03:57 PM EDT, 05/27/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) , which was last seen down near 4%, said Monday it is currently finalizing a Feasibility Study for its Bandeira Lithium Project in Brazil and expects approval for its Concomitant Environmental and Installation License (LAC) in early Q3.

A statement noted the LAC, or Licenca Ambiental Concomitante, approval provides the environmental and social license together with authorization to begin construction.

That update comes as the company reported that it has filed the independent mineral resource estimate for the project announced on April 12. The technical report details the MRE comprises Measured and Indicated resources of 23.68 million tonnes at 1.34% Li2O, and Inferred resources of 18.25Mt at 1.37% Li2O, accounting for approximately 70% of the company's total global mineral resources of 60.1Mt. in Brazil's Lithium Valley.

The company's shares were last seen down $0.04 to $1.02 on the TSX Venture Exchange.

Price: 1.02, Change: -0.04, Percent Change: -3.77