Lithium Plus Minerals has boosted its Lei Deposit lithium resource by 34%, raising contained lithium to 78.4kt and increasing Indicated resources to 55%, underpinning plans for a low-capex underground direct shipping ore operation.
- 34% rise in contained lithium to 78.4kt Li2O
- Indicated resource category climbs to 55%
- Resource tonnes up 28% to 5.22Mt at 1.50% Li2O
- Deposit remains open at depth and along strike
- Scoping study for low-capex DSO operation due Q4 2026
Resource Upgrade Strengthens Development Case
Lithium Plus Minerals (ASX:LPM) has delivered a significant upgrade to the Mineral Resource Estimate (MRE) for its flagship Lei Deposit within the Bynoe Lithium Project in Australia's Northern Territory. The updated MRE now stands at 5.22 million tonnes grading 1.50% lithium oxide (Li2O), containing 78,420 tonnes of lithium oxide; a 34% increase in contained lithium and a 28% rise in total resource tonnes compared to the maiden estimate from December 2023.
Crucially, the Indicated portion of the resource has surged from just 0.42Mt to 2.85Mt, now representing 55% of the total resource. This substantial uplift in resource confidence materially de-risks the project’s development pathway, supporting Lithium Plus’ strategy to fast-track a low-capital underground Direct Shipping Ore (DSO) operation targeting near-term cash flow.
Geological Confidence and Continuity Improved by Infill Drilling
The resource upgrade follows extensive infill and extensional drilling campaigns that have halved drill spacing in key areas from roughly 100m to 50m. This tighter drill density has refined the geological model, improved grade continuity, and reduced uncertainty around internal waste zones. Two new deep drill holes confirmed spodumene-bearing pegmatite mineralisation extending beyond previous limits, bolstering the interpreted orebody geometry and continuity.
The deposit remains open at depth and along strike, with exploration targets identified not only within the Lei primary pegmatite but also a secondary pegmatite approximately 170m east and the Perseverance pegmatite 12km north. These targets, while conceptual and requiring further drilling, suggest meaningful upside potential that could further expand the lithium inventory.
Development Studies Progressing Toward Scoping Study
Lithium Plus is advancing multiple workstreams including mining studies, metallurgical test work, environmental assessments, and regulatory approvals. Metallurgical testing continues to demonstrate favourable spodumene characteristics, with ore sorting trials showing potential to upgrade lithium head grades while reducing waste, enhancing operational efficiency.
The company anticipates completing a scoping study for the proposed underground DSO operation in early Q4 2026. This study will leverage the larger, higher-confidence resource base and ongoing technical de-risking to evaluate project economics and mine planning options.
Strategic Location and Infrastructure Synergies
The Lei Deposit benefits from its location within the established Bynoe Pegmatite Field, approximately 45km south of Darwin, adjacent to existing lithium mining and processing infrastructure. This proximity offers potential development synergies and logistical advantages, reducing capital intensity and enhancing project viability.
Lithium Plus has also secured a 20-year mining lease for Lei and is progressing environmental studies, further underpinning the project’s advancement toward production readiness.
Exploration Targets Highlight Further Growth Potential
Alongside the upgraded resource, Lithium Plus disclosed Exploration Targets for the Lei secondary pegmatite and Perseverance pegmatite, with combined tonnage estimates ranging from 7.6Mt to 19.4Mt at grades between 1.2% and 1.6% Li2O. While these targets remain conceptual and not yet classified as Mineral Resources, they underscore the company's belief in substantial upside potential within its tenement package.
Future drilling campaigns will focus on converting these targets into resources, improving geological confidence, and potentially expanding the project’s critical mass.
Bottom Line?
The Lei resource upgrade lays a stronger foundation for Lithium Plus’ low-capex underground DSO development, but the success of the upcoming scoping study and conversion of exploration targets will be key milestones to watch.
Questions in the middle?
- Will the planned Q4 2026 scoping study confirm the economic viability of the low-capex underground DSO operation?
- Can Lithium Plus convert its substantial exploration targets at Lei secondary and Perseverance pegmatites into Mineral Resources?
- How will ongoing metallurgical optimisation and regulatory approvals influence the project’s development timeline?