Avalon Completes PEA: Post-Tax C$4.1 Billion NPV (8%) and 48% IRR at its Thunder Bay Lithium Processing Facility, ON
Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF) has completed a Preliminary Economic Assessment (PEA) for its Lithium Hydroxide Processing Facility project in Thunder Bay, Ontario. The PEA demonstrates compelling economic viability with key highlights including:
- After-tax Net Present Value (NPV) of $4.1 billion at 8% discount rate
- After-tax Internal Rate of Return (IRR) of 48% for the 30-year period
- Initial Capital Cost of $1.2 billion and Total Capital Cost of $1.3 billion
- All-in Life-of-Project Operating Costs of $13,029/tonne
The project aims to produce 30,000 tonnes of battery-grade lithium hydroxide annually using innovative Metso Technology. Strategically located on brownfield industrial property with existing infrastructure, the project is well-positioned for permitting and development.
Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF) ha completato una Valutazione Economica Preliminare (PEA) per il suo progetto di Impianto di Lavorazione di Idrossido di Litio a Thunder Bay, Ontario. La PEA dimostra una convincente viabilità economica con i seguenti punti salienti:
- Valore Attuale Netto (NPV) post-tasse di 4,1 miliardi di dollari con un tasso di sconto dell'8%
- Tasso Interno di Rendimento (IRR) post-tasse del 48% per un periodo di 30 anni
- Costo Iniziale di Capitale di 1,2 miliardi di dollari e Costo Totale di Capitale di 1,3 miliardi di dollari
- Costi Operativi Totali di Vita del Progetto di 13.029 dollari/tonnellata
Il progetto mira a produrre 30.000 tonnellate di idrossido di litio di grado batteria annualmente utilizzando la tecnologia innovativa Metso. Strategicamente posizionato su una proprietà industriale dismessa con infrastrutture esistenti, il progetto è ben posizionato per ottenere i permessi e per lo sviluppo.
Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF) ha completado una Evaluación Económica Preliminar (PEA) para su proyecto de Instalación de Procesamiento de Hidróxido de Litio en Thunder Bay, Ontario. La PEA demuestra una viabilidad económica convincente con los siguientes aspectos destacados:
- Valor Actual Neto (NPV) después de impuestos de 4.1 mil millones de dólares a una tasa de descuento del 8%
- Tasa Interna de Retorno (IRR) después de impuestos del 48% durante un período de 30 años
- Costo de Capital Inicial de 1.2 mil millones de dólares y Costo Total de Capital de 1.3 mil millones de dólares
- Costos Operativos Totales durante la Vida del Proyecto de 13.029 dólares/tonelada
El proyecto tiene como objetivo producir 30.000 toneladas de hidróxido de litio de grado batería anualmente utilizando la innovadora Tecnología Metso. Estratégicamente ubicado en una propiedad industrial de terrenos contaminados con infraestructura existente, el proyecto está bien posicionado para permisos y desarrollo.
Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF)는 온타리오주 썬더베이에 있는 리튬 수산화물 가공 시설 프로젝트에 대한 예비 경제성 평가(PEA)를 완료했습니다. PEA는 다음과 같은 주요 하이라이트와 함께 설득력 있는 경제적가치를 보여줍니다:
- 8% 할인율 기준 세후 순현재가치(NPV) 41억 달러
- 30년 기간 세후 내부수익률(IRR) 48%
- 초기 자본비용 12억 달러, 총 자본비용 13억 달러
- 프로젝트 전체 운영 비용 13,029 달러/톤
이 프로젝트는 혁신적인 Metso 기술을 이용하여 매년 30,000 톤의 배터리 등급 리튬 수산화물을 생산하는 것을 목표로 합니다. 기존 인프라가 있는 Brownfield 산업 부지에 전략적으로 위치하여, 이 프로젝트는 허가와 개발에 잘 위치해 있습니다.
Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF) a terminé une Évaluation Économique Préliminaire (PEA) pour son projet d'Usine de Traitement d'Hydroxide de Lithium à Thunder Bay, Ontario. La PEA démontre une viabilité économique convaincante avec les points forts suivants :
- Valeur Actuelle Nette (NPV) après impôts de 4,1 milliards de dollars avec un taux d'actualisation de 8%
- Taux de Rendement Interne (IRR) après impôts de 48% pour une période de 30 ans
- Coût de Capital Initial de 1,2 milliard de dollars et Coût Total de Capital de 1,3 milliard de dollars
- Coûts d'Exploitation Totaux sur la Durée du Projet de 13.029 dollars/tonne
Le projet vise à produire 30.000 tonnes d'hydroxide de lithium de qualité batterie chaque année en utilisant la technologie innovante Metso. Situé stratégiquement sur un terrain industriel ancien avec une infrastructure existante, le projet est bien positionné pour l'obtention de permis et le développement.
