Trident Royalties PLC (AIM:TRR) highlighted the significant update to the mineral resource estimate (MRE) at the Thacker Pass lithium project, in which it holds a 60% interest in a gross revenue royalty.
Lithium Americas Corp (TSX:LAC, NYSE:LAC), which operates Thacker Pass in Nevada, USA, put out a statement more than doubling the size of the MRE.
The MRE increased to 13.7mln tonnes (Mt) of lithium carbonate equivalent (LCE) grading 2,231 parts per million lithium (ppm Li) of measured and indicated resources and 4.4Mt of LCE grading 2,112ppm Li of Inferred Resources.
Lithium Americas is advancing an ongoing feasibility study targeting a 30% increase to both first and second phases of production capacity, to 40,000 tonnes per annum of LCE in the first phase and to 80,000 for the second.
Trident chief executive Adam Davidson said: “This latest update from Lithium Americas more than doubles to the lithium resource estimate for Thacker Pass which has a very positive read through for Trident's potential future earnings from this project, which is the largest lithium reserve in the United States."
He said the significant increases to the targeted production capacity come at a time when LCE prices have more than doubled over the course of 2021.
“In addition, Lithium Americas reports the permitting process to be on track, with a final decision expected in Q1/2022 and with the planned pilot plant expected to become operational during H1/2022,” he said.