Wealth Minerals Provides Update on Kuska Permitting
Wealth Minerals (WMLLF) announces that its initial application for a special lithium operation contract (CEOL) for the Kuska lithium project has been declined under Chile's Fast-Track permitting policy. The rejection stems from the company's inability to meet the requirement of holding 80% of mining concessions within a defined 'referential Polygon' in the Ollagüe Salar area.
The company is now evaluating alternatives, including appealing the Ministry of Mining's decision or applying through regular permitting procedures. The Kuska Project, which is 100% owned by Wealth Minerals, has indicated resources of 741,000 tons Lithium Carbonate Equivalent (LCE) grading 175 mg/L, plus 701,000 tons LCE inferred resources grading 185 mg/L. A recent PEA shows a Pre-Tax NPV10% of US$1.65 billion and 33% IRR, with planned production of 20,000 metric tpa LCE over a 20-year mine life.
Wealth Minerals (WMLLF) annuncia che la sua domanda iniziale per un contratto speciale di operazione del litio (CEOL) per il progetto Kuska è stata respinta nell'ambito della politica di autorizzazione accelerata del Cile. Il rifiuto deriva dall'incapacità dell'azienda di soddisfare il requisito di detenere l'80% delle concessioni minerarie all'interno di un 'Poligono di riferimento' definito nell'area salariale di Ollagüe.
L'azienda sta ora valutando alternative, inclusa la possibilità di appellarsi alla decisione del Ministero delle Miniere o di presentare domanda tramite le procedure autorizzative ordinarie. Il Progetto Kuska, interamente di proprietà di Wealth Minerals, ha risorse indicate di 741.000 tonnellate di Carbonato di Litio Equivalente (LCE) con una concentrazione di 175 mg/L, oltre a risorse inferite di 701.000 tonnellate LCE con una concentrazione di 185 mg/L. Una recente analisi economica preliminare (PEA) mostra un valore attuale netto pre-tasse (NPV10%) di 1,65 miliardi di dollari USA e un tasso interno di rendimento (IRR) del 33%, con una produzione pianificata di 20.000 tonnellate metriche annue di LCE per una durata di vita della miniera di 20 anni.
Wealth Minerals (WMLLF) anuncia que su solicitud inicial para un contrato especial de operación de litio (CEOL) para el proyecto Kuska ha sido rechazada bajo la política de permisos acelerados de Chile. El rechazo se debe a que la compañía no cumplió con el requisito de poseer el 80% de las concesiones mineras dentro de un 'Polígono referencial' definido en el área del salar de Ollagüe.
La empresa está evaluando alternativas, incluyendo apelar la decisión del Ministerio de Minería o solicitar los permisos a través de los procedimientos regulares. El Proyecto Kuska, propiedad 100% de Wealth Minerals, cuenta con recursos indicados de 741,000 toneladas de Carbonato de Litio Equivalente (LCE) con una ley de 175 mg/L, además de 701,000 toneladas LCE de recursos inferidos con una ley de 185 mg/L. Un estudio económico preliminar reciente muestra un VAN antes de impuestos al 10% (NPV10%) de US$1.65 mil millones y una TIR del 33%, con una producción planificada de 20,000 toneladas métricas anuales de LCE durante una vida útil de la mina de 20 años.
Wealth Minerals (WMLLF)는 칠레의 신속 허가 정책에 따른 Kuska 리튬 프로젝트의 특별 리튬 운영 계약(CEOL) 초기 신청이 거부되었음을 발표했습니다. 거부 사유는 Ollagüe 사라 지역 내 정의된 '참조 폴리곤' 내에서 광산 허가권의 80%를 보유해야 하는 요건을 회사가 충족하지 못했기 때문입니다.
회사는 현재 광업부 결정에 항소하거나 일반 허가 절차를 통해 신청하는 등 대안을 검토 중입니다. Kuska 프로젝트는 Wealth Minerals가 100% 소유하고 있으며, 175 mg/L 등급의 741,000톤 리튬 탄산염 등가(LCE) 표시 자원과 185 mg/L 등급의 701,000톤 LCE 추정 자원을 보유하고 있습니다. 최근 예비 경제성 평가(PEA)는 세전 NPV10%가 16억 5천만 달러, 내부수익률(IRR)이 33%임을 보여주며, 20년 광산 수명 동안 연간 20,000톤의 LCE 생산을 계획하고 있습니다.
Wealth Minerals (WMLLF) annonce que sa demande initiale pour un contrat spécial d'exploitation du lithium (CEOL) pour le projet Kuska a été refusée dans le cadre de la politique d'autorisation accélérée du Chili. Ce refus est dû à l'incapacité de l'entreprise à détenir 80 % des concessions minières à l'intérieur d'un « polygone référentiel » défini dans la zone salar d'Ollagüe.
L'entreprise étudie désormais des alternatives, notamment faire appel de la décision du Ministère des Mines ou déposer une demande via les procédures d'autorisation classiques. Le projet Kuska, détenu à 100 % par Wealth Minerals, présente des ressources indiquées de 741 000 tonnes d'équivalent carbonate de lithium (LCE) avec une teneur de 175 mg/L, ainsi que 701 000 tonnes de ressources inférées en LCE à 185 mg/L. Une récente étude économique préliminaire (PEA) indique une VAN avant impôts à 10 % (NPV10%) de 1,65 milliard de dollars US et un TRI de 33 %, avec une production prévue de 20 000 tonnes métriques annuelles de LCE sur une durée de vie de mine de 20 ans.
