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Todos Medical Reports Second Quarter 2021 Financial Results

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Company recorded positive earnings of  $0.01 per share as financial condition improved

New York, NY, and Tel Aviv, ISRAEL, Sept. 24, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Todos Medical, Ltd. (“Todos Medical”) (OTCQB: TOMDF), a comprehensive medical diagnostics and related solutions company, announced financial results today for the second quarter of 2021 ended June 30, 2021. 

Corporate Highlights

Acquired Provista Diagnostics and Its Proprietary Videssa Breast Cancer Blood Test
Provista is a medical diagnostics company based in Alpharetta, Georgia that owns the intellectual property rights to the proprietary breast cancer blood test, Videssa®, and has a CLIA/CAP diagnostic testing laboratory currently performing COVID-19 PCR testing, primarily for the medical and entertainment industries.  Todos Medical has begun ramping up Provista’s automated testing capacity as well as expanding its testing capabilities to include COVID variant testing and neutralizing antibody testing.  When at full capacity the lab has automation in place to do up to 20,000 PCR tests, over 1,500 cPass neutralizing antibody tests, and 5,000 variant tests on a daily basis.  

Videssa was developed to provide physicians with actionable information regarding breast cancer risk in women following an inconclusive mammogram result (BI-RADS III or IV), which primarily occurs in women with dense breasts. The results provided by the test have demonstrated specificity of 98%+ in both women over and under the age of 50 making it a powerful tool to help guide decisions of whether to continue to monitor patients intermittently, or whether to advance immediately into a more expensive and invasive diagnostic such as a breast biopsy. With breast biopsies having been found to show a false-positive rate following diagnostic screening procedures as high as 71 percent in the United States according to the National Cancer Institute, the annual cost in biopsy procedures that might have been avoided is estimated to be $2.18 billion.  The Company sees a significant market opportunity for a breast cancer screening test for women under the age of 40 because current diagnostic tools do not recommend mammogram screening for this demographic. The dense breast population for which Videssa has been clinically validated also represents approximately 40% of mammogram recipients annually in the US.

Launched Phase 2 Clinical Trial of Its Antiviral 3CL Protease Inhibitor NLC-V-01 (Tollovir™) in Hospitalized COVID-19 Patients
The trial is being conducted at Shaare Zedek Medical Center in Jerusalem, Israel to evaluate the safety and efficacy of Tollovir for the treatment of COVID-19 in hospitalized patients. Tollovir is a patent-pending therapeutic agent being developed through a joint venture between Todos Medical and NLC Pharma. 3CL protease inhibitors are targeted as desirable candidates for development of antiviral therapies against SARS-CoV-2 (the virus that causes COVID-19). Todos expects to provided interim data and to expand the study into India in the fourth quarter of 2021.

Receives FDA Certificate of Free Sale for New 5-Day Tollovid® Dosing Regimen

The US Food & Drug Administration granted the Company a new Certificate of Free Sale for a second dosing regimen for Tollovid™ as a dietary supplement. Under the new Certificate of Free Sale, the Company is authorized to market Tollovid with a dosing regimen of 60 pills over a five-day period, equivalent to 12 pills per day. Tollovid, a potent 3CL protease inhibitor botanical product, is a dietary supplement that helps to support and maintain healthy immune function. 

Received Notice of Allowance from European Patent Office for Patent Application Covering Diagnosis of Cancer Using Proprietary Artificial Intelligence TBIA Immune Profiling Platform
The patent application specifically covers methods for capturing consistent data from infrared spectroscopy readers, as well as the application of various artificial intelligence algorithm development methods to the data. The ability of TBIA to make a diagnosis of cancer has first been applied to the detection of breast and colon cancers, where Todos Medical has received CE Marks in Europe paving the way for commercialization initially focused on TMB-2 (dense breast / inconclusive mammogram secondary screening) and TMB-1 (general breast cancer screening) cancer detection tests.

