Lithium Demand is on the Rise as the Electric Vehicles Market Matures
NEW YORK, March 13, 2023 /PRNewswire/ -- Lithium proved to be an essential mineral for the electrification of vehicles as LiOH, a white hygroscopic crystalline material and an inorganic compound, is mostly used by lithium-ion battery manufacturers. In addition, lithium-ion batteries are heavily adopted due to their compact size, rechargeability, recyclability and high-density energy output. Nowadays, many car manufacturers are venturing into battery manufacturing, like BMW Group for example, which has signed an agreement with Ganfeng Lithium, a lithium extracting company in China, for supplying LiOH for battery cells owing to the rising penetration of EVs. And, according to data provided by Allied Market Research, the global electric vehicle market was valued at USD 162.34 Billion in 2019, and is projected to reach USD 802.81 Billion by 2027 while registering a CAGR of 22.6%. Geographically, the Asia-Pacific region has been the highest revenue contributor, accounting for USD 84.84 Billion in 2019, and is estimated to reach USD 357.81 Billion by 2027, with a CAGR of 20.1%. Nevertheless, the North America region is expected to grow faster, as it is estimated to reach USD 194.20 Billion by 2027 at a significant CAGR of 27.5%. Vital Battery Metals Inc. (OTC: VBAMF) (CSE: VBAM), Patriot Battery Metals Inc. (OTC: PMETF) (TSX-V: PMET), Lithium Chile Inc. (OTC: LTMCF) (TSX-V: LITH), FE Battery Metals Corp. (OTC: FEMFF) (CSE: FE), Brunswick Exploration Inc. (OTC: BRWXF) (TSX-V: BRW)
- Vital Battery Metals Inc. (OTCQB: VBAMF) (CSE: VBAM) just announced breaking news that, "it has increased its presence in the lithium market by acquiring, for the cost of staking, the Dickson Lake Lithium Project ("Dickson" or the "Project").
- The Project consists of 464 single-cell mining claims covering approximately 9,780 hectares and is near Imagine Lithium and the Georgia Lake Lithium Deposits.
- With the recent acquisition of Dickson and the Schofield Lithium Project, the Company now owns over 18,000 hectares of prospective lithium properties in Northern Ontario.
- The presence of sizeable angular spodumene-bearing float on the project combined with lithium geochemical anomalies point to the local presence of LCT pegmatites.