Lithium Universe (ASX: LU7) became a large blip on the radar of lithium investors by ending its opening day of ASX trading at 6.1 cents, a healthy opening dividend from its initial public offering that raised $4.5 million at $0.02 per share.
As the company’s name would suggest, Lithium Universe has thrown a wide-reaching blanket over lithium exploration assets in regions well known for discovery of the electronic feedstock in both Australia and Canada.
The company’s stated objective is to establish itself as a ‘prominent lithium project builder by prioritising swift and successful development of lithium projects’.
The company’s initial focus will be on its Apollo lithium project, covering 240 square kilometres in the Eeyou Istchee James Bay municipality, in north-west Quebec, Canada.
The project has some well-credentialed neighbours, namely Patriot Battery Metals’ (ASX: PMT) Corvette property, with a maiden resource of 109.2 million tonnes at 1.42 per cent lithium oxide; and Winsome Resources’ (ASX: WR1) Adina property.
‘The Apollo project is quite special,’ Lithium Universe Chief Executive Officer Alex Hanly told Future Mining.
‘We are situated on the same greenstone belt and within 30 kilometres of both Patriot and Winsome, with a similar host geology and a dominant landholding position.
‘It has all the hallmarks of a quality lithium project, [and] the team is eager to get out on the ground and get started.’
Lithium Universe is eager to quickly establish a resource and construct a spodumene-producing mine in Quebec, a task it considers itself well able to accomplish, having attracted the essential expertise and skill to develop and construct profitable projects.
The company is led by Non-Executive Chairman Iggy Tan, one of the first mining executives in Australia to recognise the potential of lithium exploration way back in the day.
Tan fronted the success of Galaxy Resources and its Mount Cattlin spodumene project (137,000 tonnes per annum of spodumene product) and the downstream Jiangsu lithium carbonate project.
Hanly described Tan as the ‘cornerstone of the dream team’ that Lithium Universe has put together to advance its projects.
The team includes Patrick Scallan, who brings more than 25 years of management experience gained from his time at the world-class Greenbushes mine. Also part of the team is Dr JingYuan Liu, an industry downstream technical expert, having been General Manager of Development and Technologies at Galaxy Resources, overseeing construction and commissioning of the Mount Cattlin spodumene project. After Galaxy, Liu was a special adviser to various lithium carbonate and lithium hydroxide projects globally, including the lithium hydroxide plant operated by Tianqi Lithium in Kwinana, Western Australia.
The Galaxy connections continue with Terry Stark, who was responsible for Galaxy’s mineral resources assets, such as exploration and mine operations.
‘We’ve got an exciting global portfolio of lithium projects, and we are confident the “dream team” will deliver,’ Hanly says.