• China’s largest EV maker BYD becomes second automaker to take a stake in a major lithium miner in $630m deal
  • VW becomes first Western automaker to invest in nickel production in Indonesia
  • Major ASX movers this week: All the big ones

  Our High Voltage column wraps all the news driving ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, manganese, magnesium, and vanadium.

 

During the ICE (internal combustion engine) age, the idea that a carmaker would invest directly in metal and mining operations to ensure supply was unheard of.

As recently as 2019 it was merely a light “topic of conversation”; now, miner and carmaker tie-ups are real and becoming realer every day.

This is the EV age, and things are different. The wild battery metal shortages that analysts like Benchmark were warning us about are here, magnified by unanticipated events like war and COVID.

They have forced carmakers to jump directly into bed with mining companies to consummate supply deals.

China’s largest electric carmaker BYD recently became the second automaker to take a stake in a major lithium miner, Benchmark says.

The RMB 3 billion (~$630m) deal to acquire 5% of Shenzhen-listed Chengxin Lithium is a way for it to secure supplies of the battery raw material following a surge in prices.

The deal was made after it failed to secure “stable” lithium supplies from the market due to rapidly rising lithium prices last year, BYD says.

Following the investment Chengxin said it would provide lithium to BYD at “preferential prices”.

“Gaining preferential lithium pricing through investment should allow BYD to keep its costs under control,” Maynie Yang, analyst at Benchmark, says.

 

VW locks in nickel, cobalt supply deal

VW recently became the first Western automaker to invest in nickel production in Indonesia, the world’s biggest producer, in a deal for enough nickel and cobalt to make over 2 million EVs.

The German carmaker, alongside producer Huayou Cobalt and stainless-steel maker Tsingshan, will form a joint venture to develop annual production of 120,000 tonnes of nickel and 15,000 tonnes of cobalt.

It will help VW reduce battery costs by 30% to 50% over the long term, VW said.

The deal marks a significant move by the world’s second-largest carmaker to secure the cathode raw materials it needs to expand production of electric vehicles for the Chinese market, Benchmark says.

 

BUT … Indonesian nickel is dirty

Nickel is becoming a key concern for automakers since most of the new supply this decade is set to come from Indonesia, a country run on coal-fired power, Benchmark says.

The metal’s high carbon footprint could make it difficult for automakers to meet their emission reduction targets.

“The amount of CO2 produced for a tonne of nickel from Indonesia can be as high as 97 tonnes,” says Bruna Grossl, LCA practitioner at Benchmark.

“That’s made lower-carbon nickel from outside Indonesia a hot – and scarce – commodity, especially following Russia’s invasion of Ukraine.

“The invasion has created uncertainty about whether automakers will accept nickel from Norilsk Nickel, which has a deal to supply metal for electric vehicles to German cathode maker BASF.

“The company, which is led by billionaire Vladimir Potanin, has not been sanctioned by any government.”

Yet.

Sure makes Aussie based battery metal/critical mineral players look attractive over the short, medium, and long term.

 

Battery Metals Winners and Losers

Here’s how a basket of ASX stocks with exposure to lithium, cobalt, graphite, nickel, rare earths, magnesium, manganese, and vanadium is performing>>>

Battery metals stocks missing from our list? Shoot a friendly mail to [email protected]