“We made significant strides in the second quarter to position Todos for future growth on several fronts, including receiving $6.3 million in crossover investments led by Yozma Global Genomic Fund priced at $0.0599 per share,” stated Gerald E. Commissiong, President and CEO of Todos Medical.  “On the business front, first and foremost, the acquisition of Provista gives us the ability to establish a commercial ready test addressing a multi-billion market opportunity.  It also provides us with a CLIA/CAP lab to drive growth in COVID-related testing as well as expanding into other high-volume testing through our automation capabilities.   Second, the launch of our Phase 2 trial for Tollovir as a COVID antiviral candidate is a potential game changer for our company and we are excited about our plans to further expand the trial into India later this year.  The receipt of additional certificates of free sale for our Tollovid in the second and third quarter also bolsters our ability to capitalize on 3CL protease inhibition in the immune support market.  Lastly, the forwarding of our TBIA patent portfolio in Europe helps solidify our IP while we continue to develop this important diagnostic solution. As we move through the second half of 2021, we are focused on ramping testing volume at Provista, growing revenue at our COVID distribution business, and continuing the development and commercialization of our antivirals, supplements and diagnostic solutions.  We also continue to work to position the company to achieve an uplisting to a national stock exchange.  We are confident that this strategy will enable us to achieve significant long-term value for our stockholders.”

Financial Highlights for Q2 2021

Revenues: Total revenue in the second quarter of 2021 was $1.7 million, a significant increase compared to revenue of $32,000 in the second quarter of 2020. The increase in revenue was due to sales from the Company’s COVID product distribution business.

Loss from Operations:  The Company recorded an operating loss of $(1,662,0000) in the second quarter of 2021 compared to an operating loss of $(1.719,000) in the second quarter of 2020. The decrease in net loss was a result of increased gross margin dollars coupled with decreases in R&D expenses and sales and marketing expenses, partially offset by an increase in general and administrative expenses.

Net Income:  The Company recorded net income of $3,390,000 in the second quarter of 2021 due to a $5,171,000 increase in financing expenses, net, compared to a net loss of ($2,585,000) in the second quarter of 2020.  Net income per share in the second quarter of 2021 was $0.01 on 575.9 million weighted average shares outstanding compared to the second quarter of 2020 where the Company incurred a net loss of $(0.01) per share on 189.9 million weighted average shares outstanding. 

Select Balance Sheet Items:  The Company had cash of $308,000 and trade receivables of $1,792,000 as of June 30, 2021, compared to cash of $935,000 and trade receivables of$375,000 as of December 31, 2020. Total assets as of June 30, 2021, were $17,258,000 compared to $6,009,000 as of December 31, 2020. Shareholder deficit decreased to $(8,999,000) as of June 30, 2021, compared to $(11,001,000) as of December 31, 2020.

“While we achieved significant business milestones in the second quarter, we also witnessed several key improvements to our financial condition as well,” said Daniel Hirsch, CFO of Todos Medical. “Our asset base was expanded significantly through our acquisition of Provista while our deficit decreased by $2 million, with a significant portion of our outstanding debt being convertible into preferred equity upon the Company’s uplisting to a national stock exchange.  We expect further improvements to our balance sheet in the third quarter as we work to position the Company for a potential uplisting in the coming quarters.”

About Todos Medical Ltd.
Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. In 20201, Todos completed the acquisition of U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista’s proprietary commercial-stage Videssa® breast cancer blood test. The Company’s state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer’s influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos’ two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos is focused on the commercialization of Videssa and will bring the TBIA tests to market thereafter.

Todos has entered into a joint venture with NLC Pharma targeting diagnostic and testing solutions to address the COVID-19 pandemic. The Joint-Venture is pursuing the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses. The Company’s proprietary therapeutic candidate Tollovir™ is currently in a Phase 2 clinical trial to treat hospitalized COVID-19 patients in Israel, and is preparing to initiate Phase 2/3 clinical trials for both hospitalized and non-hospitalized patients in Israel.

Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer’s disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer’s disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain. 

Todos is also distributing certain (COVID-19) testing materials and supplies to CLIA-certified labs in the United States. The products cover multiple suppliers of PCR testing kits, extraction kits, automation materials and supplies, as well as COVID-19 antibody and antigen testing kits. 

For more information, please visit https://www.todosmedical.com/

Forward-looking Statements

Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.

Todos Corporate and Investor Contact:
Richard Galterio
Todos Medical
732-642-7770
[email protected] 

TODOS MEDICAL LTD.

CONDENSED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands except share and per share amounts)

    Six months period ended
June 30,
    Three months period ended
June 30,
 
    2021     2020     2021     2020  
    Unaudited     Unaudited  
             
Revenues   $ 6,763     $ 32     $ 1,732     $ 32  
Cost of revenues     (4,148 )     (11 )     (913 )     (11 )
Gross profit     2,615       21       819       21  
                                 
Research and development expenses     (643 )     (569 )     (239 )     (465 )
Sales and marketing expenses     (1,958 )     (1,430 )     (599 )     (680 )
General and administrative expenses     (3,204 )     (925 )     (1,643 )     (595 )
                                 
Operating loss     (3,190 )     (2,903 )     (1,662 )     (1,719 )
                                 
Financing income (expenses), net     (10,485 )     (4,320     5,171       (866 )
Share in losses of affiliated companies accounted for 
under equity method, net
    (492 )           (119 )      
                                 
Net income (loss)    $ (14,167 )   $ (7,223 )   $ 3,390     $ (2,585 )
                                 
Basic and diluted net income (loss) per share   $ (0.02 )   $ (0.04 )   $ 0.01     $ (0.01 )
Weighted average number of ordinary shares outstanding attributable to ordinary shareholders used in computation of basic and diluted net income (loss) per share     585,225,006       164,423,927       575,898,572       189,945,607  

CONDENSED CONSOLIDATED BALANCE SHEETSTODOS MEDICAL LTD.

(U.S. dollars in thousands except share and per share amounts)

    As of      As of   
    June 30, 2021     December 31, 2020  
    Unaudited        
ASSETS                
Current assets:                
Cash and cash equivalents   $ 308     $ 935  
Trade receivables     1,792       378  
Inventories     1,704       536  
Other current assets     123       601  
Total current assets     3,927       2,450  
                 
Non-current assets:                
Investment in affiliated companies accounted for under equity method, net     658       745  
Investment in other company     455       224  
Property and equipment, net     2,596       1,999  
Prepaid expenses     361       591  
Goodwill     7,761        
Intangible assets     1,500        
Total non-current assets     13,331       3,559  
                 
Total assets   $ 17,258     $ 6,009  
                 
LIABILITIES AND SHAREHOLDERS’ DEFICIT                
Current liabilities:                
Receivables financing facility, net   $     $ 1,306  
Loans, net     2,756       1,672  
Accounts payable     1,087       1,640  
Deferred revenues     13       844  
Other current liabilities     3,941       2,316  
Liability for minimum royalties     296       291  
Total current liabilities     8,093       8,069  
                 
Non-current liabilities:                
Convertible bridge loans, net     15,560       5,965  
Derivative warrants liability, net     7       301  
Fair value of bifurcated convertible feature of convertible bridge loans     2,077       2,500  
Deferred taxes     315        
Liability for minimum royalties     205       185  
Total non-current liabilities     18,164       8,951  
                 
Shareholders’ deficit:                
Ordinary Shares of NIS 0.01 par value each: Authorized: 1,000,000,000 shares at June 30, 2021 and December 31, 2020; Issued and outstanding: 607,760,492 shares and 376,335,802 shares at June 30, 2021 and December 31, 2020, respectively     1,765       1,059  
Additional paid-in capital     50,684       35,211  
Accumulated deficit     (61,448 )     (47,281 )
Total shareholders’ deficit     (8,999 )     (11,011 )
                 
