Critical Elements Lithium Corp (TSX-V:CRE, OTCQX:CRECF) is progressing the Rose lithium-tantalum project in Quebec, the most advanced hardrock lithium project in North America, towards production.
Chair Eric Zaunscherb joined Proactive on the floor at PDAC 2024 to discuss the progress at the project and how the company is navigating challenges in the lithium market.
Proactive: Let's discuss the Rose lithium-tantalum project in Quebec.
EZ: It's North America's most advanced hardrock lithium project. Located in Quebec, one of the top mining jurisdictions globally, it boasts all major permits and a robust feasibility study showing a $2.2 billion net present value (NPV) and a 66% internal rate of return (IRR) after tax.
What's the current status of the project?
We're progressing with exploration and have some promising results. We're also focusing on securing project financing, aiming for a $600 million Canadian raise to commence production.
How's the market environment affecting your progress?
Despite challenging conditions, our strong management and strategic planning keep us on track. We're leveraging our team's deep industry experience to navigate these times effectively.
Can you share insights on the lithium market's fundamentals?
While electric vehicle (EV) sales in North America and Europe face headwinds, the global EV market remains strong, bolstered by growth in China and other regions. The lithium supply side is experiencing destocking, particularly in China, indicating a volatile but attentive market for lithium.
Quotes have been edited for clarity and style