en.Wedoany.com Reported - Lithium Plus Minerals (ASX:LPM) has recently launched its 2026 field program at its flagship Bynoe project, including an extensive drilling campaign focused on resource expansion and new discoveries.
Lithium has been one of the standout commodities over the past twelve months. During this period, the metal's price has surged approximately 180%, driving up the share prices of leading ASX lithium miners. PLS Group (ASX:PLS) saw its shares soar over 370%, fueled by increased production at its Pilgangoora mine in Western Australia's Pilbara region. Liontown Resources (ASX:LTR) also saw its shares rise around 210%, driven by the expansion of underground operations at its Kathleen Valley mine in the Goldfields region. In the Northern Territory, Core Lithium (ASX:CXO) saw its shares jump nearly 220% as it prepares to restart production at the Finniss project near Darwin. Core aims to capitalize on the favorable price environment for the metal, with mining already underway at the Grants open pit and development progressing at the BP33 deposit.
Lithium Plus Minerals (ASX:LPM) is advancing a scoping study to evaluate direct shipping ore (DSO) production from the Lei deposit at its flagship Bynoe project. The Lei deposit already has total resources of 4.09 million tonnes at a grade of 1.43% Li2O. Management views Lei as a near-term production opportunity with a clear path to generating cash flow quickly. Upcoming drilling will target further resource growth to support the proposed DSO development. It will also test several high-priority nearby and regional targets, including the Perseverance prospect, where previous drilling intersected broad, high-grade mineralization just 4 kilometers from Core's Grants mine.
The Bynoe tenement covers 297 square kilometers at the northern end of the Litchfield Pegmatite Belt. Geologically centered on the Bynoe Pegmatite Field, the tenement borders Core's Finniss development project. Last May, Finniss's restart study outlined a proposed 20-year operation with future expansion potential, highlighting the region's rich mineralizing geology. Nearby, Lithium Plus has identified several prospects along the strike of Core's BP33 deposit within its own tenement. The core asset at Bynoe is the high-grade Lei deposit, containing approximately 58,000 tonnes of Li2O within the main Lei pegmatite. The 2023 maiden Mineral Resource Estimate (MRE) is considered a starter resource, offering near-term cash flow potential through low-cost DSO development.
Lithium Plus Director Simon Kidston stated that the company's DSO strategy is supported by two key operational advantages. First is the company's very close proximity to Darwin Port, less than 70 kilometers away, resulting in low transport costs. The second point is the deposit's high grade, averaging 1.4%. Kidston believes the combination of these two factors means the economics of mining the ore and processing it in China are very favorable, with capital costs significantly lower than other options. Rapid time to market and cash flow generation were key considerations in adopting this strategy.
The proposed operation includes an underground mine with a covered portal and entry, crushing and screening facilities, and an ore loading area for transport to Darwin Port. The mining lease covering the high-grade starter resource at Lei has been granted.
In 2024, Lithium Plus entered into a non-binding offtake agreement with Canmax Technologies covering 50% of the DSO and spodumene concentrate produced from Lei. Canmax is one of the world's leading manufacturers of lithium-ion battery materials and also has offtake agreements with PLS Group and Liontown. The proposed mining operation is expected to crush and screen the DSO on-site before transporting it to Darwin Port. The mined spodumene ore will then be exported to China for processing at Canmax's conversion plant to produce lithium hydroxide for global battery manufacturers.
The scoping study evaluating the Lei DSO operation is ongoing. Current work focuses on completing supplementary environmental reports, optimizing the underground mine design, finalizing cost estimates, and advancing downstream processing opportunities. Kidston explained that the company is effectively running two scoping studies in parallel: one for the mining operation at Lei in Australia, and another for the processing plant in China. The company has secured an option on a land parcel near a Chinese port to evaluate the economics of building a processing plant. Studies indicate capital costs in China are significantly lower than in Australia. Results are still expected to be completed in the third quarter of this year.
The Bynoe tenement also holds exploration potential, including several outcropping pegmatite bodies ready for drilling with resource growth potential. Lithium Plus plans to test a series of priority targets within its Bynoe tenement as part of its 2026 exploration push. These targets include secondary pegmatites at Lei, where past drilling confirmed high-grade spodumene mineralization approximately 170 meters from the current resource. Results include 6.04 meters at 1.19% Li2O from 299 meters, with mineralization open along strike and at depth. Other high-priority pegmatite systems at Bynoe include Jewellers, Jewellers Extended, Jennys, and Perseverance — the latter being a key focus for 2026 drilling.
Previous drilling at Perseverance returned broad, high-grade mineralization 4 kilometers from Core's Grants development project. One hole intersected 19 meters at 1.58% Li2O from 148 meters, including 4 meters at 2.62% Li2O. Another hole returned 7 meters at 1.22% Li2O from 110 meters. The prospect remains open along strike and at depth.
Lithium Plus is led by founder and Executive Chairman Dr. Bin Guo, who has over 20 years of experience in the mining and finance sectors, including executive roles at several ASX-listed companies. The board's background encompasses geology, geophysics, mining, exploration, finance, and Asia-Pacific business development. The upcoming drilling and scoping study are supported by a recently completed A$2.5 million placement subscribed by existing cornerstone investor Suzhou CATH Energy Technologies Co., Ltd. CATH is a private equity investment group focused on battery raw materials, co-owned by global electric vehicle battery giant Contemporary Amperex Technology Co., Limited (CATL) and Chinese investor Pei Zhenhua. With a direct link to the world's largest battery market, and against the backdrop of a lithium price recovery, Lithium Plus is transforming the Lei opportunity into a near-term production story.
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