Total liabilities and shareholders’ deficit   $ 17,258     $ 6,009  

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Artificial Intelligence

Aareon invests up to €100m in AI-powered proptech Stonal

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PARIS, May 6, 2024 /PRNewswire/ — Stonal, the leading data management platform for real estate owners and investors in Europe, has announced a strategic investment by Aareon, Europe’s trusted provider of SaaS solutions for the property industry, to accelerate its European expansion.

Founded in 2017 by Michel Tolila, the current executive chairman, and Jean-Maurice Oudot, Stonal’s mission is to deliver data quality at scale for asset owners and investors. Its collaborative AI-powered platform extracts information from documents and blueprints, creating an accurate and up-to-date database on buildings open to stakeholders such as property managers, surveyors, and insurers. Its decision-making modules offer ESG reporting and CapEx planning to increase returns, improve productivity and preserve value.
Since its inception, the company has quickly expanded into residential and commercial real estate. In early 2024, Stonal launched its proprietary StonalGPT, the first generative artificial intelligence solution designed for real estate owners and investors, establishing itself as one of the pioneers in this field.
Robin Rivaton, CEO of Stonal: “The real estate industry, both residential and commercial, is at a crossroads. AI is a massive opportunity to reshape the sector in a remarkable way, but it still requires a significant amount of data on which to train these systems. Thanks to the strategic partnership with Aareon we will reach such a scale and accelerate our European expansion.”
Aareon is the trusted provider of SaaS solutions for the European property industry. With locations across France, Germany, the Netherlands, Spain, Sweden, and the United Kingdom, Aareon serves 13,000 customers totalling 18 million units.
Harry Thomsen, CEO of Aareon: “Investing in Stonal is a strategic step to strengthen our “Aareon Sustain” product portfolio and amplify our proficiency in AI technology across the Aareon Group. With an expected uptick in the need for robust data management solutions, this collaboration not only reinforces the existing partnership between Stonal and Aareon in France but also equips us to meet our customers’ needs and deliver unrivalled innovation and operational excellence.”
Aareon’s investment in Stonal reflects the growing appetite of the real estate sector for technological solutions that enable it to address the major challenges it faces, applying to both larger companies and smaller ones. Expanding ESG expectations, increased CapEx for greener properties, stringent building safety regulations, higher vacancy due to remote work for offices, all converge in the context of high interest rates. The capacity to evaluate risks and make well-informed decisions promptly is now more crucial than ever.
Stonal was advised on this deal by Lazard, Aareon by Vulcain.
About StonalFounded in 2017, Stonal is the leading data management platform for real estate owners and investors in Europe. It helps more than 130 clients, REITs, insurers, housing organisations, asset managers, family offices, to manage a combined portfolio of more than 200 million sqm (including 1.6 million housing units) across all Europe. With 150 employees, Stonal is present in France and the UK.
Contact: Perrine ABRARD, Stonal CMO [email protected]
About AareonAareon is Europe’s trusted provider of SaaS solutions for the property industry, leading the charge towards a digital future. Passionately committed to connecting people, process, and property, Aareon brings the ecosystem closer together. Our Property Management System, powered by smart software solutions, promotes efficient property management and maintenance, enabling superior digital experiences for everyone involved. In our continuous pursuit of innovation, Aareon remains the industry’s reliable partner, inspiring positive change for sustainable spaces for all.
With a dedicated team of around 2,000 professionals, Aareon achieved pro forma revenues of €410 million and a pro forma Adjusted EBITDA of €137 million in 2023.
Logo: https://mma.prnewswire.com/media/2404363/Stonal_Logo.jpg

