# CENTURY LITHIUM REPORTS UPDATED FEASIBILITY STUDY WITH AFTER-TAX NPV OF $4.01 BILLION AND OPERATING COSTS OF $4,389 PER TONNE OF LITHIUM CARBONATE FOR THE ANGEL ISLAND LITHIUM PROJECT, NEVADA Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574 Original source: https://money.tmx.com/en/quote/LCE/news/5590230232836924/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil Publisher: tmx Original announcement: 2026-02-23T11:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Century Lithium Corp. - Ticker: LCE - Exchange: TSX - Region: Nevada - Primary commodity: Lithium - Secondary commodities: None reported - Document categories: Resource update, Economic study, Metallurgy - Extracted: 2026-09-18 06:56:15 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Century Lithium has released an updated Feasibility Study for its Angel Island Lithium Project in Nevada, reporting an after-tax NPV of $4.01 billion and an IRR of 27.4%. The study highlights a significant reduction in initial capital costs to $997 million and average operating costs of $4,389 per tonne of lithium carbonate, representing substantial improvements over the 2024 study. The project boasts a long mine life exceeding 40 years, supported by 1.138 billion tonnes of Measured and Indicated resources and 287.65 million tonnes of Proven and Probable reserves, with a validated processing flowsheet achieving 84% lithium recovery. Reasoning: The updated Feasibility Study for the Angel Island Lithium Project demonstrates significantly improved economics with a substantial after-tax NPV and IRR, driven by reduced capital and operating costs. The project benefits from a large, high-confidence resource and reserve base, and a validated processing flowsheet. While the resource grade is low, it is characteristic of claystone deposits, and the overall project economics are robust. Permitting is ongoing, but the project is advancing. - Positive factor: Significant improvement in project economics with reduced capital and operating costs compared to the prior study. - Positive factor: Robust after-tax NPV and IRR figures for a lithium project. - Positive factor: Long mine life supported by substantial Proven and Probable Reserves. - Positive factor: Pilot plant operations have validated the processing flowsheet and achieved high lithium recovery and battery-grade product purity. - Positive factor: High confidence in resource and reserve estimates, with a high percentage of Measured and Indicated resources. - Negative factor: The resource grade is relatively low for lithium, though typical for claystone deposits. - Negative factor: The study uses an AACE Class 3 capital cost estimate, which is more typical for a PFS than a DFS, indicating some remaining cost uncertainty. - Negative factor: Permitting is still in progress, though the FAST-41 status aims to accelerate it. - Negative factor: The processing flowsheet, while validated by pilot plant, involves DLE and an integrated chlor-alkali plant, which can be complex. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 7 ## Classification and evidence **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: A current resource fact retains the disclosed cut-off grade ## Extracted facts Stored fact records: 6. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574#fact-resource-facts-1) Angel Island Lithium Project · lithium #### Identity - Project: Angel Island Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: LCE #### Resource scope - Estimate type: resource - Effective date: 2024-04-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terre Lane - Resource group id: resource:fd07be5bc2af4b4f372a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 858260000 - Grade: 990 - Grade Unit: ppm - Contained Metal: 0.85 - Contained Unit: million t - Cutoff Grade: 200 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2024-04-29 #### Metal Equivalent - Metal Eq. Grade: 4.523 - Metal Eq. Unit: million t LCE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The Measured resource provides a significant tonnage base for the project, contributing to overall confidence. However, the estimates are not new, and the grade is low, which is characteristic of this deposit type. - Positive factor: Large Measured resource tonnage provides a strong foundation for the project. - Positive factor: High confidence in the Measured category. - Negative factor: Resource estimates are unchanged from the 2024 study, indicating low novelty. - Negative factor: The lithium grade of 990 ppm is relatively low, though typical for claystone deposits. Evidence · table > 858.26 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource includes a Measured category, indicating the highest level of geological confidence. Evidence · table > Measured Context: Measured **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in accordance with NI 43-101 standards. Evidence · text > National Instrument 43-101 \("NI 43-101"\) compliant Feasibility Study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The QP for the estimate, Ms. Terre Lane, is named and stated to be independent. Evidence · table > The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. Context: Measured **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574#fact-resource-facts-2) Angel Island Lithium Project · lithium #### Identity - Project: Angel Island Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: LCE #### Resource scope - Estimate type: