Jindalee Lithium (JLL:AU) has announced Despatch of SPP Offer Documents
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Volatility punctuated the global lithium market during the third quarter of 2025, as prices, supply/demand dynamics and geopolitics converged to reshape the landscape.
After slipping to a four year low at the end of June, benchmark lithium carbonate prices rallied through July to reach an 11 month high of US$12,067 per metric ton on August 21. However, the momentum proved unsustainable and prices slipped shortly thereafter, ending the three month session at US$11,185.89.
According to Fastmarkets, the surge was driven by rumors that Australian producers Mineral Resources (ASX:MIN,OTC Pink:MALRF) and Liontown Resources (ASX:LTR,OTC Pink:LINRF) might scale back supply.
Both companies denied the reports, and analysts have suggested that even if such reductions were implemented, they would do little to rebalance the current surplus in the lithium market.
“The nascency of the lithium market means that it is prone to be led by sentiment,” Fastmarket’s Claudia Cook wrote in a July update. “However, with healthy inventory levels and continued ramp-up of production, the reported supply cuts, even if they proved true, may not be enough to dip the market into a deficit.”
US policy uncertainty also weighed on sentiment. The Trump administration’s bill to roll back electric vehicle (EV) tax credits, alongside tariff concerns and a perceived retreat from the Inflation Reduction Act, rattled investors.
The repeal had the potential to spur a short-term rush in EV purchases, although liquidity in North America remains thin, and the medium-term outlook has turned bearish, Cook noted.
Elsewhere China’s fair competition policy — intended to curb market monopolies and prevent below-cost dumping — stirred speculation across the lithium supply chain. Though the directive primarily targets downstream industries, traders are watching closely to see whether it will ripple upstream and influence pricing dynamics.
Oversupply expected to meet rising lithium demand
The largest undercurrent for the lithium market is excessive supply. Since 2020, mined output has climbed 192 percent from 82,000 metric tons to 240,000 metric tons in 2024, as outlined by the US Geological Survey.
As supply grew, demand was unable to keep pace, leading to a mounting glut that has weighed on prices.
“While futures activity can catalyse short-term price movements, beneath the surface demand remains tepid, inventories high and buyers cautious, underscoring a disconnect between price action and market reality,” Paul Lusty, head of battery raw materials at Fastmarkets explained in a September update. “We expect continued price instability in the near term with potential for further corrections unless meaningful supply disruptions materialise.”
The supply increase was anticipated to satiate a growing appetite for EVs that has yet to fully materialize.
The EV boom has fueled strong long-term growth forecasts for lithium, but the market is now facing a sharp imbalance. Global EV sales climbed past 17 million units in 2024 and are projected to top 20 million in 2025, yet a 22 percent surge in mined supply last year has outpaced demand, pushing prices lower and creating a persistent oversupply.
This discrepancy was underscored by industry attendees at Fastmarkets’ Lithium Supply & Battery Raw Materials conference, who warned that the imbalance could persist until at least 2030.
As a result, lithium prices remain under pressure despite strong EV uptake, and a meaningful re-balancing will likely depend on new supply expansions being delayed, mine closures and steeper than anticipated demand growth — potentially in the second half of the decade.
With EV demand expected to accelerate beyond 2030 and new supply projects lagging, Q3 2025 could mark the start of a tighter era. For investors watching battery metals, the key question is whether the market has found a floor — or is merely in the calm before the next supply squeeze.
Chinese lithium supply and access in question
As mentioned, the market did find support through July and August, thanks in part to Chinese battery giant Contemporary Amperex Technology (CATL) (SZSE:300750,HKEX:3750) suspending operations at its Jianxiawo lepidolite mine. Located in the country’s Jiangxi province, it is one of the world’s largest lithium sources.
The shutdown followed the August 9 expiration of the mine’s operating permit, with CATL confirming it is seeking an extension but providing no timeline for restarting production. The halt was expected to last at least three months, removing about 65,000 metric tons of lithium carbonate equivalent — roughly 6 percent of global supply — from the market and reigniting bullish sentiment in an otherwise oversupplied sector.
The shuttering of the mine propelled lithium prices and mining stocks.
In mid-October China introduced new export restrictions on advanced lithium-ion batteries, key materials and production equipment — a move set to ripple through global supply chains.
Effective November 8, 2025, companies will now need export licenses to ship high-energy batteries, cathodes, synthetic graphite anodes and related machinery abroad. The new policy follows July’s limits on lithium iron phosphate (LFP) technology exports, tightening Beijing’s control over the battery sector.
