Highlights
- A letter of intent with Stardust Power is aimed at evaluating lithium brines from QXR’s US-based Liberty Lithium Brine Project.
- The companies plan to evaluate options to potentially supply lithium brine products to Stardust power on a non-exclusive basis.
- Stardust Power intends to generate 50,000 metric tons of battery-grade lithium on an annual basis.
QX Resources Limited (ASX: QXR) has inked a letter of intent (LOI) with US-based Stardust Power Inc. concerning its large-scale Liberty Lithium Brine Project.
Stardust Power is a battery-grade lithium products manufacturer, which intends to produce 50k metric tons of battery-grade lithium every year and is looking for sources of lithium brine feedstock. The feedstock would be converted into ready to use battery-grade lithium products, especially in the electric vehicle space.
The LOI aims to evaluate the lithium brines from QXR’s Liberty Lithium Brine Project in the US, dependent on results. Moreover, under the LOI, QXR would assess options to potentially supply lithium brine products to Stardust on a non-exclusive basis. These products would be processed into battery-grade lithium materials for use in electric vehicles.
The company is constructing a centrally and strategically located lithium refinery in Muskogee, Oklahoma. As more than 25 battery giga-factories are presently being developed throughout the United States, there is a pressing requirement for a national battery-grade lithium refinery to provide lithium to battery manufacturers, believes Stardust Power.
QXR is awaiting results and interpretations in the coming weeks from two drillholes, located 4km apart, which intersected numerous brine bearing aquifers at the Liberty Lithium Brine Project.
About Liberty Lithium Project
QXR can earn a 75% interest in the Liberty Lithium Brine Project, which spans around 102km2.
Data source: Company update
QXR shares jumped
Shares of QXR jumped nearly 5.26% to trade at AU$0.02 apiece on 29 February 2024.