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Snow Lake Resources Ltd. (NASDAQ: LITM), doing business as Snow Lake Energy, is a Canadian clean energy development company primarily focused on the exploration and development of lithium and uranium projects. Based in Winnipeg, Manitoba, Snow Lake's core operations involve the exploration of lithium in Manitoba, Canada, and uranium on a global scale.
The company's flagship projects include the Thompson Brothers Lithium Project, located in the Snow Lake region of Northern Manitoba, and the Shatford Lake Lithium Project adjacent to the Tanco lithium mine in Southern Manitoba. Snow Lake Lithium™ Project is an advanced-stage exploration project aimed at supplying high-demand minerals for the clean energy transition and electric vehicle (EV) markets.
Recently, Snow Lake has expanded its portfolio through the acquisition of significant uranium projects. The Engo Valley Uranium Project, situated in the Skeleton Coast of Namibia, and the Black Lake Uranium Project in the Athabasca Basin of Saskatchewan, Canada, are at the forefront of the company’s uranium exploration efforts. These projects are structured to benefit from modern exploration techniques and are poised to meet the global demand for nuclear fuel minerals.
Snow Lake has initiated its 2024 exploration programs across its various projects. The Engo Valley Uranium Project's first phase includes ground geophysics and radon cup surveys to confirm historical data and identify new exploration targets. Concurrently, the Shatford Lake Lithium Project has begun its four-phase exploration, which includes diamond drilling and extensive fieldwork to uncover prospective lithium deposits.
Financially, Snow Lake maintains a robust exploration budget, underpinning its strategic initiatives aimed at resource optimization. The company's recent advancements include finalizing partnerships with consultants and service providers to accelerate its exploration and development activities.
Strategically positioned in leading mining jurisdictions, Snow Lake leverages its expertise and modern technologies to advance its projects from exploration to production. The company continues to engage in significant industry partnerships to enhance its operational capabilities and resource estimates, aiming to establish itself as a key supplier of essential minerals for the clean energy industry.
For more detailed information and the latest updates, visit www.snowlakelithium.com.
Snow Lake Resources (NASDAQ: LITM) has entered into a binding letter of intent to acquire a 100% interest in the Buffalo Uranium Project in Wyoming. The project is centered on the historic Little Man Uranium Mine, which produced approximately 65,000 pounds of U3O8 at grades between 1.0% and 1.5% in the 1950s.
The acquisition terms include an initial cash payment of US$50,000, a closing cash payment of US$200,000, and US$400,000 in Snow Lake shares. Additional milestone payments of US$450,000 each are tied to achieving specific resource targets. The project consists of sixteen unpatented mining claims, with historical drilling by Conoco in 1980 confirming uranium mineralization over 3,000 feet of strike, remaining open in all directions.
Wyoming has been the leading uranium producer in the United States since 1995, with over 238 million pounds of U3O8 produced since 1951. The acquisition aligns with U.S. energy policy focusing on nuclear power development and domestic uranium supply.
Snow Lake Resources (NASDAQ: LITM) has announced successful completion of its Phase 1 drill program at the Engo Valley Uranium Project, revealing significant uranium mineralization. The program comprised 1,570 meters of drilling across 20 reverse circulation drill holes, with 11 holes showing mineralized intersections exceeding 100 ppm eU3O8.
The company plans to launch a Phase 2 drill program of up to 7,500 meters, combining reverse circulation and diamond drilling, scheduled to begin in March 2025. With over $30 million in cash and equivalents, Snow Lake aims to complete a maiden mineral resource estimate in the second half of 2025.
Notable results include mineralized intersections of 232 ppm eU3O8 over 4 meters, 251 ppm eU3O8 over 3 meters, and 244 ppm eU3O8 over 13 meters. The company recently signed an MOU with Exodys Energy, positioning itself in the $6 billion global uranium market.
Snow Lake Resources (NASDAQ: LITM) has formed a strategic partnership with Exodys Energy, a US nuclear engineering services firm, to explore opportunities in the $500+ billion nuclear energy sector. The collaboration aims to strengthen North American energy independence and aligns with the US critical mineral strategy.
Exodys specializes in nuclear fuel recycling solutions and brings extensive experience in reactor development and fuel lifecycle management. Their team has previously secured over $200 million in strategic support and has expertise in managing fuel recycling processes and constructing R&D facilities.
The partnership will focus on analyzing the balance between natural and recycled uranium in current reactors, advancing Snow Lake's uranium projects including Phase 2 drilling at Engo Valley and Black Lake Uranium Projects, and assessing the development of advanced reactor technologies for various energy applications including data centers and mining operations.
