The EV market is experiencing rapidly growing demand. In 2023, almost 14 million EVs were registered globally, bringing their total number on roads to 40 million. This is putting significant pressure on battery metal production — including lithium and copper. In addition, passenger vehicles powered by lithium-ion batteries are expected to represent 27% of the market by 2030, and 50% by 2050.
Alongside concerns of a production deficit, demand is running rampant. The total lithium market is expected to grow by nine times by 2050 compared to 2022. It's largely due to these market trends that the United States has made regulatory shifts to make local lithium production a priority.
One junior exploration company is taking advantage of this positive progress in policy. Focused on uncovering high-value metals required for the EV market, this company is exploring three highly prospective lithium projects in Nevada, as well as a copper project in British Columbia, Canada.
Led by a team that has previous experience exploring Surge Battery Metals' Nevada North Lithium Project — which is getting significant attention due to the size of its lithium discovery — this junior exploration company is well-positioned to make progress on each of its projects. As it stands, the company is fully funded for all 2024 exploration activities across its four projects.
The company raised approximately CAD$5 million through private placements during 2023 and sold third-party publicly traded shares on its balance sheet for an additional CAD$5 million. In addition, the team currently has a strong working capital position of over CAD$5 million. This positions the team to run sustainable operations for some time to come.
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