Lithium Plus Minerals has significantly upgraded its Lei Lithium Project resource and secured a 20-year mining lease, positioning the company for near-term development and commercialisation.
- Lei Deposit resource increased 34% to 5.22Mt at 1.50% Li2O
- 20-year mining lease ML33874 granted for Lei Project
- A$2.15 million placement completed to fund development
- Non-binding agreements signed with Darwin Port and Canmax Technologies
- Moonlight Resources IPO completed; Lithium Plus retains 10.6% stake
Substantial Resource Upgrade Elevates Lei Lithium Project
Lithium Plus Minerals Limited (ASX:LPM) has announced a 34% increase in contained lithium at its flagship Lei Deposit in the Northern Territory, lifting the Mineral Resource Estimate (MRE) to 5.22 million tonnes at 1.50% Li2O, containing 78.42kt of lithium oxide. This upgrade notably raises the Indicated resource portion to 55%, bolstering confidence in advancing the project towards a low-capital, Direct Shipping Ore (DSO) operation targeting near-term cash flow.
The updated resource model incorporates an expanded geological dataset and improved pegmatite continuity understanding, with a robust 0.5% Li2O cut-off grade selected to reflect the deposit's consistent mineralisation. The deposit remains open at depth and along strike, suggesting further upside potential.
Mining Lease Granted and Strategic Commercial Partnerships Progress
A major milestone was achieved with the granting of a 20-year mining lease (ML33874) over the Lei Lithium Project by the Northern Territory Department of Mining and Energy, providing long-term tenure certainty and materially de-risking development prospects. The lease supports the company’s vision of a low-capex underground mine located approximately 71.5 km from Darwin Port.
Complementing tenure progress, Lithium Plus signed a non-binding Heads of Agreement with Darwin Port Operations Pty Ltd to explore export logistics through the Port of Darwin, just 80 kilometres from the project site. Additionally, a Memorandum of Understanding with Canmax Technologies contemplates an offtake arrangement for 50% of Lei production, underpinned by metallurgical test work yielding recoveries up to 85.3%, indicating promising economic margins.
Broader Exploration Targets and Development Funding Secured
Beyond Lei, the company identified substantial Exploration Targets across the Bynoe Project area, including the Lei secondary pegmatite and Perseverance pegmatite, with a combined potential of 7.6 to 19.4 million tonnes at grades between 1.20% and 1.60% Li2O. Planned drilling campaigns aim to advance these high-priority targets, which include wide, high-grade lithium intercepts near Core Lithium’s Grants Mine.
To support ongoing feasibility and development activities, Lithium Plus completed a strongly supported A$2.15 million equity placement at 10 cents per share in April 2026. This capital injection underpins the completion of the Lei scoping study and further project advancement.
Corporate Restructuring and Strategic Investment in Moonlight Resources
During the year, Lithium Plus divested its subsidiaries, including its former 33.5% controlled investee Moonlight Resources Ltd, which successfully listed on the ASX in December 2025, raising $10 million. Post-IPO, Lithium Plus retains a 10.6% equity stake in Moonlight, maintaining exposure to high-grade critical minerals exploration, particularly in gold and rare earth elements.
Financially, the consolidated entity reported a loss of $412,765 for the year ended 30 June 2026, narrowing from a $2.13 million loss in the prior year, with net assets increasing to $21.82 million. No dividends were declared, consistent with the company’s focus on exploration and development.
Governance and Management Updates
The board remains stable with Executive Chairman Dr Bin Guo leading the company, supported by Non-Executive Directors Jason Berton, Simon Kidston, and George Su. Notably, the company appointed Andrew Haythorpe as CEO in April 2026, who resigned in May 2026, with Dr Guo resuming executive responsibilities. Remuneration disclosures reveal a mix of fixed and performance-linked compensation aligned with industry standards, with share-based payments continuing as incentive mechanisms.
Looking ahead, Lithium Plus is set to finalise its Lei Lithium Project scoping study, advance environmental permitting through the Supplementary Environmental Report pathway, and progress binding agreements for downstream processing and port access in the 2027 financial year. The company’s strategic positioning, bolstered by resource upgrades, tenure security, and commercial partnerships, underpins its ambition to transition Lei into a producing asset.
Bottom Line?
Lithium Plus Minerals’ resource upgrade and mining lease grant mark critical steps toward development, but execution risks remain as it seeks binding commercial agreements and environmental approvals.
Questions in the middle?
- Will the upcoming scoping study confirm the economic viability of a low-capex DSO operation at Lei?
- How quickly can Lithium Plus convert its Exploration Targets into defined resources through drilling?
- What are the prospects and timelines for formalising binding offtake and port access agreements?