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Artificial Intelligence

PolyU researchers create 2D all-organic perovskites and demonstrate potential use in 2D electronics

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HONG KONG, May 6, 2024 /PRNewswire/ — Perovskites are among the most researched topics in materials science. Recently, a research team led by Prof. LOH Kian Ping, Chair Professor of Materials Physics and Chemistry and Global STEM Professor of the Department of Applied Physics of The Hong Kong Polytechnic University (PolyU), Dr Kathy LENG, Assistant Professor of the same department, together with Dr Hwa Seob CHOI, Postdoctoral Research Fellow and the first author of the research paper, has solved an age-old challenge to synthesise all-organic two-dimensional perovskites, extending the field into the exciting realm of 2D materials. This breakthrough opens up a new field of 2D all-organic perovskites, which holds promise for both fundamental science and potential applications. This research titled “Molecularly thin, two-dimensional all-organic perovskites” was recently published in the prestigious journal Science.

Perovskites are named after their structural resemblance to the mineral calcium titanate perovskite, and are well known for their fascinating properties that can be applied in wide-ranging fields such as solar cells, lighting and catalysis. With a fundamental chemical formula of ABX3, perovskites possess the ability to be finely tuned by adjusting the A and B cations as well as the X anion, paving the way for the development of high-performance materials.
While perovskite was first discovered as an inorganic compound, Prof. Loh’s team has focused their attention on the emerging class of all-organic perovskites. In this new family, A, B, and X constituents are organic molecules rather than individual atoms like metals or oxygen. The design principles for creating three-dimensional (3D) perovskites using organic components have only recently been established. Significantly, all-organic perovskites offer distinct advantages over their all-inorganic counterparts, as they are solution-processible and flexible, enabling cost-effective fabrication. Moreover, by manipulating the chemical composition of the crystal, valuable electromagnetic properties such as dielectric properties, which finds applications in electronics and capacitors, can be precisely engineered.
Traditionally, researchers face challenges in the synthesis of all-organic 3D perovskites due to the restricted selection of organic molecules that can fit with the crystal structure. Recognising this limitation, Prof. Loh and his team proposed an innovative approach: synthesising all-organic perovskites in the form of 2D layers instead of 3D crystals. This strategy aimed to overcome the constraints imposed by bulky molecules and facilitate the incorporation of a broader range of organic ions. The anticipated outcome was the emergence of novel and extraordinary properties in these materials.
Validating their prediction, the team developed a new general class of layered organic perovskites. Following the convention for naming perovskites, they called it the “Choi-Loh-v phase” (CL-v) after Dr Choi and Prof. Loh. These perovskites comprise molecularly thin layers held together by forces that hold graphite layers together, the so-called van der Waals forces – hence the “v” in CL-v. Compared with the previously studied hybrid 2D perovskites, the CL-v phase is stabilised by the addition of another B cation into the unit cell and has the general formula A2B2X4.
Using solution-phase chemistry, the research team prepared a CL-v material known as CMD-N-P2, in which the A, B and X sites are occupied by CMD (a chlorinated cyclic organic molecule), ammonium and PF6− ions, respectively. The expected crystal structure was confirmed by high-resolution electron microscopy carried out at cryogenic temperature. These molecularly thin 2D organic perovskites are fundamentally different from traditional 3D minerals, they are single crystalline in two dimensions and can be exfoliated as hexagonal flakes just a few nanometres thick – 20,000 times thinner than a human hair.
The solution-processibility of 2D organic perovskites presents exciting opportunities for their application in 2D electronics. The Poly U team conducted measurements on the dielectric constants of the CL-v phase, yielding values ranging from 4.8 to 5.5. These values surpass those of commonly used materials such as silicon dioxide and hexagonal boron nitride. This discovery establishes a promising avenue for incorporating CL-v phase as a dielectric layer in 2D electronic devices, as these devices often necessitate 2D dielectric layers with high dielectric constants, which are typically scarce. Team member Dr Leng successfully addressed the challenge of integrating 2D organic perovskites with 2D electronics. In their approach, the CL-v phase was employed as the top gate dielectric layer, while the channel material consisted of atomically thin Molybdenum Sulfide. By utilising the CL-v phase, the transistor achieved superior control over the current flow between the source and drain terminals, surpassing the capabilities of conventional silicon oxide dielectric layers.
Prof. Loh’s research not only establishes an entirely new class of all-organic perovskites but also demonstrates how they can be solution-processed in conjunction with advanced fabrication technique to enhance the performance of 2D electronic devices. These developments open up new possibilities for the creation of more efficient and versatile electronic systems.
Media Contact
Ms Annie WongSenior Manager, Public AffairsTel: +852 3400 3853Email: [email protected] 

