PAT - Patriot Lithium

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Patriot Lithium was incorporated on the 28th of January 2021 with the specific goal of acquiring, exploring, developing and mining high grade hard rock lithium projects in North America, with an initial focus on the Black Hills region, South Dakota and Wyoming, and the Pegmatite Belt region, Arizona.

Following a systematic and technically driven prospectivity review of lithium projects in the United States (US), these two regions were selected as a high priority to achieve the Company's goals, and the Company’s projects were subsequently acquired.

On admission to the ASX, the Company, via its wholly owned subsidiary New Energy Metals (US) Inc., will hold a 100% interest in each of the following projects:

(a) the Keystone Project, which encompasses 255 unpatented lode mining claims in South Dakota;
(b) the Tinton West Project, which includes 69 lode mining claims in South Dakota and Wyoming; and
(c) the Wickenburg Project, which encompasses 347 unpatented lode mining claims in Arizona.

It is anticipated that PAT will list on the ASX during December 2022.

Building a North American Lithium Company - Patriot Lithium

Building a North American Lithium Company Patriot Lithium aims to systematically explore high-grade lithium projects across North America and prudently grow the portfolio with targeted M&A greenfield exploration. Corporate Presentation Latest Interview Latest Announcements Premium Locations A...

www.patriot-lithium.com

 

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Listing date	05 December 2022 12:00 PM AEDT ##
Company contact details	https://www.patriot-lithium.com/ Ph: + 61 8 9322 7600
Principal Activities	Mining exploration
GICS industry group	TBA
Issue Price	AUD 0.20
Issue Type	Ordinary Fully Paid Shares
Security code	PAT
Capital to be Raised	$10,000,000
Expected offer close date	03 November 2022
Underwriter	Not underwritten. CPS Capital Group Pty Ltd (Lead Manager)

 

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So, why is PAT listing on the ASX?

It's an easy pathway, familiar to those behind the company. And there are benefits

Access to develop any mine and production through the US Loans Program Office under the Advanced Technology Vehicles Manufacturing Direct Loan Program. Loans Program Office financing is at the same rate as US Treasury bonds, or about 4 per cent.

Under Biden’s Inflation Reduction Act, approved developments will also be entitled to generous tax credits (benefits of the legislation can flow to ASX listed lithium miners.)

The IRA is designed to encourage the mining of the raw materials, and the processing of the ore into chemicals that can be used in batteries that are then used in the manufacture of electric vehicles made in the US, and includes a subsidy for EV purchases.

The IRA mandates two sourcing requirements to receive the clean vehicle credit system starting in 2023. These are: 40 per cent of battery minerals must be sourced from the US or a country with a free trade agreement with the US; and 50 per cent of battery components made in the US, Mexico or Canada.

Also, the IRA disqualifies vehicles from the generous concessions if they are imported or built with battery materials sourced from “foreign countries of concern”, which means China and Russia.