The 2025 SMM South American Lithium Resources Field Trip Successfully Concluded! Please Check the Progress of Lithium Mine Projects of 11 Miners in the Lithium Triangle Region

In recent years, lithium prices have experienced significant fluctuations, posing various challenges to enterprises along the industry chain. Although lithium prices are no longer at their peak, the development prospects of the new energy industry chain remain bright against the backdrop of the global push for a low-carbon economy, and the importance of lithium resources has become increasingly evident.

South America, particularly the "Lithium Triangle" region (Bolivia, Argentina, Chile), holds over 55% of the world's proven lithium resources, making it one of the most lithium-rich regions globally. Therefore, South American lithium resources play a crucial role in the global energy transition.

Against this backdrop, SMM organized the SMM South American Lithium Resources Field Trip in 2025, led by Siyu Chen, the Project Manager of SMM's Overseas South American Lithium Resources Field Trip, and Zhicheng Zhou, a Senior Analyst in New Energy and Lithium Batteries. The trip took place from May 15 to May 26, 2025, during which the delegation visited lithium-related enterprises in South America, toured local lithium mines and material companies, and held discussions with company executives to explore potential opportunities in lithium resource development, technological exchanges, and investment cooperation. On May 26, the 2025 SMM South American Lithium Resources Field Trip concluded successfully! SMM has reviewed and summarized the trip as follows:

First Stop

NOA Lithium Brines

NOA Lithium Brines Inc. ("NOA") is a lithium exploration and development company established to acquire assets with significant resource potential. All of NOA's projects are located in the heart of the lithium triangle in Salta, a mining-friendly province in Argentina, near numerous projects and operations owned by some of the largest players in the lithium industry. NOA has rapidly assembled a vast and impressive portfolio of lithium brine concessions, occupying key positions in three potential salt flats (Rio Grande, Arizaro, Salinas Grandes) with a total area exceeding 120,000 hectares. The company's recent mineral resource estimate (July 2024) for the Rio Grande project totals 4.7 million mt of LCE (measured, indicated, and inferred), with an average lithium concentration of 525 mg/L.

The Arizaro salt flat is one of the relatively underexplored areas in Argentina, where NOA holds 78,000 hectares of concessions. This area is adjacent to Lithium Chile's proven mining area, with deep lithium content exceeding 500 mg/L. Physical surveys in this area were completed in 2023, and it is expected that in 2025, NOA will collaborate with partners to complete a preliminary exploration plan, unlocking its potential value.

The Salinas Grandes salt lake covers an area of 10,200 hectares and is located in the heart of the exploration areas of energy companies such as Orocobre (now part of Pluspetrol) and LSC. The combined TEM/VES geophysical exploration conducted by YPF (Yacimientos Petrolíferos Fiscales) in Argentina has revealed significant deep brine reservoirs in the area. Development advantages include a well-established hard-surface road infrastructure, year-round accessibility, dual energy supply (pipeline natural gas + railway diesel transport), and reduced exploration risks due to the presence of mature mining areas nearby.

Click for details: 2025 SMM Lithium Resources Field Trip in South America - First Stop: NOA Lithium Brines

Second Stop:

Subsecretaría de Desarrollo Minero (Argentina's Undersecretariat for Mining Development)

The Subsecretaría de Desarrollo Minero (Undersecretariat for Mining Development) of Argentina, under the Ministerio de Economía (Ministry of Economy), is a key institution responsible for formulating and implementing national mining development policies. The department is dedicated to promoting mining investment by designing and executing policies and action plans that cover all stages of mining projects, actively attracting domestic and overseas investors. It also provides comprehensive information support to potential investors, including legal, geological, mining rights, and project background information, to facilitate investment decisions. Meanwhile, the institution strictly supervises and enforces national laws and regulations related to mining activities to ensure industry compliance. Additionally, the Undersecretariat coordinates the effective implementation of mining policies between national and provincial governments and promotes cooperation among institutions such as the Federal Mining Council (COFEMIN). To promote sustainable development, the department also actively collaborates with international and multilateral institutions to implement best practices in the mining sector, including the promotion of environmental and social responsibility standards.

The current Undersecretary, Mario Ricardo Thiem, is a lawyer with extensive experience in the energy industry. He previously served as the Legal Department Manager at YPF (Yacimientos Petrolíferos Fiscales) and held various positions at Chevron from 2005 to 2011. Furthermore, he led the MRT LLC consulting firm, providing advisory services to US oil and gas companies operating in Latin America. During the presidency of Mauricio Macri, Mr. Thiem served as a director of IEASA (Integración Energética Argentina S.A.), an institution that plays a central role in the formulation and implementation of Argentina's mining policies, particularly in attracting foreign direct investment, promoting mining project development, and advancing environmental and social responsibility. Its goal is to drive the country's economic growth and social progress through sustainable mining development.