Avalon Advanced Materials Inc. (TSX: AVL, OTCQB: AVLNF) hat eine Vorläufige Wirtschaftlichkeitsbewertung (PEA) für sein Projekt zur Verarbeitung von Lithiumhydroxid in Thunder Bay, Ontario, abgeschlossen. Die PEA zeigt eine überzeugende wirtschaftliche Tragfähigkeit mit den folgenden Hauptpunkten:
- Nachsteuerlicher Nettobarwert (NPV) von 4,1 Milliarden Dollar bei einem Diskontsatz von 8%
- Nachsteuerliche interne Rendite (IRR) von 48% über 30 Jahre
- Anfangsinvestitionskosten von 1,2 Milliarden Dollar und Gesamtkapitalkosten von 1,3 Milliarden Dollar
- Gesamte Betriebskosten über die Projektlaufzeit von 13.029 Dollar/Tonne
Das Projekt zielt darauf ab, jährlich 30.000 Tonnen lithiumhydroxid in Batteriequalität mit innovativer Metso-Technologie zu produzieren. Strategisch gelegen auf einem Industriegebiet mit vorhandener Infrastruktur, ist das Projekt gut positioniert für Genehmigungen und Entwicklung.
- High after-tax NPV of $4.1 billion and IRR of 48% indicate strong project economics
- Innovative Metso Technology provides an environmentally clean process
- Strategic location with existing infrastructure reduces development costs and time
- 30,000 tonnes annual production of battery-grade lithium hydroxide meets growing EV industry demand
- Relatively short after-tax payback period of 2.5 years
- High initial capital cost of $1.2 billion required
- Project success dependent on long-term lithium hydroxide price of $35,360/tonne
- Reliance on competitive offtake agreements and purchasing of spodumene feed from external sources
Toronto, Ontario--(Newsfile Corp. - September 3, 2024) - Avalon Advanced Materials Inc. (TSX: AVL) (OTCQB: AVLNF) ("Avalon" or the "Company"), is pleased to announce the completion of a Preliminary Economic Assessment ("PEA") for its Lithium Hydroxide Processing Facility project in Thunder Bay, Ontario, Canada (the Project or the "Lake Superior Lithium Project").
The PEA prepared by DRA Americas Inc. demonstrates the Project's compelling economic viability. The PEA considers a design capacity for the annual production of 30,000 tonnes of battery-grade lithium hydroxide (LiOH). All dollar values in this news release are expressed in Canadian Dollars unless indicated. (USD:CAD = 1.36).
Key Highlights include:
- After-tax Net Present Value ("NPV") of
$4.1 billion at8% discount rate - After-tax Internal Rate of Return ("IRR") of
48% for the 30-year period - Initial Capital Cost
$1.2 billion and Total Capital Cost$1.3 billion - All-in Life-of-Project Operating Costs of
$13,029 /tonne (includes spod. purchased) - Innovative Metso Technology provides an environmentally clean process over conventional lithium hydroxide processes
- Strategically located in historical industrial land with well-established infrastructure
Avalon's CEO and Director Scott Monteith commented: "We are extremely pleased with the positive outcomes of the PEA and will be advancing the project with a strong focus on environmental sustainability. The strategic location of the Lithium Processing Facility on a brownfield industrial property, positions us exceptionally well for permitting with existing infrastructure such as roads, rail, ports, and utilities, supported by a strong local workforce.
These results reaffirm our view of the project's robustness and substantial economic potential for the company, province and the country. The Project is poised to provide high-quality, battery-grade lithium hydroxide to supply Canada's projected demand from the rapidly growing EV industry."