China produces over 70 percent of global cathode materials and more than 95 percent of synthetic graphite, making its export decisions pivotal. S&P Global notes in an October briefing that the new controls are expected to delay production timelines and complicate sourcing for manufacturers outside China, particularly in the US, which imports roughly two-thirds of its lithium-ion batteries from Chinese suppliers.
“Export control does not mean an outright export ban, but rather a stricter approval process,” said Fastmarkets’ Walter Zhang. “We believe that the primary intent is to counter measures such as the US OBBB (One Big Beautiful Bill) Act, while preventing potential technology transfer demands from European or American governments and avoiding the military or dual-use applications of advanced battery technologies.”
Additionally, the move adds a new front to the US-China trade standoff, with Washington expected to deepen partnerships with Korean and Japanese producers like LG Energy Solution and Panasonic to reduce dependency.
While China’s CATL will likely pivot toward Europe and emerging markets, global battery costs and supply volatility are expected to rise through 2026.
US government makes lithium push
Outside of China, the US invested heavily in the lithium-mining segment in Q3.
On October 1, Washington released the first US$435 million tranche of a landmark US$2.23 billion loan to Lithium Americas (TSX:LAC,NYSE:LAC), marking one of the Trump administration’s most significant steps yet to strengthen domestic control over critical minerals.
The funds, directed through the Department of Energy, will support construction of the Thacker Pass lithium project in Nevada, which is set to become the largest lithium source in the Western Hemisphere.
As part of the deal, the department will receive warrants representing a 5 percent equity stake in Lithium Americas and an equivalent interest in its joint venture with General Motors (NYSE:GM).
The agency also agreed to defer US$182 million in debt service over five years, underscoring Washington’s long-term commitment to building a resilient battery supply chain.
Thacker Pass is central to US efforts to reduce reliance on Chinese lithium refining and rival major producers in Australia and Chile. Once operational, Phase 1 of the project will produce 40,000 metric tons of battery-grade lithium carbonate annually — enough to power roughly 800,000 EVs — and reinforce the administration’s push to secure supply.
Looking at the rest of the year and remainder of the decade sentiment towards lithium is cautiously optimistic, according to Benchmark analysts fresh off the heels of this year’s LME Week in London.
“Market participants noted that strong spodumene appetite continues amid limited lepidolite supply from Jiangxi,” a Benchmark overview states. “Attention turned to CATL’s Jianxiawo mine, with its start‑up – whether as soon as next month or delayed to early Q1 26 – likely to influence short‑term pricing.”
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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These Programs Support the Advancement of Tonopah West Towards the Permitting of an Exploration Decline to Enable Test Mining and the Extraction of a Bulk Sample
HIGHLIGHTS:
- The Phase 2 hydrology program will consist of placing 5 additional piezometers, a dewatering well and a groundwater monitoring well;
- Geotechnical evaluation is progressing on 22 drillholes along the proposed decline alignment; and
- A seismic program consisting of 18 kilometres in seven lines is planned over the Tonopah West deposit and to the northwest to identify extensions and structural controls.
Blackrock Silver Corp. (TSXV: BRC,OTC:BKRRF) (OTCQX: BKRRF) (FSE: AHZ0) (‘Blackrock’ or the ‘Company’) is pleased to announce certain advancement programs (the ‘Programs’) at the Company’s 100% owned Tonopah West (‘Tonopah West’) project located in Nye and Esmeralda Counties, Nevada, USA. The Programs will consist of a Phase 2 hydrology program, geotechnical evaluation of the proposed decline alignment and a seismic survey intended to understand the structural controls and advance Tonopah West toward completing an exploration decline that will allow for test mining and the extraction of a bulk sample for metallurgical processing.
Andrew Pollard, the Company’s President and Chief Executive Officer, stated: ‘Tonopah West is moving forward on multiple fronts as we work to grow, optimize and de-risk the project toward underground development. The integration of hydrologic, geotechnical and seismic data from these Programs represents key de-risking initiatives, helping us refine engineering models, optimize decline design and establish a strong technical foundation for permitting our initial test mine and bulk sample area. These Programs are running in parallel as we await pending assay results and the delivery of an updated preliminary economic assessment on Tonopah West, currently slated for Q1 2026.’