Wealth Minerals (WMLLF) gibt bekannt, dass der erste Antrag auf einen speziellen Lithium-Betriebskontrakt (CEOL) für das Kuska-Lithiumprojekt im Rahmen der beschleunigten Genehmigungspolitik Chiles abgelehnt wurde. Die Ablehnung beruht darauf, dass das Unternehmen die Anforderung, 80 % der Bergbaulizenzen innerhalb eines definierten 'Referenz-Polygons' im Ollagüe-Salar-Gebiet zu halten, nicht erfüllt hat.
Das Unternehmen prüft nun Alternativen, einschließlich eines Einspruchs gegen die Entscheidung des Bergbauministeriums oder einer Antragstellung über das reguläre Genehmigungsverfahren. Das Kuska-Projekt, das zu 100 % im Besitz von Wealth Minerals ist, weist angezeigte Ressourcen von 741.000 Tonnen Lithiumcarbonat-Äquivalent (LCE) mit einem Gehalt von 175 mg/L sowie 701.000 Tonnen LCE an vermuteten Ressourcen mit einem Gehalt von 185 mg/L auf. Eine kürzlich durchgeführte vorläufige Wirtschaftlichkeitsstudie (PEA) zeigt einen Vorsteuer-NPV10% von 1,65 Milliarden US-Dollar und eine IRR von 33 % bei einer geplanten Produktion von 20.000 metrischen Tonnen LCE pro Jahr über eine 20-jährige Bergbaulebensdauer.
- Strong resource base: 741,000 tons LCE indicated and 701,000 tons LCE inferred resources
- Attractive project economics: US$1.65B Pre-Tax NPV and 33% IRR
- 100% ownership of Kuska project with no royalties
- 20-year mine life with 20,000 tpa LCE planned production
- Rejection of Fast-Track CEOL application
- Failed to meet 80% mining concession requirement in reference area
- Project development timeline likely delayed due to permitting setback
Vancouver, British Columbia--(Newsfile Corp. - April 23, 2025) - Wealth Minerals Ltd. (TSXV: WML) (OTCQB: WMLLF) (SSE: WMLCL) (FSE: EJZN) (the "Company" or "Wealth") announces that its initial application for its Kuska lithium project to receive a special lithium operation contract ("CEOL") by the State of Chile has been declined under the Fast-Track permitting policy announced on September 30, 2024. The Company is evaluating its alternatives for obtaining the CEOL, either by appealing through regular channels to the recent resolution of the Ministry of Mining, or by applying for a CEOL under the regular permitting procedures available to all lithium projects.
On September 30, 2024 the Government of Chile announced the Strategic Council of the Lithium and Salt Flats Committee ("Strategic Council") approved a first group of six locations for the development of lithium projects in Chile (the "Fast-Tracked salars"), which included the Ollagüe Salar, the location of Wealth's Kuska Project, to be prioritized to receive a special lithium operation contract ("CEOL") by the State of Chile. The decision was based on all six locations having favorable conditions for the feasibility of a lithium operation (see press release of September 30, 2024). Subsequent to the September 30, 2024 announcement, the Government of Chile set rules to any and all potential applicants for the Fast-Tracked salars' CEOLs. A key issue in the rules was the establishment of a "referential Polygon", an arbitrary coordinate area overlain the salars, whereby the Strategic Council declared any Fast-Track applicant must have mining concessions for no less than
The Company still has the opportunity to appeal within five business days to the resolution of the Fast Track program and/or to apply for a CEOL in a regular process, outside the Fast-Track program announced in September 30, 2024. Management is working with its advisors to execute the appropriate next steps.
Regarding the Fast-Track CEOL decline, Henk van Alphen, CEO of Wealth Minerals Ltd. commented: "It is unfortunate that one of the several conditions established for the Fast Track mechanism opened for the first group of six prioritized locations, was in the case of Ollagüe impossible to meet for Wealth or any other potential participant. We maintain our options open and will follow the best alternatives we have in front of us to qualify for a CEOL in due time and develop the Kuska project together with the Indigenous Quechua Community. Based on the technical work and the economic analyzes we have conducted for Kuska, the project offers significant value, both economic and social, to all stakeholders, including not only Wealth shareholders, but also the local community and the Chilean State. Thus, we remain committed to move this project forward and expect that with the appropriate sense of urgency, things can move faster."
The Kuska Project is located in the Ollagüe Salar, Antofogasta region, northern Chile, and is presently
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada and Chile. The Company's focus is the acquisition and development of lithium projects in South America.
The Company opportunistically advances battery metal projects where it has a peer advantage in project selection and initial evaluation. Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. In parallel with lithium market dynamics, Wealth believes other battery metals will benefit from similar industry trends.
For further details on the Company readers are referred to the Company's website (www.wealthminerals.com) and its Canadian regulatory filings on SEDAR+ at www.sedarplus.ca.
On Behalf of the Board of Directors of
WEALTH MINERALS LTD.
"Hendrik van Alphen"
Hendrik van Alphen
Chief Executive Officer
For further information, please contact:
Marla Ritchie, Michael Pound or Henk van Alphen
Phone: 604-331-0096 or 604-638-3886
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John Liviakis
Liviakis Financial Communications Inc.
Phone: 415-389-4670
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Vorticom, Inc.
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Neither 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 press release, which has been prepared by management.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral projects, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the commodity markets generally, variations in the nature, quality and quantity of any mineral deposits that may be located, variations in the market price of any mineral products the Company may produce or plan to produce, the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSXV acceptance, for its planned activities, the inability of the Company to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies, and other risks and uncertainties disclosed in the Company's latest interim Management Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company's mineral properties.
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FAQ
What caused Wealth Minerals (WMLLF) CEOL application to be rejected in Chile?
What are the resource estimates for WMLLF's Kuska lithium project?
What is the projected economic value of WMLLF's Kuska project according to the PEA?
What options does WMLLF have after the CEOL rejection in Chile?
