TIDMBCN
RNS Number : 1933B
Bacanora Lithium PLC
05 June 2019
Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural
Resources
5 June 2019
Bacanora Lithium plc ("Bacanora" or the "Company")
Feasibility Study Estimates EUR428 million NPV and 27.4% IRR for
Zinnwald Lithium Project
Bacanora Lithium Plc, the London traded lithium company, is
pleased to announce the results of the NI 43-101 Feasibility Study
('FS') for the Zinnwald Lithium Project in Germany ('Zinnwald' or
'the Project') which confirm the positive economics and favourable
operating costs for the production of 5,112 tonnes per annum
('tpa') (7,285 tpa LCE) of battery grade Lithium Fluoride ('LiF'),
a high value, downstream product used in the manufacture of lithium
battery electrolytes for the European electric vehicle industry.
With a long life of project of 30 years, the FS estimates a pre-tax
project Net Present Value ('NPV') of EUR428 million (8% discount
rate); an Internal Rate of Return ('IRR') of 27.4%; favourable Life
of Mine ('LOM') operating costs and a 46% EBITDA operating profit
margin.
Bacanora acquired an initial 50% interest in Deutsche Lithium
GmbH ('DL') (the 100% owner of Zinnwald) in February 2017 and has
an option to acquire the outstanding 50% ('the Option') that it
does not own. The Company is pleased to announce it has reached an
agreement with the administrators of SolarWorld AG ("SolarWorld"),
which holds the remaining 50% interest, to extend the Option period
from August 2019 to February 2020.
Highlights
Confirmed strong economic potential
-- Estimated Project pre-tax IRR of 27.4%; NPV of EUR428 million (8% discount rate)
-- Estimated Project post-tax IRR of 21.5%, NPV of EUR270
million with a project payback of 6.1 years
-- Average LOM annual earnings before interest, taxes,
depreciation and amortisation ('EBITDA') estimated at EUR58.5
million per annum
-- Long life project with the 30 year FS mine plan equating to
less than 50% of the current identified mineral resources
-- Base case 30 years revenue and EBITDA estimated at EUR3.86
billion and EUR1.75 billion respectively
Zinnwald: a significant lithium deposit, strategically
positioned in Germany's industrial heartland
-- Total Mineral Reserve (Proven and Probable) estimate of 31.20
million tonnes ('Mt') of ore at a grade of 3,004 ppm containing 94
thousand tonnes ('kt') of contained lithium ('Li')
-- Demonstrated Mineral Resource (Measured and Indicated)
estimate of 35.51 Mt of ore at a lithium grade of 3,519 ppm,
containing 125 kt of Li
-- Deutsche Lithium also owns the exploration licences for the
lithium deposits of the claims "Falkenhain" and "Altenberg DL"
which have the potential to significantly increase Zinnwald's
resource base and Project life
Conventional flow sheet uses established sulphate route
processing technology
-- Integrated plant designed to process approximately 570,000 tpa of ore (LOM average)
-- Capital cost estimate of EUR159 million includes mining,
processing plant, infrastructure, tailings management, general
administration costs as well as the requisite contingencies
-- FS includes sale of 32,000 tpa of by-product potassium
sulphate ('SOP', 'K(2) SO(4) ') to the European fertiliser
industry
Next Steps: advance Zinnwald towards production to satisfy
expected continued growth in demand for lithium driven by growing
sectors such as electric vehicles and energy storage
-- Subject to Board approvals and other key milestone events,
project detailed design is expected to commence in H1 2020
Peter Secker, CEO of Bacanora, commented, "With a EUR428m NPV
and 27.4% IRR, the FS confirms a battery grade LiF operation at
Zinnwald that has the potential to generate significant value for
shareholders. The EUR58.5 million in annual earnings that the
EUR159 million capital investment is forecast to generate in each
of the 30 years of mine life, the strong position on the global
industry cost curve, the conventional processing route, and the
exposure to fast-growing end markets such as EVs, all add to the
compelling investment case that Zinnwald represents. With numbers
such as these, we are keen to realise the Project's potential to
become a leading supplier to the fast-growing European battery and
automotive sectors at the earliest opportunity. We are already
working hard to secure strategic partners to develop the Project
and we are actively considering a public listing for Deutsche
Lithium, our 50%-owned subsidiary that holds Zinnwald, to help
achieve our aim.
