Report Highlights

  • Noram has completed an updated resource estimate on its Zeus lithium project in Nevada. The property is adjacent to Albermarle’s (NYSE: ALB) Silver Peak mine, the only lithium producer in the U.S.
  • The objective of the updated resource estimate was to improve upon previous data inputs, resulting in a more precise estimate, and delineating a high-grade portion for targeting in the initial years of operation. The revised estimate showed a 30% decrease in tonnage to 4.4 Mt LCE (lithium carbonate equivalent) at 927 ppm, mainly due to a higher cut-off grade of 525 ppm Li, up from 400 ppm previously. Despite the reduction in tonnage, we note that Zeus’ resources (both tonnage and grades) are comparable to other well-known large deposits in Nevada.