Snow Lake Resources Ltd Stock Price, News & Analysis

Snow Lake Lithium (NASDAQ:LITM) has postponed its annual general and special shareholders' meeting originally set for December 15, 2022, to January 17, 2023. This decision follows the actions of dissident shareholders questioning proxy validity and making potentially misleading disclosures. The postponement aims to maintain the integrity of the voting process amid ongoing investigations by the Australian Securities and Investments Commission. Shareholders from the October 27, 2022 record date remain entitled to attend and vote.

Snow Lake Lithium Ltd. (NASDAQ:LITM) has reported significant results from its recently completed Grass River drilling campaign. Notable intercepts include:

• 2.8% Li₂O over 2.8 meters at 174.5 meters (SGP-005)
• 3.0% Li₂O over 1.6 meters at 197.3 meters (GRP-014)

Analysis reveals a complex pegmatite geology with potential for additional lithium resource discoveries. Future drilling will seek to define the extent of the identified dykes. Snow Lake aims to initiate site development in 2024 for a commercial mine.

Snow Lake Lithium Ltd. (Nasdaq:LITM) has withdrawn its Form F-1 registration statement following a court order from the Court of King's Bench in Manitoba, which prevents the issuance of new securities before October 27, 2022. This action was taken after a group of concerned shareholders expressed their dissatisfaction. The registration statement, filed on September 26, 2022, was never effective, and no securities were sold. Snow Lake Lithium aims to operate a sustainable lithium mine and has identified an 11.1 million metric tonne resource at its site.

Snow Lake Lithium (NASDAQ:LITM) is progressing towards establishing a lithium hydroxide processing plant in Manitoba, Canada, in partnership with LG Energy Solution. The collaboration aims to bolster the domestic supply chain for North America's electric vehicle market, critical for the region's automotive industry's sustainability. With plans to produce 160,000 tonnes of lithium spodumene annually, this project is set to enable the powering of 5 million electric vehicles. Snow Lake is committed to renewable energy, projecting commercial production to begin in 2025.

Snow Lake Lithium (LITM) announced on September 19, 2022, that it received a Notification Letter from Nasdaq regarding non-compliance with audit committee requirements due to the removal of Mr. Nachum Labkowski. The company has a cure period until either the next annual meeting or September 7, 2023, to regain compliance. If compliance is not achieved, the company risks delisting but can appeal. Despite this, the company's shares will continue trading uninterrupted. Snow Lake Lithium is actively searching for a new director to meet Nasdaq requirements.

Snow Lake Lithium has signed a non-binding Memorandum of Understanding (MOU) with LG Energy Solution to develop a domestic lithium supply chain for North America's electric vehicle market. The collaboration aims to establish one of Canada's first lithium hydroxide processing plants in Manitoba and supply LG with lithium for 10 years starting in 2025. With an operational goal to power 5 million electric vehicles, this partnership supports local sourcing of critical minerals, addressing energy demands and sustainability in the EV sector.

Snow Lake Lithium has successfully completed over 20,000 meters of drilling in its 2022 campaign, achieving a success ratio of 83% by intercepting spodumene in 89 of 107 drill holes. Notably, drill hole GRP-027 revealed spodumene-bearing pegmatite with an estimated 20% spodumene content. The company is on track to triple its resource estimation this fall, positioning itself to begin site development in 2024. Additionally, further lab assay results are anticipated shortly, enhancing their resource validation process.

Snow Lake Lithium (Nasdaq:LITM) responded to Concerned Shareholders who announced a special meeting for August 10, 2022. The Company states that this meeting is invalid as another meeting is already scheduled for December 15, 2022. The Board believes this timeline allows shareholders to properly consider contested board election issues without disrupting ongoing initiatives. Furthermore, Snow Lake has filed a court application declaring the Concerned Shareholders’ notice as null and void.

Snow Lake Lithium Ltd. has announced the resignation of CFO Mario Miranda, effective June 30, 2022, after serving since February 2021. He will be succeeded by Keith Li, appointed on June 3, 2022. Miranda played a key role in the company's IPO in November 2021 and is leaving to pursue other opportunities. Li brings over 15 years of financial management experience, previously serving as CFO for Branson Corporate Services Ltd. and roles at Sears Canada Inc. and McGovern, Hurley, LLP. The company aims to lead in renewable lithium mining for the North American EV market.