This amounts to an increase of 186.6Mt, with 48% of the mineral resource now converted into a reserve which is estimated to comprise 1,464 ppm (parts per million) lithium and 5,444 ppm boron – or 1.92 Mt of lithium carbonate equivalent (LCE) and 7.68 Mt of boric acid equivalent (BAE).

These parameters support Ioneer’s plans to build a large, long-life, low-cost expandable operation, focused on the production of lithium carbonate, boric acid and then battery-grade lithium hydroxide.

The co-product of boric acid is expected to make up 25% of annual revenue from the project in its first 25 years; this is set to keep EBITDA (earnings before interest, taxes, depreciation and amortization) in the green at low lithium prices and EBITDA margin of65.7% based on average production over first 25 years.

Costs for the Rhyolite Ridge are some of the lowest among global lithium projects, with an all-in sustaining cash cost of US$5,745 per metric tonne lithium carbonate equivalent. Meanwhile, its after-tax NPV is placed at US$1.367 billion, with an unlevered, after-tax internal rate of return (IRR) of 14.5% – making for a suite of robust economics.

Managing director Bernard Rowe said the reserve update was testament to the value of the mineralisation there.

“Today’s updated Reserve and Mine Plan reinforces the importance of Rhyolite Ridge’s remarkable mineralogy,” he said.

“Our Ore Reserve estimate of 247 Mt containing a total of 1.92 Mt LCE and 7.68 Mt BAE make it the largest lithium-boron Reserve in the world.”

Ioneer shares have moved higher since the news, and at 13:17 AEST, they were trading at 13 cents – a rise of 8.33% since the market opened.

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Since 2012, the company had been leasing the gold mine from the family of Don Jung – a mining engineer and owner of New Pass. With its agreement to buy New Pass, SNX has ended the ending this lease/purchase option agreement, as well as attaching royalty over 12 claims on the site.

The latter – in addition to the mine – will now form part of SNX’s larger New Pass project, with the company taking on not only the mine, but its associated infrastructure, property and stockpiles.

According to the agreement, SNX will be able to kick off its assessment of various mining proposals which would include bulk sampling at existing and accessible deposits.

One key focal point for future gold production options will be the Superior high-grade gold vein, with the company intending to bulk sample the vein from the level 4 adit, where it is exposed and accessible.

SNX executive chairman Peter Moore said the decision to purchase New Pass offered several options for exploitation of this mineralisation.

“Purchasing the key claims covering the historic high grade New Pass Mine is a very positive step for the company, providing SNX the opportunity to assess potential for re-establishing gold production from existing underground workings,” he said.

“Our preliminary work and detailed underground surveys in recent years have indicated that the mine has potential to re-open.

“The company looks forward to expediting its evaluation of New Pass over coming months.”

SNX has been trading at 2 cents.

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The fieldwork will concentrate on high-priority targets identified through hyperspectral imagery and desktop geological studies completed by Dahrouge Geological Consulting USA Ltd and Dirt Exploration.

The program getting underway represents “a key step in progressing the project potential for gold and silver mineralisation,” executive director Fadi Diab said.

According to these studies, the project holds several zones containing spectral signatures associated with antimony (stibnite), sulphur, illite, and hydrogen anomalies, indicative of potential silver, antimony, and gold mineralisation.

Mr Diab said: “The integration of advanced satellite imagery, historical data, and field validation is aimed at prioritising targets for potential follow-up work.

“We look forward to sharing updates with shareholders as soon as results are available.”

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Samples collected will be subjected to initial scanning and sorting in the field using a handheld XRFanalyser, with selected samples to then be dispatched to the laboratory for detailed geochemical analysis.

Bayan has been selling at 3.9 cents in early Friday trade.

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Results from hole RMD002 include 86.9 metres at 1,470 parts per million (ppm) ppm lithium from 18.3 metres, including 32.1 metres of high-grade mineralisation at 2,050ppm Li from 46.2 metres.

The company has highlighted how significant this find is, based on its location: evidence of thick and high-grade lithium in the northernmost drill hole indicates how large the Red Mountain project is, since strong lithium mineralisation has now been found in all drill holes.

