TORONTO, Ontario — February 12, 2026 — Leads & Copy — Lithium Ionic Corp. is advancing its 100%-owned Bandeira Lithium Project in Brazil’s “Lithium Valley,” with engineering nearing the halfway point. The company is also engaged in offtake and debt-financing negotiations.
The Bandeira Lithium Project, located in Minas Gerais, Brazil, is moving towards construction-ready status. Overall engineering is 48% complete since the Feasibility Study press release from September 17, 2025.
Basic engineering has been completed on major design packages, including plant and primary civil engineering. Detailed engineering on raw water and drainage is in the final stage. Infrastructure and long-lead tenders are being deployed as per the Project schedule.
The Company has received multiple offtake and debt-financing term sheets and is advancing towards binding agreement(s).
Lithium Ionic CEO Blake Hylands said the project is now in the execution phase, with a focus on disciplined delivery. He noted that progress is unfolding in a stronger lithium market than when the Feasibility Study was completed, reinforcing confidence in the Project’s long-term value. The objective is to bring Brazil’s next high-quality, low-cost lithium operation into production.
Engineering activities continue to advance across multiple workstreams. Lycopodium has completed basic plant engineering, establishing key equipment selection, layout parameters, and design criteria for the processing facility. Primary civil engineering for roads, plant areas, and buildings is complete, with detailed engineering for raw water services and drainage in the final stages.
Basic engineering for mine access, site infrastructure, and supporting surface facilities are substantially completed, supporting the launch of mine underground contractor and mine fleet tendering. NCL Ingeniería y. Construcción SpA. has been mobilized to complete the detailed underground mine plan and schedule, targeted for April 2026.
As engineering advances, the Project has entered a structured procurement and contractor engagement phase. Tendering activities aligned with completed engineering packages are underway, including earthworks, drainage, mine access development, and site infrastructure. To date, 23% of infrastructure procurement packages have been tendered, supporting the Project execution phase and confirming capital cost estimates.
Lithium Ionic is in advanced offtake discussions with parties across North America, Europe, China, and Japan. Multiple term sheets have been received, and the company is working towards reaching a binding agreement.
The Company’s strategic focus remains maximizing long-term value while securing a financing-ready offtake agreement that will support Project debt. The offtake negotiations are taking place in parallel with project debt discussions, ensuring a cohesive Project funding solution.
Lithium Ionic continues to strengthen its leadership and technical capacity, adding key personnel and specialist oversight to support construction readiness and long-term operating discipline. Key additions and engagements include a Director of ESG and Permitting and an Araçuaí-based Community Relations Manager. A Director of Finance has been recruited to support Project cost control and financing readiness. Independent technical support has been expanded through the engagement of underground mining specialist Jon Treen (Fuse Advisors), and SRK Consulting, which is auditing geotechnical models and assumptions supporting underground mine design. RTEK International DMCC has further expanded its technical support.
Lithium Ionic continues to integrate ESG principles directly into the engineering and regulatory advancement of the Bandeira Project. On January 26, 2024, the Company formally submitted its environmental licensing application for the Bandeira Project to the State Foundation for the Environment (FEAM). FEAM issued a favourable technical opinion in February 2025. Lithium Ionic has continued to engage constructively with State authorities to ensure full alignment under the updated regulatory framework, following the enactment of Brazil’s new Environmental Permitting Law (Law No. 15,590/2025 – LGLA) in February 2026. Water rights for both the Piauí and Jequitinhonha Rivers have been secured, and the required explosives purchasing authorization has been obtained from the Brazilian Army.
Since the release of the Company’s updated Feasibility Study in September 2025, lithium market conditions have strengthened materially. According to Fastmarkets, the assessed price for spodumene concentrate (6% Li₂O, delivered to Asia) has increased by more than 125%, rising from approximately US$800/t in September 2025 to greater than US$1,800/t in February 2026. This current pricing environment is outperforming the near-term price scenario used in the Project economic plan.
Lithium Ionic is a Canadian lithium development company focused on responsibly advancing it’s 100%-owned Bandeira Lithium Project in Minas Gerais, Brazil.
Source: Lithium Ionic
