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Bandeira

On Track to Becoming Brazil's Next Major Lithium Producer

PROJECT OVERVIEW

The Bandeira Project is Lithium Ionic's flagship asset, rapidly advancing toward construction and near-term production. Located in Brazil’s world-class Lithium Valley, Bandeira benefits from a mining-friendly jurisdiction with streamlined permitting and supportive infrastructure. Since the project’s inception, the experienced team at Lithium Ionic has made exceptional progress, achieving major milestones within an accelerated timeline. This is a testament not only to the team’s expertise but also to the efficiency of Brazil’s regulatory environment for mining development.

Key Milestones:

Mineral Resource Estimate

Bandeira is the Company’s priority near-term production asset. As such, this deposit is currently the most densely drilled and accounts for ~70% of the total global mineral resource estimate of 60.1Mt. The latest mineral resource estimate announced in May 2025 is as follows:

  • Measured & Indicated Resource: 27.27Mt grading 1.34% Li₂O (901,059LCE)
  • Inferred Resource: 18.55Mt grading 1.34% Li₂O (615,432LCE)
  • This mineral resource estimate is based on  297 drill holes, or  60,301 metres, drilled between April 2022 and September 2024

For full details, see the press release here: Mineral Resource Update

Feasibility Study

In September 2025 , Lithium Ionic completed an updated  Feasibility Study (FS) for the Bandeira Project, providing strong economic justification for advancing towards production. The FS confirmed the project's potential for a long-term, sustainable operation, positioning it as one of the next significant lithium producers in Brazil.

Feasibility Study Highlights:

  • 18.5-year mine life producing an average of 177,000 tonnes of high-quality spodumene concentrate (5.2% Li₂O) per year.
  • Post-tax Net Present Value (NPV) of US$1.45 billion at an 8% discount rate, with an impressive 61% Internal Rate of Return (IRR).
  • Capital Expenditure (CAPEX): US$191 million, reflecting a low capital intensity relative to comparable projects globally.
  • Operating Expenditure (OPEX): US$378 per tonne of spodumene concentrate, placing the project in the first quartile of global lithium production costs.

This Feasibility Study underscores the technical simplicity and robust economics of the Bandeira Project, marking an important step forward in Lithium Ionic’s journey toward near-term production.

Permitting & Timeline

The permitting process for the Bandeira Project is progressing efficiently at both the Federal and State levels, reflecting our experienced team’s ability to navigate Brazil’s regulatory framework.

Federal Level (Mining Rights): The Final Exploration Reports (RFP) were approved by Brazil’s National Mining Agency (ANM) on September 10, 2024. This approval allowed Lithium Ionic to submit both the Mining Concession application and the Economic Viability Study (PAE). These approvals represent key milestones in the Federal-level permitting process.

State Level (Environmental): At the State level, overseen by the Minas Gerais State Secretariat for the Environment and Sustainable Development (SEMAD), the Company is advancing towards the granting of the Concomitant Environmental and Installation License (Licença Ambiental Concomitante - LAC), which would allow construction and mine pre-development to begin.

Following LAC approval, Lithium Ionic is expected to proceed with the remaining step at the Federal level, granting of the Mining Concession, as well as the Operating License (Licença de Operação - LO) at the State level.

Lithium Ionic's ability to meet these critical milestones is a testament to the company's expertise and Brazil’s mining-friendly regulatory environment, positioning the Bandeira Project for successful development.

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