from the ASX...DRC Government approves draft inter-ministerial Decree approving a draft Cooperation Agreement with AVZ.
Creation of a Special Economic Zone for Manono (MSEZ) is a part of the Cooperation Agreement.
Conclusion of the final Cooperation Agreement is expected to deliver significant economic benefits for the Manono Lithium and Tin Project.
Manono Special Economic Zone (MSEZ) decision expected end of May 2021.
Hydro-Electric Power Plant feasibility study validated by Ministry of Hydraulic Resources and Electricity.
AVZ actively engaging with newly appointed DRC Government Cabinet.
Front End Engineering Design Study 70% complete.
CSA Global updating Mineral Resource Estimate and pit shell designs.
Roche Dure pit optimisation redesign to begin once Mineral Resource Estimate is completed.
Optimisation of Definitive Feasibility Study now leading towards Bankable Feasibility Study report.
All studies required for mining lease application completed.
Drilling of Carriere de l’Este orebody continues.
Construction of Camp Colline progressing well.
Project finance negotiations advancing.
Lithium hydroxide flowsheet development study awarded and progressing well.
Signed two additional SC6 offtake agreements with separate major Chinese lithium converters – Shenzhen Chengxin Lithium Group Co., Ltd and Yibini Tianyi Lithium Industry Co., Ltd - taking binding commitments to more than 80% of the Manono Lithium and Tin Project’s annual SC6 production defined in the DFS.
Signed first tin offtake agreement with Kalon Resources, a 100% subsidiary of Noble Group Holdings Limited, for 600 metric tonnnes of tin concentrate per annum.
Continued to explore strategic offtake opportunities in both traditional and emerging lithium markets.
Actively engaged with various commercial banks, finance brokers, private equity investors and non-commercial lenders (Development Finance Instutions) to progress towards securing funding for the development of the Manono Lithium and Tin Project.
Drilling of the Roche Dure ‘wedge’ revealed high-grade lithium and tin mineralisation directly beneath the historic pit floor – with a new resource estimate now underway to update the previous May 2019 Mineral Resources.
Strong results received from hydrology holes drilled around the perimeter of the Stage 3 Life of Mine – confirming excellent prospects of extending the Roche Dure open pit into the neighbouring ‘Kyoni’pegmatite.
Front End Engineering Design (FEED) study awarded to Melbourne based engineering company, Mincore Pty Ltd.
Independent study showed Manono Lithium and Tin Project likely to have one of the lowest carbon footprints of any global hard rock lithium miner.
Metallurgical test worked confirmed Manono Primary Lithium Sulphate suitable for battery producton feedstock.
Resource drilling at Roche Dure confirms further high-grade lithium and tin mineralisation directly beneath the historic pit floor.
All three holes were collared in fresh or slightly weathered pegmatite from the top of the hole.
Major intersections included:
Isolated zones of high grade +2% Li2O intersected in hole MO21DD001 in section 7100mN and again near surface on section 7300mN, including 28m @ 2.08% Li2O in hole MO20DD007.
With the completion of this pit floor drilling at Roche Dure, and the receipt of all outstanding assays, a new resource estimate is now underway to update the previous May 2019 Mineral Resources.
AVZ signs third binding strategic offtake agreement - with Yibin Tianyi Lithium Industry Co., Ltd (“Yibin Tianyi”).
Yibin Tianyi is a key participant in the supply chain of Contemporary Amperex Technology (CATL), the world’s largest lithium-ion battery maker and has significant expansion plans over the next five years.
Yibin Tianyi agree to purchase up to 200,000 metric tonnes per annum of SC6 for an initial 3-year term following commencement of production with an option to extend for an additional two years.
Significant milestone reached with more than 80% of annual SC6 production from the Manono Project committed under long-term binding offtake agreements, satisfying an important condition precedent for prospective Project financiers.
AVZ signs tin offtake agreement with Kalon Resources Limited (Kalon), a 100% subsidiary of Noble Group Holdings Limited.
Kalon is a major participant in the tin market, handling several thousand tonnes of tin concentrate per annum.
A 3-year binding offtake agreement, with Kalon purchasing 600 metric tonnes of tin concentrate per annum.
AVZ signs second strategic offtake agreement-with Shenzhen Chengxin Lithium Group Co.,Ltd.
Chengxin agree to purchase up to 180,000 tonnes per annum of SC6 for an initial 3-year term following commencement of production with mutually agreed options to extend.
Chengxin is a leading global battery materials producer that is continuing to expand its lithium hydroxide production capacity.
Over 50% of the intended annual SC6 saleable product from the Manono Project is now contracted under binding Offtake Agreements.
Ninevertical Reverse Circulation holes drilled for piezometer installation around the perimeter of the Stage 3 Life of Mine open pit were sampled.
New mineralised pegmatite intersected in five holes, three of which are significant.
The high-grade intersection in hole MO20RCP02 resulted in the north-eastern limit of the Roche Dure pegmatite being extended by about 90 metresto the south east.
The new intersection in hole MO20RCP02 is outside the current pit design,demonstrating the potential for likely extensions to the existing pit design as more information becomes available.
The new pegmatite intersected in hole MO20RCP09 on section 7600mN and outside the current pit design was previously unknown and not mapped at the surface where there is poor to nil outcrop.
