After a 10-year break lithium pioneer Iggy Tan is back as the incoming chairman of Lithium Galaxy (LGX), which is eyeing ownership of the promising Apollo lithium project in the prolific James Bay region of Canada.

The success of the new venture hinges on the approval of shareholders of a listed gaming company shell Mogul Games Group (ASX:MGG), which is planning to transform into the lithium exploration and development company.

To facilitate its relisting, Mogul intends to generate up to A$4.5 million through a public offering.

Tan said that this new company will have a rich pedigree of lithium experience to establish a spodumene-producing mine in Quebec, Canada, as quickly as possible.

Tan brings Innovative thinking to the lithium industry

Global Lithium industry expert and commentator Joe Lowry is certainly keen to see Tan’s return to the lithium industry.

“I am very happy to see Iggy Tan back in the world of lithium,” he said.

“For the industry to get to the next level required to support the energy transition, we need the kind of creativity he brings.

“The industry will benefit from his innovative thinking. His big personality will keep things interesting.”

Mine-to-refinery lithium expertise

Well known as MD of ASX-listed battery company Altech Batteries Limited (ASX:ATC), Tan was also one of the first Australian mining executives to identify a significant opportunity within the emerging lithium-ion battery sector twenty years ago when he spearheaded Galaxy Resources.

Galaxy built the Mt Cattlin spodumene mine and the downstream Jiangsu Lithium carbonate project, and while Tan left the company in 2013, they went on to sell the Jiangsu Lithium Carbonate plant to Tianqi Lithium Corp for US$260 million in 2014, and the north portion of the Sal de Vida project in Argentina was sold to POSCO for US$280 million in 2018.

Galaxy’s market capitalisation was also less than A$10 million when Tan started, but it grew to A$2.5 billion at the merger with Orocobre to form Allkem in August 2021.

Last month, Allkem announced a merger with Livent in a monumental $15.7 billion deal, creating a dominant force in the lithium industry.

Apollo project has “immense potential”

Tan was enticed to return to the lithium industry because of the potential of the Apollo project in James Bay, where he acquired a spodumene project for Galaxy Resources back in 2012.

Whilst there are many lithium explorers in the world today, only a handful have the necessary expertise and ability to effectively develop and construct viable lithium projects.

And Tan certainly has a proven track record in accelerating lithium projects, taking Mt Cattlin from its first maiden resource through to funding and construction to its first product in a record three years.

Tan hopes to replicate the success at Mt Cattlin with the Apollo Lithium Project, which is strategically located between two noteworthy lithium discoveries: Patriot Battery Metals’ (ASX:PMT) Corvette Lithium Project and Winsome Resources’ (ASX:WR1) Adina Lithium Project (located 28km to the east).

Comparable to ASX peers in the region

Both Patriot and Winsome have achieved significant spodumene discoveries, reflected in their impressive market capitalizations of over A$1.4 billion (PAT) and over A$300 million (WR1).

While the Apollo Lithium Project shares the same greenstone belt as these neighbouring projects, Tan anticipates that the company’s market capitalization upon relisting will be relatively modest, estimated at around $12 million.

Nonetheless, he firmly believes that the Apollo Lithium Project holds equal potential for success as its neighbouring lithium ventures.


This article was developed in collaboration with Altech Batteries Limited, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.