithium-brine projects in the Catamarca Province for up to 50 million shares in Power Minerals. Ultra Lithium’s previous agreement with Zangge Mining expired and the company looks forward to advancing its Argentina assets with Power Minerals..
Ultra Lithium is led by a team of managers and directors with diverse backgrounds throughout the natural resources industry. Expertise includes building strategic partnerships, corporate financing, mineral exploration and project development. The leadership team has the right experience to bring Ultra Lithium’s assets into production.
Company Highlights
Ultra Lithium is a Canadian exploration and development company focusing on its diverse lithium and gold deposits.Ultra Lithium’s Canadian lithium assets, which target hard rock pegmatite deposits, have the advantage of a supportive local First Nations community.An experienced management team leads Ultra Lithium with the expertise necessary to explore and develop its substantial assets.
Key Projects
Canada Lithium Pegmatite Projects
Ultra Lithium’s Canadian projects include Georgia Lake and Forgan Lake, both of which contain lithium pegmatite deposits. The Georgia Lake project consists of 100 percent ownership of 75 mining claims throughout the Thunder Bay Mining Division in Northwestern Ontario. Its recently acquired Forgan Lake asset comprises 18 cell claims and two boundary claims, totaling 256 hectares.
Project Highlights:
Excellent Existing Infrastructure: Ultra Lithium’s Canadian assets are near highways, deep water ports and existing electrical power. Additionally, the area has mining contractors and trained personnel available.Exploration Completed with Promising Results: A grab sampling of eight pegmatites within Georgia Lake showed that ten of 21 samples included more than 1 percent lithium oxide, with five samples containing more than 2 percent lithium oxide. Samples also included other rare metals, including:Tantalum 4 to 202 ppmNiobium 12 to 101 ppmBeryllium 55 to 286 ppmRubidium 161 to 1240 ppmDrill Program Completed: Completed approximately 7,000 meters of drilling in Q3 2022, across Georgia Lake and Forgan Lake, with many intersects showing visible spodumene. Soil sampling to identify additional pegmatites has commenced, and samples for metallurgical test work have been collected. The company is currently compiling data and information to prepare an NI 43-101 report and resource estimates upon receipt of assay results and other planned work.
United States lithium brine project
Ultra Lithium’s 100-percent-owned South Big Smoky Valley project in Nevada, USA, contains 659 placer claims covering 13,000 acres. The asset is located near the only lithium producer in North America and 310 kilometers away from Tesla’s Gigafactory.
Project Highlights:
Completed CSAMT Exploration: Ultra Lithium has completed Controlled Source Audio-Frequency Magneto-telluric (CSAMT) survey work on the property, covering 53.8 kilometers.Additional Exploration Underway: The company is currently completing geophysical survey interpretation to establish future drill targets.
Management Team
Dr. Weiguo Lang – Chief Executive Officer
Dr. Weiguo Lang has over 20 years of experience in the mining, technology and agriculture sectors, focusing on building strategic alliances, joint ventures and financing. He is the executive director of a Hong Kong Stock Exchange-listed company, Zhongsheng Resources Holdings Limited (Symbol: 2623.HK), primarily responsible for business development and investment. Prior to that, he acted as director for Klondex Mines Ltd., Agro International Inc., Zhongrun (Tianjin) Mining Development Co., Ltd., Ventek Systems Inc. and Q-Net Technologies Inc. Lang received his bachelor’s degree in engineering from Agriculture University of Heilongjiang, and then obtained his master’s and doctorate degrees in engineering from the University of Saskatchewan, Canada.
Kiki Smith – Chief Financial Officer
Kiki Smith brings more than two decades of experience in managing and financing junior listed companies in the mining exploration, technology and food production sectors. She has led a number of companies in debt and equity financings, corporate structure design and management, cash flow management and forecasting, legal and regulatory compliance, investor communications, stakeholder engagement and risk management. She holds a BA in economics from the University of British Columbia and a certified professional accountant designation from the Certified Professional Accountants Association of British Columbia.
Afzaal Pirzada. – Vice-president, Exploration
Afzaal Pirzada is a professional geoscientist with over 30 years’ experience in mineral exploration and mining with expertise in gold, lithium, rare metals, graphite, PGE and uranium. Throughout his career, he has managed multiple exploration projects in various jurisdictions across Canada, the USA and internationally. He has worked as a project geologist, VP of exploration, director and CEO of Adriana Resources, Rock Tech Lithium and other mining companies. He has discovered one graphite deposit in Quebec and successfully developed a lithium project in Ontario from early-stage exploration to advanced exploration. He is registered as a professional geoscientist with the Association of Professional Engineers and Geoscientists of British Columbia, Canada, authored several NI 43-101 technical and exploration work assessment reports, and has worked as a “qualified person” on mineral exploration projects. He is currently engaged in the exploration of Ultra Lithium’s lithium and gold projects in Argentina, and hard rock lithium projects at the Georgia Lake pegmatites in Northwestern Ontario, Canada.
Andrew Lee Smith – Director
Andrew Lee Smith is a professional geologist with over 25 years experience of successfully exploring, developing and operating African and North American base and precious metals mining projects. He also holds directorships and management positions with a number of other junior exploration companies. Andrew holds a B.Sc in Earth Sciences from the University of Waterloo and is a professional geologist and a member of the Association of Professional Engineers and Geoscientists of British Columbia. He received the Mining Entrepreneur of the Year Award in 1994 from the Quebec Prospectors Association for his role in mine development with Aurizon, and was named Outstanding Alumnus of 2009 by the Science Faculty of the University of Waterloo for his contributions to mineral exploration. In 2015, Smith competed in the International Corporate Directors Education Program and received the ICD.D accreditation, the only professional designation for Canadian directors recognized both nationally and internationally.
Shaoguo Cao – Director
Shaoguo Cao is the president of Liten Group Co., Ltd., which he founded in 2002. Liten is at the forefront of China’s top 100 automobile dealers by revenue and is an innovative private enterprise pioneering the construction and operation of automobile parks. Cao is also vice-chairman of the Classic Vehicle Union of China (CVUC), and the chairman of Tsinghua University Wudaokou People’s Bank of China School of Finance Council (Shanghai). He is a representative at the twelfth Provincial People’s Congress of Zhejiang Province. In 2016, he was awarded as one of “30 People of Influence in the Wenzhou Economy.” Cao received his MBA degree from Tsinghua University.