Click for details: 2025 SMM Lithium Resources Field Trip in South America - Second Stop: Subsecretaría de Desarrollo Minero (Argentina's Undersecretariat for Mining Development)

Third Stop:

EKEKO S.A.

EKEKO S.A. is an Argentine company specializing in lithium development, responsible for advancing both its own and third-party projects from early stages to the feasibility stage, aiming to add value to the projects and facilitate the further production of lithium carbonate or lithium hydroxide. The Arizaro Sur project currently under development by the company includes its own mining concessions and three additional applications, covering a total area of 18,840 hectares. These plots are part of a larger mining portfolio that includes a total of 9 concessions and 4 applications in the Salar de Arizaro region. The project is located in the southern part of the salt lake, with lithium exploration being conducted by public and private companies such as Lithium Chile and Hanaq in the surrounding areas, and is geographically close to existing infrastructure and freshwater resources.

Salar de Arizaro: The project encompasses the company's owned mining concessions and three additional applications, covering a total area of 18,840 hectares. These properties are part of a larger portfolio that includes 9 concessions and 4 applications in the Salar de Arizaro region. Arizaro Sur is located in the southern part of the salt lake, with surrounding properties currently undergoing lithium exploration by multiple public and private enterprises, including Lithium Chile and Hanaq. The area is in close proximity to existing infrastructure and freshwater resources.

Click for details: 2025 SMM South American Lithium Resources Field Trip - Third Stop: EKEKO S.A.

Fourth Stop

Tibet Summit Resources Co., Ltd., the actual controller of Argentina Lithium & Potash Co., Ltd.

Tibet Summit Resources, positioned in the upstream of the non-ferrous metal resources industry and relying on its lead-zinc polymetallic mine in Tajikistan, has become a benchmark project for successful investments by Chinese enterprises along the "Belt" countries under the "Belt and Road" Initiative. Meanwhile, the company has begun to deploy investments in the upstream lithium salt lake development projects of the new energy industry in Argentina along the "Road" countries. The company has continuously achieved transformation and upgrading, and has become one of the leading stocks in the mining resources development sector on the securities market.

In April 2018, the company, in conjunction with its financial investment partners, acquired and privatized a Canadian publicly listed firm for $206.7 million, gaining full ownership of its two lithium salt lake projects in Argentina, which boast excellent resource endowments and advanced development progress. The company officially entered the upstream lithium resource development sector of the new energy industry.

In Argentina, South America, Argentina Lithium & Potash Co., Ltd., indirectly controlled by Tibet Summit Resources, has completed the resource assessment for its Angeles project in Argentina and officially obtained the "Environmental Impact Statement" (DIA) issued by relevant authorities. The project possesses economic viability for mining, guaranteed freshwater resources, and suitable geological conditions, laying a solid foundation for continuous operation and large-scale lithium extraction.

It is reported that the Angeles Project is scheduled to commence capacity construction in 2025. Preliminary drilling and pumping tests have been completed, and the construction progress is advancing steadily. The project site will adopt a hybrid energy supply model combining PV, ESS, and diesel to meet both environmental protection and continuous operation requirements.

Click to view details: 2025 SMM South American Lithium Resource Field Trip - Fourth Stop: Tibet Summit Resources' Actual Controlled Argentina Lithium Potassium Co., Ltd.

Fifth Stop

Ganfeng Lithium

As a well-known lithium ore giant in China, Ganfeng Lithium Group's business spans the entire industry chain, from resource extraction, refining and processing, to battery manufacturing and recycling. Its products are widely used in EVs, ESS, 3C products, chemicals, and pharmaceuticals. The Group's lithium ore resources are distributed globally, and it possesses industrialisation technologies for "lithium extraction from brine", "lithium extraction from ore", and "lithium extraction from recycling". It has sufficient capacity for lithium compounds and lithium metal, with multiple production sites established both domestically and overseas. It also possesses complete battery manufacturing and recycling technologies, providing sustainable value-added solutions for battery producers and EV manufacturers.

