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Thanks in part to the electric vehicle story, lithium prices appear to have bottomed out, and are expected to move higher in the early part of 2021, as noted by Resource World. “It is anticipated demand for vehicle battery metal will increase sharply over the next several years as automakers abandon internal combustion engines for EVs.” Helping to fuel demand further are companies like General Motors, which just revealed it will offer 30 all-electric models.
“Forty percent of the company’s U.S. entries will be battery electric vehicles by the end of 2025. Barra also announced an increase in GM’s financial commitment to EVs and AVs today to $27 billion through 2025 – up from the $20 billion planned before the onset of the COVID-19 pandemic,” according to General Motors’ Chairman and CEO Mary Barra.
“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” added Barra. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.” The news is creating excitement for E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF), Albemarle Corporation (NYSE:ALB), General Motors Company (NYSE:GM), Tesla Inc. (NASDAQ:TSLA), and Orocobre Ltd. (TSX:ORL).
E3 Metals Corp. (TSXV:ETMC)(OTC:EEMMF) BREAKING NEWS: E3 Metals Corp., an emerging lithium developer and leading lithium extraction technology innovator, announced today that FMC Lithium USA Corp. has decided to opt out of the Joint Development Agreement in place between the two organizations.
In communicating the decision, Livent expressed confidence in the E3 Metals’ technology and in the world class Leduc aquifer, but said resource and capital allocation considerations forced its decision to withdraw. E3 Metals appreciates the work Livent has funded and its input to date. Significant achievements have been made in advancing the technology towards commercialization and the foundation is solidly in place to complete the process. The Company plans to commercialize the developments completed through the partnership with Livent. Despite opting out of the existing agreement, Livent has expressed interest to E3 Metals in working together to further advance the DLE technology under a different deal structure.
E3 Metals will continue to deploy the Direct Lithium Extraction (DLE) technology as planned. The Calgary testing facility will be opened in early 2021 and work will continue towards construction and operation of the Field Pilot Plant to fully demonstrate the capabilities and effectiveness of E3 Metals’ DLE technology.
As specified in the Joint Development Agreement with Livent, all licenses and rights to the technology will be retained and returned entirely to E3 Metals. In addition, the Company has benefitted from the advancement in the technology and the C$2 million contributed by Livent including over C$450,000 of capital not spent to date.
Furthermore, E3 Metals will no longer be obligated to issue Livent 19.9% of its share capital, represented by 7,929,368 shares to be issued on top of 594,068 warrants (the “Warrants”) currently held by Livent. The Warrants which are exercisable at a price of $0.40 per share will be returned to treasury for cancellation.
“We see the opportunity with the technology E3 Metals is developing for use at the Leduc Formation.” commented Paul Graves, CEO of Livent Corp. “Our decision does not reflect a view on the likely success of E3 in developing the Leduc Formation. The decision by Livent not to move to the next phase of joint development that was contemplated by the original development agreement is driven by Livent’s own resource and capital allocation choices. We have appreciated working with the E3 team and wish them every success in their endeavors.”
“E3’s team of experts will complete the remaining development work as scheduled,” said Chris Doornbos, E3 Metals’ President and CEO. “We respect Livent’s position and their capital constraints; the capital deployed to date from Livent has supported the significant advancements and major milestones achieved, including a DLE technology benchtop pilot prototype. We value the collaboration from Livent, especially their technical team, who have contributed to E3 Metals achieving these major milestones on the development of our technology. All of this, in addition to the recently completed PEA, will allow E3 to advance discussions with interested potential partners. As we look to the future, E3 Metals will continue to power the growing electrical revolution.”
Other related developments from around the markets include:
Albemarle Corporation (NYSE:ALB), a leader in the global specialty chemicals industry, announced that it will serve as a founding member of ZETA, a first-of-its-kind U.S.-based coalition committed to achieving 100 percent electric vehicle (EV) sales by 2030. ZETA will advocate for national policies to enable the full adoption of EVs throughout the light-, medium-, and heavy-duty sectors by 2030, which will support the creation of new jobs, secure American global EV manufacturing leadership, and significantly reduce carbon pollution. “The U.S. is tracking behind other countries in driving the adoption of EVs and, as a result, the benefits EVs contribute to the environment,” said Eric Norris, Albemarle President, Lithium. “As an industry leader and major U.S. producer of lithium, Albemarle is committed to powering the potential of clean energy and is excited to join ZETA’s mission in positioning the U.S. to support a clean and sustainable environment.”
General Motors Company (NYSE:GM) reported third-quarter earnings driven by its agility, and strong and growing franchises. Despite the COVID-19 pandemic, the company continued to invest in its electric vehicle and autonomous vehicle growth initiatives, launched an all-new portfolio of full-size Chevrolet, GMC and Cadillac sport utility vehicles, and maintained leading U.S. full-size pickup truck and large SUV market share. Third quarter results included EPS-diluted of $2.78, and EPS-diluted-adjusted of $2.83; EPS-diluted-adjusted includes a $0.05 gain from Groupe PSA revaluations; Income of $4.0 billion, and EBIT-adjusted of $5.3 billion; EBIT-adjusted margin of 14.9 percent; Revenue of $35.5 billion; Automotive liquidity of $37.8 billion; Automotive operating cash flow of $9.9 billion, and adjusted automotive free cash flow of $9.1 billion; GM North America EBIT-adjusted of $4.4 billion; GM Financial EBT-adjusted of $1.2 billion.
Tesla Inc. (NASDAQ:TSLA) reported, “In the third quarter, we produced just over 145,000 vehicles and delivered nearly 140,000 vehicles. In terms of days of sales, new vehicle inventory declined further in Q3 as we continue to improve our delivery efficiency. Our net income and cash flow results will be announced along with the rest of our financial performance when we announce Q3 earnings. Our delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct. Final numbers could vary by up to 0.5% or more. Tesla vehicle deliveries represent only one measure of the company’s financial performance and should not be relied on as an indicator of quarterly financial results, which depend on a variety of factors, including the cost of sales, foreign exchange movements and mix of directly leased vehicles.”
Orocobre Ltd. (TSX:ORL) announced that it has entered into a definitive pursuant to which Orocobre will acquire 100% of the issued and outstanding shares of Advantage Lithium Corp. that it does not already own. This transaction (the Transaction) will allow Orocobre to continue to develop the Olaroz/Cauchari basin in a cost-effective manner that will optimise extraction of the resource to the benefit of shareholders, local communities, the Provincial and National governments of Argentina, and other stakeholders. Orocobre shareholders will gain exposure to the 4.8 million tonnes (Mt) of Measured and Indicated Resources and 1.5 Mt of Inferred Resources (expressed as lithium carbonate equivalent) at Cauchari developed by the Advantage and Orocobre joint venture.
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