# VISION LITHIUM PEA ON SIRMAC BOASTS A PRE-TAX 839% IRR, C$183M PRE-TAX NPV5% AND LESS THAN ONE YEAR PAYBACK

Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7

Original source: https://money.tmx.com/en/quote/VLI/news/5006380353449884/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le

Publisher: tmx

Original announcement: 2023-02-21T12:00:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: Unknown date

Atlas analysis updated: Unknown date

- Company: Vision Lithium Inc.

- Ticker: VLI

- Exchange: TSX

- Region: Quebec, Canada

- Primary commodity: Lithium

- Secondary commodities: Tantalum, Rubidium

- Document categories: Resource update, Metallurgy, Permitting

- Extracted: 2026-09-13 07:01:19 UTC

Narrative sentiment: 0.80 · Bullish

## Minestarters Atlas summary

Vision Lithium Inc. announced positive Preliminary Economic Assessment \(PEA\) results for its Sirmac \#5 Lithium Dike deposit in Quebec, Canada, highlighting a pre-tax NPV of C$183.6 million \(5% discount rate\) and an impressive 839% IRR with less than one year payback. The PEA outlines a low-cost, direct shipping ore \(DSO\) operation with initial capital costs of C$2.925 million, based on a mineral resource estimate with almost 90% in the Measured and Indicated categories. While the study is preliminary and does not include mineral reserves, it confirms the project's strong economic potential and suitability for producing a 6% Li2O concentrate.

Reasoning: The PEA presents highly attractive economics for the Sirmac Lithium Project, driven by high IRR and low payback, supported by a high-confidence resource. However, the preliminary nature of the study, the small contained metal, and the lack of reserves introduce some risk.

- Positive factor: High pre-tax IRR \(839%\) and NPV \(C$183.6M\) for the PEA.

- Positive factor: Very short payback period \(<1 year\).

- Positive factor: Low initial capital costs \(C$2.925M\).

- Positive factor: High confidence in resource categories \(84.78% M&I\).

- Positive factor: Good average grades for Measured and Indicated resources \(1.38-1.39% Li2O\).

- Positive factor: Project located in Quebec, Canada, a stable mining jurisdiction.

- Positive factor: Material suitable for producing a 6% Li2O concentrate.

- Positive factor: Qualified Person sign-off under NI 43-101.

- Positive factor: Potential for additional lithium-bearing dikes and byproduct value from rubidium and tantalum.

- Negative factor: PEA is preliminary in nature and includes inferred mineral resources, with no certainty of realization.

- Negative factor: No mineral or ore reserve estimate has been developed.

- Negative factor: Total contained lithium \(Li2O\) is small \(4,290 tonnes\) relative to typical resource scales.

- Negative factor: Economic analysis was completed before the royalty repurchase, so not yet adjusted.

- Negative factor: Tantalum and Rubidium values are not included in the mineral resource estimate.

- Negative factor: The project requires an environmental evaluation process under the James Bay Agreement.

- Negative factor: The company is selling DSO, meaning they are not responsible for processing or recovery, which shifts risk to the buyer.

Low confidence — this extraction should be reviewed alongside the original source.

Facts used in scoring: 10

## Classification and evidence

**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 document reports 192,000 tonnes of Measured resources at 1.38% Li2O.

Evidence · table

> Measured

Context: 192,000

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: The document reports 81,000 tonnes of Indicated resources at 1.39% Li2O.

Evidence · table

> Indicated

Context: 81,000

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: The document reports 49,000 tonnes of Inferred resources at 1.05% Li2O.

Evidence · table

> Inferred

Context: 49,000

**Category Upgrade**

Polarity: positive

Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal.

Why it applies: The document states that almost 90% of the Mineral Resources are in the Measured and Indicated categories, indicating a high confidence level.

Evidence · text

> Although almost 90% of the Mineral Resources are in the Measured and Indicated categories

**Maiden Resource**

Polarity: neutral

Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. No prior estimate exists, so every change band is not applicable.

Why it applies: This is the first formal Mineral Resource Estimate presented as part of a Preliminary Economic Assessment for the Sirmac project.

Evidence · text

> Preliminary Economic Assessment \(PEA\) for the Sirmac \#5 Lithium Dike deposit

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: The document is a Preliminary Economic Assessment \(PEA\) for the project.

Evidence · text

> Preliminary Economic Assessment \(PEA\) for the Sirmac \#5 Lithium Dike deposit

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: The PEA and mineral resource estimate were prepared in accordance with National Instrument 43-101.