Code Company % Week % Month % Six Month % Year Price Market Cap
TEM Tempest Minerals 277% 261% 261% 133% 0.083 $33,423,675.43
RGL Riversgold 46% 128% 75% -11% 0.0525 $26,020,205.40
ARU Arafura Resource 40% 76% 37% 81% 0.335 $527,141,892.88
BNR Bulletin Res 39% 79% 231% 223% 0.215 $59,359,781.55
SYA Sayona Mining 37% 113% 37% 519% 0.24 $1,561,871,566.20
GW1 Greenwing Resources 36% 27% 23% -31% 0.38 $40,378,505.64
VRC Volt Resources 33% 14% -50% 0% 0.016 $45,818,456.29
TSC Twenty Seven Co. 33% 0% -20% -20% 0.004 $9,312,848.67
NC1 Nicoresourceslimited 33% 63% 0% 0% 1 $87,250,002.00
ARL Ardea Resources 33% 139% 274% 231% 1.61 $272,955,812.92
WC8 Wildcat Resources 28% 28% 48% 54% 0.037 $21,939,272.72
LSR Lodestar Minerals 27% 17% 56% 0% 0.014 $24,338,122.87
AVZ AVZ Minerals 25% 51% 245% 495% 1.19 $4,090,694,749.80
AX8 Accelerate Resources 25% 43% 54% 11% 0.06 $14,447,157.24
KZR Kalamazoo Resources 24% 24% 7% -16% 0.36 $54,447,890.25
TMT Technology Metals 23% 67% 22% 41% 0.5 $93,684,239.40
MMC Mitremining 22% -3% 0% 0% 0.195 $5,010,743.50
LKE Lake Resources 21% 112% 225% 500% 1.92 $2,127,678,181.44
MAN Mandrake Res 21% 26% 4% -63% 0.058 $28,735,246.13
ASN Anson Resources 21% 32% 65% 79% 0.145 $137,888,902.80
MTM Mtmongerresources 21% 6% 3% 0% 0.175 $6,585,406.27
EUR European Lithium 20% 65% 43% 121% 0.15 $172,782,659.85
MLS Metals Australia 19% 77% 84% 130% 0.092 $36,392,809.50
QPM Queensland Pacific 19% 42% -33% 118% 0.185 $277,760,363.58
AML Aeon Metals . 19% 29% 13% -35% 0.062 $51,082,724.39
RMX Red Mount Min 19% 19% -5% -14% 0.0095 $15,602,456.65
WMG Western Mines 18% 35% 7% 0% 0.23 $8,608,637.50
ADV Ardiden 17% 17% 17% -26% 0.014 $37,248,992.98
VML Vital Metals Limited 15% 30% 5% -13% 0.06 $245,763,501.96
CNJ Conico 15% 25% -69% -57% 0.015 $15,003,223.11
GLN Galan Lithium 15% 31% 87% 246% 1.78 $521,056,338.55
FFX Firefinch 15% 44% 51% 325% 0.935 $1,142,792,114.00
PNT Panthermetals 15% 4% 0% 0% 0.235 $6,580,000.00
IGO IGO Limited 14% 28% 59% 123% 13.99 $10,495,731,888.18
KTA Krakatoa Resources 14% 27% -19% -8% 0.056 $15,324,915.68
ZNC Zenith Minerals 14% 7% 78% 204% 0.365 $122,085,975.03
NVA Nova Minerals 14% 28% -32% -50% 0.78 $144,161,828.00
AUZ Australian Mines 14% 35% -9% 7% 0.21 $86,071,539.40
LRS Latin Resources 13% 111% 77% 52% 0.076 $113,619,408.80
AKE Allkem Limited 13% 24% 29% 140% 11.29 $7,172,162,842.50
PLS Pilbara Min 13% 20% 58% 214% 3.245 $9,525,869,417.60
IPX Iperionx Limited 12% 41% 11% 41% 1.23 $165,991,304.29
LRV Larvottoresources 12% 30% 0% 0% 0.24 $9,889,800.00
GME GME Resources 11% 51% 29% 42% 0.089 $51,083,205.53
RLC Reedy Lagoon Corp. 11% 25% 3% 30% 0.03 $16,450,716.90
BMM Balkanminingandmin 11% 7% -59% 0% 0.3 $10,643,750.00
TMB Tambourahmetals 11% 14% 19% 0% 0.25 $10,298,149.50
1MC Morella Corporation 11% 87% -44% -44% 0.0355 $181,167,489.51
AM7 Arcadia Minerals 11% 19% 46% 0% 0.255 $8,748,125.00
SYR Syrah Resources 11% 8% 37% 43% 1.525 $1,033,808,201.49
INF Infinity Lithium 10% 27% 32% -13% 0.165 $66,372,710.56
CTM Centaurus Metals 10% 14% 41% 69% 1.375 $575,207,631.68
VR8 Vanadium Resources 9% 16% 33% 69% 0.081 $37,375,877.55
