Avalon Advanced hires Bridge for Lake Superior FS

Executive Summary

• Avalon Advanced Materials has engaged Rachel Bridge as an interim consultant to coordinate with Nordmin Engineering on the feasibility study for its Lake Superior Lithium Inc. (LSLi) project, bridging the gap until a full-time project director is hired.
• The engagement marks the formal transition from the September 2024 Preliminary Economic Assessment (PEA) into the detailed feasibility study phase, with a strategic focus on accelerating development, mitigating risk, and securing project financing.
• The LSLi project demonstrates strong preliminary economics, including a $4.1 billion after-tax NPV, 48% after-tax IRR, and a planned production of approximately 30,000 tonnes per year of battery-grade lithium hydroxide.

Key Details

• Consultant Engagement: Rachel Bridge, CEO of Laira Consulting Services, hired on an interim basis to provide independent consulting support in project execution, coordination, and technical advisory services.
• Engineering & Technical Partners: Feasibility study being advanced with Nordmin Engineering and Primero North America, selected for their extensive experience with Metso's processing technology.
• Project Economics (PEA): After-tax net present value of $4.1 billion at an 8% discount rate; after-tax internal rate of return of 48% over a 30-year operating mine life.
• Production Target: Approximately 30,000 tonnes per year of battery-grade lithium hydroxide.
• Processing Technology: Utilizes Metso's advanced, lower-carbon processing technology for the state-of-the-art conversion facility.
• Location & Infrastructure: Situated in Thunder Bay, Ontario, benefiting from existing road, rail, deepwater port, power, and municipal infrastructure to support accelerated development timelines and reduced execution risk.
• Sustainability & ESG: Focus on on-site renewable energy integration and responsible byproduct utilization to support Canada's climate objectives and Ontario's clean growth priorities.
• Strategic Positioning: Aims to supply the rapidly growing EV and energy storage sectors, positioning LSLi for construction readiness and long-term operational success within North America's lithium supply chain.

Notable Quotes

• Scott Monteith, President & CEO: "Engaging Ms. Bridge to work with alongside Nordmin Engineering will accelerate development, mitigate risk and secure project financing."
• Rachel Bridge, CEO, Laira Consulting Services: "The Lake Superior lithium project is entering a critical phase as it advances from the 2024 preliminary economic assessment into detailed feasibility study engineering. As the project progresses, we are thrilled to come aboard and prioritize cost certainty, constructability and risk reduction to position LSLi for construction readiness and long-term operational success within North America's lithium supply chain."