Evidence · text

> prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects

**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 technical content of the news release has been reviewed and approved by Claude Duplessis, P.Eng., and Daniel Dufort, P.Eng., both qualified persons as defined by NI 43-101.

Evidence · text

> The technical content of this news release has been reviewed and approved by Claude Duplessis , P.Eng., and Daniel Dufort , P.Eng., both of GoldMinds Geoservices Inc. and qualified persons as defined by NI 43-101.

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: The resource tables report tonnage and grade but do not explicitly state contained metal figures.

Evidence · table

> Table 1 : Mineral Resources for the Sirmac Project with Li 2 O Cut-off Grade of 0.50% \(2023\)

**Cut-off Disclosed**

Polarity: positive

Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison.

Why it applies: The mineral resource estimate is reported with a clear cut-off grade of 0.50% Li2O.

Evidence · table

> Cut-Off Grade Li 2 O %

Context: 0.50

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: The document states the PEA is based on 'low-level technical and economic assessments' and 'further evaluation work and appropriate studies are required', implying metallurgical testwork is not yet at pilot scale.

Evidence · text

> The PEA is based on low-level technical and economic assessments that are not sufficient to support the estimation of mineral or ore reserves. Although almost 90% of the Mineral Resources are in the Measured and Indicated categories, there is no certainty that further exploration work will result in the determination that the production targets underlying the PEA will be realised. Further evaluation work and appropriate studies are required to establish sufficient confidence that any PEA production targets or financial forecasts contained in the PEA will be met.

**Single Domain Only**

Polarity: negative

Definition: Testing limited to one composite or domain — representativeness not established.

Why it applies: The metallurgical discussion refers to 'the Sirmac pegmatite \#5 Dike' and does not mention variability testing across different ore domains.

Evidence · text

> previous metallurgical testing programs demonstrated the Sirmac pegmatite \#5 Dike is suitable to produce a spodumene concentrate grading 6% Li 2 O and above.

**Mill Route**

Polarity: neutral

Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\).

Why it applies: the document describes a flotation route \("concentrate"\)

## Extracted facts

Stored fact records: 10. Some facts used in scoring do not have a stored record.

## Resource Estimates (9)

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-0)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:064ffeab95c381c89ee9
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 192000
- Grade: 0.639
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: High confidence Measured resource with good grade, contributing significantly to the project's economic viability.

- Positive factor: Highest confidence resource category.

- Positive factor: Good grade for lithium.

- Positive factor: Part of a positive PEA.

Evidence · table

> 192,000

Context: 192,000

#### 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: category is "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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-1)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:064ffeab95c381c89ee9
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 192000
- Grade: 1.38
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: High confidence Measured resource with good grade, contributing significantly to the project's economic viability.

- Positive factor: Highest confidence resource category.

- Positive factor: Good grade for lithium.

- Positive factor: Part of a positive PEA.

Evidence · table

> 1.38

Context: 192,000

#### 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: category is "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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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

### measured

[Link to this fact](https://atlas-extractions.minestarters.com/news/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-2)

Sirmac · tantalum

#### Identity

- Project: Sirmac
- Commodity: tantalum
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:064ffeab95c381c89ee9
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: measured
- Tonnes: 192000
- Grade: 0.0074
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Tantalum is present but its economic viability and inclusion in the resource are not yet established.

- Positive factor: Tantalum values reported alongside lithium resource.

- Negative factor: Tantalum values have yet to demonstrate extractability and economic potential.

- Negative factor: Not included in the mineral resource estimate at this stage.

Evidence · table

> 0.0074

Context: 192,000

#### 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: category is "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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-3)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:2ac7c8623ca0777cf453
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 81000
- Grade: 0.647
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Indicated resource with good grade, contributing to the project's economic viability.

- Positive factor: Good confidence resource category.

- Positive factor: Good grade for lithium.

- Positive factor: Part of a positive PEA.

Evidence · table

> 81,000

Context: 81,000

#### 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: category is "indicated"

**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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-4)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:2ac7c8623ca0777cf453
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 81000
- Grade: 1.39
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Indicated resource with good grade, contributing to the project's economic viability.

- Positive factor: Good confidence resource category.

- Positive factor: Good grade for lithium.

- Positive factor: Part of a positive PEA.

Evidence · table

> 1.39

Context: 81,000

#### 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: category is "indicated"

**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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-5)

Sirmac · tantalum

#### Identity

- Project: Sirmac
- Commodity: tantalum
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:2ac7c8623ca0777cf453
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: indicated
- Tonnes: 81000
- Grade: 0.0081
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Tantalum is present but its economic viability and inclusion in the resource are not yet established.