The study summary outcome is outlined in Table 1 below. The study assumes a spodumene concentrate price of
The long-term pricing of lithium hydroxide is assumed to be
Table 1: Project Summary Financial Outcomes
| Items | Units | PEA Sept. 2024 |
| Operating Life | years | 30 |
| Steady State Annual Spodumene Feed | tpa | 196,000 |
| Spodumene Concentrate Pricing @ | $ per tonne | 1,360 |
| Annual LiOH Production | tpa | 30,000 |
| LiOH Sale Price (long term) Life of Project | $ per tonne | 35,360 |
| Total Capital Cost | $Billion | 1.3 |
| After-Tax Net Present Value (NPV) @ | $Billion | 4.1 |
| After-Tax Rate of Return (IRR %) | % | 48 |
| Steady State LiOH Conversion Costs | $/t LiOH | 3,898 |
| Spodumene Purchase Cost Delivered to Site | $/t LiOH | 9,131 |
| After-Tax Payback | years | 2.5 |
LAKE SUPERIOR LITHIUM: PRELIMINARY ECONOMIC ASSESSMENT STUDY
The basis of this PEA is built on the utilization of the innovative Metso lithium hydroxide conversion technology that is currently being tested. This technology allows for a clean zero-discharge process with no acid roasting and the production of a by-product that can be used as an industrial building material.
Table 2: Project Summary
| Unit | (PEA) Results | |
| Operating Costs | ||
| Steady State LiOH Conversion Cost | $/t LiOH | 3,898 |
| Spodumene Concentrate Price Assumption | $/t ( | 1,360 |
| Steady State Spodumene Cost | $/t LiOH | 9,131 |
| Capital Costs | ||
| Development Cost | $Million | 931 |
| Owners Cost | $Million | 50 |
| Contingency | $Million | 233 |
| Initial Capital Cost | $Billion | 1.2 |
| Sustaining Cost (over 30 years) | $Million | 62 |
| Closure Capital | $Million | 40 |
| Total Capital Cost | $Billion | 1.3 |
| Financial Performance | ||
| LiOH Sale Price Assumptions | $/t | 35,360 |
| After-Tax Net Present Value (NPV @ | $Billion | 4.1 |
| After-Tax IRR | % | 48 |
| After-Tax Payback | years | 2.5 |
LAKE SUPERIOR LITHIUM HYDROXIDE FACILITY OVERVIEW
Avalon Advanced Materials Inc. owns
Figure 1: Location of Lake Superior Lithium Facility
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METSO PROCESS DESIGN
The plant will utilize Metso's proprietary technologies, which includes calcination, pressure leaching, conversion, purification through ion exchange (IX), and crystallization before the drying and packaging processes to ensure the production of high-quality lithium hydroxide monohydrate.
Metso's technologies will enable the creation of a compact, energy-efficient lithium hydroxide production plant with minimal chemical usage, aiming to produce 30,000 tpa of battery-grade lithium hydroxide monohydrate (LHM).
A simplified Block Flow Diagram (BFD) of the process is shown below.
Figure 2: Simplified Block Flow Diagram of the Processing Facility to Produce LiOH
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Notes: The production process includes the following stages: calcination of alpha spodumene, grinding, pulping of the ground beta spodumene, slurry preparation for pressure leaching, pressure leaching of β-spodumene calcine in an autoclave, solid/liquid separation of pressure leach slurry, conversion of autoclave residue, filtering and handling of leach residue, IX and solution polishing, crystallization of lithium hydroxide and product handling, and effluent treatment.
SITE LAYOUT PLAN
Avalon holds 154 acres of lake front property east of Thunder Bay as well as 220 acres of property covered by Lake Superior for a total of 374 acres. An aerial plan of the site layout has been developed and is shown in the figure below.
Figure 3: Plan View of Site Area
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Infrastructure
The Project benefits from having significant existing infrastructure, enabling accelerated development of the project.
Roads
The property is accessed via Shipyard Road which intersects Strathcona Avenue. Strathcona Avenue is linked to the Trans-Canada Highway (Highway 11 / 17) by Spruce River Road just East of the property. Internal roads for the property will be developed to access all buildings for personnel movement and commercial deliveries.
Port
An existing deep-water port will provide access to the property via Lake Superior, enabling the products to reach customers in Ontario and beyond. Plans are in place to refurbish the existing port. An existing warehouse adjacent to the deep-water port will be utilized for offloading spodumene concentrate from the Great Lakes freighters. The warehouse will be refurbished and retrofitted with material handling equipment to receive the spodumene concentrate.
Figure 4: 3D Conceptual Design of Enhanced Deep-Water Port
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Rail
A CN Rail line runs along the property dead ending just east of the property. A spur from the rail line currently enters from the northeast corner. The rail spur splits into multiple spurs and enters the existing warehouse adjacent to the deep-water port. Additional spurs will be added to allow for spodumene concentrate offload and analcime load out. The existing spurs entering the warehouse will require refurbishment.
