Bitterwasser Lithium Clay Project | Arcadia Minerals Limited (ASX: AM7) / Bitterwasser Lithium & Exploration (Pty) Ltd

Company Name/Description

Arcadia Minerals Limited (ASX: AM7) / Bitterwasser Lithium & Exploration (Pty) Ltd

Countries of Operation

Namibia

Ownership of Company: Local Company (Namibia) / ASX-Listed (Australia)

Number of years since incorporated

Upon request

Project Pitch

The Bitterwasser Lithium Clay Project is a district-scale lithium clay discovery covering ~60,000 ha across 14 structurally controlled pans in the Hardap Region of Namibia, ~190 km southeast of Windhoek. A JORC 2012 Inferred Resource of 85 Mt @ 633 ppm Li (287,000 tonnes LCE) has been defined on Eden Pan (Pan 5), with a further 40,000 tLCE on Maduba Pan — totalling 327,000 tLCE. Only 5 of 14 pans have been explored, with 9 unexplored pans representing material resource growth upside. The deposit hosts smectite (montmorillonite) clay — the same mineralogy as world-class Nevada tier-1 peers (Clayton Valley, Thacker Pass). Processing testwork by Stellenbosch University confirms +90% sulphuric acid leach recovery and 89.6% Li retention through cyclone pre-concentration. A DLE pathway has been identified. The project is offered via a two-stage earn-in: USD 600k for 35.1% equity (Phase 1, PFS) and a further USD 1.0M for an additional 15% equity (Phase 2, DFS) — totalling USD 1.6M for a 50.1% controlling interest, one of the lowest entry points per tonne LCE globally.

Team

Upon request

Type of Project

Private Company project

Stage

Early Venture — JORC Resource Defined @ 633 ppm Li (327,000 tonnes LCE), Brown fields exploration Stage

Employment

Temporary: 120

Permanent: 90

Seasonal: 0

Annual Revenue (in EUR)

Upon request

Total Project CAPEX (N$)

USD1.6M

Source of Current Income and Use of Capital:

Pre-revenue exploration and development stage. Phase 1 capital (USD 600k) allocated to: PFS completion, resource update, metallurgical testwork (cyclone optimisation, roasting, DLE piloting), infrastructure and plant design. Phase 2 capital (USD 1.0M) allocated to DFS, infill drilling, pilot-scale DLE demonstration, detailed engineering and offtake finalisation.

Financing needs (N$)

Upon request

Type of financing needed

Equity (Earn-In); Joint Venture; Blended Finance

The Company is looking for:

Joint Venture / Strategic Partnership; Technology Solution or Equipment Provider (DLE); Clients / Off-takers for Products or Services; Equity Investors

Planned allocation of fundraising capital

Phase 1 (USD 600k): Resource update & modelling $40k; Mine plan & scheduling $40k; Bulk metallurgical sampling $30k; Cyclone & leach optimisation $80k; Roasting testwork $75k; DLE piloting & logistics $70k; Infrastructure & plant design $90k; PFS report $90k; PM & admin $85k. Phase 2 (USD 1.0M): Infill & geotechnical drilling $60k; Resource & reserve estimation $100k; Pilot-scale DLE demo $150k; Detailed engineering & EPC tender $150k; Cost validation $30k; ESIA update & permitting $70k; Offtake & market finalisation $40k; DFS report $100k; PM & admin $300k.

Feasibility/Due Diligence

Technical: In Progress — JORC 2012 Inferred Resource defined (Eden Pan and Maduba Pan). 106 drill holes completed on Eden Pan. Phase 1 PFS planned as next milestone.

Financial: Full financial model to be completed as part of PFS (Phase 1) and DFS (Phase 2) work programmes.

Environmental: In Progress — Environmental baseline studies initiated. ESIA update included in Phase 2 work programme. EPLs in good standing.