⛏ Lithium Bloodbath

PLUS: High-Grade Gold Extension

Greetings Contrarian,

Source: Trading Economics, Numerco.

This is The Next Big Rush, your daily drop of mining and energy investing news. Where we come together and order a pizza.

Here are the highlights:

🩸 Lithium Bloodbath

😋 High-Grade Gold Extension

🐦 Tweet Of The Day

🩸 Lithium Bloodbath

Core Lithium, Australia's only lithium miner in the Northern Territory, has ceased mining operations at Finniss due to challenging market conditions.

The company will experience a significant asset write-down as weak lithium prices impact producers. Following a review of operations, Core Lithium will process stockpiled ore and suspend activity at its Grants open pit mine within the Finnis lithium complex. With 280,000 tonnes of stockpiled ore, the processing plant can continue until mid-2024 without additional mining.

Lithium prices have drastically dropped, and experts anticipate a 30% fall in lithium carbonate prices in China due to increasing supply surpassing demand. High-cost producers are expected to be affected first, with global lithium supply projected to increase by 40% in 2024, potentially halving ASX lithium company profits in FY2025, according to UBS.

Yikes.

😋 High-Grade Gold Extension

Laurion Mineral Exploration Inc. (TSXV: LME) (OTC PINK: LMEFF) announced the assay results of the first five diamond drill holes from its Fall 2023 diamond drill program from Ishkoday Project in Ontario, Canada.

Highlights:

  • 3.5m of 29.45 g/t Au Including 0.55m of 186.00 g/t Au 

The intercept confirms the extension of mineralization at the Sturgeon River Mine, particularly to the northeast. This extension expands the known mineralized zone by 600 meters.

📰 In Other News:

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The Editor

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.

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