Hydrology Programs
Montgomery and Associates was contracted to complete the hydrology programs on Tonopah West. In the Phase-1 hydrology program, the Company set four piezometers along the proposed alignment of the decline that have been collecting data that reports where water is present (see May 15, 2025 news release). Based on the information collected from the Phase-1 hydrology program, a Phase-2 hydrology program at Tonopah West has been approved. The Phase-2 program will be entirely within DPB South area of Tonopah West where the Company is planning its exploration decline, test mining and bulk sampling programs. The Phase-2 hydrology program will set five additional piezometers, a dewatering well and a groundwater monitoring well. Data from this infrastructure will help with engineering design of the decline, water pumping requirements and site disposal strategies.
Geotechnical Evaluations
Call & Nicholas, Inc. have been retained to complete geotechnical evaluations on Tonopah West. Detailed geotechnical evaluation on the Phase-1 piezometer holes has been completed. This evaluation is critical for the engineering and design of the proposed exploration decline. An additional 17 drillholes are being geotechnically logged and 36 samples have been collected for geotechnical unconfined compression strength testing. Approximately 59,000 metres (193,570 feet) of core drilling from the project has been evaluated for recovery and Rock Quality Designation (RQD). Additional geotechnical study is being planned.
Seismic Survey
The Company has contracted Bird Seismic Services, Inc. to complete 18 kilometres of 2D seismic data. The seismic data will be collected on seven lines cris-crossing the Tonopah West project area (See Figure 1.). Several lines have been located on the northwestern portion of Tonopah West to identify the extension of the Fraction caldera margin under cover. The goal of the seismic survey program is to better understand the structural controls of the deposit and identify extensions of silver and gold for drill targeting.
Figure 1: Location map showing proposed seismic lines
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/676/271537_218a3ad764832945_001full.jpg
Qualified Persons
Blackrock’s exploration activities at Tonopah West are conducted and supervised by Mr. William Howald, Executive Chairman of Blackrock. Mr. William Howald, AIPG Certified Professional Geologist #11041, is a Qualified Person as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and approved the contents of this news release.
About Blackrock Silver Corp.
Backed by gold and silver ounces in the ground, Blackrock is a junior precious metal focused exploration and development company driven to add shareholder value. Anchored by a seasoned Board of Directors, the Company is focused on its 100% controlled Nevada portfolio of properties consisting of low-sulphidation, epithermal gold and silver mineralization located along the established Northern Nevada Rift in north-central Nevada and the Walker Lane trend in western Nevada.
Additional information on Blackrock Silver Corp. can be found on its website at www.blackrocksilver.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains ‘forward-looking statements’ and ‘forward-looking information’ (collectively, ‘forward-looking statements‘) within the meaning of Canadian and United States securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Forward-looking statements in this news release relate to, among other things: the Company’s strategic plans; the contents and completion of the Company’s Programs at Tonopah West and the anticipated objectives and results therefrom; the permitting of an exploration decline to enable test mining and the extraction of a bulk sample at Tonopah West; the timing of completion of an updated preliminary economic assessment on Tonopah West; the Company’s de-risking initiatives at Tonopah West; estimates of mineral resource quantities and qualities; estimates of mineralization from drilling; geological information projected from sampling results; and the potential quantities and grades of the target zones.
These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include, among other things: conditions in general economic and financial markets; accuracy of assay results; geological interpretations from drilling results; timing and amount of capital expenditures; performance of available laboratory and other related services; future operating costs; the historical basis for current estimates of potential quantities and grades of target zones; the availability of skilled labour and no labour related disruptions at any of the Company’s operations; no unplanned delays or interruptions in scheduled activities; all necessary permits, licenses and regulatory approvals for operations are received in a timely manner; the ability to secure and maintain title and ownership to properties and the surface rights necessary for operations; and the Company’s ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.
The Company cautions the reader that forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing and content of work programs; results of exploration activities and development of mineral properties; the interpretation and uncertainties of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; project costs overruns or unanticipated costs and expenses; availability of funds; failure to delineate potential quantities and grades of the target zones based on historical data; general market and industry conditions; and those factors identified under the caption ‘Risks Factors’ in the Company’s most recent Annual Information Form.
Forward-looking statements are based on the expectations and opinions of the Company’s management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. The Company undertakes no obligation to update or revise any forward-looking statements included in this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.
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.
For Further Information, Contact:
Andrew Pollard
President and Chief Executive Officer
(604) 817-6044
info@blackrocksilver.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/271537
News Provided by Newsfile via QuoteMedia
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IAMGOLD (TSX:IMG,NYSE:IAG) is tightening its grip on one of Québec’s most promising gold districts with back-to-back acquisitions aimed at consolidating control over a vast stretch of the Chibougamau region.