Rail will be the primary method used for the delivery of spodumene concentrate when the lithium mines in the region come online in the years to come. Rail will also be utilized to transport reagents to site and byproducts from site.
Figure 5: Proposed Rail Offload
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Spodumene Concentrate Storage
After being offloaded the spodumene concentrate will be conveyed from the rail and deep-water port facilities to a spodumene concentrate storage building. The facility will provide dry storage feed buffering for management of feed material and inventories, ensuring stable continuous operation of the process.
Fresh Water
Fresh water is required for the process, a freshwater intake is envisioned in Lake Superior.
Potable Water and Sewage
The property is serviced by Thunder Bay municipal sewage and potable water utilities.
Other Utilities
Two 115kVA power lines run adjacent to the property to the north. An electrical substation will be installed to connect to the grid power and provide electricity to the process. Natural gas is available on site and will be primarily used for heating in the calciner process, and for building area heating.
Analcime Storage
A by-product, mix of Analcime and calcium carbonate will be produced from the process. The by-product material will be dried and conveyed to the analcime storage building. The Analcime material can be loaded onto railcars and shipped externally to customers to be used in industrial applications and construction material such as concrete additive.
Figure 6: Analcime Storage Building
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Office Building and Laboratory
An administrative office and analytical laboratory will be located on site north of the railroad tracks. The administration building will house offices, kitchen / lunchroom, conference rooms and restroom facilities. The laboratory will be used for research and to test spodumene samples as well as product and byproduct streams and internal streams within the process to ensure quality is met throughout the process.
Figure 7: Administrative and Laboratory Building
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LOGISTICS
The Thunder Bay industrial site is in an ideal location, facilitating efficient transportation of plant feed and supplies. Spodumene feed delivery will primarily utilize the CN rail line. The site's port facility is equipped to receive feed material from international sources, while road accessibility and proximity to the main Trans-Canada Highway provide additional logistical flexibility. This multi-modal transportation network ensures that materials can be delivered via the most cost-effective and efficient means, whether by rail, sea, or road.
Lithium hydroxide, the primary product, will be transported via truck and/or rail to various battery manufacturers in southern Ontario and beyond. Given the significant daily production volume, the site will maintain minimal on-site inventory, with product being shipped soon after packaging is completed.
PERMITTING
The Province of Ontario is committed to making the support of all projects in the battery supply chain a top priority. The Premier and Cabinet have laid out a plan to drive investment, development, and approvals of projects in the battery supply chain, a key part of the economic future of the province.
Expediting approvals for these projects will enable a timeline that meets the demands of end-users in the province. Avalon will work closely with the province to ensure that the Government's objectives in the battery supply chain are met.
GLOBAL LITIHUM MARKET OUTLOOK
According to a report by Fortune Business Insights, the global lithium market was valued at USD
This robust trajectory highlights the increasing demand for lithium, driven by its critical applications in electric vehicles (EVs), energy storage systems, and portable electronics. Avalon's efforts are aimed at integrating our high-quality, battery-grade lithium hydroxide into the supply chains that will fuel the future of transportation and energy storage solutions, reinforcing our position as a pivotal supplier in the lithium market.
The figure below shows the global lithium demand projected to surpass 3 million metric tons by 2030.
Figure 8: Lithium Supply and Demand Forecast
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CAPITAL COST ESTIMATE
The development capital costs are summarized in the table below:
Table 3: Development Capital Costs
| Description | Cost (CAD$ Million) |
| Direct Costs | 713 |
| Indirect Costs | 218 |
| Owners Costs | 50 |
| Contingency | 233 |
| Total | 1,213 |
PROJECT SCHEDULE
The project timeline is presented below. Production of lithium hydroxide is anticipated to commence in Q4 2028. Continuous project schedule optimization will be ongoing to strike a balance of permitting requirements while maintaining a focus towards a rapid production startup.
Figure 9: Proposed Project Schedule
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FINANCIAL MODELLING
Economic Analysis Results
The results of the PEA analysis are presented in the table below on both a pre-tax and after-tax basis.
Table 4: Economic Analysis Results
| Parameter | Units | Pre-Tax | After-Tax |
| Net Revenue (LOP) | $M | 31,854 | 31,854 |
| Free Cash Flow (LOP) | $M | 19,059 | 14,283 |
| NPV @ | $M | 5,559 | 4,119 |
| IRR | % | 56 | 48 |
| Payback Period | years | 2.2 | 2.5 |
Sensitivity
The results of the sensitivity analysis of the project in terms of IRR, Opex., Capex. and spodumene price are summarised in the figure below.