The exploration boundaries thus far span a north-south strike extent of over 5 kilometres and surface sample geochemistry indicating further potential to the north, south and west of the current drilled extents.

Additionally, mineralisation remains open down-dip to the east and along strike to the north.

Astute chairman Tony Leibowitz said the company was particularly enthralled with the internal 32.1 metre zone of very high-grade lithium mineralisation averaging 2,050ppm.

“Like all great discoveries, Red Mountain continues to grow and improve the more we drill,” he said.

“The manifest scale and high tenor of mineralisation are testament to Red Mountain being one of the most important recent US lithium discoveries.

“This drill hole is the latest in a succession of thirteen, all of which intersected strong lithium mineralisation, establishing a solid foundation for a maiden mineral resource estimate to be advanced rapidly in 2025.”

Astute shares spiked up on the news, and at 12:45 AEDT, they were trading at 2.9 cents – a rise of 20.83% since the market opened.

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On top of that, the mineralisation was recorded at a grade approximately 65% higher.

The discovery – found in hole MR24-199, outside the resource boundary – included an intercept of 102 metres at 111 grams per tonne (g/t) silver equivalent (AgEq) (84.5g/t Ag, 0.311g/t Au) from 222.5 metres down-hole, including 7.62 metres at 508.7g/t AgEq (454.6g/t Ag, 0.637g/t Au) from 251.46 metres.

Thick mineralisation was also picked up in MR24-206, which yielded an intercept of 60.96 metres at 81.9g/t AgEq (65.8g/t Ag, 0.225g/t Au) from 214.88 metres down-hole.

Antimony has also made an appearance in this hole, which recorded grades of up to 1,936ppm Sb.

Executive director Gerard O’Donovan said he anticipated Maverick Springs’ resources to grow, based on what had been discovered.

“Extensional hole MR24-199, which returned a standout intercept of 102m at 111g/t AgEq, highlights the potential for significant growth in the current Mineral Resource,” he said.

“With Maverick Springs already hosting a globally significant silver resource of 423Moz AgEq, these results suggest that it could grow both in size and grade as we extend to the north and north-west.

“Significantly, extensional hole MR24-199 intercepted mineralisation three times the average width of the existing resource and approximately 65% higher in grade.”

Maverick Springs’ current JORC inferred resource sits at 195.7M tonnes (Mt) grading 40.25g/t Ag and 0.32g/t Au for 253.3Moz of contained silver and 2.0Moz of contained gold (423Moz of contained silver equivalent).

SS1 has been trading at 66 cents.

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The company today reported several proofs of high-grade silver being intersected.

The company drilled 11 holes for 1,317.5 metres at the mine – which is part of the wider Blackhawk Epithermal Project – with the holes ranging from 50-metre to 206-metre depths, with the focus on near-surface vein extensions, geophysical chargeability (IP) targets, and historic locations where high-grade ore had been found.

Among the results from this work was the intersection of argillic alteration with sulphides in several holes; the sulphides in question included pyrite and silver-sulfosalt minerals. Historic workings from the mine were also hit through the drilling.

SNX is expecting to release detailed results from first assays in the next four weeks, with the rest to come in the first quarter of 2025.

Executive chairman Peter Moore said first indications from Endowment had been promising.

“Completion of our drill program at Endowment is a positive step and we are excited to see what assay results will return, given the argillic alteration and sulphides observed in the RCdrill chips,” he said.

“This has given us confidence to plan a follow-up program, expected in Q2 2025, with the results from the program, expected in Q1, to help inform future drilling plans.”

At 15:02 AEDT, SNX shares were trading at 5 cents – a rise of 4.17% since the market opened.

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A previously reported core drill hole (BHD006) yielded an intercept of 12 metres at 219 grams per tonne (g/t) of silver (Ag) and 11.6% lead and zinc (Pb+Zn) from 250 metres, with an additional sweet spot of 5 metres at 479 g/t Ag and 25.9% Pb + Zn.

What’s interesting about this intercept is its location – more than 150 metres below the deepest extent of the Endowment Mine. Additionally, the silver intercepts include an important feature: being associated with high-grade lead-zinc-gold.

This indicates the potential for exceptionally high-grade polymetallic-silver ore.