In the span of two days, the mid-tier gold producer announced definitive agreements to acquire Northern Superior Resources (TSXV:SUP,OTCQB:NSUPF) and Mines d’Or Orbec (TSXV:BLUE).
Collectively the deals will expand its landholding to more than 100,000 hectares.
The larger of the two transactions will see IAMGOLD acquire all issued and outstanding shares of Northern Superior Resources in a cash-and-stock deal valued at approximately C$267.4 million.
The acquisition will fold Northern Superior’s Philibert, Chevrier and Croteau projects into IAMGOLD’s existing Nelligan and Monster Lake holdings, creating what the company has branded the Nelligan Mining Complex.
Together, these properties host estimated measured and indicated mineral resources of 3.75 million ounces of gold and inferred resources of 8.65 million ounces, positioning the district as Canada’s fourth largest pre-production gold camp.
“The addition of Northern Superior’s assets to IAMGOLD’s Nelligan Mining Complex in the Chibougamau region of Québec is extremely exciting for IAMGOLD, the region and our mutual shareholders,” said Renaud Adams, IAMGOLD’s president and CEO. “This acquisition aligns with our strategy to become a leading Canadian-focused mid-tier gold producer, bolstering our organic pipeline in Québec where we have maintained a longstanding presence.”
A day earlier, IAMGOLD struck a deal to acquire Mines d’Or Orbec, a junior explorer advancing the Muus project southwest of Chibougamau. IAMGOLD already holds a 6.7 percent equity interest in Orbec and expects to issue roughly 369,000 new shares to complete the purchase. The transaction will bring Muus under IAMGOLD’s control.
Located at the intersection of the Fancamp and Guercheville deformation zones, which are two major mineralized corridors that also host IAMGOLD’s Monster Lake and Nelligan deposits, the 24,979 hectare Muus project has been viewed as a geological link between the company’s existing holdings.
“Over the past several years, we have advanced the Muus project into one of Québec’s most promising gold exploration plays,” Orbec CEO John Tait said.
With the addition of both Northern Superior and Orbec, IAMGOLD is set to more than double its regional footprint.
The company has signaled its intent to pursue a “hub-and-spoke” development strategy in the region, envisioning a central processing facility fed by multiple ore sources within a 17 kilometre radius.
Pending regulatory and shareholder approvals, both acquisitions are expected to close in late 2025 or early 2026.
The price of gold has surged to unprecedented levels this month, reaching an all-time high of around US$4,370 per ounce amid heightened safe-haven demand and expectations of US interest-rate cuts.
However, on Tuesday (October 21), a correction began to set in as the yellow metal pulled back sharply. It fell as much as 5.5 percent to about US$4,115 as profit taking kicked in and the US dollar strengthened.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Astron (ASX:ATR) said on Monday (October 20) that Australia has granted major project status to the Donald rare earths and mineral sands project, its joint venture with Energy Fuels (TSX:EFR,NYSEAMERICAN:UUUU).
Donald is located approximately 300 kilometers northwest of Melbourne in Minyip, Victoria, Australia, and is regarded as “one of the world’s most significant rare earths resources outside China.”
It currently holds a total mineral resource of 1.81 billion tonnes grading 4.6 percent.
“This (designation) will streamline our engagement with federal agencies and accelerate our pathway to development,” commented Astron Managing Director Tiger Brown in a press release. “The Donald project will create significant employment opportunities and deliver long-term economic benefits to the Wimmera region of Victoria as well as strengthen Australia’s sovereign capability in critical minerals and advanced technology supply chains.”
Donald has a planned mine life of 58 years, with expected annual output of 9,000 tonnes of rare earths in Phase 1.
In a separate announcement, Energy Fuels said Export Finance Australia (EFA) has expressed support for the project and will provide AU$80 million via senior debt financing. The total amount needed to develop Donald is AU$520 million.
Energy Fuels CEO Mark Chalmers said that the support is a “key additional step” in the project’s financing pathway and a “strong vote of confidence” in the project’s capacity and potential.
“(It) reflects our on-going progress toward delivering one of Australia’s most important rare earth projects, including valuable NdPr, and exceptional concentrations of Dy, Tb and other ‘heavy’ rare earth oxides, which upon project development will be processed and separated into high-purity products at our White Mesa Mill in Utah,” he added.
According to a work plan for Donald published in June, the progression towards a final investment decision for the project is expected within 2025. Commencement of production at Donald is scheduled for 2027.
Rare earths have been heavily spotlighted this month after China dramatically expanded its control over rare earth exports, a sector crucial to global tech and defense industries.
