The Asset
Quick Facts
Nevada North is a near-surface lithium claystone deposit in Elko County, Nevada: one of the leading lithium clay deposits in North America, advanced by a team with prior lithium development experience alongside a producing miner.
Economics
Announced 2 October 2026, prepared by Fluor Corporation as lead engineer, with Independent Mining Consultants responsible for the mine plan and Mineral Reserve and RESPEC for the Mineral Resource.
Financial results in constant Q2 2026 US dollars, 100% equity financed, mid-year discounting, no escalation. Net present values are discounted to 1 January 2028, the first year of construction capital expenditure. The PFS is based on Proven and Probable Mineral Reserves only, with no Inferred Mineral Resources in the mine plan, and supersedes the May 2025 PEA. Capital and operating costs are AACE Class 4 estimates (±25%). All figures are in US dollars on a 100% Project basis. There is no certainty that the results of the PFS will be realized. Source: News release (October 2, 2026).
Geology
Lithium is hosted in shallow-dipping clay beds separated by tuff units, flat-lying and laterally extensive. The highest-grading unit is the one closest to surface, which is what keeps the strip ratio low.
Figures from the updated Mineral Resource Estimate. Full plan views, sections and block model parameters are set out in the Company’s news release and the technical report filed 30 June 2026. Read the news releases
Life-of-mine strip ratio of 0.88 to 1
For every tonne of ore, less than a tonne of waste rock (0.88 t) is moved.¹
Ore
Waste
Mineralization beginning at surface, leading to little overburden to remove before reaching ore.
Figures from the 2026 PFS mine plan set out in the Company’s news release filed 2 October 2026. Read here.
Processing
The Project is designed to process ore into battery-grade lithium carbonate on site. Ore is beneficiated, leached with sulfuric acid produced on site, purified, precipitated as lithium carbonate and refined to battery grade.
The full flowsheet has been demonstrated on Project claystone, from run-of-mine ore to a 99.95% Li₂CO₃ product in metallurgical test work.
Beneficiation
Attrition scrubbing and gravity concentration reject coarse gangue, recovering 96.7% of the lithium to leach feed.
Test work
Sepro, Kemetco and Chemshift tested every stage of the flowsheet, from run-of-mine claystone to battery-grade product.
Power
Waste heat from the on-site sulfur-burning acid plant supplies most of the site's power, supplemented by a grid connection.
Battery-grade product is based on bench and small-scale test work on limited sample quantities set out in the Company’s news release filed 15 September 2026. Read the news release.
Path to Production
The PFS schedule assumes FEL 3 engineering begins in Q4 2026, followed by an expedited Final Investment Decision and permitting Record of Decision. It provides for about 53 months from FEL 3 notice to proceed to mechanical completion and about six months of commissioning, with first production targeted for the second half of 2031.
The schedule is subject to permitting, financing and a final investment decision.⁴
Source: 2026 Pre-Feasibility Study execution schedule (Fluor), accelerated case. Timelines are forward-looking, preliminary and approximate, depend on permitting, financing and study outcomes, and are subject to change. Nothing here should be taken as an assurance that any milestone will be achieved.
Permitting
From completed baseline studies and an approved exploration plan, Nevada North is advancing toward mine permitting and a federal Record of Decision, alongside FEL 3 engineering and the Feasibility Study. The program aligns federal and state permitting, environmental baseline work and community engagement to de-risk the next phase of development.
Complete
2023 TO 2024
Environmental baseline studies across the project area: water resources, wetlands and riparian areas, wildlife and vegetation, greater sage-grouse leks, raptor and eagle nests, migratory birds, and a Class III cultural resources inventory.
November 2023
Exploration Plan of Operations and Reclamation Plan submitted to the BLM Wells Field Office and the Nevada Division of Environmental Protection.
February 2024
Revised Plan determined complete by the BLM. All baseline reports and supplemental environmental reports approved.
December 2024
Environmental Assessment posted for a 30-day public comment period.
March 2025
Finding of No Significant Impact and Decision Record authorized phased exploration on up to 250 acres over three years, with concurrent reclamation and bonding.
Underway
2026 drill program
Drilling began in September 2026 under the approved 2025 Plan, continuing into the 2027 drill season. Collects water supply, hydrogeological and geotechnical data alongside resource drilling.
Water
Groundwater monitoring wells, vibrating wire piezometers and surface water instrumentation to build the hydrogeological model the mine plan will rely on.
Wildlife
Annual greater sage-grouse lek surveys and raptor and eagle nest monitoring continuing, as recommended in the technical report.
Reclamation
Disturbed exploration areas reclaimed concurrently as they are no longer needed.
Ahead
Pre-plan of operations
Engagement with the BLM to confirm the mine-stage footprint and the baseline studies required.
Mine Plan of Operations and Reclamation
Plan for concurrent review by the BLM and the Nevada Division of Environmental Protection.
National Environmental Policy Act
Review under the act, anticipated at Environmental Impact Statement level, including Tribal consultation and public comment, toward a federal Record of Decision.
State Permits
Reclamation Permit, Water Pollution Control Permit, Air Quality Permit, Section 401 certification and water rights.
The Mine Plan of Operations has not been submitted or approved. The technical report states that, based on studies to date, the Qualified Person is not aware of any known environmental issues that would preclude development, and that no issues have been identified that are expected to prevent the Company from securing the required permits.
Baseline studies complete. Exploration approved by the BLM in March 2025. Mine permitting is the next step.
Maps & Technical
The Company's technical reports and corporate presentation, posted here as filed. The complete disclosure record is available under the Company's SEDAR+ profile.
All reports are filed under the profile of Lithium X2 Mining Inc. on SEDAR+ at www.sedarplus.ca.
The versions posted here are as filed. Resource tables, the price sensitivity and the permitting sequence are set out on the project page.