Bacanora now has two high value lithium projects where
Feasibility Studies have not only been completed but have confirmed
the credentials of each. In tandem with advancing Zinnwald towards
the development stage, we are looking to finalise the finance
package to build an initial 17,500 tpa lithium carbonate operation
in Sonora, Mexico. Like Zinnwald, Sonora has highly attractive
economics including a US$1.25 billion NPV, 26% IRR and US$4,000 per
tonne LOM operating costs which place it among the lowest cost
producers in the world. Our two projects have a combined,
independently estimated NPV of more than US$1.7 billion, a level
that far outstrips our current GBP36 million market capitalisation
as of 4 June 2019. We are confident this valuation gap will soon
close. I look forward to providing further updates on our progress
during this exciting time for the Company."
Key Elements of the Feasibility Study
Project Introduction
Zinnwald is located in southeast Germany, some 35 km from
Dresden, adjacent to the border of the Czech Republic, within 3 km
of the town of Altenberg and 50 km of the town of Freiberg. The
Project is in a granite hosted Sn/W/Li belt that has been mined
historically for tin, tungsten and lithium at different times over
the past 300 years. With an abundant supply of
fluorspar/hydrofluoric acid available in the immediate vicinity, DL
has chosen to focus on LiF production. LiF is one of the two key
components in the manufacturing process of LiPF6, which is the most
commonly used conducting organic salt in lithium batteries and
serves as the "shuttle" in the battery electrolyte which "ships"
the lithium ion between the cathode and the anode. The strategic
location of the Project allows immediate access to the German
automotive and downstream lithium chemical industries.
Feasibility Study - Key Indicators
Based on a forecast selling price of EUR22,000 per tonne LiF,
the FS demonstrates the attractive economics of Zinnwald and the
key findings are shown in the table below:
Table 1. Key Study Indicators
Feasibility Study Key Indicators Value
Pre-tax NPV (at 8% discount) (EUR m) 427.8
-------
Pre-tax IRR (%) 27.4%
-------
Payback (years) 6.1
-------
Initial Construction Capital Cost (EUR m) 158.9
-------
Average LOM unit operating costs (EUR/t LiF) 13,058
-------
Average LOM revenue - LiF only (EUR m pa) 112.4
-------
Post-tax NPV (at 8% discount) (EUR m) 270.0
-------
Post-tax IRR (%) 21.5%
-------
Average annual EBITDA with co-products (EUR m) 58.5
-------
Annual average LiF production (tpa) 5,112
-------
Annual K(2) SO(4) production capacity (tpa) 32,000
-------
(* All costs are in Euro)
Mineral Resource Estimates
The Zinnwald lithium property hosts one of the largest lithium
deposits in Europe. As part of the FS, the upgraded resource has
been reported in accordance with National Instrument 43 -101 -
Standards of Disclosure for Mineral Projects ('NI 43-101') and was
carried out by G.E.O.S. Ingenieurgesellschaft mbH ('G.E.O.S.'),
Reporting Persons: EurGeol Kersten Kühn, Mr. Matthias Helbig from
G.E.O.S and Dr. Thomas Dittrich from Deutsche Lithium GmbH. EurGeol
Dr. Wolf -Dietrich Bock, an independent qualified person as defined
by NI 43-101, has reviewed and approved the technical information
contained in this press release and is independent of the
Company.
