Armory Mining Secures Full Control of Candela II Lithium Project in Argentina

Armory Mining Corp has secured full control of the Candela II lithium project at Incahuasi Salar in Argentina after American Salars relinquished its development option. The project covers 3,000 hectares and contains an estimated 457,000 tonnes of lithium carbonate in-situ, according to a resource estimate by WSP Australia.

The strategic location of the project is notable, with major industry players Ganfeng Lithium, Rio Tinto, and Power Minerals operating in close proximity. Ganfeng, China's largest battery metal producer, has a production well approximately 9.8 kilometers from the Candela II concession.

A key development is Armory's licensing of the Ekosolve™ lithium Solvent Exchange Extraction process, which promises significant technological advantages. The process can extract 93% of lithium from brine samples, with 99.7% of the biodegradable solvent potentially reclaimed. This approach offers an environmentally friendly alternative to traditional lithium extraction methods, eliminating the need for evaporation ponds.

Preliminary testing of a 200-liter brine sample collected in September 2022 demonstrated lithium content ranging from 140 to 169 parts per million. The current lithium carbonate market price stands at $10,070 per tonne for 99.5% battery-grade material, making the project potentially economically attractive.

The Ekosolve system could provide substantial economic benefits, with the company suggesting that a 10,000-tonne plant could potentially generate a 250% operating margin at current market prices. This projection underscores the project's potential significance in the rapidly expanding lithium market.