Sierra Nevada is expected to run the RC drilling program over two to three weeks and will then release assay results. It’s refining of drill targets for this program has been enabled by a recent LiDAR survey of the Endowment Mine’s accessible underground workings.

Executive chairman Peter Moore said the company had spent much time preparing for this exploration work.

“We are excited to have the drill program underway at Blackhawk to test the most prospective silver targets and given we have spent considerable time and planning in refining these targets, we’re very keen to see what it returns,” he said.

“Previous drilling at the Endowment Mine has delivered high-grade results up to 1270g/t silver.

“With more than 20km of veins identified to date, we are working to test the mostprospective areas first.”

Sierra Nevada Gold has been trading at 5.2 cents.

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The approval – granted by the Bureau of Land Management (BLM) – means Rhyolite Ridge is the first lithium project approved by the Biden government, as part of a wider government plan to boost critical minerals development.

The decision will help progress investment by Nevada’s Esmeralda County in relation to construction of the project starting in 2025, with first production expected in 2028.

The project is anticipated to create around 500 jobs during construction and 350 more during its time in operation, but crucially, will supply batteries for more than 370,000 Amercian-made electric vehicles each year. Battery materials to be processed on-site in the U.S.

Managing director Bernard Rowe said the approval was an important milestone for Ioneer.

“For more than six years, we have worked closely with state, federal and tribal governments, as well as the Fish Lake Valley community, to ensure the sound and sustainable development of our Rhyolite Ridge Lithium-Boron Project,” he said.

“We value our relationships with these stakeholders and appreciate their openness to engage, discuss concerns and develop solutions.

“Without that open and honest dialogue, such an outcome could never have been possible.”

He added the project would add millions in tax revenue for Esmeralda County.

Ioneer received a final Environmental Impact Statement (EIS) by the BLM last month – marking the end of its formal federal permitting process, which had begun in early 2020.

The company has been trading at 28 cents.

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The pXRF readings have supported Sun Silver in finding new zones of silver, with intersections from one hole including 75 grams per tonne (g/t) of silver (Ag) over a width of 73 metres from 249.94 metres.

Within this, internal grades were recorded at up to 524g/t over 1.52m recorded from 254.51 metres.

In another (extensional) hole, mineralisation included 10.67 metres at 48g/t Ag from257.56 metres with internal grades of up to 161g/t Ag.

Both holes are located outside the mineral resource estimate for Maverick Springs.

Sun Silver Executive Director, Gerard O’Donovan said the drilling program was producing a suite of strong silver results.

“We continue to drill extensional holes outside of the current Resource, and we continue to intersect significant silver mineralisation,” he said.

“This gives us significant confidence in the work the geological team is doing on the ground, as well as in our ability to grow the Resource beyond its current level of 423Moz at67.25g/t AgEq.”

SS1 shares moved up on the news, and at 11:54 AEDT, they were trading at 85 cents – a rise of 10.39% since the market opened.

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One hole of the extension drilling program yielded an intercept measuring 88.39 metres at 79.6 grams per tonne (g/t) AgEq – or 61.7g/t silver and 0.21g/t gold from 211.84 metres down-hole.

This included 13.72 metres at 166.65g/t AgEq from 231.65 metres (137.9g/t silver, 0.34g/t gold) and 1.52 metres at 521.52g/t AgEq from 289.56 metres (508g/t silver, 0.16g/t gold).

The hole in question remains open at depth and terminated in mineralisation.

Crucially, these figures confirmed Sun Silver’s theory that there is thick and high-grade mineralisation extending to the north-west of the resource area for Maverick Springs.

Last month, the company updated the market on these resource parameters, saying Maverick Springs had grown 45% to 423 million ounces of silver and gold with a combined average equivalent grade of 67.2g/t.

Results are still pending from two holes drilled during the program, although it was observed that they also intersected high-grade mineralisation outside the existing resource (indicated by pXRF readings).

Executive Director Gerard O’Donovan said the results boded well for growth of the project.

“We’re thrilled to confirm the continuation of high-grade mineralisation as we step out from the recently upgraded Mineral Resource at the Maverick Springs Project,” he said.

