December 1, 2022
Noram Lithium Corp. (TSXV:NRM, BUY, C$2.60 target, Koby Kushner) provided an overview of the company’s activities during the year, as well as upcoming catalysts at its 100%-owned Zeus Li project in Clayton Valley, Nevada. Highlight news items throughout 2022 included: 1) completion of a US$14M strategic financing with Waratah Capital Advisors and Lithium Royalty Corp. (read here and here), 2) several management appointments (read more), and 3) completion of a Phase VI, 12-hole exploration program at Zeus (read more). All eyes are set on the continued advancement of the Zeus Li project where geological/lithium grade models are currently being updated and should ultimately help feed into the release of a Pre-Feasibility Study (PFS). The current resource for the project stands at ~1.8Mt LCE in M&I and ~3.9Mt LCE in inferred, and the 2021 PEA has only used one-fifth of the resource tonnage to obtain a 40-year LOM, with robust post-tax economics of ~US$1.3B NPV8% and ~31% IRR using conservative prices of US$9,500/t LCE. As per our initiation report, we believe the upcoming catalysts for the stock include: 1) resource update (Q4/22), 2) metallurgical studies (Q4/22), 3) PFS (Q1/23), 4) social and environmental initiatives (ongoing), and 5) potential water rights agreements (ongoing). Read more
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Noram Lithium Corp. – TSXV:NRM
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