Snow Lake Energy (NASDAQ: LITM) announces its strong financial position entering 2025, having raised over $35 million in the past two months, including $16 million from a recent public offering. The company plans to advance its uranium and lithium projects while exploring nuclear energy opportunities.
Following President Trump's declaration of a national energy emergency and a $500 billion private sector investment for U.S. data centers expansion, Snow Lake is positioning itself to address growing energy demands. The company's 2025 strategic plans include: advancing exploration of two uranium projects (Engo Valley and Black Lake), updating the SK-1300 mineral resource estimate for the Snow Lake Lithium Project, exploring the Mound Lake Gallium Property, and pursuing strategic acquisitions in the nuclear energy sector.
Snow Lake Energy (NASDAQ: LITM) has successfully closed its previously announced best-efforts offering, raising US$16.0 million in gross proceeds through the sale of 16,000,000 common shares at US$1.00 per share. ThinkEquity served as the sole placement agent for the offering. The company plans to utilize the net proceeds primarily for working capital and general corporate purposes. The offering was conducted under an effective shelf registration statement filed with the SEC, with the final prospectus supplement now available on the SEC's website.
Snow Lake Energy (NASDAQ: LITM) has announced the pricing of a best-efforts offering of 16,000,000 common shares at US$1.00 per share, expecting to raise gross proceeds of US$16,000,000. The offering is anticipated to close on January 27, 2025, subject to customary closing conditions.
ThinkEquity is serving as the sole placement agent for the offering, which is being conducted under a shelf registration statement on Form F-3. The company plans to utilize the net proceeds primarily for working capital and general corporate purposes. The securities will be offered through a written prospectus, with detailed information available through a prospectus supplement and accompanying prospectus to be filed with the SEC.
Snow Lake Resources (NASDAQ: LITM) has announced the discovery of elevated gallium values from bedrock grab samples at the Mound Lake Property in Ontario. The discovery is particularly significant as gallium is ranked as the #1 critical mineral by supply risk in the United States, with China controlling 98.8% of the world's refined gallium supply.
The exploration program, conducted in partnership with Free Battery Metal , revealed 12 bedrock grab samples with gallium values exceeding 50 ppm, with the highest result measuring 110.5 ppm. Over 70% of the samples returned gallium values above crustal abundance. The discovery strengthens Snow Lake's portfolio, which includes lithium and uranium projects.
Gallium is important for AI technologies, data centers, and clean energy solutions, being essential for high-efficiency semiconductors like gallium arsenide (GaAs) and gallium nitride (GaN). The company plans to accelerate exploration while continuing to develop its existing projects.
Snow Lake Resources (NASDAQ: LITM) has secured over $20M USD in funding to advance its exploration portfolio and pursue strategic acquisitions in clean energy minerals. The company plans aggressive exploration programs across multiple projects in 2025:
- Engo Valley Uranium Project: Additional drilling program of 2,500 meters and preparation of maiden SK-1300 resource estimate
- Black Lake Uranium Project: Ground geophysics and planned 2,000-meter drilling program
- Shatford Lake LCT Project: Additional prospecting and ground geophysics
- Snow Lake Lithium Project: Updated SK-1300 resource estimate including 2023-2024 drill results
The company also announced that Nova Minerals has sold its shareholding in Snow Lake to fund its own Estelle gold project.
Snow Lake Resources (NASDAQ: LITM) has successfully closed its previously announced best-efforts public offering, raising US$15 million in gross proceeds. The offering consisted of 18,750,000 common shares priced at US$0.80 per share. ThinkEquity served as the sole placement agent for the transaction. The company plans to utilize the net proceeds for working capital and general corporate purposes. The offering was conducted under an effective shelf registration statement filed with the SEC, with the final prospectus supplement now available on the SEC's website.
Snow Lake Energy (NASDAQ: LITM) has announced the pricing of a best-efforts public offering of 18,750,000 common shares at US$0.80 per share, aiming to raise approximately US$15 million in gross proceeds. The offering is expected to close on December 31, 2024, with ThinkEquity acting as sole placement agent.
The company plans to use the net proceeds for working capital and general corporate purposes. The securities will be offered through a shelf registration statement on Form F-3. Snow Lake Energy is a Canadian clean energy exploration company with a portfolio including two uranium projects (Black Lake and Engo Valley) and two lithium projects (Shatford Lake and Snow Lake), with current focus on advancing uranium exploration while limiting lithium activities due to market conditions.
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