The October 10 announcement from the Ministry of Commerce adds five new elements — holmium, erbium, thulium, europium and ytterbium — along with key refining technologies to its export control list.
The new rules carry a global reach: any foreign company producing rare earth materials or magnets using Chinese-origin equipment or technology must now obtain an export license from Beijing.
Crucially, applications for defense-related or advanced semiconductor projects, including cutting-edge AI with military potential, will face intense scrutiny and are likely to be denied.
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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Chris Vermeulen, chief market strategist at TheTechnicalTraders.com, weighs in on gold’s record-setting price run and what could be next for the metal.
Vermeulen also discusses the outlook for silver, platinum and palladium.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Spartan Metals (TSXV:W) is a US-focused explorer advancing its high-grade tungsten and rubidium Eagle Project in Nevada. The company is unlocking critical minerals essential to US defense, technology, and energy independence, supporting onshoring goals under the Defense Production Act.
The Eagle tungsten-silver-rubidium project in eastern Nevada spans 4,936 acres across three historic mine areas — Tungstonia, Rees, and Antelope. With historic production of 8,379 units of WO₃ grading 0.6–0.9 percent, Eagle ranks among the highest-grade past-producing tungsten systems in the US, enriched with rubidium and other defense-critical metals including antimony, bismuth, indium, and arsenic. Spartan is advancing an exploration program to validate and expand this potential using modern geochemistry, geophysics, and tailings drilling.
With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.
Company Highlights
- Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
- Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
- Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
- Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
- Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
- Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.
This Spartan Metals profile is part of a paid investor education campaign.*
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Investor Insight
Spartan Metals offers a compelling investment opportunity in the US critical minerals sector through its high-grade, 100-percent-owned Eagle tungsten-silver-rubidium project in Nevada. With strong grades, multi-metal exposure, and alignment with US defense and supply chain initiatives, Spartan provides investors with exceptional leverage to the growing demand for domestically sourced strategic critical minerals.
Overview
Spartan Metals (TSXV:W) is a US-focused critical minerals explorer advancing its high-grade tungsten and rubidium asset in Nevada. Through its flagship Eagle project, the company is unlocking American critical mineral resources essential to defense, technology and energy independence. Spartan’s projects are strategically positioned to contribute directly to the United States’ onshoring objectives under the Defense Production Act and related supply-chain initiatives.
Eagle project site in Nevada
The Eagle tungsten-silver-rubidium project in eastern Nevada anchors a district-scale opportunity covering 4,936 acres across three historic mine areas – Tungstonia, Rees and Antelope. With historic production of 8,379 units of tungsten trioxide (WO₃) at grades between 0.6 to 0.9 percent, the project hosts one of the highest-grade past-producing tungsten systems in the United States, enriched by rubidium and other US defense-critical metals such as antimony, bismuth, indium and arsenic. Spartan is now executing an exploration program to validate and expand this potential through modern geochemistry, geophysics and tailings drilling.
Led by a team with deep Nevada exploration experience and direct US Department of Defense (DOD) engagement, Spartan is pursuing a partnership-driven approach to project advancement. It combines early-stage exploration and reprocessing opportunities and joint ventures to accelerate development. With a strong insider ownership base (42 percent) and exposure to multiple critical metals, Spartan Metals is an emerging US leader in strategic mineral discovery and domestic supply security.
Company Highlights
- Flagship Eagle Project: One of the highest-grade, past-producing tungsten mines in the US.
- Multi-metal Exposure: Targets tungsten, rubidium, antimony, bismuth, and silver – all listed as US critical minerals.
- Tier-1 Mining Jurisdiction: Located in eastern Nevada, a world-class mining state with established infrastructure and regulatory clarity.
- Strong Management and Technical Team: Led by a CEO and VP of exploration with proven discovery track
- Alignment with US Critical Minerals Strategy: Positioned to benefit from Department of Defense and US government initiatives supporting domestic critical mineral supply chains.
- Attractive Capital Structure: Tight share strucuture with management and board holding ~42 percent of shares outstanding, ensuring strong alignment with investors.
Key Asset: Eagle Project
Spartan’s 100-percent-owned Eagle project in White Pine County, Nevada, is a nationally significant critical mineral asset which includes the past-producing Tungstonia, Rees and Antelope mines. The Eagle project historically produced over 8,000 units of WO₃ between 1915 and 1956, and now presents a rare opportunity to redefine one of the highest-grade tungsten and rubidium systems in the United States.
With multiple mineralized zones, district-scale potential and strong alignment with US strategic metal initiatives, the Eagle project is the cornerstone of Spartan’s growth strategy.