MineraExar is a mining and exploration company in Argentina, established in 2006. It is jointly owned by Ganfeng Lithium (46.66%), Lithium Americas (43.04%), and Jujuy Energía y Minería Sociedad del Estado (JEMSE) (8.5%), dedicated to the development and production of lithium carbonate at the Cauchari-Olaroz salt lake in Jujuy Province.

Ganfeng Lithium's Argentine salt lake project generally adopts the traditional salt lake pond evaporation process, producing lithium chloride or lithium carbonate through chemical treatments such as potassium, calcium, and magnesium removal. The company stated that due to significant policy fluctuations and high uncertainties in the Argentine government, it is currently not considering implementing deep integration construction. Downstream customers have not yet been fully determined, and the company may directly sell industrial-grade lithium carbonate, allowing customers to conduct terminal purification.

Click to view details: 2025 SMM South American Lithium Resource Field Trip - Fifth Stop: Ganfeng Lithium

Sixth Stop

Lake Resources

Lake Resources NL (ASX: LKE; OTC: LLKKF) is a responsible lithium developer that utilizes cutting-edge ion exchange extraction technology to produce sustainable, high-purity lithium from its flagship Kachi project in Catamarca Province, located in Argentina's Lithium Triangle. Lake also has an early-stage project in the region, namely the Ancasti or Catamarca pegmatite lithium project. The company is confident in the long-term (post-2030) fundamental development of the lithium industry.

The product produced by the Kachi project is battery-grade lithium carbonate (>99.5% purity). Data shows that the project has a total of 11.1 Mt LCE, including 8.2 Mt of measured and indicated resources, 0.6 Mt of ore reserves, and 2.9 Mt of inferred resources. The project has a mining life of 25 years. Regarding the project construction progress, the Kachi Phase I project is designed with a capacity to produce 25,000 mt of lithium carbonate. It is expected that a second plant may be constructed in the future, adding an additional 25,000 mt/year of lithium carbonate capacity, with further expansions possible depending on market conditions.

When discussing the outlook for the future lithium market, Lake Resources stated that the current spot price of lithium has reached an unsustainable level: it has fallen below $10,000/mt—at the current spot price, the economics of most lithium-related projects are poor. Additionally, there is ongoing uncertainty regarding the long-term price of lithium, with market forecasts for future prices ranging from $15,000/mt to $27,000/mt. Some market predictions now expect a global lithium supply deficit to begin in 2029, earlier than the previously forecasted 2030. Argentina and direct lithium extraction (DLE) technology may drive the next wave of lithium production growth.

Click to view details: 2025 SMM South American Lithium Resources Field Trip – Sixth Stop: Lake Resources

Eighth Stop

Sigma Lithium

Currently, the company's daily lithium concentrate production capacity is approximately 730 mt, with a maximum capacity of up to 800 mt/day under high-grade ore stockpile conditions. The particle size of raw ore is controlled to be below 9.5 millimeters through the crushing process to facilitate subsequent beneficiation and transportation. The company's Phase I capacity is approximately 22,000 mt of lithium concentrate per year, with plans to double annual capacity to 520,000 mt by 2027, and to double mine production and the number of trucks to 120 units. The company has currently developed two pits, each with reserves of approximately 1.4-1.5 million mt, with relatively average grades, a lateral distribution of about 2.5 kilometers, and a depth of up to 80 meters. Phase II development will expand laterally and vertically to the west, with planned mining depths exceeding 150 meters. In terms of long-term planning, the company aims to extend production until 2037, aligning with forward-looking pricing strategies and market expectations.

The company's future plans include continuing to advance 227 production targets, striving to achieve the medium-term goal of producing 120,000 mt of chemical-grade concentrate annually; monitoring market dynamics, paying attention to competitor pricing and global restocking rhythms, and adjusting strategies in a timely manner; maintaining close communication with transportation contractors to ensure smooth transportation and optimize cost structures; continuing to optimize operational systems, particularly in terms of resilient design to address potential operational bottlenecks such as space unavailability; and maintaining good communication with the government to secure policy support and ensure long-term compliance and development.

Click to view details: 2025 SMM South American Lithium Resources Field Trip – Eighth Stop: Sigma Lithium

Ninth Stop

CBL

CBL was established in 1985 and began producing spodumene concentrates in 1991. The company's mine is of pegmatite type, primarily containing spodumene, along with quartz, mica, and albite. The orebody extends to a maximum depth of 300 meters and stretches approximately 12 kilometers, with total resource reserves of 6 million mt LCE and an average lithium grade of 1.4%. The company's MINA DA CACHOEIRA project, located in the cities of Aracuaí and Itinga, Brazil, is an underground lithium mine with a depth of 220 meters and ore veins extending 14 kilometers. The mine primarily exploits high-quality spodumene veins, which include quartz, feldspar, mica, and spodumene, with total resources of 4.5 million mt and a lithium content of 1.4% Li₂O. The project has an annual production capacity of 45,000 mt of spodumene concentrates, with a lithium content of 5.5% Li₂O.