The table below provides a breakdown of the upgraded Mineral
Resource estimate for the Zinnwald Project as of 30 September
2018:
Table 2. Lithium Mineral Resource estimate of the Zinnwald
Lithium Deposit
Resource classification* Ore tonnage Mean Li Contained Li LCE (ii)
(000t) grade (ppm) (tonnes)
(Tonnes)
Measured 18,510 3,630 67,191 357,659
------------ ------------- ------------- ----------
Indicated 17,000 3,399 57,783 307,579
------------ ------------- ------------- ----------
Inferred 4,865 3,549 17,266 91,906
Demonstrated (Measured
+ Indicated) 35,510 3,519 124,974 665,238
(* Vertical thickness >= 2 m, cut-off Li = 2,500 ppm)
Notes: (i) Mineral Resources that are not Mineral Reserves do
not have demonstrated economic viability.
(ii) Lithium Carbonate Equivalent ("LCE"); using a conversion
factor of 1 unit of lithium metal equivalent to 5.323 units of
LCE.
Using a minimum thickness of 2 m and 2,500 ppm Li cut-off, the
Zinnwald Demonstrated Mineral Resource (Measured and Indicated) is
35.5 Mt at a grade of 3,519 ppm Li containing 124,974 tonnes of
Li.
Mining Operations and Mineral Reserve Estimates
The mining operation for the Project is planned as an
underground mine development using a decline for the access to the
mine and ore transportation to Freiberg, 50 km away from Zinnwald.
The mine technology will be a common LHD - room and pillar
technology. The Mineral Reserve estimate was prepared by
independent mining consultants G.E.O.S with a cut-off of 2,500 ppm
lithium metal.
The estimated Mineral Reserves of the Zinnwald lithium deposit
is based on the development of the whole deposit. Internal dilution
mostly consists of greisen and greisenized granite that shows
average lithium grades of roughly 1,900 ppm. External dilution
shows average lithium grades of around 1,700 ppm.
The portion of the Demonstrated Mineral Resource which cannot be
mined due to existing mine workings or which cannot be economically
mined due to isolation of ore bodies or insignificant ore
thickness, amounts to 7% and was excluded. Based on this reduced
resource, Mineral Reserves have been estimated based on standard
mining technology with optimized back fill applying sublevel
stoping with longitudinal stopes.
The suggested mining method of the Zinnwald lithium deposit,
which can be specifically adjusted to locally changing geological
conditions, includes maximum dimensions of the rooms of 7 m x 7 m
with 2 m wide safety pillars and 1 m thick horizontal roof pillars.
Backfill material is characterized by a compressive strength value
of at least 4 to 5 MPa. The portion of the Proven Mineral Reserve
accounts for 16.5 Mt of ore and contains 51 kt Li. This corresponds
to 54 % of the total lithium metal Reserve. The Probable Mineral
Reserve is 14.7 Mt of ore with a content of 43 kt Li. It comprises
46 % of the total lithium metal Reserve. For further details see
the table below.
Table 3. Lithium Mineral Reserve estimate of the Zinnwald
Lithium Deposit
Category Ore and Dilution Mean Li Grade Contained Li
Tonnage (ppm) (000t)
(000t)
Mineral Reserve considering mining loss and dilution
(1) Parameter conform 22,270 (71
ore %) 3,500 78
---------------- ------------- ------------
(2) Internal dilution 2,632 (8 %) 1,929 5
---------------- ------------- ------------
(3) External dilution 6,300 (20 %) 1,700 11
---------------- ------------- ------------
(4) Total Mineral Reserve 31,203 (100
(1+2+3) %) 3,004 94 (100 %)
---------------- ------------- ------------
16,504 (53
(5) Proven Mineral Reserve %) 3,075 51 (54 %)
---------------- ------------- ------------
(6) Probable Mineral 14,699 (47
Reserve %) 2,933 43 (46 %)
---------------- ------------- ------------
Notes: (i) Tonnes rounded to the nearest thousand.