resource - Effective date: 2024-04-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terre Lane - Resource group id: resource:0ed343dcef0750ec7307 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 280330000 - Grade: 891 - Grade Unit: ppm - Contained Metal: 0.25 - Contained Unit: million t - Cutoff Grade: 200 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2024-04-29 #### Metal Equivalent - Metal Eq. Grade: 1.329 - Metal Eq. Unit: million t LCE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The Indicated resource contributes substantially to the overall resource base, providing a good level of confidence for future studies. However, the estimates are not new, and the grade is low, which is characteristic of this deposit type. - Positive factor: Significant Indicated resource tonnage adds to the project's confidence and scale. - Negative factor: Resource estimates are unchanged from the 2024 study, indicating low novelty. - Negative factor: The lithium grade of 891 ppm is relatively low, though typical for claystone deposits. Evidence · table > 280.33 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource includes an Indicated category, indicating reasonable geological confidence. Evidence · table > Indicated Context: Indicated **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in accordance with NI 43-101 standards. Evidence · text > National Instrument 43-101 \("NI 43-101"\) compliant Feasibility Study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The QP for the estimate, Ms. Terre Lane, is named and stated to be independent. Evidence · table > The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. Context: Measured **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574#fact-resource-facts-3) Angel Island Lithium Project · lithium #### Identity - Project: Angel Island Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: LCE #### Resource scope - Estimate type: resource - Effective date: 2024-04-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terre Lane - Resource group id: resource:7962c8fc71b839669f5f - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 187280000 - Grade: 820 - Grade Unit: ppm - Contained Metal: 0.154 - Contained Unit: million t - Cutoff Grade: 200 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2024-04-29 #### Metal Equivalent - Metal Eq. Grade: 0.817 - Metal Eq. Unit: million t LCE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The Inferred resource adds to the overall potential of the project but carries lower confidence. The estimates are not new, and the grade is low, which is characteristic of this deposit type. - Positive factor: Additional Inferred resources provide future exploration potential. - Negative factor: Resource estimates are unchanged from the 2024 study, indicating low novelty. - Negative factor: Inferred resources have lower geological confidence and cannot support economic studies alone. - Negative factor: The lithium grade of 820 ppm is relatively low, though typical for claystone deposits. Evidence · table > 187.28 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource includes an Inferred category, which has lower geological confidence. Evidence · table > Inferred Context: Inferred **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The resource estimate was prepared in accordance with NI 43-101 standards. Evidence · text > National Instrument 43-101 \("NI 43-101"\) compliant Feasibility Study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The QP for the estimate, Ms. Terre Lane, is named and stated to be independent. Evidence · table > The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. Context: Measured **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### proven [Link to this fact](https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574#fact-resource-facts-4) Angel Island Lithium Project · lithium #### Identity - Project: Angel Island Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: LCE #### Resource scope - Estimate type: reserve - Effective date: 2024-04-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terre Lane - Resource group id: resource:a581155d47014cb3eb84 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: proven - Tonnes: 266390000 - Grade: 1147 - Grade Unit: ppm - Contained Metal: 0.306 - Contained Unit: million t - Cutoff Grade: 900 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2024-04-29 #### Metal Equivalent - Metal Eq. Grade: 1.626 - Metal Eq. Unit: million t LCE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The Proven Reserve forms a significant and high-confidence portion of the mine plan, supporting the project's economic viability. The estimates are not new, but their inclusion in the updated FS is positive. - Positive factor: Substantial Proven Reserve tonnage provides a high-confidence base for the mine plan. - Positive factor: Higher grade in the Proven Reserve compared to the overall resource. - Negative factor: Reserve estimates are unchanged from the 2024 study, indicating low novelty. Evidence · table > 266.39 Context: Proven #### Tags used in scoring **Proven Reserve** Polarity: positive Definition: Measured Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve includes a Proven category, representing the highest confidence for economic extraction. Evidence · table > Proven Context: Proven **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The reserve estimate was prepared in accordance with NI 43-101 