Lithium Plus Minerals advances its Northern Territory Lei Lithium Project, securing a 20-year mining lease, appointing a veteran CEO, and raising $2.15 million to fund development and exploration.
- 20-year mining lease granted for Lei Lithium Project
- New CEO Andrew Haythorpe appointed to drive project development
- $2.15 million placement raised at a 16.7% discount
- Strategic MoU signed with Darwin Port for export logistics
- Strong metallurgical results support direct shipping ore strategy
Strategic Milestones Propel Lei Lithium Project Forward
Lithium Plus Minerals (ASX:LPM) is making tangible strides in advancing its Lei Lithium Project in the Northern Territory, marked by a recently granted 20-year mining lease that secures long-term tenure over the project area. This regulatory win substantially de-risks the development pathway for the company’s flagship asset, which boasts a Mineral Resource Estimate of 4.09 million tonnes at 1.43% lithium oxide, underpinning a scalable direct shipping ore (DSO) operation.
Complementing this, the company has reported encouraging metallurgical test work, with recoveries reaching up to 85.3% to concentrates grading above 6.0% Li2O, bolstering the viability of its proposed underground mining and ore export strategy. This technical progress aligns with the company's focus on a low-cost, staged development approach, supported by beneficiation and ore sorting trials that demonstrate potential for early-stage upgrading and robust margins.
Leadership and Capital Injection to Accelerate Development
In a move to fast-track project advancement, Lithium Plus appointed Andrew Haythorpe as CEO in April 2026. Haythorpe brings over 40 years of mining industry experience, including leadership roles in ASX-listed resource companies, and is expected to leverage his technical and capital markets expertise to steer the Lei Project through its next growth phase. His appointment signals a strategic shift in operational focus, with Executive Chairman Dr Bin Guo stepping back from daily management.
Backing this leadership change, Lithium Plus successfully raised A$2.15 million via a placement at A$0.10 per share, a 16.7% discount to the prior closing price, supported by institutional and sophisticated investors, including cornerstone backer Suzhou CATH Energy Technologies. The capital will fund the completion of the Lei Scoping Study and ongoing exploration activities, reinforcing the company’s commitment to advancing the project towards construction readiness. This capital raise builds on the company’s recent financial moves and reflects investor confidence in the project’s potential despite broader lithium market fluctuations, as highlighted by the A$2.15 million placement.
Strategic Partnerships Enhance Commercial Prospects
Lithium Plus is also progressing its downstream commercialisation strategy through a non-binding memorandum of understanding with Canmax Technologies, a leading Chinese lithium converter. This agreement contemplates offtake for 50% of Lei’s spodumene production under a profit-sharing pricing model, coupled with potential project finance support, providing a clear pathway to market and enhancing the project’s bankability.
Further strengthening its commercial footing, Lithium Plus has signed an Investment Framework Agreement with the Dongying Comprehensive Bonded Zone in China to develop a vertically integrated lithium processing and trading hub. This initiative aims to leverage bonded warehousing, mineral processing, and logistics infrastructure to access domestic and international markets efficiently.
On the logistics front, the company signed a non-binding Heads of Agreement with Darwin Port Operations Pty Ltd to explore export arrangements for lithium products. While preliminary and non-binding, these discussions indicate a positive trajectory towards securing port capacity for future shipping activities, with ample laydown space and infrastructure available at the Port of Darwin.
Environmental and Technical Workstreams Progressing
The environmental approval process is advancing steadily, with Lithium Plus lodging an Environmental Referral in October 2024 and receiving a positive Notice of Decision confirming assessment via the Supplementary Environmental Report (SER) pathway. EcOz Environmental Consultants are managing the SER preparation, focusing on groundwater modelling, mine waste characterisation, and water management planning, with final submission targeted for Q2 2026.
Technical studies are also nearing completion, including an internal Scoping Study evaluating underground mining methods and infrastructure requirements. These studies provide a conceptual framework for mine design and production profiles, though no Ore Reserve has been declared yet. Upcoming drilling campaigns aim to expand the resource base by targeting high-priority pegmatite zones near Lei, supporting ongoing feasibility and mine planning.
Lithium Plus’s integrated approach, combining regulatory milestones, strategic partnerships, and technical de-risking, positions the company to capitalise on expected medium- to long-term lithium demand growth driven by electric vehicle and battery storage markets. The appointment of a seasoned CEO and recent capital raise underscore a concerted effort to translate these foundations into near-term development progress, as detailed in the company’s recent CEO appointment and leadership changes.
Bottom Line?
Lithium Plus is methodically advancing Lei towards production, but upcoming environmental approvals and scoping study results will be critical to sustaining momentum.
Questions in the middle?
- Will the upcoming drilling campaign materially expand the Lei resource base and support a JORC-compliant Ore Reserve?
- How will the evolving lithium market dynamics affect the commercial terms of the Canmax offtake and downstream processing agreements?
- What are the prospects and timelines for formalising binding export arrangements with Darwin Port?