Maricunga Lithium Project – A World Class Asset

  • Bearing’s primary asset is a 17.14% interest in the Maricunga Lithium Project (“Maricunga Project”) in Chile. The Maricunga Project is the highest grade, undeveloped lithium salar in the Americas. It is second in grade only to the Salar de Atacama, which accounts for 100% of Chile’s lithium production and about 40% of global production. Over US$67 million has been invested in the project to date.
  • A key regulatory export license from the Chilean Nuclear Commission (CCHEN) has been awarded to the Maricunga Project. This allows for the extraction, production, and marketing of lithium products from the project from its grandfathered concessions.
  • An Environmental Impact Assessment (EIA) was awarded by the Chilean Environmental Review Agency (SEA) in February 2020.
  • Critical Project Infrastructure including power and water for the construction and operation have already been secured through long-term contracts.
  • The Maricunga Lithium Project is the Chile’s highest grade and most advanced lithium project outside the Salar de Atacama. The Maricunga Project hosts a NI 43-101 (Sept 2021) Measured & Indicated Resource of 9 million tonnes (mt) of LCE.
  • Stage One Project (Old Code Royalty-Free Resources) includes 9 million mt LCE (M&I) with a Measured Reserve of 822,000 mt and an average grade of 953 mg/l lithium.
  • Stage Two Development (New Code Resource) includes 0 million mt LCE (M&I) with a Measured Reserve of 386,000 mt and an average grade of 1175 mg/l lithium.
  • Stage Two Development (New Code Resource) has an Exploration Potential of 0 million mt LCE.
  • 2021 Updated Definitive Feasibility Study (DFS) includes additional mining reserves to support 15,000 mt pa production of LCE over 20 years in Stage One (100% owned).

Technical Report on the Maricunga Lithium Project NI 43-101 (PDF)

Project Location

The Maricunga Project is located 170 kilometres northeast of Copiapo in the III Region of Atacama in northern Chile at an elevation of 3,800 metres above sea level (masl). The project is comprised of a number of tenements totalling 4,463 hectares.

The Maricunga Project is serviced by a number of access roads and highways capable of supporting the transportation of heavy equipment required for construction and service a mining operation. Additionally, long-term agreements have been entered into for critical project infrastructure including grid power supply and water rights.

Maricunga Lithium Triangle

Maricunga Project Borehole Location

Maricunga Project Lithium Concentration

AVERAGE LITHIUM CONCENTRATION

  • Old Code Resource – M&I: 1,905,000 mt LCE – 953 mg/l lithium
  • New Code Resource – M&I: 977,000 mt LCE – 1175 mg/l lithium
  • Exploration Potential – Lower: 1,197,000 mt LCE – 877 mg/l lithium Upper: 2,118,000 mt LCE – 877 mg/l lithium

Maricunga Project Resource Estimate: Lithium Carbonate*

Technical Report on the Maricunga Lithium Project NI 43-101 (PDF)

MSB Receives Environmental Approval for Maricunga Lithium Project

  • Process involved in-depth data gathering, environmental and engineering studies and monitoring campaigns including a comprehensive 11,400-page document.
  •  Includes environmental baseline studies, hydrological and hydrogeological modelling, human, archaeological and fauna and flora characterization, and impact evaluation.
  • The EIA also included a lengthy process of social engagement with the Colla indigenous communities in the area with consultation with regional authorities and local organizations.
  • Since the initial submission of the EIA, a review process was undertaken by the Chilean environmental authorities, with three rounds of observations, clarifications, and further assessments.
  • Final EIA approval was received February 2020.

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