Figure 10 - Sensitivity After-Tax IRR to Product Price, Feedstock Price, Capex & Opex
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CONCLUSIONS AND NEXT STEPS
The PEA results demonstrate a very strong financial case for Avalon to produce lithium hydroxide in Thunder Bay, Ontario from spodumene concentrate.
Avalon's next steps will focus on the following activities to advance the development of the Lake Superior Lithium Project:
- Commencement of feasibility study
- Commence field work on baseline studies
- Continue project financing discussions with Canadian and US Government and with Conventional Debt and Equity Groups
- Work with Metso to receive detailed design of hydrometallurgical plant
- Start early basic engineering work
- Plan and conduct site geotechnical work
- Continue offtake agreement discussions and feed sourcing
- Conduct piloting test work on Spodumene concentrates
- Conduct test work on by-product (Analcime) to establish multiple industrial uses
- Consultation with First Nation groups
- Continued engagement with local communities and research institutions
- Continued engagement with Municipal, Provincial and Federal Government
About Avalon Advanced Materials Inc.
Avalon Advanced Materials Inc. is a Canadian advanced manufacturing company focused on vertically integrating the Ontario lithium supply chain. The Company, through its joint venture with SCR-Sibelco NV, is currently developing its Separation Rapids lithium deposit near Kenora, ON, while also continuing to advance the Snowbank lithium and Lilypad lithium-caesium projects. Avalon is also working to develop its Nechalacho rare earths and zirconium project located in the Northwest Territories. This deposit contains critical minerals for use in advanced technologies in the communications and defense industries among other sectors.
In addition to these upstream activities, Avalon is executing on a key initiative to develop Ontario's first midstream lithium hydroxide processing facility in Thunder Bay, ON, a vital link bridging the lithium resources of the north with the downstream EV battery manufacturing base in the south.
For questions or feedback, please email the Company at ir@AvalonAM.com or contact Ms. Rachel Naji, Investor Relations Manager at 416-364-4938.
Cautionary Statement Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to statements related to planned work at the Project. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "add" or "additional", "advancing", "anticipates" or "does not anticipate", "appears", "believes", "can be", "conceptual", "confidence", "continue", "convert" or "conversion", "deliver", "demonstrating", "estimates", "encouraging", "expand" or "expanding" or "expansion", "expect" or "expectations", "forecasts", "forward", "goal", "improves", "increase", "intends", "justification", "plans", "potential" or "potentially", "promise", "prospective", "prioritize", "reflects", "robust", "scheduled", "suggesting", "support", "top-tier", "updating", "upside", "will be" or "will consider", "work towards", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks associated with mineral exploration and development operations such as: environmental hazards and economic factors as they affect the cost and success of the Company's capital expenditures, the ability of the Company to obtain required permits and approvals, the ability of the Company to obtain financing, uncertainty in the estimation of mineral resources, uncertainty with respect to the ability to successfully construct and develop the Company's lithium processing facility, the price of lithium, no operating history, no operating revenue and negative cash flow, land title risk, the market price of the Company's securities, the economic feasibility of the Company's mineral resources and the Company's commercial viability, inflation and uncertain global economic conditions, uncertain geo-political shifts and risks, successful collaboration with indigenous communities, changes in technology and advancements in innovation may impact the development of the Company's technology innovation centre and its lithium hydroxide processing facility, future pandemics and other health crises, dependence on management and other highly skilled personnel, title to the Company's mineral properties, the ongoing war in Ukraine and Israel, extensive government and environmental regulation, reliance on artificial intelligence technology to influence mining operations, volatility in the financial markets, uninsured risks, climate change, threat of legal proceedings, as well as those risk factors discussed or referred to in the annual information form of the Company dated November 28, 2023 (the "AIF") under the heading "Description of the Business - Risk Factors." Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Although the Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because the Company can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions identified in the AIF, assumptions have been made regarding, among other things: management of certain of the Company's assets by other companies or joint venture partners, the Company's ability to carry on its exploration and development activities without undue delays or unbudgeted costs, the ability of the Company to obtain sufficient qualified personnel, equipment and services in a timely and cost effective manner, the ability of the Company to operate in a safe, efficient and effective manner, the ability of the Company to obtain all necessary financing on acceptable terms and when needed, the accuracy of the Company's resource estimates and geological, operational and price assumptions on which these are based and the continuance of the regulatory framework regarding environmental manners. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions that may have been used. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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