- Positive factor: Tantalum values reported alongside lithium resource.

- Negative factor: Tantalum values have yet to demonstrate extractability and economic potential.

- Negative factor: Not included in the mineral resource estimate at this stage.

Evidence · table

> 0.0081

Context: 81,000

#### 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: category is "indicated"

**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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-6)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:20038ee2237afff7a253
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 49000
- Grade: 0.487
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Inferred resource provides additional tonnage but with lower geological confidence.

- Positive factor: Adds to total resource tonnage.

- Negative factor: Lowest confidence resource category.

- Negative factor: Cannot support economic studies alone.

Evidence · table

> 49,000

Context: 49,000

#### 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: category is "inferred"

**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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-7)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:20038ee2237afff7a253
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 49000
- Grade: 1.05
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Inferred resource provides additional tonnage but with lower geological confidence.

- Positive factor: Adds to total resource tonnage.

- Negative factor: Lowest confidence resource category.

- Negative factor: Cannot support economic studies alone.

Evidence · table

> 1.05

Context: 49,000

#### 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: category is "inferred"

**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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-resource-facts-8)

Sirmac · tantalum

#### Identity

- Project: Sirmac
- Commodity: tantalum
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Resource scope

- Estimate type: resource
- Effective date: 2023-01-23T00:00:00.000Z
- Reporting standards: ni\_43\_101
- QP Signed: Yes
- Qualified person names: Claude Duplessis, Daniel Dufort
- Resource group id: resource:20038ee2237afff7a253
- Deposit or zone: \#5 Dike
- Mining method: open\_pit

#### Resource Data

- Category: inferred
- Tonnes: 49000
- Grade: 0.0062
- Grade Unit: %
- Cutoff Grade: 0.5
- Cutoff Unit: % Li2O

#### Prior Estimate

- Resource Date: 2023-01-23

#### Lab

- Laboratory: SGS Canada – Geostat

#### Location

- Loc. Confidence: medium

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: Tantalum is present but its economic viability and inclusion in the resource are not yet established.

- Positive factor: Tantalum values reported alongside lithium resource.

- Negative factor: Tantalum values have yet to demonstrate extractability and economic potential.

- Negative factor: Not included in the mineral resource estimate at this stage.

Evidence · table

> 0.0062

Context: 49,000

#### 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: category is "inferred"

**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

**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: qp\_signed is true

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**No Contained Metal**

Polarity: negative

Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.

Why it applies: contained\_metal was not reported

**PEA-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.

Why it applies: the release names the study this estimate supports

**PFS-Supporting**

Polarity: neutral

Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component.

Why it applies: the release names the study this estimate supports

**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)

### metallurgical testing programs

[Link to this fact](https://atlas-extractions.minestarters.com/news/vision-lithium-pea-on-sirmac-boasts-a-pre-tax-839-irr-c-183m-pre-tax-npv5-and-le--8ef0649f-f20d-4422-92c1-6c6528dfd2b7#fact-metallurgical-facts-9)

Sirmac · lithium

#### Identity

- Project: Sirmac
- Commodity: lithium
- Region: canada\_qc
- Reported Region: Quebec, Canada
- Ticker: VLI

#### Test Work

- Program Status: preliminary
- Test Type: metallurgical testing programs
- Processing Route: Direct Shipping Ore

#### Recovery

- Recovery Basis: unspecified
- Head Grade: 1.33
- Head Grade Unit: % Li2O
- Conc. Grade: 6
- Conc. Grade Unit: % Li2O

#### Lab

- Laboratory: SGS Canada – Geostat
- Consultant: GoldMinds Geoservices Inc.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2023-02-21T00:00:00.000Z

Reasoning: The material's suitability for high-grade concentrate production is a positive, but the lack of direct recovery data from the company's own testwork and the preliminary nature of the assessment introduce uncertainty.

- Positive factor: Material is suitable for producing a high-grade spodumene concentrate.

- Positive factor: DSO approach simplifies company's processing requirements.

- Positive factor: QP sign-off on metallurgical information.

- Negative factor: No recovery percentage reported by the company as they are selling DSO.

- Negative factor: Effective recovery depends on the buyer's plant.

- Negative factor: PEA is based on low-level technical assessments.

Evidence · text

> previous metallurgical testing programs demonstrated the Sirmac pegmatite \#5 Dike is suitable to produce a spodumene concentrate grading 6% Li 2 O and above.

## 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.