One-third of the spodumene concentrates produced by the company are used in its own integrated production line to produce lithium carbonate and lithium hydroxide, while the remaining two-thirds are sold externally, with major customers including China's Ganfeng Lithium. The cooperation between the two parties began in 2021 and will continue until December 2024. The company plans to increase its concentrate production capacity to 100,000 mt/year by 2028. The current operating rate is 128,000 mt/year, but a sustained and stable production capacity has not yet been achieved. The current production cost is approximately $600-650/mt, and the target cost after expansion is expected to drop below $550/mt.

Click for details: 2025 SMM South American Lithium Resource Field Trip - 9th Stop: CBL

10th Stop:

Lithium Ionic Corp.

Lithium Ionic is one of the most promising lithium ore developers in the Aracuai lithium valley in southeastern Brazil, focusing on the development of high-grade spodumene resources. This region holds over 90% of Brazil's lithium resources and is the core area of the domestic lithium industry, adjacent to the renowned Sigma and CBL projects. The main orebody is spodumene pegmatite, characterized by high grade and consistency, suitable for efficient processing. The company has total resources of 68 million mt of spodumene ore (with an average grade of 1.25%), equivalent to approximately 2.1 million mt LCE (lithium carbonate equivalent). Among these, the Bandeira project has ore reserves of 46 million mt, with an average grade of 1.34%; the measured and indicated resources amount to 27 million mt, containing approximately 900,000 mt LCE.

In addition, the company forecasts that the future lithium market will grow with the rapid development of the EV market. It is expected that by 2025, global EV sales will reach 42 million units, maintaining an annual growth rate of 40%, and lithium demand will also increase accordingly. With high-grade, abundant spodumene resources, efficient processing technology design, and a core geographical location, Lithium Ionic is rapidly emerging as a significant force in the global lithium resource supply. Through continuous engineering optimization, market alignment, and capital investment, the company is expected to become one of the competitive lithium ore producers in Brazil and globally around 2026.

Click for details: 2025 SMM South American Lithium Resources Field Trip - 10th Stop: Lithium Ionic Corp.

11th Stop:

Atlas Lithium

Atlas Lithium is a key player in the development of lithium resources in Brazil. Its Neves project is considered one of the largest hard-rock lithium exploration portfolios in Brazil, spanning a total area of 539 square kilometers and encompassing 85 mining concession blocks. Core drilling and development activities are primarily focused in the Salinas and Neves regions. Atlas Lithium Corporation is advancing its wholly-owned hard-rock lithium project in Minas Gerais, Brazil, towards the production phase and has already obtained operational permits from the state of Minas Gerais in October 2024. The company holds exploration rights for approximately 539 square kilometers of lithium ore, making it the publicly listed firm with the largest lithium ore exploration area in Brazil currently. Additionally, Atlas Lithium holds an approximately 32% stake in Atlas Critical Minerals Corporation.

The company's initial production target for its lithium project is an annual output of 150,000 mt of lithium concentrates, with a grade of approximately 5.5% Li₂O. Test results for raw ore grade indicate a range of 1.15%-1.45% Li₂O. The life cycle of the Neves project is initially set at 10 years, with a maximum potential extension to 30 years, demonstrating good mineability. Atlas Lithium employs open-pit mining methods, believing that underground mining is not feasible under current lithium prices. The mine's operations are intended to be contracted out to a third party, while the plant section will be operated by the company itself. The target operating expense (OPEX) is in the mid-to-low $400/mt range, with an additional cost of $60-80/mt for delivery to China (CIF). The current recovery rate is approximately 60%, with expectations to increase it to 70% through technological optimization.

Click for details: 2025 SMM South American Lithium Resources Field Trip - 11th Stop: Atlas Lithium

Following this field trip and survey, SMM and the delegation members gained a deeper understanding of the company development of the aforementioned enterprises and the progress of South American lithium projects. They also acquired a more profound insight into the market status, development trends, and existing issues within the South American lithium battery industry. They will continue to deepen cooperation with major enterprises to achieve complementary advantages and promote the development of the lithium battery industry.