Lithium Energy Advances Multi-Commodity Battery Minerals Portfolio Post-ASX Reinstatement

ASX Reinstatement Marks Fresh Start for Lithium Energy

After an 18-month trading suspension triggered by the sale of its Solaroz Lithium Brine Project in Argentina, Lithium Energy Limited (ASX:LEL) returned to the ASX on 16 March 2026. The company now boasts a robust cash position of $64.4 million, equivalent to 57.5 cents per share, providing a solid financial runway for its battery minerals ambitions.

As part of its reinstatement disclosures, Lithium Energy outlined a clear strategic focus on advancing its Capricorn Gold-Copper Belt Project in Queensland, expanding its graphite assets in the Burke and Mt Dromedary regions, and developing the White Plains Lithium Brine Project in Utah, USA. The company also flagged a review of surplus funds by 30 September 2026, with an update to the market expected by the end of October, which could influence capital management decisions.

Capricorn Project: Porphyry Copper Targets and Early Drilling

The Capricorn Gold-Copper Belt Project surrounds the historic Mt Morgan gold mine, a prolific producer of gold and copper over nearly a century. Lithium Energy holds a 51% stake with rights to acquire 100% by April 2027. Recent exploration has focused on the Bajool and Sandy Creek prospects, where geophysical surveys and drilling have begun to unravel the area's potential.

At Bajool, a diamond drill hole reached 648.5 metres following a 140-metre reverse circulation pre-collar, targeting porphyry-style copper and molybdenum mineralisation. While assays from the diamond core are pending, initial results from 83 shallower air core holes show geochemical vectors consistent with a prospective porphyry system. The company is integrating these data with 3D induced polarisation and magnetotelluric surveys to refine drill targets. These developments build on the company’s earlier identification of a potential porphyry copper mineralisation system at Bajool, as detailed in its recent completion of Bajool drilling announcement.

Meanwhile, the Sandy Creek Prospect has seen a first pass reverse circulation drilling campaign comprising six completed holes totalling 1,708 metres. Assay results are awaited, expected in late May, and will inform the next phase of exploration. The prospect is notable for rock chip samples with high copper and gold grades, reinforcing its potential as a significant gold-copper target within the Capricorn Belt. The company's progress here echoes its earlier Sandy Creek drilling completion update.

Graphite Projects: High-Grade Intercepts Bridge Key Deposits

Lithium Energy’s graphite portfolio includes the Burke, Mt Dromedary, and Corella projects in Queensland, collectively hosting a world-class inventory of 4.42 million tonnes of contained graphite. The company is undertaking an expanded in-fill drilling program aimed at upgrading and expanding the JORC Mineral Resources across the Burke and Mt Dromedary tenements.

Recent assay results from seven reverse circulation drill holes reveal significant, high-grade graphite intersections outside the current resource envelopes, including intercepts up to 41 metres thick grading as high as 21.5% total graphitic carbon (TGC). These results confirm continuity of graphite mineralisation between the Burke and Mt Dromedary deposits and support the company's vision of a vertically integrated battery anode material (BAM) business. Lithium Energy plans to produce high-purity graphite concentrate at the mine site, feeding a proposed BAM manufacturing facility to supply lithium-ion battery markets. These promising assay results follow the company’s earlier graphite assay results from the Burke-Mt Dromedary drilling program.

White Plains Lithium Brine Project: Lithium Confirmed in Shallow Aquifers

In the United States, Lithium Energy’s White Plains project in Utah covers over 6,000 hectares prospective for lithium brine mineralisation. Geophysical surveys, including passive seismic and magnetotelluric programs, have delineated a half graben basin structure with two aquifers: a shallow upper aquifer and a deeper aquifer starting around 200 metres depth.

Auger sampling across the upper aquifer returned lithium concentrations up to 100 mg/l, confirming the presence of lithium-bearing brines over a broad area. The company plans further auger sampling to the south, followed by a first pass drilling program targeting the upper aquifer, aiming to develop a 3D geological model and define an initial exploration target. These steps are critical to advancing toward a maiden JORC lithium resource at White Plains.

Corporate and Financial Position

Lithium Energy reported total expenditure of $3.279 million for the quarter, primarily on exploration and evaluation activities. With no mining production yet, the company maintains a strong cash balance of $64.4 million at quarter-end. Directors’ remuneration payments totalled $152,000 for the period.

The company has convened a general meeting for 28 May 2026 seeking shareholder approval to change its name to LE Minerals Limited and to issue 18 million new executive options to directors. The ASX ticker code is expected to remain unchanged.