Project Highlights
- District-scale Footprint with High-grade Legacy Production: 4,936 acres (20 sq km) across 244 BLM claims in eastern Nevada; Past-producing Tungstonia and Rees mines averaged 0.6 to 0.9 percent WO₃, with channel samples up to 5.32 percent WO₃
- Rubidium Discovery: Rock chip assays up to 2,264 parts per million (ppm) rubidium, positioning Eagle as a potentially significant US rubidium source
- Polymetallic Opportunity: System hosting tungsten-rubidium-silver with antimony, bismuth and arsenic, all metals critical for US defense sector
- Three Deposit Types: Features porphyry, skarn and carbonate replacement deposit (CRD) styles, a rare combination that indicates a large, long-lived hydrothermal system capable of hosting multiple mineralization centers, supporting district-scale exploration potential
- Active 2025 Exploration Program: Fieldwork commenced in October 2025, executing Phase 1 of its NI 43-101-recommended program and part of Phase 2. Activities include drilling of historic Tungstonia tailings, detailed soil and rock sampling, geologic mapping and CSAMT/MT geophysics to define high-priority tungsten-rubidium drill targets and support future resource modeling.
- Tailings Reprocessing Opportunity: ~9,000 tonnes of tailings averaging 0.14 percent WO₃ and 460 ppm rubidium offer near-term reclamation value-add
- Tier-1 Mining Jurisdiction: Excellent access to infrastructure near Ely, Nevada
- Strategic Positioning: Fully aligned with US DOD and Department of Energy initiatives to secure domestic tungsten and rubidium supply chains
Management Team
Brett R. Marsh – President, CEO and Director
Brett Marsh is a professional geologist with more than 25 years of experience in mineral exploration and project development across North America and internationally. Marsh previously led major exploration initiatives for both junior and mid-tier mining companies and has extensive experience in tungsten and critical mineral systems. He oversees Spartan’s technical and strategic direction and is the company’s “qualified person under NI 43-101..
Rebecca Ball – Vice-president, Exploration
Rebecca Ball brings over a decade of exploration and operational experience across base, precious and critical minerals. She specializes in greenfield targeting and geological modeling, most recently leading the McDermitt Lithium stratigraphy initiative that expanded its resource significantly. Her expertise is instrumental in defining the next phase of resource development at the Eagle project.
Michael Harp – Director
Currently VP Exploration at Ridgeline Minerals, Michael Harp has over 15 years of exploration experience in Nevada, including the discovery of over 5 million ounces of gold in the Carlin Trend’s Railroad-Pinion district. His extensive field and project management experience supports Spartan’s Nevada-focused exploration programs.
Terese Gieselman – Chief Financial Officer and Corporate Secretary
Terese Gieselman is a seasoned financial executive with over 30 years of experience in public company management and corporate finance in the mining sector. She brings expertise in governance, financial reporting, and capital markets strategy that will support Spartan’s growth.
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Basin Energy (BSN:AU) has announced Significant Mineralisation Confirmed In Sweden
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Torchlight Innovations Inc. (TSXV: TLX.P) (‘Torchlight’ or ‘the Company’), doing business as RZOLV Technologies, is pleased to announce positive preliminary results from its metallurgical testing program focused on rare earth and critical mineral leaching using its proprietary RZOLV reagent system.
Modern economies are increasingly dependent on a broad suite of critical minerals and rare earth elements—including lithium, cobalt, nickel, praseodymium, tellurium, gallium, scandium, and others—that are essential to clean energy, advanced electronics, battery storage, and defense technologies.
According to the International Energy Agency (IEA), these minerals are ‘crucial to the performance of batteries, permanent magnets, and other clean energy technologies.’ The U.S. Department of Energy (DOE) similarly notes that critical minerals ‘are vital for a wide range of industries, including clean energy and defense,’ powering systems such as solar panels, wind turbines, and electric vehicle batteries. As traditional high-grade deposits become harder to access, attention is shifting toward secondary and unconventional sources such as tailings, mine waste, low-grade ores, brines, and industrial by-products. (Sources: https://www.iea.org/topics/critical-minerals| https://www.energy.gov/fecm/articles/developing-domestic-supply-critical-minerals-and-materials)
In this emerging landscape, a reagent like RZOLV, capable of dissolving over twenty such elements, represents a potentially transformative advancement in sustainable mineral recovery.
Key Highlights
- Multi-Element Recovery: RZOLV dissolved over 25 critical and rare earth elements under mild, non-toxic conditions, with standout recoveries of cerium (73%), manganese (64%), and cobalt (60%).
