Century Lithium’s Angel Island: economics and process notes for mine planners
Reviewed by Joe Ashwell

First reported on MINING.com
30 Second Briefing
An updated feasibility study for Century Lithium’s Angel Island claystone project in Nevada lifts post-tax NPV (8% discount) by one-third to US$4.01 billion and cuts initial capex about 35% to US$997 million, delivering a 27% IRR at a lithium carbonate price of US$24,000/t. The plan outlines a 40-year mine using hydrochloric acid leaching and chlor-alkali processing, producing 26,500 t/y of battery-grade lithium carbonate from 7,500 t/d ore in stage one, doubling throughput in year five. Co-product NaOH credits of US$5,393/t are expected to drive net operating costs below zero, with reserves of 287.65 Mt at 1,149 ppm Li (1.759 Mt LCE).
Technical Brief
- Sodium hydroxide co-product is valued at US$5,393/t, treated as a revenue credit in operating costs.
- Annual lithium carbonate output is planned at ~26,500 t, sustained over a 40-year mine life.
- Stage one plant throughput of 7,500 t/d ore is scheduled to double to 15,000 t/d from year five.
- Angel Island is one of only four US lithium projects at feasibility stage and holds FAST-41 permitting status.
Our Take
With a post-tax NPV of about US$4.0 billion at Angel Island versus US$5.9 billion for Lithium Americas’ Thacker Pass in Nevada, the updated study positions Century Lithium among the top tier of US lithium projects by project value despite its much smaller current market capitalisation of roughly US$69 million, which signals substantial embedded optionality for a buyer or strategic partner.
Initial capex of US$997 million for Angel Island is materially below Lithium Americas’ 2026 Phase 1 capex guidance of US$1.3–1.6 billion at Thacker Pass, suggesting Angel Island could be comparatively easier to finance in a market where Albemarle is idling lithium hydroxide capacity at Kemerton and larger balance sheets are becoming more selective on newbuild exposure.
The 40‑year staged mine life and 1.759 Mt LCE reserve at Angel Island align with the long-duration supply profiles OEMs and cathode makers are seeking, and our database shows only a handful of US lithium projects with comparable reserve size, which may enhance Century Lithium’s leverage in future offtake or funding negotiations if EV raw material spend for lithium continues to rise as tracked in recent EV cost coverage.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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