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What Drove The Snow Lake Resources (LITM) Stock Up 11% During Pre-Hours Trading?

After signing an agreement for a strategic shift, Snow Lake Resources Ltd. (Nasdaq: LITM) has jumped 11.30% to $2.56 in pre-market trading hours. LITM ended the trading day down -2.13% to $2.30.

LITM has made what move?

Applied Energy Solutions (LGES) and Snow Lake Resources (LITM), d/b/a Snow Lake Lithium, have signed a non-binding Memorandum of Understanding (MOU) to establish a domestic supply chain.

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Approximately 544 miles north of Las Vegas lies what's been dubbed "the biggest lithium deposit in the US." One tiny company stands to be the biggest beneficiary because lithium "faces a long-term supply shortage," according to Barron's. This company, however, is sitting on a goldmine opportunity as it plans to produce 30,000 tonnes per annum over the next 3.5 years from this single deposit. Supplying the electric vehicle boom and potentially driving its stock price off the charts. But this is just one of the opportunities we have researched in our free report. The other four companies have just as much potential.

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  • In CentrePort, Winnipeg, Manitoba, Snow Lake Lithium, and LGES will collaborate to explore the possibility of building the first lithium hydroxide processing plant in Canada.
  • As part of the MOU, LITM will provide LGES with lithium over a 10-year period after production begins in 2025.
  • A number of conditions will apply to the MOU and proposed partnership, including completing due diligence on both sides.
  • An initial scoping study is already underway with Primero to determine which technologies, innovations, and skills are necessary to build a world-class lithium hydroxide plant in Manitoba.
  • As part of the North American electric vehicle market, Snow Lake Lithium will collaborate with the world-leading LG Energy Solution to develop a rock-to-road battery supply chain.
  • Battery and electric vehicle manufacturers should consider local sourcing of crucial raw materials, such as lithium, as a logical step. LITM along with LG Energy Solution recognizes this importance.
  • With 5 million electric vehicles that will run on lithium from LITM’s mine in Snow Lake Manitoba over the next 10 years, North American automobile manufacturers can look forward to a brighter future.
  • This partnership serves as a crucial step towards securing a stable raw material supply chain in North America, the fastest growing EV market. LGES recently announced its long-term strategy to focus on the region in the mid-to long-term.
  • Throughout the transition to electric vehicles and ultimately to a sustainable future, LGES maintained a steady supply of our top-quality products by constantly investing in upstream suppliers and establishing strategic partnerships with the major suppliers of critical minerals.

Mining potential at Snow Lake

As a result of LITM’s 55,000-acre site, 160,000 tons of lithium spodumene 6% will be produced every year over a 10-year period, enough to power 5 million electric cars. It has been estimated that Snow Lake Lithium will be able to increase estimates over the course of the next year after further exploration of approximately 1% of its site. The planned lithium mine at Snow Lake Lithium (LITM) will be powered almost entirely by renewable hydroelectric power, ensuring maximum sustainability.

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