Infinity Lithium attended European Conferences and 9th International AABC

INF

On 1 February 2019, Infinity Lithium Corporation Limited (ASX:INF) has announced that they have attended The European Battery Alliance (‘EBA’) EBA250 and also participated in round table discussions with delegates. The meeting conducted by the EBA250 concentrated on the progression of European interests in the lithium-ion battery supply chain, and they also discussed the investment and commitment required for further upstream in battery chemical production. In more than 50 years Europe has not been presented with a more significant opportunity than that of the electrification of vehicles and energy storage.

Infinity’s San Jose Lithium Project holds the EU’s second largest lithium JORC resource. The company has recently released a positive scoping study, and the study suggested that they are placed ideally to supply battery grade chemicals into the European market. 

The European Investment Bank acknowledged the importance of Europe’s strategic position in the lithium-ion battery supply chain. They are promoting the sector and ensured the commitment to provide the fund to facilitate growth for Electrical Vehicle market and European value chain participants. Mr. McDowell (Vice-president, European Investment Bank, ‘EIB’) noted that the bank had identified the significant gap in the market for battery chemicals and reinforced the EIB’s specific focus on “raw materials and refining facilities”.

INF’s strategic location in the European Union and environmentally advantageous process flow sheet reinforces San Jose’s position as a strategically important asset within Europe.

Maros Sefcovic, Vice-President of European Commission, stated his desire to continue to bring investments and investors to the LIB and EV sector with more than €300 billion invested to date.

The European Commission mentioned the updated Strategic Action Plan on Batteries, and they are confident that this will bring certainty in investments as far as regulation and institutional support are concerned. The EC also mentioned that the primary and secondary raw materials remain a priority for them because they must address the gap in the existing value chain.

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The company has also attended the 9th International AABC (Advanced Automotive Battery Conference), with more than 1,000 international delegates attending the conference and industry-leading experts who gathered to address lithium battery chemistry, battery engineering, and battery raw materials as OEMs are expanding their Electric Vehicle development programs, increasing production and investment commitments.

December Quarter Update: The company reported interest and other costs of finance paid for the December quarter was AUD 13,000, and till a year to date (6 months) it amounted to AUD 31,000.

The company’s reported staff costs, administration and corporate costs, exploration & evaluation for the December quarter stood at AUD 150,000, AUD 185,000, AUD 429,000 respectively, whereas the same was reported as AUD 229,000, AUD 458,000, AUD 978,000 respectively for the year to date.

For the March quarter, the company is anticipating posting exploration & evaluation, administration and corporate costs, staff costs amounting to AUD 400,000, A$150,000, A$150,000 respectively. So total estimated net cash outflows will be A$700,000.

Looking at Infinity Lithium Corporation Limited’s stock performance and the return it has posted over the last few months, INF has generated a negative return of 23.08% during the past six months. The shares of INF closed the day’s session at A$0.062 (as at 1 February 2019). The company has circa 190.17 million shares outstanding with the market capitalization of circa $11.41 million. The 52-week high and low for SBR are marked at $0.160 and $0.055 respectively.


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