IPT Impact Minerals 9% 9% -20% -48% 0.012 $26,285,539.03
E25 Element 25 9% -7% -49% -61% 0.97 $142,784,195.02
BHP BHP Group Limited 9% 8% 37% 12% 50.6 $257,773,496,834.80
AVL Aust Vanadium 8% 88% 178% 167% 0.064 $205,554,025.12
HNR Hannans 8% 26% 16% 393% 0.039 $99,038,316.09
QEM QEM Limited 8% 30% 30% -7% 0.195 $21,550,433.27
MLX Metals X Limited 8% 19% 100% 243% 0.72 $616,940,925.56
CLA Celsius Resource 8% 17% 4% -31% 0.027 $34,201,041.50
RAS Ragusa Minerals 8% 35% -13% -1% 0.081 $10,303,942.06
PRL Province Resources 8% -7% -34% -34% 0.1025 $121,571,780.09
LTR Liontown Resources 8% 31% 35% 400% 1.885 $4,011,772,112.34
GSM Golden State Mining 8% 6% -33% -42% 0.084 $6,979,390.74
ENT Enterprise Metals 8% 0% 8% -44% 0.014 $8,026,792.38
CML Chase Mining Limited 8% 17% -22% -18% 0.014 $6,553,858.65
KAI Kairos Minerals 8% 27% -5% -13% 0.028 $54,938,617.75
AGY Argosy Minerals 8% 42% 158% 325% 0.425 $530,258,793.60
AZI Altamin Limited 7% 14% -11% -1% 0.073 $28,387,652.50
MCR Mincor Resources NL 7% 12% 76% 131% 2.24 $1,147,903,243.20
DEV Devex Resources 7% 30% 43% 100% 0.45 $141,382,786.05
MIN Mineral Resources. 7% 11% 9% 36% 50.14 $9,293,318,883.31
TNG TNG Limited 7% 25% -8% -24% 0.076 $102,742,948.43
CAI Calidus Resources 7% 29% 79% 130% 1 $398,274,037.92
STK Strickland Metals 7% -3% 7% 194% 0.0555 $70,391,172.50
FRB Firebird Metals 7% 2% -41% -57% 0.325 $15,746,342.40
PGD Peregrine Gold 7% 0% 20% 0% 0.49 $18,760,467.81
BRB Breaker Res NL 6% 8% -5% 27% 0.26 $83,089,436.90
MQR Marquee Resource 6% 5% 57% 44% 0.105 $22,722,273.21
AS2 Askarimetalslimited 6% 52% 150% 0% 0.525 $20,457,770.51
LYC Lynas Rare Earths 6% 6% 55% 87% 10.875 $9,538,490,125.78
ILU Iluka Resources 6% 4% 23% 65% 11.15 $4,798,914,111.44
LPD Lepidico 6% 20% 57% 38% 0.036 $231,563,147.54
WML Woomera Mining 6% 6% -9% -4% 0.018 $12,272,995.19
AKN Auking Mining 6% -3% -3% -55% 0.18 $12,097,294.35
S32 South32 Limited 6% 7% 52% 88% 5.165 $24,165,644,536.80
WR1 Winsome Resources 5% 49% 0% 0% 0.485 $62,523,897.21
OMH OM Holdings Limited 5% -9% 2% 26% 0.89 $635,216,069.82
BOA Boadicea Resources 5% 3% 11% -7% 0.2 $15,539,979.00
MRR Minrex Resources 5% 11% 265% 158% 0.062 $53,514,059.58
GED Golden Deeps 5% 0% -5% -5% 0.0105 $7,758,514.40
GAL Galileo Mining 5% 16% -14% 0% 0.22 $37,050,025.10
CMX Chemxmaterials 5% 18% 0% 0% 0.225 $9,731,557.71
INR Ioneer 5% 9% -10% 41% 0.57 $1,128,896,135.46
GRE Greentechmetals 5% -10% 0% 0% 0.23 $6,066,499.78
ESS Essential Metals 4% 43% 174% 323% 0.465 $109,916,431.20
CAE Cannindah Resources 4% 8% 150% 797% 0.35 $165,460,042.94
MNS Magnis Energy Tech 4% 18% 52% 62% 0.485 $463,576,957.92
MNS Magnis Energy Tech 4% 18% 52% 62% 0.485 $463,576,957.92
WKT Walkabout Resources 4% -2% 22% 39% 0.25 $108,546,026.88
EVR Ev Resources 4% 4% 55% 55% 0.051 $48,151,171.69
EVR Ev Resources 4% 4% 55% 55% 0.051 $48,151,171.69
CXO Core Lithium 4% 67% 225% 484% 1.285 $2,083,800,593.66
HAS Hastings Tech Met 4% 4% 8% 51% 0.28 $486,139,578.93
DTM Dart Mining NL 4% -16% -20% -48% 0.084 $10,706,219.98
FG1 Flynngold 4% -15% -7% 0% 0.14 $8,968,547.00