standards. Evidence · text > National Instrument 43-101 \("NI 43-101"\) compliant Feasibility Study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The QP for the estimate, Ms. Terre Lane, is named and stated to be independent. Evidence · table > The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. Context: Proven **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### probable [Link to this fact](https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574#fact-resource-facts-5) Angel Island Lithium Project · lithium #### Identity - Project: Angel Island Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: LCE #### Resource scope - Estimate type: reserve - Effective date: 2024-04-29T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Terre Lane - Resource group id: resource:5ee87512deb3d3dcee49 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 21260000 - Grade: 1174 - Grade Unit: ppm - Contained Metal: 0.025 - Contained Unit: million t - Cutoff Grade: 900 - Cutoff Unit: ppm Li #### Prior Estimate - Resource Date: 2024-04-29 #### Metal Equivalent - Metal Eq. Grade: 0.133 - Metal Eq. Unit: million t LCE - Assumptions Disclosed: Yes #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The Probable Reserve contributes to the overall mine plan, providing a good level of confidence for economic extraction. The estimates are not new, but their inclusion in the updated FS is positive. - Positive factor: Probable Reserves add to the economically viable portion of the resource. - Negative factor: Reserve estimates are unchanged from the 2024 study, indicating low novelty. Evidence · table > 21.26 Context: Probable #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: The reserve includes a Probable category, indicating a good level of confidence for economic extraction. Evidence · table > Probable Context: Probable **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The reserve estimate was prepared in accordance with NI 43-101 standards. Evidence · text > National Instrument 43-101 \("NI 43-101"\) compliant Feasibility Study **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The QP for the estimate, Ms. Terre Lane, is named and stated to be independent. Evidence · table > The QP for the estimate is Ms. Terre Lane, MMSA, an employee of GRE and independent of Century. Context: Proven **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### pilot plant [Link to this fact](https://atlas-extractions.minestarters.com/news/century-lithium-reports-updated-feasibility-study-with-after-tax-npv-of-4-01-bil--c7226a00-075d-493d-b066-9baab0b36574#fact-metallurgical-facts-6) Angel Island Lithium Project · lithium #### Identity - Project: Angel Island Lithium Project - Commodity: lithium - Region: usa\_nv - Reported Region: Nevada - Ticker: LCE #### Test Work - Program Status: detailed - Test Type: pilot plant - Processing Route: hydrochloric acid leaching, solid-liquid separation, Direct Lithium Extraction \(DLE\), lithium carbonate precipitation, chlor-alkali plant #### Recovery - Recovery: 84 % - Recovery Basis: actual\_test - Conc. Grade: 99.9 - Conc. Grade Unit: % purity #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-02-23T00:00:00.000Z Reasoning: The metallurgical test work, validated by multi-year pilot plant operations, demonstrates high lithium recovery and excellent product purity, which are critical for project viability. The use of DLE and an integrated chlor-alkali plant, while validated, represents a specific and potentially complex flowsheet. - Positive factor: High overall lithium recovery of 84% is exceptional for the commodity. - Positive factor: Pilot plant operations validate the processing flowsheet, indicating high confidence in scalability. - Positive factor: Consistently achieved >99.9% purity for battery-grade lithium carbonate, meeting market specifications. - Negative factor: The processing route involves Direct Lithium Extraction \(DLE\) and an integrated chlor-alkali plant, which can be complex and may carry some inherent process risk, despite pilot validation. - Negative factor: Additional pilot testing is recommended for deeper material from claystone zones 1 and 2, suggesting some remaining variability to confirm. Evidence · text > overall lithium recovery of approximately 84%. A final lithium carbonate product grading >99.9% purity was consistently achieved. #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The overall lithium recovery of 84% is exceptional for lithium processing. Evidence · text > overall lithium recovery of approximately 84% **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: The metallurgical assumptions are supported by multi-year pilot plant operations. Evidence · text > Metallurgical assumptions are supported by multi-year pilot plant operations through mid-2025. **Refractory Ore** Polarity: negative Definition: Ore requires oxidation/pressure treatment before recovery — a processing and recovery risk. Why it applies: The processing flowsheet involves hydrochloric acid leaching and Direct Lithium Extraction \(DLE\), suggesting a more complex ore or processing requirement. Evidence · text > hydrochloric acid leaching, Direct Lithium Extraction \("DLE"\), chlor-alkali processing **Byproduct Commodity** Polarity: neutral Definition: The tested commodity is a byproduct rather than the primary economic driver. Why it applies: the release describes a byproduct credit ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.