Nine-hole diamond drill program for 1,654 metres at Roche Dure pit floor “wedge” completed.
Sample preparation well underway with samples to be transported to Perth as soon as possible.
Assay results from holes five and nine – along with first four holes reported in targeted drill program – not included in May 2019 Mineral Resource.
A new resource update is expected, pending all outstanding data being received in the first Quarter 2021.
Pegmatite in holes MO20DD005 and MO20DD009 were fresh from the pit floor and confirm strong spodumene mineralisation from the top of the holes.
AVZ’s resource drilling at Roche Dure identifies further high-grade lithium and tin mineralisation directly beneath the historical pit floor.
Pit floor mapping and drilling confirms slightly weathered to fresh pegmatitic rock makes up the pit floor and that it will likely be re-classified under JORC definition.
Assay results from the first four holes in this drill program were not included in the May 2019 Mineral Resource.
A new resource update is expected, pending all outstanding data being received in the first Quarter 2021.
Pegmatite in holes MO20DD002 and MO20DD003 were slightly weathered to about 8m depth while holes MO20DD004 and MO20DD006 intersected fresh mineralised pegmatite from the top of the hole.
All holes showed varying amounts of breakage with minor core loss caused by blasting damage from the previous hard rock mining operation at Roche Dure.
Independent assessment shows Manono Project could have one of the lowest carbon footprints of any global hard rock lithium miner.
Greenhouse gas assessment captured all proposed mining, power, haulage and downstream processing operations.
AVZ is striving to be as close to a ’zero emissions’ operation as possible.
Strategic offtake agreement signed with GFL International Co. Limited (GFL), a subsidiary of Ganfeng Lithium Co Ltd, China’s largest lithium compound producer on favourable terms:
Negotiatons with several other offtake partners for lithium and tin materials ongoing.
Discussions continued with financiers, with several expressions of interest received.
Pit floor drilling of the Roche Dure ‘wedge’ continued to potentially upgrade additional Inferred Resources to Indicated Resources.
New Ore Reserves to be generated from optimised mine design.
Key Congolese Government agencies progress planning for a Special Economic Zone for the Manono region following a two-day workshop in October.
Primary Lithium Sulphate Monohydrate bench scale test work successfully completed.
AVZ's planned production flow sheet independently tested and confirmed as technically feasible.
Primary Lithium Sulphate with greater than 80% (wt. %) lithium content can be readily produced.
Primary Lithium Sulphate produced presents as suitable feedstock for the electrolytic conversion of Lithium Hydroxide Monohydrate used in battery production.
AVZ signs strategic offtake agreement with GFL International Co. Limited, a subsidiary of Ganfeng Lithium Co Ltd.
Ganfeng is China’s largest lithium compound producer.
Initial 5-year term with GFL and option to extend for further 5 years.
GFL to purchase up to 160,000 metric tonnes per annum of spodumene concentrate.
Secured rights to additional 10% equity in Manono Lithium and Tin Project for US$15.5M, taking its total ownership to 75% on completion of the transaction.
Ongoing discussions held to aquire additional equity in the Manono Project.
Discussions advanced with multiple offtake partners for significant volumes of Spodumene Concentrate and Tin.
Negotiations progressed around financing options with several entities in Australia, Europe, the Middle East and South Africa.
Terms of reference for the Manono Special Economic Zone were submitted, along with a proposed framework of economic incentives.
Tenders for process plants were adjudicated, with the results pending a Financial Investment Decision to mine the Manono Project.
Tenders issued for rehabilitation of Mpiana Mwanga Hydro Electric Power Plant.
Pit floor drilling of the Roche Dure 'wedge’ commenced to potentially upgrade some Inferred Resources to Indicated Resources.
New Ore Reserves to be generated from optimised mine design.
Geotechnical site investigations of plant site underway.
Site tailings storage facility confirmed and geotechnical sampling program commenced.
Phase 2 hydrogeological modelling field program commenced.
Unmarketable parcel share sale facility completed
AVZ secures rights to an additional 10% equity in Manono Project for US$15.5M. AVZ to own 75% of Manono Project on completion of transaction. Ongoing discussions to acquire additional equity in Manono Project. Potential increase in share of Project NPV from US$1,409M to US$1,761M (Pre Tax) and up from US$616M to US$771M (Post Tax) based on 75% project interest.
Highlights A$10.7M placement to Yibin Tianyi completed. Strong investor support received for exercise of listed AVZ options, contributing SASS.3lvi (before costs). US$1m Convertible Note repaid. Final payment of US$1m made under original Acquisition Agreement to acquire 60% interest in the Manono Lithium and Tin Project. Early works program commenced at Manono Lithium and Tin Project. Approx. US$300M of pre-mining request for tenders issued, including process plants EPC package. Permis d’Exploitation (Mining Licence) application being prepared. Special Economic Zone discussion continue positively. Preliminary iTSCi membership obtained. Extension to known mineralisations to South West of Roche Dure confirmed. Outstanding "high-grade" cassiterite concentrate produced from alluvial material. Negotiations continuing with Yibin Tianyi and other companies to sign binding offtake agreements. Negotiations progressing with several Australian and international groups around project finance.
Approx. US$300M of pre—mining request for tenders issued; Contracts to be awarded once a Financial Investment Decision to mine Manono has been made; AVZ obtains preliminary iTSCi membership.