(ii) Lithium Carbonate Equivalent ("LCE"); using a conversion
factor of 1 unit of lithium metal equivalent to 5.323 units of
LCE.
Process Design
Metallurgical test work and process design for the FS was
carried out at:
- UVR-FIA GmbH of Freiberg, Germany,
- IBU-Tec AG of Weimar,Germany,
- K-UTEC AG of Sondershausen, Germany and
- Ercosplan GmbH of Erfurt, Germany.
The basic engineering for the process plants and infrastructure
have been prepared by:
- Beneficiation process - KÖPPERN Aufbereitungstechnik GmbH of
Freiberg, Germany (Köppern),
- Pyrometallurgy - CEMTEC Cement & Mining Technology GmbH of Enns, Austria (Cemtec), and
- Hydometallurgy - AMPROMA GmbH of Ammersee, Germany (Amproma).
The process plant design comprises a pre-concentration stage to
produce an initial concentrate prior to roasting. The concentrate
is subsequently heated in a kiln, at approximately 950 degrees
Celsius, in combination with limestone and gypsum. Following
roasting a hot water leaching step recovers lithium and after
removal of impurities LiF is precipitated using potassium fluoride.
LiF is filtered and packaged, to produce a >99.5% LiF final
battery grade product. The integrated plant has been designed to
initially process 522 kt of ore per year (average of first 5 years
of production), producing 5,112 tpa of lithium fluoride. The plant
will scale up to process up to 600 kt of ore per year over the life
of the mine.
The plant design also includes a circuit to produce up to 32,000
tpa of K(2) SO(4) /SOP by-product through a series of evaporation
and precipitation stages.
Capital Cost Estimates
The metallurgical processing facility will be located in
Freiberg. The capital cost estimate is based on using brown field
processing plant site locations for both the concentrator and the
lithium processing plants, but all equipment costs are based on all
new equipment, to produce the concentrate and the battery-grade
lithium fluoride.
The capital cost estimates for the mine, process plant,
infrastructure, tailings management, construction, engineering,
procurement, and construction management ('EPCM') fees, and general
and administration are based on basic engineering from G.E.O.S.,
Köppern, Cemtec and Amproma and were compiled in a financial model
by eXnet audit GmbH Wirtschaftsprüfungsgesellschaft of Dresden,
Germany (eXnet).
Table 4. Summary of Estimated Capital Costs
Area EUR m
Mining equipment, infrastructure
and site 27.4
-------
Beneficiation / mineral processing
plant 23.3
-------
Chemical plant 82.0
-------
On-Site infrastructure chemical
site 10.6
-------
EPCM / Project management 14.9
-------
Contingency 15.8
-------
Subsidies/grants* (15.0)
-------
Total: 158.9
-------
Notes: * subsidies/grants (estimated) by the Government of Free
state Saxony based on European and national law.
Operating Cost Estimate
The estimated mining and processing operating costs are based on
an operation achieving average annual production of approximately
5,112 tonnes of battery-grade, 99.5% LiF, (7,285tpa LCE). The
estimated average unit operating cost for the mine, primary and
secondary processing facilities are as follows:
Table 5. Average Annual Operating costs per tonne
Category EUR/t LiF
Mining 2,525
----------
Mechanical Processing 2,699
----------
Chemical Processing 7,448
----------
Environmental and Central 386
----------
Total - Direct Operating
Costs 13,058
----------
G&A 607
----------
Total - All costs per tonne
of LiF 13,665
----------
Cash Flow Sensitivity Analysis
The Project is currently estimated to have a payback period of
6.1 years. Cash flows are based on a 100% equity funding basis and
the economic analysis indicates a pre-tax NPV, discounted at 8%, of
approximately EUR428 million and an IRR of approximately 27.4%, as
shown below. Post tax the NPV is approximately EUR270 million and
the IRR 21.5%.
