Lithium Exploration Activities Surge as EV Proliferate Around the Globe

NEW YORK, March 2, 2022 /PRNewswire/ -- Lithium has proved to be an essential mineral for the electrification of vehicles. As such, LiOH, a white hygroscopic crystalline material and an inorganic compound, is commonly used by lithium-ion battery manufacturers. According to Platts Analytics, global plug-in light-duty EV sales are expected to rise to 6.5 million units in 2022 and 10.5 million units in 2025, up from an estimated 6 million units in 2021 and 3.1 million units in 2020. Geographically, the Asia Pacific region dominated the market as it held the largest volume share of 56.3% in 2020 owing to the rapidly developing automotive, glass, and consumer goods industries in countries such as China, Japan, South Korea, and India. And, according to data published by Research and Markets, the global lithium market size is expected to reach USD 8.2 Billion by 2028. Furthermore, the market is expected to expand at a CAGR of 14.8% from 2021 to 2028. Foremost Lithium Resource & Technology Ltd. FAT FRRSF, Snow Lake Resources Ltd. LITM, QuantumScape Corporation QS, Lordstown Motors Corp. RIDE, Lithium Americas Corp. LAC

Lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. "The push by automotive original equipment manufacturers (OEMs) and battery manufacturers to continually reduce battery pack costs continues," says William Tokash, Senior Research Analyst with Navigant Research. "This effort, led by improving battery manufacturing processes and maturing supply chains, is anticipated to yield a market driven by battery electric vehicles (BEVs), where both large and small capacity Li-ion battery-pack-equipped vehicles have markedly improved driving ranges."

Foremost Lithium Resource & Technology Ltd. FAT FRRSF announced yesterday breaking news that initial data from the Unmanned Aerial Vehicle, ("UAV") magnetic survey over the Jean Lake property first announced on December 9th, 2021. Jean Lake is the 100% owned 1,002-hectare (2,476-acre) property which connects with Snow Lake Lithium's Thompson Brothers lithium project within the Snow Lake pegmatite field (Snow Lake, Manitoba, Canada). Images from EarthEx Geophysical Solutions Inc. ("EarthEx") magnetic data identified several highly prospective targets which correlate with the previously identified Beryl pegmatite dykes (B and B-2) which assayed between 3.89% - 5.17% Li2O. The locations of the B and B-2 Beryl pegmatite dykes are annotated with the magnetic data in Figure 1. The black lines are the preliminary interpretation of the magnetic low lineaments from a Centre for Exploration Targeting ("CET") analysis and overly the magnetic "low" picks layer. The coincidence of the trends of magnetic lows with the Beryl pegmatites and their extension along a trend recognized for its association with high-grade lithium pegmatites is highly encouraging…

Lindsay Bottomer, Co-founder and Geoscience Advisor of Foremost states: "The Jean Lake results are tremendous with regards to the trends of magnetic lows. They correspond with the locations of the B and B-2 Beryl pegmatites on Jean Lake and are on trend with the Sherritt Gordon and Grass River pegmatites on Snow Lake Lithium's ground. One can now see several high-quality drill targets. There are two domains identified by the Jean Lake survey. The magnetic lows in the northern sector of the property that correspond to pegmatites and potential pegmatites and the southern/southwest sector which documents the magnetic highs that correspond to our gold assays and to the magnetic anomalies being drilled by 1911 Gold Corp on their ground to the west of Foremost."

Scott Taylor, President and CEO of Foremost Lithium states: "It is encouraging to see a regional thesis of a prospective Snow Lake "Lithium Lane" emerging from the data. We will continue to advance this prospective Lithium Lane thesis in similar fashion as Frontier Lithium's Electric Avenue, a premium lithium mineral district located in Northern Ontario. Further, we look forward to building a de-risked pipeline of high value drill targets at Jean Lake so we can drill in the Winter of 2022 and deliver more resource and enterprise value for our shareholders."

Technical information contained in the press release has been approved by the Company's Co-Founder and Geoscience Advisor, Lindsay Bottomer, P.Geo, who is a "Qualified Person" within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects."

Snow Lake Resources Ltd. LITM reported last month that the first batch of data received from its drone magnetic survey first announced (November 29, 2021 - Snow Lake Lithium Receives Government Grant for $62,000 CAD ), identified several highly prospective targets in the Company's Sherritt Gordon (SG) pegmatite dykes. Initial images from the EarthEx Drone Magnetic survey on the Snow Lake Lithium SG - Grass River (GR) Target area show noticeable correlation between magnetic lows in the data and the known pegmatite dykes that were sampled during last fall's prospecting campaign (December 6th 2021 - Snow Lake Resources Ltd. Samples Up To 6.97 WT% Li2O from its Manitoba Project ). The drone system's unique ability to fly low to the canopy and maintain centimeter precision RTK (real-time kinematic positioning) navigation results in exceptional levels of detail in the data, revealing features not before seen

QuantumScape Corporation QS and Fluence Energy Inc. reported earlier this year a multi-year agreement to introduce solid-state lithium-metal battery technology to stationary energy storage applications. The strategic relationship brings together two companies leading in technology innovation focused on accelerating clean energy adoption and reducing global carbon emissions. The companies will collaborate on what they believe to be a first-of-its-kind solution to incorporate QuantumScape's battery technology into Fluence stationary energy storage products as specific technical and commercial milestones are met. "Fluence and QuantumScape share the same mission to reduce global greenhouse gas emissions through innovation and adoption of energy storage technologies, so our collaboration is a natural fit," said Jagdeep Singh, co-founder and CEO of QuantumScape. "While we have historically focused on automotive applications, we believe our battery technology is broadly applicable and can play a role in other sectors contributing to a lower-carbon future."

Lordstown Motors Corp. RIDE and Hon Hai Technology Group ("Foxconn") (TWSE: 2317), one of the largest electronics manufacturers in the world, announced on November 20th, 2021 that they have entered into a definitive Asset Purchase Agreement regarding LMC's facility in Lordstown, Ohio. Young Liu, Chairman of Hon Hai Technology Group, commented "This partnership marks the commencement of integrating our resources with Lordstown Motors to develop Ohio into Hon Hai's most important electric vehicle manufacturing and R&D hub in North America. As we look to inject Hon Hai's software and hardware capabilities in the information and communications industry with the wealth of automotive experience that resides in this town and our partners, we will be able to provide customers with more real-time and efficient Electric vehicle products."

Lithium Americas Corp. LAC reported last month that the Company has submitted a draft application to the US Department of Energy ("DOE") for funding to be used at its 100%-owned Thacker Pass lithium project in Humboldt County, Nevada ("Thacker Pass") through the Advanced Technologies Vehicle Manufacturing Loan Program (the "Loan Program"). The Loan Program is designed to provide funding to US companies engaged in the manufacturing of advanced technology vehicles and components used in those vehicles. "Thacker Pass is a unique, large-scale and advanced-stage lithium project representing one of the most significant opportunities to create a truly domestic lithium supply chain to support the production of electric vehicles in the US," said Jonathan Evans, President and CEO. "We are pleased to submit our draft application and look forward to engaging with the DOE to accelerate the growth of the domestic lithium industry in response to increased demand and interest from US-based consumers."

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