OZL OZ Minerals 4% 6% 19% 18% 26.96 $9,078,285,457.68
JRV Jervois Global 4% 19% 63% 87% 0.85 $1,337,380,845.68
JRL Jindalee Resources 4% 21% 43% 94% 3.15 $162,311,898.00
CMO Cosmometalslimited 4% -17% 0% 0% 0.145 $3,571,400.00
ATM Aneka Tambang 3% 3% 14% 14% 1.14 $1,434,013.90
RAG Ragnar Metals 3% 11% -21% -46% 0.031 $11,553,231.56
NWM Norwest Minerals 3% 15% -21% -14% 0.063 $11,017,050.61
COB Cobalt Blue 3% 85% 144% 112% 0.805 $241,642,679.65
GT1 Greentechnology 3% 11% 0% 0% 0.845 $93,810,000.00
VMC Venus Metals Cor 3% 6% 0% -10% 0.18 $27,194,162.94
PNN PepinNini Minerals 2% 9% -2% 32% 0.43 $26,936,058.16
REE Rarex Limited 2% -4% -9% -20% 0.096 $55,707,727.28
NIC Nickel Mines Limited 2% -15% 37% -3% 1.295 $3,357,633,630.72
POS Poseidon Nick 2% -1% 2% 58% 0.0935 $288,012,195.44
PLL Piedmont Lithium Inc 2% 38% 37% 3% 0.955 $519,657,238.00
CRR Critical Resources 1% 3% 217% 322% 0.076 $112,889,374.15
LMG Latrobe Magnesium 1% 0% 275% 291% 0.09 $140,758,336.49
AAJ Aruma Resources 1% 14% 0% 52% 0.099 $15,068,304.29
PAM Pan Asia Metals 1% 9% 14% 218% 0.525 $37,934,201.66
TLG Talga Group 1% 7% -5% 9% 1.41 $432,680,416.98
LOT Lotus Resources 1% 25% 48% 134% 0.3625 $341,947,805.85
PEK Peak Rare Earths 1% 12% -14% -14% 0.775 $162,980,468.80
EMH European Metals Hldg 0% 3% -13% -27% 1.235 $175,267,321.43
VIA Viagold Rare Earth 0% 0% 376% 2339% 2 $166,624,808.00
FGR First Graphene 0% -8% -6% -30% 0.165 $91,853,514.89
BKT Black Rock Mining 0% 7% 26% 96% 0.245 $218,071,880.25
ESR Estrella Res 0% 12% -26% -48% 0.029 $34,819,764.66
SBR Sabre Resources 0% 25% 25% -17% 0.005 $12,208,881.89
CWX Carawine Resources 0% -2% 5% -28% 0.21 $28,945,212.87
AOU Auroch Minerals 0% 15% -32% -56% 0.115 $43,356,215.88
ALY Alchemy Resource 0% 0% -5% 2% 0.013 $12,380,483.57
AQD Ausquest Limited 0% 24% 17% 5% 0.021 $17,328,133.68
LML Lincoln Minerals 0% 0% 0% 0% 0.008 $4,599,869.49
MRC Mineral Commodities 0% -4% -21% -57% 0.115 $58,848,969.74
MOH Moho Resources 0% 13% -13% -39% 0.054 $6,636,563.39
SLZ Sultan Resources 0% -3% -11% -26% 0.155 $12,909,080.30
BYH Bryah Resources 0% 2% -14% -21% 0.048 $10,857,944.40
EMS Eastern Metals 0% -5% 0% 0% 0.185 $6,586,000.00
KOR Korab Resources 0% 0% 115% 207% 0.043 $15,049,050.00
JMS Jupiter Mines. 0% 18% 18% -12% 0.265 $499,542,713.42
KGD Kula Gold Limited 0% 2% -8% 18% 0.047 $10,113,254.70
AOA Ausmon Resorces 0% 14% 7% -20% 0.008 $6,858,314.74
KFM Kingfisher Mining 0% 11% 28% -4% 0.25 $8,561,250.25
PSC Prospect Res -1% 4% 115% 389% 0.88 $377,381,967.38
RXL Rox Resources -1% -9% 10% -38% 0.39 $65,042,264.60
AZS Azure Minerals -1% -5% 15% 6% 0.35 $108,757,502.35
IXR Ionic Rare Earths -1% 37% 94% 30% 0.07 $248,995,664.52
FRS Forrestaniaresources -1% 11% 0% 0% 0.345 $9,834,581.40
CHN Chalice Mining -2% -6% 9% 47% 6.99 $2,502,915,491.70
EFE Eastern Resources -2% -4% 14% 377% 0.049 $48,495,716.79
AR3 Austrare -2% -12% -28% 0% 0.725 $56,778,232.34
EMN Euromanganese -2% 4% -16% -36% 0.435 $110,641,681.91
LIT Lithium Australia NL -2% 2% -10% -10% 0.1075 $113,632,238.06
ARN Aldoro Resources -3% -15% -26% 43% 0.315 $28,267,655.54