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Lithium Miners Strategize for Long-Term Gains as Market Recovers

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USA News Group Commentary
Issued on behalf of Lithium South Development Corporation
VANCOUVER, BC, May 3, 2024 /PRNewswire/ — USA News Group – Despite what appears to be a supply glut currently in the global lithium market, already there are signs of a lithium rebound on the horizon. According to Statista, global lithium demand is projected to grow through next year, while Fastmarkets predicts lithium supply will increase 30% in 2024. Fastmarkets also expects that by 2030, US lithium demand alone will grow by nearly 500%. Looking ahead, lithium miners continue to move their chess pieces onto the board with anticipation of long-term rewards, including the work of Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF), Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), Piedmont Lithium Inc. (NASDAQ:PLL), Lithium Americas Corp. (NYSE:LAC) (TSX:LAC), and Rio Tinto Group (NYSE:RIO).

Lithium South Development Corporation (TSXV:LIS) (OTC:LISMF) recently filed a new Preliminary Economic Assessment (PEA), which provides support for the company to proceed with development plans for a 15,600 tonnes per year lithium carbonate plant. As per the PEA, the project’s financial model shows a Net Present Value (NPV) after tax of US$938 million, and an after-tax Internal Rate of Return (IRR) of 31.6%, with a 2.5-year payback.
“We are very pleased to have achieved this important milestone for the HMN Li Project,” said Adrian F.C. Hobkirk, Founder, President and CEO of Lithium South. “The robust economics and room for expansion indicate a promising future for Lithium South.”
The HMN Li project is planned to use an extraction and recovery process based on conventional solar evaporation of the well brine. Magnesium and other contaminants will be removed using industry standard proven methods including  liming. The concentrated lithium solution will then be processed into lithium carbonate technical grade.
The PEA announcement came just weeks after the company announced the expansion of its ongoing production well drill program. A 400 meter deep pumping well has been completed at the  Alba Sabrina claim block, which at 2,089 hectares is the project’s largest. Recent efforts at the well successfully cleared out sediments, leading to the flow of clear brine with strong artesian characteristics, suggesting potential for enhanced brine extraction rates. To maximize these benefits, Lithium South has contracted a significantly larger 80-kilowatt pump, and is now completing a long term pump test. Based on results, further wells are planned for Alba Sabrina and the southern claim blocks at Viamonte and Norma Edith.
“These developments on the Alba Sabrina claim block could potentially enhance our operational capacity,” said Hobkirk. “The completion of this pumping test, anticipated by the end of May, will provide critical technical insight into the capacity potential of this area of the salar.”
Earlier in the year, Lithium South together with the Korean conglomerate POSCO, entered into a cooperative development agreement on the HMN Li Project, representing a crucial step forward in advancing towards lithium production. Previously, towards the end of 2023, Lithium South also released an updated NI 43-101 technical report for its premier HMN Li asset, which demonstrated a significant 175% boost in its lithium resource, amounting to over 1.58 million tonnes of lithium carbonate equivalent (LCE).
According to Chile’s Sociedad Química y Minera de Chile S.A. (SQM) (NYSE:SQM), there will be steady lithium prices in the coming months, despite the supply glut. In particular, SQM is optimistic for the second half of the year, which the company predicts will entail higher sales volumes.
“As we enter into 2024, we anticipate another robust year of growth in lithium market, with global demand increasing by at least 20%, supported by electric vehicle sales growth globally and increasing demand for battery materials,” said Ricardo Ramos, CEO of SQM. “However, the excess in lithium and battery materials capacity seen during last year is expected to continue during this year, keeping pressure on lithium market prices. We expect our average lithium prices to remain relatively stable throughout the year and our sales volumes to increase slightly during this year, subject to market conditions and any changes in supply-demand balance.”
