Bandeira — lithium project

Underground hard-rock lithium project located in the Araçuaí Pegmatite District of Minas Gerais, Brazil. Property is situated near the CBL lithium mine and Sigma Lithium's operations, with access to hydroelectric grid power and paved roads to the Port of Vitória. Sept-2025 Feasibility Study outlines an 18.5-year underground mine producing 177 ktpa of 5.2% Li2O spodumene concentrate, with initial capex of US$191M and after-tax NPV8 of US$1.45B at US$2,212/t SC6. Processing utilizes a modular dense media separation (DMS) plant. Application for a Concomitant Environmental License was submitted in November 2023. Flagship Brazilian lithium asset.