AZL Arizona Lithium -3% 29% 269% 278% 0.155 $305,393,334.45
NKL Nickelx -3% 11% -14% 0% 0.155 $8,856,000.00
AZL Arizona Lithium -3% 29% 269% 278% 0.155 $305,393,334.45
PAN Panoramic Resources -3% 12% 41% 107% 0.29 $594,765,061.16
RNU Renascor Res -3% 12% 100% 87% 0.28 $533,010,682.12
TON Triton Min -3% -7% -20% -43% 0.028 $36,040,741.13
LPI Lithium Pwr Int -4% 19% 134% 143% 0.655 $223,452,702.72
NWC New World Resources -4% -16% -26% -26% 0.052 $87,829,655.21
SRZ Stellar Resources -4% 4% -21% 4% 0.026 $22,607,170.90
AXE Archer Materials -4% -9% -50% -5% 0.89 $220,334,814.23
BEM Blackearth Minerals -4% 20% -14% -14% 0.12 $33,117,412.20
SRL Sunrise -4% 26% 41% -4% 2.3 $210,735,436.86
CHR Charger Metals -4% 13% 41% 0% 0.685 $22,469,413.92
BSX Blackstone -5% -7% -14% -10% 0.395 $176,099,086.88
QXR Qx Resources Limited -5% 44% 392% 293% 0.059 $47,359,152.30
ADD Adavale Resource -5% 3% -44% -22% 0.039 $14,187,625.88
PUR Pursuit Minerals -5% -5% -59% -77% 0.019 $19,856,533.07
GSR Greenstone Resources -5% 6% 42% 76% 0.037 $32,075,879.12
ENV Enova Mining Limited -5% -10% -22% -36% 0.018 $6,095,859.19
ARR American Rare Earths -6% 20% 113% 357% 0.425 $169,056,144.75
S2R S2 Resources -6% -3% 91% 0% 0.17 $61,474,662.49
NTU Northern Min -6% 0% 11% 19% 0.05 $247,839,411.25
SGQ St George Min -6% 19% -26% -43% 0.05 $33,487,663.59
HXG Hexagon Energy -6% 2% -40% -51% 0.049 $21,874,542.42
NMT Neometals -6% 24% 96% 355% 1.6625 $888,369,761.52
EGR Ecograf Limited -6% 2% -23% -19% 0.55 $245,431,735.16
VUL Vulcan Energy -6% 14% -25% 58% 9.77 $1,283,539,627.50
STM Sunstone Metals -6% 1% 250% 381% 0.077 $172,443,115.38
A8G Australasian Metals -6% 2% 8% 0% 0.46 $18,478,427.24
G88 Golden Mile Res -6% 11% 28% 15% 0.06 $11,843,224.23
EMT Emetals Limited -6% -12% -25% -57% 0.015 $12,750,000.00
G88 Golden Mile Res -6% 11% 28% 15% 0.06 $11,843,224.23
PGM Platina Resources -7% -6% -24% 0% 0.05 $21,284,734.76
SCN Scorpion Minerals -7% -11% 3% 19% 0.062 $16,709,383.90
RBX Resource B -8% 3% -16% 444% 0.185 $7,190,565.30
RBX Resource B -8% 3% -16% 444% 0.185 $7,190,565.30
CNB Carnaby Resource -8% -27% 288% 417% 1.24 $181,572,095.05
LEG Legend Mining -8% 6% 6% -43% 0.068 $190,104,364.75
AVW Avira Resources -8% 10% -8% -31% 0.0055 $12,712,740.00
IMI Infinitymining -9% -11% 0% 0% 0.155 $9,487,500.00
TKL Traka Resources -9% -9% -17% -44% 0.01 $6,887,745.61
GL1 Globallith -9% 62% 474% 0% 2.24 $333,945,998.64
SRI Sipa Resources -9% -6% -20% -11% 0.048 $9,841,190.54
LEL Lithenergy -10% 7% 39% 0% 0.88 $39,375,000.00
MRD Mount Ridley Mines -10% 13% 50% 200% 0.009 $52,010,598.72
CZN Corazon -10% 13% -8% -36% 0.0315 $11,402,699.04
WIN Widgienickellimited -11% 39% 104% 0% 0.46 $115,000,000.00
WCN White Cliff Min -11% 4% 108% 39% 0.025 $16,265,659.98
RR1 Reach Resources -11% 0% -11% 118% 0.008 $15,280,405.11
BUX Buxton Resources -13% 5% 57% 50% 0.105 $14,966,097.52
SHH Shree Minerals -13% 10% 65% 10% 0.0165 $17,011,790.27
RFR Rafaella Resources -14% -13% -44% -58% 0.048 $10,897,228.38
PVW PVW Res -15% -26% 138% 232% 0.465 $35,675,015.63
GBR Greatbould Resources -24% -14% -22% 247% 0.125 $44,779,476.13

