Armory Mining plans scoping study for Candella II

Executive Summary

• Armory Mining Corp. announced it will commence a scoping study for the Candela II lithium‑brine project in Argentina to assess technical viability and economic potential.
• The project currently holds an inferred resource of 457,000 t Li₂CO₃ (in‑situ) as estimated by WSP Australia under NI 43‑101 standards.
• The study will evaluate production scenarios, capital and operating cost estimates, resource expansion opportunities, environmental impacts, and regulatory requirements.

Key Details

• Project Overview: Candela II is located in the Incahuasi salar, Salta province, Argentina, within the Lithium Triangle.
• Resource Estimate: Inferred resource of 457,000 t Li₂CO₃ (in‑situ) certified by WSP Australia Pty. Ltd. under NI 43‑101.
• Current Lithium Price Reference: $13,401 per tonne for 99.5 % battery‑grade lithium carbonate (as of 17 Nov 2025).
• Scoping Study Objectives:
• Assess technical feasibility and economic potential.
• Provide preliminary estimates of production capacity, capital expenditures (CAPEX), operating expenses (OPEX), and resource expansion possibilities.
• Identify risk factors, market conditions, future commodity price projections, environmental impacts, and legal/regulatory requirements.
• Neighboring Projects: Adjacent concessions include Ganfeng Lithium’s project (~9.8 km away) and nearby operations by Rio Tinto and Power Minerals.
• Qualified Person Review: Technical content reviewed and approved by Phillip Thomas, BSc (Geology), MBM, FAusIMM (CPVal), MAIG, a qualified person per NI 43‑101.

Notable Quotes

(No direct quotes were provided in the release.)