This optimism was shared by Keith Phillips, CEO of Piedmont Lithium Inc. (NASDAQ:PLL) in an interview with Yahoo! Finance Live.
“[When it comes to mining] low prices are the cure for low prices,” said Phillips, adding that “it’s a matter of time” that prices will rebound. How fast that rebound occurs is still to be determined, however, Piedmont isn’t slowing its march.
Just recently, Piedmont received its state mining permit from the state of North Carolina, where the company owns 3,600 acres, from which it plans to mine spodumene from at least half of the area. Piedmont will then convert the material to lithium hydroxide, which is key to the manufacturing of EV batteries.
“We look forward to continued engagement with the local community and the Gaston County Board of Commissioners,” said Phillips. “We have had extensive and ongoing dialogue with possible funding sources for Carolina Lithium.”
Domestically sourced lithium is projected to become even more desirable, especially with US government incentives underway. Lithium Americas Corp. (NYSE:LAC) (TSX:LAC) recently secured a record $2.26 billion loan from the US Department of Energy to build its Thacker Pass lithium project in Nevada.
Construction began at the site located just south of the Nevada-Oregon border in March 2023, following a lengthy and intricate legal victory over conservationists, ranchers, and Indigenous groups. Lithium Americas anticipates finalizing securing a loan later this year, pending the completion of final environmental assessments. Once the financing is in place, the company aims to commence substantial construction activities, a project slated to last three years. The initial phase of the mine is projected to yield 40,000 metric tons of battery-grade lithium carbonate annually, sufficient to supply up to 800,000 electric vehicles.
“Our team has been focused on refining the development plan and de-risking construction execution of Phase 1 for Thacker Pass,” said Jonathan Evans, President and CEO of Lithium Americas. “We have de-risked execution by advancing detailed engineering and project planning. To date, we have completed all the early-works and infrastructure required for major construction, including excavating the processing plant areas.”
Looking at multiple international lithium projects, mining giant Rio Tinto Group (NYSE:RIO) has already expressed the company remains bullish on lithium despite not currently seeking any big acquisitions. Back in March, Rio Tinto committed to spending $350 million on its Rincon lithium project in Argentina, set to commence production by the end of the year.
This comes just months after the President of Serbia expressed interest to hold further talks with Rio Tinto regarding its Jadar lithium project, after the country revoked licenses on the $2.4 billion asset in 2022. If brought to completion, the project could supply 90% of Europe’s current lithium needs, and make Rio Tinto a leading lithium producer. As well, Rio Tinto held talks with the country of Rwanda back in January for the exploration and mining of lithium in the East African nation.
“[Rio Tinto is] “excited to be partnering with the government of Rwanda, applying our global experience to accelerate the search for primary lithium deposits in Rwanda’s Western Province,” said Lawrence Dechambenoit, global head of external affairs at Rio Tinto. The move could further unlock the potential of another country’s mining sector, if successful.
Source: https://usanewsgroup.com/2023/10/18/the-lithium-race-to-power/ 
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Mr. William Feyerabend, a Consulting Geologist and Qualified Person under National Instrument 43-101 participated in the production of this advertisement, and approves of the technical and scientific disclosure contained herein pertaining to Lithium South.
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