Table 6. Sensitivity Analysis - Discount Rate Impact (EUR m)
Discount Base Case Pre-Tax Base Case Post-Tax
Rate NPV NPV
0 % 1,559.2 1,073.5
------------------ -------------------
2 % 1,093.5 743.7
------------------ -------------------
4 % 785.3 524.9
------------------ -------------------
6 % 575.2 375.3
------------------ -------------------
8 % 427.8 270.0
------------------ -------------------
10 % 321.5 193.8
------------------ -------------------
Table 7. Sensitivity Analysis - Post Tax NPV and IRR %
Difference LiF - Price Operating Costs Capital Costs
NPV - EURm IRR - % NPV - EURm IRR - % NPV - EURm IRR - %
----------- -------- ----------- -------- ----------- --------
-30 % 30.0 9.8% 402.1 27.1% 310.9 28.1%
----------- -------- ----------- -------- ----------- --------
-20 % 109.9 14.1% 358.1 25.3% 297.1 25.4%
----------- -------- ----------- -------- ----------- --------
-10 % 189.8 17.9% 314.1 23.4% 283.3 23.2%
----------- -------- ----------- -------- ----------- --------
Base 270.0 21.5% 270.0 21.5% 270.0 21.5%
----------- -------- ----------- -------- ----------- --------
10 % 349.7 24.8% 225.7 19.5% 256.2 19.9%
----------- -------- ----------- -------- ----------- --------
20 % 429.9 28.0% 181.9 17.5% 242.9 18.6%
----------- -------- ----------- -------- ----------- --------
30 % 510.7 31.2% 138.0 15.4% 229.1 17.4%
----------- -------- ----------- -------- ----------- --------
Base case 30 years LiF revenue is estimated at EUR3.86 billion,
with a 30 year EBITDA of approximately EUR1.75 billion.
Market Review and Lithium Pricing
SignumBox (Chile) has provided the Company with their detailed
20 years analysis of the global lithium market. The Fraunhofer
Institute in Germany (www.fraunhofer.de) has provided a detailed
analysis of the electrolyte/LiF market. These reports can be
summarized as follows:
-- By 2037, SignumBox anticipate global annual demand for
lithium chemicals to reach about 1,700,000 tonnes of LCE in their
base scenario, compared to the current 360,000 tonnes in 2019,
equating to an average annual growth rate of about 11.5% over the
next 20 years.
-- Contract prices for battery grade lithium carbonate products
have increased significantly since Q3 2015, from a global average
price of lithium carbonate of approximately US$6,000 per tonne to
over approximately US$12,000 per tonne, (Q2 2019).
-- SignumBox estimate total demand for electrolyte materials
reached 142,000 tonnes in 2018, this represents a 11,4% growth
compared with 2017, with a value of US$4 billion. They expect
annual demand to grow to over 230,000 t by 2030
-- Fraunhofer estimates mid case consumption of LiF in
electrolyte production will be in the range 20,000 to 40,000 tonnes
annually by 2030, depending on LiF density remaining in the range
of 5% to 10% of the electrolyte
Lithium fluoride pricing for the FS has been averaged from a
number of sources including Zion Market Research, SignumBox market
and price forecast and spot market price in China. For the FS
cashflow analysis, the Company has taken a consensus approach for
pricing and is using a price of EUR22,000/t for battery grade
lithium fluoride over the 30 years of production. The SOP price is
estimated at EUR500 per tonne. The cashflow analysis was prepared
by the Company's financial consultants exNet.
Environment and Permits
DL holds an approved mining licence for the Zinnwald deposit and
has completed the Project Environmental Impact Assessment (EIA).
Final approvals for construction and operation would be issued once
a project construction timetable is submitted to the local
authorities.
Project Timetable
Subject to Bacanora's Board of Directors ('Board') approvals,
project financing and general lithium market conditions, the
Company will continue to progress the development of the Zinnwald
Lithium Project. The detailed design engineering phase of the
project is currently scheduled to commence in H1 2020. During this
stage, a definitive schedule for the project development will be
completed and presented to the Board for final approval. Regular
updates on the project progress will be provided throughout the
project schedule.
