Resources Top 5: WA funding triggers construction restart at Calix lithium-processing plant

CXL is looking to restart construction at the Mid-Stream demonstration plant following the award of $15m in grant funding from the WA government. 

Pic: Getty Images

• Calix to restart construction at Mid-Stream demonstration plant

• Cavalier progresses towards production

• LAT is planning to grow its resource at the KSB gold and cobalt project 

Your standout small-cap resources stocks for Thursday, February 13, 2025.

Calix (ASX:CXL)

CXL is looking to restart construction at the Mid-Stream demonstration plant, a joint venture with major lithium player Pilbara Minerals following the award of $15m in grant funding from the WA government.

The project is working to a 10-month timeline, aiming to complete construction and begin commissioning in the December 2025 quarter.

CXL’s mid-stream strategy aims to materially improve the battery materials supply chain for lithium through the reduction in carbon energy intensity.

Once operational, the plant will produce lithium salts through a mid-stream ‘value added’ refining process using Calix’s patented calcination technology, which replaces inefficient and carbon intensive rotary kilns with renewable powered and energy efficient electric heating.

CXO managing director and CEO Phil Hodgson said the company stands ready with PLS to demonstrate the exciting potential of electrification for lower cost and lower carbon lithium processing to the global lithium industry.

Cavalier Resources (ASX:CVR)

CVR’s Crawford gold project is progressing at steady pace towards production following the submission of all compliance work records, approvals and applications.

The project management plan has already been ticked off, while the native vegetation clearing permit and water applications remain in the final stages of assessment.

With the current spot price far higher than the $2,9000/oz gold price applied to the company’s PFS released in March last year, CVR said stage 1 is forecast to generate substantial free cash flow, surpassing the explorer’s $4.28m market capitalisation.

Financing discussions are continuing with international gold-streaming funds and potential mining joint ventures, as are consultations with traditional owners regarding native title.

“The completion and submission of all mining approval works marks the culmination of a large workload of compliance requirements,” CVR executive technical director and CEO Daniel Tuffin said.

“This milestone represents a significant step forward towards commencement of mining activities at Crawford.”

Latitude 66 (ASX:LAT)

LAT is planning to grow its resource at the KSB gold and cobalt project in Finland faster by using cost-saving reverse circulation drilling to target previous significant boulder results at both the K6E and K6W prospects.

The company has reached an agreement with a local contract to trial RC drilling about 1km south of the existing 7.2Mt resource base.

LAT managing director Grant Coyle says while RC drilling is less common in Europe, if this trial proves to be effective the technique could provide significant time and cost savings for the company going forward.

It could also be used throughout the broader project area to test multiple EM anomalies in an efficient manner.

Mobilisation of the rig and associated supporting equipment is anticipated in March 2025 and results will follow in Q2 2025.

Firetail Resources (ASX:FTL)

(Up on no news)

FTL raised $3m on Wednesday via a placement strongly supported by institutional, high-net worth investors and FTL directors.

Proceeds will primarily fund a high-impact exploration program at the Skyline asset in Newfound including ground EM surveys across priority HeliEM targets, resolution magnetic surveys and initial drill testing of the Governor’s and the Veyron targets.

Money will also be directed towards ongoing exploration across the Pica project in Peru where a property-wide gravity survey is set to define current and further potential targets.

“The support from existing and new institutional and high net worth investors has enabled us to expedite plans for a multifaceted exploration program,” FTL managing director Glenn Poole said.

“Exploration will be conducted across the Skyline project where we have 25km of strike which has been incredibly under-explored.”

Reach Resources (ASX:RR1)

(Up on no news)

Gascoyne explorer RR1 wrapped up 2024 with reverse circulation drilling at the Wabli Creek project.

Drilling focused on three target areas – Pelops, Broteas and Amphion – within the large alkaline granite intrusion and returned broad intersections of total rare earth oxides over 1000ppm within the majority of the holes.

Consistent high grades of the more valuable magnet rare earth oxides (MREO) such as neodymium, praseodymium, dysprosium and terbium, were also identified with dysprosium and terbium intersections delivering up to 1809ppm.

RR1 CEO Jeremy Bower said the presence of significantly higher grades of MREO is particularly promising.

“Multiple drill holes have also confirmed that the mineralisation begins at or near the surface, which is advantageous for future exploration and for mining, should a mine be developed in the future,” he said.

Bower said the company is looking to form a deeper understanding of the mineralogy before it decides on the next steps in the exploration process.

At Stockhead we tell it like it is. While Latitude 66 and Firetail Resources are Stockhead advertisers, they did not sponsor this article.

Originally published as Resources Top 5: WA funding triggers construction restart at Calix lithium-processing plant