Noram Lithium Files NI43-101 Technical Report for Zeus Lithium Project

Rhea-AI Summary

Noram Lithium Corp. has filed a National Instrument 43-101 technical report on its Zeus Lithium Project with no material differences from the previous estimates. The project boasts a Measured and Indicated resource of 5.2 Mt Lithium Carbonate Equivalent (LCE) and an Inferred resource of 1.1 Mt LCE. A prior Preliminary Economic Assessment indicates potential production of 31,900 tonnes of Lithium Carbonate annually, with a robust after-tax NPV of US$1.3 billion. The company is well-capitalized, holding approximately CAD$14 million in cash and no debt, positioning itself to capitalize on the growing demand for lithium in electric vehicles and energy storage.

Positive

• Measured and Indicated resource estimate of 5.2 Mt LCE.
• Inferred resource estimate of 1.1 Mt LCE.
• Potential production of 31,900 tonnes of Lithium Carbonate annually.
• After-tax NPV of US$1.3 billion based on prior economic assessments.
• Well-funded with CAD$14 million in cash and no debt.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / March 20, 2023 / Noram Lithium Corp. ("Noram" or the "Company") (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) announced today that it has filed on SEDAR a National Instrument 43-101 ("NI 43-101") technical report (the "Report") titled "Updated Resource Estimate Zeus Lithium Project". The technical report supports the updated Mineral Resource Estimate announced on January 30, 2023 and is available for review on both SEDAR (www.sedar.com) and the Company's website (www.noramlithiumcorp.com). There are no material differences in the mineral resources reported in the news release of January 30, 2023 and those described in the report.

About Noram Lithium Corp.

Noram Lithium Corp. (TSXV:NRM)(OTCQB:NRVTF)(Frankfurt:N7R) is focusing on advancing its 100%-owned Zeus Lithium Project located in Clayton Valley, Nevada an emerging lithium hub within the United States. With the upsurge in the electric vehicle and energy storage markets the Company aims to become a key participant in the domestic supply of lithium in the United States. The Company is committed to creating shareholder value through the strategic allocation of capital and is well-funded with approximately CAD$14 million in cash on December 31, 2022 and no debt.

About the Zeus Project (100% Noram)

The Zeus Lithium Project contains a Measured and Indicated resource estimate of 5.2 Mt Lithium Carbonate Equivalent ("LCE", 1034 Mt at 941 ppm lithium), and an additional Inferred resource estimate of 1.1 Mt LCE (235 Mt at 871 ppm lithium) utilizing a 400 ppm Li cut-off¹.

In December 2021, a robust PEA² indicated the Project could produce an annual average of 31,900 tonnes of Lithium Carbonate for supply to battery manufacturers with a modelled mine life of 40 years (resources support a +100 year mine life). The PEA outlined a US$528 million capital cost to construct the Project with a robust after-tax NPV_(8%) of US$1.3 billion and an IRR of 31% using US$9,500/tonne LCE pricing. The PEA indicates an after-tax NPV_(8%) of US$2.7 billion and an IRR of 52% at US$14,250/tonne LCE pricing. Note that the current daily prices have increased to over US$45,000/tonne LCE.

Please visit our web site for further information: www.noramlithiumcorp.com.

Footnote
¹ Updated Resource Estimate Zeus Project, ABH Engineering (December 2022).

² Preliminary Economic Assessment Zeus Project, ABH Engineering (December 2021).

Qualified Person

The technical information contained in this news release has been reviewed and approved by Brad Peek, M.Sc., CPG, who is a Qualified Person with respect to Noram's Clayton Valley Lithium Project as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and also Vice President of Exploration for Noram.

ON BEHALF OF THE BOARD OF DIRECTORS

Sandy MacDougall
Founder and Executive Chairman
C: 778.999.2159

For additional information please contact:

Greg McCunn
Chief Executive Officer
greg@noramlithiumcorp.com
C: 778.991.3798

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward Looking Information

This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements regarding, among other things, plans for ongoing development of the Zeus Lithium Project. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, regulatory approval processes, results of further exploration work, and availability of capital on terms acceptable to the Company. Although Noram believes that the assumptions used in preparing the forward-looking information in this news release are reasonable, including that all necessary regulatory approvals will be obtained in a timely manner, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Noram disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

SOURCE: Noram Lithium Corp.

View source version on accesswire.com:
https://www.accesswire.com/744739/Noram-Lithium-Files-NI43-101-Technical-Report-for-Zeus-Lithium-Project

FAQ

What is the latest technical report filed by Noram Lithium Corp. for the Zeus Lithium Project?

Noram Lithium Corp. filed a National Instrument 43-101 technical report detailing the updated resource estimate for the Zeus Lithium Project, confirming no material differences from prior announcements.

What are the resource estimates for the Zeus Lithium Project according to the latest report?

The updated resource estimates for the Zeus Lithium Project include a Measured and Indicated resource of 5.2 Mt Lithium Carbonate Equivalent and an Inferred resource of 1.1 Mt LCE.

How much cash does Noram Lithium Corp. have as of the end of 2022?

Noram Lithium Corp. reported holding approximately CAD$14 million in cash with no debt as of December 31, 2022.

What is the projected after-tax NPV for the Zeus Lithium Project?

The Zeus Lithium Project has a projected after-tax NPV of US$1.3 billion based on the Preliminary Economic Assessment.

What market is Noram Lithium Corp. targeting with its Zeus Lithium Project?

Noram Lithium Corp. aims to serve the electric vehicle and energy storage markets in the United States with lithium from the Zeus Lithium Project.