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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 Lithium Ltd. (Nasdaq:LITM) has withdrawn its Form F-1 registration statement following a court order from the Court of King's Bench in Manitoba, which prevents the issuance of new securities before October 27, 2022. This action was taken after a group of concerned shareholders expressed their dissatisfaction. The registration statement, filed on September 26, 2022, was never effective, and no securities were sold. Snow Lake Lithium aims to operate a sustainable lithium mine and has identified an 11.1 million metric tonne resource at its site.
Snow Lake Lithium (NASDAQ:LITM) is progressing towards establishing a lithium hydroxide processing plant in Manitoba, Canada, in partnership with LG Energy Solution. The collaboration aims to bolster the domestic supply chain for North America's electric vehicle market, critical for the region's automotive industry's sustainability. With plans to produce 160,000 tonnes of lithium spodumene annually, this project is set to enable the powering of 5 million electric vehicles. Snow Lake is committed to renewable energy, projecting commercial production to begin in 2025.
Snow Lake Lithium (LITM) announced on September 19, 2022, that it received a Notification Letter from Nasdaq regarding non-compliance with audit committee requirements due to the removal of Mr. Nachum Labkowski. The company has a cure period until either the next annual meeting or September 7, 2023, to regain compliance. If compliance is not achieved, the company risks delisting but can appeal. Despite this, the company's shares will continue trading uninterrupted. Snow Lake Lithium is actively searching for a new director to meet Nasdaq requirements.
Snow Lake Lithium has signed a non-binding Memorandum of Understanding (MOU) with LG Energy Solution to develop a domestic lithium supply chain for North America's electric vehicle market. The collaboration aims to establish one of Canada's first lithium hydroxide processing plants in Manitoba and supply LG with lithium for 10 years starting in 2025. With an operational goal to power 5 million electric vehicles, this partnership supports local sourcing of critical minerals, addressing energy demands and sustainability in the EV sector.
Snow Lake Lithium has successfully completed over 20,000 meters of drilling in its 2022 campaign, achieving a success ratio of 83% by intercepting spodumene in 89 of 107 drill holes. Notably, drill hole GRP-027 revealed spodumene-bearing pegmatite with an estimated 20% spodumene content. The company is on track to triple its resource estimation this fall, positioning itself to begin site development in 2024. Additionally, further lab assay results are anticipated shortly, enhancing their resource validation process.
Snow Lake Lithium (Nasdaq:LITM) responded to Concerned Shareholders who announced a special meeting for August 10, 2022. The Company states that this meeting is invalid as another meeting is already scheduled for December 15, 2022. The Board believes this timeline allows shareholders to properly consider contested board election issues without disrupting ongoing initiatives. Furthermore, Snow Lake has filed a court application declaring the Concerned Shareholders’ notice as null and void.
Snow Lake Lithium Ltd. has announced the resignation of CFO Mario Miranda, effective June 30, 2022, after serving since February 2021. He will be succeeded by Keith Li, appointed on June 3, 2022. Miranda played a key role in the company's IPO in November 2021 and is leaving to pursue other opportunities. Li brings over 15 years of financial management experience, previously serving as CFO for Branson Corporate Services Ltd. and roles at Sears Canada Inc. and McGovern, Hurley, LLP. The company aims to lead in renewable lithium mining for the North American EV market.
Snow Lake Resources Ltd. (NASDAQ:LITM) announced receiving a shareholder meeting requisition from the Kimelman Group, representing approximately 5.4% of outstanding shares. The requisition seeks to remove all current directors, set the board size at six, and elect new directors nominated by the Kimelman Group. The Board confirmed a special meeting alongside the annual shareholder meeting, scheduled for around December 15, 2022, to address these matters. Shareholders will be notified in advance, with no immediate action required.
Snow Lake Lithium Ltd. (NASDAQ:LITM) announced a Memorandum of Understanding (MOU) with Epiroc Canada Inc. to support the development of the world's first fully electric lithium mine at its Snow Lake Lithium project in Manitoba. The partnership aims to enhance site planning and technical design, advancing Snow Lake's goal of commercial lithium production. Recent drilling results from the Thompson Brothers dyke revealed high-grade lithium intercepts, including 1.53% Li2O over 24.94 meters. The mine is positioned as a key contributor to North America's EV ecosystem.
Snow Lake Lithium Ltd. (NASDAQ:LITM) announced its participation at two important upcoming events. The PDAC 2022 Convention will include a panel presentation on June 13, featuring CEO Philip Gross discussing investment opportunities in Canada’s EV supply chain. The Benchmark Mineral's Battery Gigafactories USA 2022 conference will take place from June 23-24, where Gross will engage in one-on-one meetings. Snow Lake is focused on operating a fully sustainable lithium mine, covering a 55,318-acre area with an estimated resource of 11.1 million metric tonnes of lithium.
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