- REE and Base Metal Versatility: Consistent recoveries (40-45%) for mid-series rare earths such as samarium, europium, and gadolinium demonstrate RZOLV’s broad leaching capability across both transition and lanthanide elements, validating its cross-commodity potential.
- Proven Chemistry: The reagent’s redox-complex system mobilizes metals without cyanide or harsh acids, enabling clean, efficient extraction.
- Cross-Commodity Flexibility: Consistent recoveries across both base and rare earth elements confirm broad market potential.
- Proven Compatibility: Leach solutions integrate easily with standard ion-exchange and solvent-extraction systems for scalable downstream recovery.
- Compatibility with Standard Hydrometallurgy: RZOLV leach solutions are compatible with ion-exchange (IX) and solvent-extraction (SX) systems, providing efficient and selective pathways for downstream metal recovery and purification.
- Sustainable Advantage: Operates at ambient temperature and low pH-lowering environmental risk, reducing cost, and unlocking value from tailings and low-grade sources.
Multi-Element Leachability Assessment of Critical and Rare Earth Samples Using the RZOLV Reagent System
Overview
Laboratory metallurgical investigations were undertaken to evaluate the leachability of multiple metallic and rare earth elements (REEs) from mineralized feedstocks obtained from two U.S.-based mining projects. The objective of this program was to assess the broader metal-solubilization potential of the RZOLV lixiviant system and to characterize its selectivity and efficiency across a diverse elemental suite.
Testing was performed using the standard RZOLV formulation without process optimization or reagent adjustment. As such, future results may vary depending on feed composition, mineralogy, and site-specific conditions.
Methodology
Representative composite samples were subjected to a series of bottle-roll leaching tests under controlled laboratory conditions. Each test employed the proprietary RZOLV non-cyanide leach reagent under standardized parameters designed to simulate low-intensity, ambient-temperature leaching environments.
Tests were conducted in sealed 1-liter HDPE vessels agitated continuously for 72 hours to ensure uniform contact between solids and solution. Post-leach solids (tails) were separated by vacuum filtration and washed thoroughly with deionized water to remove entrained solution. Pregnant leach solutions (PLS) were analyzed by Atomic Absorption Spectrometry, while head and residue samples were submitted to ALS Laboratories, an ISO-accredited analytical facility, for 61-element inductively coupled plasma-mass spectrometry (ICP-MS) analysis. Elemental recoveries to solution were calculated by mass balance, comparing head and residue assays for each element to quantify percentage dissolution.
Results and Discussion
The following table summarizes the unoptimized relative solubility of key metals and rare earth elements under the test conditions. Head and residue MS-ICP assays were compared to determine recovery to solution.
| ELEMENT NAME | ELEMENT SYMBOL | NET RECOVERY |
| BERYLLIUM | Be | (%) |
| CERIUM | Ce | 73.50% |
| MANGANESE | Mn | 64.26% |
| COBALT | Co | 60.00% |
| CHROMIUM | Cr | 47.35% |
| GADOLINIUM | Gd | 45.00% |
| SAMARIUM | Sm | 44.12% |
| YTTRIUM | Y | 43.55% |
| EUROPIUM | Eu | 43.48% |
| NEODYMIUM | Nd | 43.48% |
| TERBIUM | Tb1 | 42.86% |
| DYSPROSIUM | Dy | 42.81% |
| PRASEODYMIUM | Pr | 42.25% |
| LANTHANUM | La | 40.74% |
| HOLMIUM | Ho | 40.30% |
| ERBIUM | Er | 38.10% |
| NICKEL | Ni | 36.36% |
| VANADIUM | V | 33.33% |
| LUTETIUM | Lu | 33.33% |
| THULIUM | Tm | 31.43% |
| URANIUM | U | 27.59% |
| TELLURIUM | Te | 27.34% |
| BERYLLIUM | Be | 26.24% |
| INDIUM | In | 23.53% |
| YTTERBIUM | Yb | 22.58% |
| SCANDIUM | Sc | 16.96% |
Interpretation
The results confirm that the RZOLV system promotes substantial solubilization of rare-earth elements, particularly cerium (73%), manganese (64%), and cobalt (50%), validating its oxidative and complexation capacity under mild acidic conditions.
Mid-series lanthanides (Sm, Eu, Gd) achieved recoveries of 40-45 %, consistent with partial liberation from refractory oxide or phosphate phases.