Zinnwald Option Agreement
Bacanora has an option to acquire the outstanding 50% interest
in Deutsche Lithium held by SolarWorld for EUR30 million. The
Company has reached an agreement with the administrators of
SolarWorld to extend the option period from August 2019 to February
2020. Under the agreement, Bacanora has also agreed to invest a
further EUR0.5m in Deutsche Lithium through to the end of the
extended option period. In the event that Bacanora does not
exercise this right within the above stated timeframe, SolarWorld
has the right but not the obligation to purchase Bacanora's 50%
interest for EUR1.
Report Filing
A technical report on this Feasibility Study, prepared in
accordance with NI 43-101, will be filed on SEDAR at www.sedar.com
and at www.bacanoralithium.com within forty-five (45) days of the
date of this news release.
Qualified Persons
Each of the qualified persons below has reviewed and approved
the technical information contained in this press release and are
independent of the Company. The qualified persons are:
EurGeol Dr. Wolf-Dietrich Bock is the qualified person as
defined by NI 43 -101 and responsible for the overall preparation
of the report with assistance by EurGeol Kersten Kühn as qualified
person as well.
Richard Gowans P. Eng, of Micon International Limited is the
qualified person as defined by NI 43-101 and responsible for the
test work and process engineering.
The Mineral Resource, Mineral Reserve, the mine plan, capital
cost and operating cost estimates were prepared by EurGeol Kersten
Kühn of G.E.O.S. and EurGeol Dr. Wolf-Dietrich Bock. Both are
independent qualified persons as defined by NI 43-101 and were
supported by Holger Kunz from company eXnet to calculate the
financial model.
The Mineral Resource and Mineral Reserve estimates in this press
release were prepared in accordance with the CIM "Definition
Standards on Mineral Resources and Mineral Reserves" adopted by the
CIM Council on 10 May 2014, and the CIM "Estimation of Mineral
Resources and Mineral Reserves Best Practice Guidelines," adopted
by CIM Council on 23 November 2003, in compliance with NI 43-101
guidelines.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Bacanora Lithium Peter Secker, CEO info@bacanoralithium.com
plc Janet Boyce, CFO
Cairn Financial Advisers Sandy Jamieson / Liam
LLP, Nomad Murray +44 (0) 20 7213 0880
-------------------------- --------------------------
Citigroup Global Tom Reid / Patrick Evans
Markets, Broker / Matthew Kenney +44 (0) 20 7986 4000
-------------------------- --------------------------
Canaccord Genuity,
Broker James Asensio +44 (0) 20 7523 8000
-------------------------- --------------------------
St Brides Partners, Frank Buhagiar / Gaby
Financial PR Adviser Jenner +44 (0) 20 7236 1177
-------------------------- --------------------------
ABOUT BACANORA LITHIUM:
Bacanora owns ten mining concession areas covering approximately
100 thousand hectares in the northeast of Sonora State in Mexico.
Seven of these ten mining concessions (the 'Sonora Lithium
Project'(1) ) were included in the Feasibility Study announced 12
December 2017. The Company, through drilling and exploration work
to date, has established a Measured plus Indicated Mineral Resource
estimate of over 5 Mt (comprising 1.9Mt of Measured Resources and
3.1Mt of Indicated Resources) of LCE(2) and an additional Inferred
Mineral Resource of 3.7 Mt of LCE. The Company's Feasibility Study
has established Proven Mineral Reserves (in accordance with NI
43-101) of 1.67 Mt and Probable Mineral Reserves of 2.85 Mt LCE and
confirmed the economics associated with becoming a 35,000 tpa
lithium carbonate and 30,000 tpa SOP producer in Mexico. In
addition to the Sonora Lithium Project, the Company also has a 50%
interest in the Zinnwald Lithium Project and the Falkenhain and
Altenberg DL Licences in southern Saxony, Germany. Each of the
Zinnwald Lithium Project and the Falkenhain and Altenberg DL
Licences are located in a granite hosted Sn/W/Li belt that has been
mined historically for tin, tungsten and lithium at different times
over the past 300 years. The strategic location of the Zinnwald
Lithium Project and the Falkenhain and Altenberg DL Licences
provides close geographical proximity to the German automotive and
downstream lithium chemical industries.
