Lithium Ionic Issues RFQ for Underground Mine Portals at Bandeira Lithium Project

Lithium Ionic Corp. issued Requests for Quotation on July 8, 2026, to seven contractors for the construction of two underground mine portals at its Bandeira Lithium Project in Brazil. The portals will provide surface access for personnel, equipment, and initial development work. This tender is part of the broader procurement program outlined in the June 11, 2026 update.

No contracts have been awarded, and the company indicated it will provide further updates as the evaluation and award process proceeds. CEO Blake Hylands characterized the move as “another practical step in advancing Bandeira from engineering toward execution planning.”

Lithium Ionic Corp. (LTH) issued a request for quotation as part of a pre-construction readiness campaign that has been previously announced. Engineering work has advanced to approximately 65%, long-lead equipment has been ordered, and mine contractor tenders have begun. The portal construction represents an early-works component, with actual capital commitment expected only upon the award of contracts.

The company continues to face significant challenges, including a going-concern warning, the recent revocation of a Material Change Order, board resignations linked to an Ontario Securities Commission enforcement proceeding, and a threatened derivative lawsuit. Additionally, the company reports a cash burn of roughly $6 million per quarter, with only $12 million in cash at the end of Q1 2026.

This development aligns with prior announcements and does not introduce new elements. While it signals that technical work is proceeding, it does not materially de-risk the company or meaningfully alter its near-term financing outlook. The fundamental need to secure project financing and reach a final investment decision remains pressing.

Lithium Ionic Corp. (LTH) is a Canadian-based junior miner focused on the Bandeira hard-rock lithium project in the “Lithium Valley” of Minas Gerais, Brazil. Bandeira is 100% owned and planned as an underground mine producing spodumene concentrate (SC6, ~5.2% Li₂O). The September 2025 Definitive Feasibility Study (DFS) outlined an 18.5-year mine life, initial CAPEX of US$191 M, OPEX of US$378/t, post-tax NPV8 of US$1.45 B, and 61% IRR. Measured & Indicated resources at Bandeira total 27.27 Mt at 1.34% Li₂O. The company also holds the Salinas (Baixa Grande) and Outro Lado properties, together adding another ~9 Mt M&I and ~13 Mt Inferred.

The project has received a positive technical recommendation from the state environmental agency (FEAM) but is still awaiting final approval from COPAM; a federal prosecutor’s request regarding a nearby Quilombola community remains unresolved. Binding offtake agreements were signed in March-April 2026 with Yahua and Grand Chen for 170,000 tpa of SC6 with a US$1,000/t floor and US$20 M pre-payment facility.