The near term miners surged last week, led by lithium players Sayona Mining (ASX:SYA), AVZ Minerals (ASX:AVZ), and Lake Resources (ASX:LKE), as well as rare earths project developer Arafura Resources (ASX:ARU).

All up a good week for battery metals stocks on the ASX – 129 went up, 65 went down, and 21 didn’t move.

WEEKLY TOP 3

RIVERSGOLD (ASX:RGL)

The explorer has picked up rock chips grading up to 2% lithium during an initial site visit to the ‘Tambourah’ project in the Pilbara region of WA.

Ore grade for hard rock mines is usually around 1-1.5% lithium.

It’s a solid start — these rock chips are from one 200m section of what is potentially a 26km-long mineralised corridor at Tambourah, RGL CEO Julian Ford says.

A follow up reconnaissance trip was due to kick off this week, targeting along strike extension and additional priority target areas.

 

VOLT RESOURCES (ASX:VRC)

A small rebound for the struggling tiddler.

Last year, VRC recently acquired of a 70% controlling interest in the Ukraine graphite producer ZG Group, which help “deliver on its strategy to become a key supplier of natural flake graphite products and battery anode material to the growing EV and other graphite markets”.

But Russia’s invasion has disrupted these best laid plans, with the operation currently suspended.

The graphite mine and processing facilities are located adjacent to the town of Zavallya, approximately 280 kilometres south of the Ukrainian capital Kyiv and 230 kilometres north of the main port of Odessa.

“The town of Zavallya is located in a rural area with no military or major infrastructure targets in the region,” VRC said March 17.

“There has been no military action near Zavallya, and at this stage, ZG management see minimal risk to ZG staff, their families and the business assets from the conflict.”

Meanwhile, the company – which has another graphite project called ‘Bunyu’ in Tanzania — is progressing plans to supply coated spheronised purified graphite (CSPG) to a US gigafactory that is expected to commence operations in 2025.

PSG is a value-added product used to make the battery anode.

There isn’t much info about the gigafactory developer — a company called Energy Supply Developers (ESD) — but CEO Jeff Yambrick says it is “committed to … bringing the entire battery supply chain including cell manufacturing to America at our dedicated battery industrial park”.

On a recent call ESD said construction was to kick off in ~6 months. Ambitious.

 

WILDCAT RESOURCES (ASX:WC8)

The company identified a strong 4km by 2km lithium soil anomaly at its Bolt Cutter project, 34km north of PLS’s Pilgangoora deposit.

“To identify an anomaly, from the first systematic sampling ever completed in the area, that is large enough to contain a target of a comparable scale as two significant lithium projects along trend is very promising,” CEO Samuel Ekins said.

“We will commence follow-up field work immediately.”