1. The Sonora Lithium Project is comprised of the following
lithium properties: La Ventana lithium concession, which is 100
percent owned by Bacanora and El Sauz and Fleur concessions, which
are held by Mexilit S.A. de C.V. ('Mexilit') which is owned 70
percent by Bacanora and 30 percent by Cadence Minerals Plc.
2. LCE = lithium carbonate (Li(2) CO(3) ) equivalent; determined
by multiplying Li value in percent by 5.323 to get an equivalent
Li(2) CO(3) value in per cent. Use of LCE is to provide data
comparable with industry reports and assumes complete conversion of
lithium in clays with no recovery or process losses.
Cautionary Statement Regarding Forward-Looking Information
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the
actual results achieved will be the same, in whole or in part, as
those set out in the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to:
commodity price volatility; general economic conditions in Canada,
the United Kingdom, Germany, the United States, Mexico and
globally; industry conditions, governmental regulation, including
environmental regulation; unanticipated operating events or
performance; failure to obtain industry partner and other third
party consents and approvals, if and when required; the
availability of capital on acceptable terms; the need to obtain
required approvals from regulatory authorities; stock market
volatility; competition for, among other things, capital, skilled
personnel and supplies; changes in tax laws; and the other risk
factors disclosed under our profile on SEDAR at www.sedar.com.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking information contained in this news release
is expressly qualified by this cautionary statement. We undertake
no duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
IMPORTANT NOTICE
The contents of this announcement have been prepared by and are
the sole responsibility of Bacanora.
The contents of this announcement have been approved solely for
the purposes of section 21(2)(b) of the Financial Services and
Markets Act 2000 by Citigroup Global Markets Limited, whose
registered office is at Citigroup Centre, Canada Square, Canary
Wharf, London, E14 5LB. Citigroup Global Markets Limited, which is
authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and the Prudential Regulation
Authority in the United Kingdom, and Canaccord Genuity Limited,
which is authorised and regulated by the Financial Conduct
Authority, are each acting exclusively for Bacanora and no one else
in connection with the Project, and will not regard any other
person as their client in relation to the Project and will not be
responsible to anyone other than Bacanora for providing the
protections afforded to their respective clients, nor for providing
advice in relation to the Project or the contents of this
announcement or any transaction, arrangement or other matter
referred to herein.
None of Citigroup Global Markets Limited, Canaccord Genuity
Limited nor any of their respective subsidiary undertakings,
affiliates or any of their respective partners, directors,
officers, employees, advisers, agents or any other person accepts
any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth,
accuracy, completeness or fairness of the information or opinions
in this announcement (or whether any information has been omitted
from the announcement) or any other information relating to
Bacanora, or any of their subsidiaries or associated companies,
whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever
arising from any use of this announcement or its contents or
otherwise arising in connection with it. Each of Citigroup Global
Markets and Canaccord Genuity, Broker (together, the "Banks") is
acting exclusively for Bacanora and no one else in connection with
any matter referred to in this announcement and will not be
responsible to anyone other than Bacanora for providing the
protections afforded to their respective clients nor for providing
advice in relation to any matter referred to in this announcement.
Neither the Banks nor any of their respective subsidiaries,
branches or affiliates owes or accepts any duty, liability or
responsibility whatsoever (whether direct or indirect, whether in
contract, in tort, under statute or otherwise) to any person who is
not a client of the Banks in connection with this announcement, any
statements contained herein or otherwise.
*ENDS**
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFAMATMBBMMPL
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