“This has proven our theory that wide high-grade mineralisation extends to the north-west of the current Resource area, providing strong momentum for the remainder of our extensional drilling program.

“We look forward to receiving additional assays from the ongoing program, which will feed into future Mineral Resource updates for the Maverick Springs Project.”

Investors seemed impressed by the news, and by 12:14 AEST, shares in Sun Silver were trading at 67 cents – a rise of 7.20% since the market opened.

Because advancement of these two projects is set to combine Magnum’s unique ‘HIsmelt’ technology and the Kingdom of Saudi Arabia’s focus on moving towards ‘net zero’ by 2060, with the end goal of producing ‘green’ pig iron from Buena Vista ore processed at a ‘HIsmelt’ plant in Saudi’s King Fahad Industrial Port in Jubail.

Magnum first floated the idea in November, announcing a feasibility study to produce zero-carbon ‘green’ pig iron from such a plant, with this being jointly funded by a syndicate of Saudi investors known as Midmetal (or Middle East for Metallic Industrial), with the two working together on agreements for overall project funding and pig iron offtake.

With the completion of an engineering study showing the viability of this project in January, Magnum – which now holds a 50% stake in Midmetal – has steamed ahead this year with talks with a Saudi investor for a capital raising of US$210 million and metallurgical testing which showed that a high-grade concentrate of 68.3 percent iron could be produced from Buena Vista through a relatively simple grinding process.

At the heart of the collaboration between Magnum and Midmetal is the Saudi Arabia ‘Green Initiative 2030’ (or SGI), which was launched in October 2021 by Crown Prince and Prime Minister HRH Prince Mohammed bin Salman bin Abdulaziz.

This is a national plan to reach net zero emissions by 2060 through the circular economy, contributing to global plans of achieving a green energy transition by 2030.

(As part of the latter, Saudi Arabia joins more than 140 countries which have raced to set a net-zero target – including major polluters China, the United States, India and the European Union – with this covering about 88% of global emissions.)

The SGI aims to unify Saudi Arabia’s sustainability efforts, and now comprises 88 initiatives equalling more than SAR $705 billion to help drive sustainable growth, with the country aiming for an energy market built on 50% sustainable sources by 2030.

One key element in the SGI plan is Saudi Arabia’s investment in green steel: and this is where Magnum comes in, with the benefits provided by its HIsmelt technology, with the use of biochar in particular playing a central role in its net zero criteria.

Managing director and CEO Neil Goodman said these benefits were twofold.

“First, HIsmelt can produce green pig iron economically today without the need for expensive hydrogen,” he said.

“This is effected by replacing coal with sustainably sourced biochar. 

“Secondly, HIsmelt can directly use waste materials from Saudi steel mills such as DRI dust, pellet chips, slags and millscale: these waste materials are high in iron and available locally for low cost.”

This will be done through Magnum’s Saudi-based plant, which is set to produce 1.1 million tonnes of green pig iron a year.

Of course, all of these ‘green steel’ dreams need to be built on a strong mining foundation, so Magnum’s completion of feasibility studies for Buena Vista represents an important achievement for the company.

These studies suggest Buena Vista will have a long-term production potential, yielding high-grade magnetite with no harmful impurities, in a district – close to the city of Reno – which is friendly to mining.

Indicative of this is the decision by Nevada’s Department of Conservation and Natural Resources to grant water rights for the life of the mine.

Other infrastructure factors are also positive, with the project located 40 kilometres from grid power, and around 50 kilometres from the Union Pacific rail line which connects it with export ports including Stockton, San Francisco, West Sacramento, Oakland and Richmond (Levin).

It’s also undeniable that since the United States is the world’s largest importer of pre steel products such as pig iron, being able to guarantee this in ‘green’ form adds significant value to a company.

This is underscored by the fact that steel production generates around 7% of all man-made emissions, with 70% of steel being produced using coal. For this coal produced steel, two tonnes of CO2 are generated from each ton of steel produced.

Therefore, Magnum’s drive to become a leading green pig iron company – based on a project in Nevada – makes it well situated to draw upon steel material demand in the country (and around the world), as well as fitting into the Saudi plans for a green future.