Lower recoveries of niobium (18%), scandium (17%), and lithium (23%) reflect incorporation within stable mineral matrices (e.g., columbite-tantalite, zircon, or silicate lattices) that require stronger oxidative or thermal activation for efficient leaching.
Recovery of Metallic and Rare Earth Elements from RZOLV Leach Solutions
Following the successful leaching of multiple metallic and rare earth elements (REEs) using the RZOLV lixiviant system, downstream recovery methods were considered to determine viable pathways for selective metal capture, concentration, and purification. The focus of this stage of investigation was to assess the suitability of ion exchange (IX) and solvent extraction (SX) systems for recovering valuable metals and REEs from pregnant leach solutions (PLS) generated under standard RZOLV leach conditions.
The RZOLV reagent produces a low-pH, moderately oxidizing solution characterized by high solubility for transition metals and trivalent rare-earth species. This chemistry aligns well with conventional hydrometallurgical separation methods, provided resin or extractant compatibility is maintained under the mildly acidic matrix.
Preliminary evaluations indicate that ion exchange and solvent extraction could be highly effective downstream recovery methods for RZOLV-derived leach solutions. Ion exchange offers rapid, high-capacity capture of base and rare-earth metals, while solvent extraction provides refined selectivity for high-purity product separation. Both methods are compatible with RZOLV’s low-toxicity matrix, enabling environmentally responsible and economically viable metal recovery.
Environmental and Process Implications
The multi-element solubilization profile underscores the potential of RZOLV as a selective and environmentally benign lixiviant for both precious-metal and critical-mineral recovery.
The reagent’s design eliminates the need for cyanide, chloride, or nitrate oxidants—minimizing hazardous effluents—while its regenerative electrochemical cycle enables near-closed-loop operation. Because RZOLV functions under mild aqueous conditions, without extreme temperatures, concentrated acids, or high-pressure systems, it offers a flexible and energy-efficient pathway for extracting critical minerals from complex matrices.
This adaptability allows deployment in diverse applications including ores, tailings, slag, low-grade stockpiles, flotation residues, concentrates, and industrial waste streams, with minimal process re-engineering. Closed-loop regeneration further reduces reagent consumption and operating costs, improving economic viability even for dilute or low-grade sources.
Key Benefits
- Unlocking latent value: Enables recovery of valuable elements from waste or tailings, converting liabilities into revenue streams.
- Reduced environmental footprint: Operates at ambient conditions with non-toxic reagents, reducing chemical hazards and remediation needs.
- Cross-commodity flexibility: Capable of dissolving over twenty critical minerals, adaptable to multiple feed types and market shifts.
- Support for circular economy and resource security: Facilitates domestic recovery of critical minerals and aligns with global sustainability objectives.
Conclusions
Bottle-roll test results and ICP-MS analyses confirm that RZOLV promotes significant dissolution across multiple elemental groups through synergistic redox-complexation chemistry. High recoveries of Ce, Mn, and Co highlight its oxidative power, while consistent REE mobilization demonstrates its capacity for complex formation under mild conditions. The results validate RZOLV as a versatile, low toxicity lixiviant for both precious and critical mineral extraction. Ongoing research is focused on refining reagent concentration, pH, and electrochemical regeneration to further enhance recovery efficiencies for refractory elements.
This research is preliminary in nature. Assay results are based on head/tails ICP-MS performed by ALS Labs. Test materials have been subjected to the standard RZOLV formula with no reagent optimization. Results will vary based on minerology and this data provides no guarantee of future success or economic viability.
About Torchlight Innovations Inc. (doing business as RZOLV Technologies)
Torchlight Innovations is a clean-technology company with a mission to transform the global mining industry through safer, sustainable, and high-performance extraction technologies. The Company has developed RZOLV, a proprietary non-toxic, water-based hydrometallurgical formula that replaces cyanide in gold leaching.
While cyanide has been the industry standard for over a century, its toxicity has led to widespread environmental concerns, costly permitting, and outright bans in several jurisdictions. RZOLV offers equivalent recovery efficiency and cost performance with a non-toxic, reusable, and environmentally responsible profile.
The Company is currently focused on validating its technology through industrial-scale pilot programs, after which full commercialization and licensing activities will begin. The Company has safeguarded RZOLV through 2 international patent filings and a comprehensive intellectual-property framework that includes protection for its chemical formulation, regeneration processes, and specific applications in heap leaching, vat leaching, tank leaching and concentrate treatment.
Contact
Duane Nelson
President and CEO
Torchlight Innovations Inc.
Email: duane@innovationmining.com
Phone: 604-512-8118
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 release.
Forward-Looking Statements
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Source
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