PL3: Quarterly Activities and Cashflow Report 30 September 2026
Original announcement by asx on
- Company
- Patagonia Lithium Limited
- Ticker
- PL3
- Exchange
- ASX
- Region
- Argentina
- Primary commodity
- Lithium
- Secondary commodities
- Rare earth elements, Niobium
- Document categories
- Drill results, Capital raise, Other, Resource update
- Extracted
- 2026-10-21 22:40:40 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
Patagonia Lithium Limited reported positive drilling and pump test results from Well 8 at its Cilon lithium project in Argentina, with packer assays up to 232 mg/L Li and strong flow rates. While Well 9 was a disappointing infill hole, all data has been submitted for an updated Mineral Resource Estimate. The company also successfully completed two capital raises totaling $11.4 million and identified new rare earth and niobium targets in Brazil.
Reasoning: The report details positive lithium grades and strong pump test performance from Well 8 at the Cilon project, supporting the upcoming MRE update. The company also secured significant funding through capital raises, although Well 9 was a disappointing infill hole.
Positive factors
- High lithium grades in Well 8 packer tests
- Strong pump test results from Well 8 (high flow rate, fast recovery)
- Successful capital raises providing significant funding
- Progress towards an updated Mineral Resource Estimate
- Identification of new REE/Niobium targets in Brazil
Negative factors
- Well 9 described as a disappointing infill hole with low flow rate
- Some packer tests in Well 8 were unsuccessful
- No new field work completed in Brazil this quarter
Facts used in scoring: 16
Classification and evidence
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release mentions core recovery rates and plans for core sample assessment and correlation with BMR data.
Evidence · text
“Core recovery was reported as above 95%.”
Inferred Resourcenegative · Story-specific tag
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: The restated MRE includes a significant Inferred component (536,600 t LCE).
Evidence · text
“536,600t LCE @ 292mg/L Inferred MRE”
Historical Estimate Onlynegative · Story-specific tag
Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling.
Why it applies: The resource estimate is a restatement of a prior MRE from July 2025, not a new estimate.
Evidence · text
“Existing MRE (14 Jul 2025): 551,400 t LCE at 294 mg/L”
QP/CP Signedpositive · Story-specific tag
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 company confirms that the Competent Person’s findings are presented without material modification, implying sign-off.
Evidence · text
“The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original announcements.”
Extracted facts
Stored fact records: 13. Some facts used in scoring do not have a stored record.
Drill Results (10)
JAM 26-08Cilon · lithiumGrade: 104Grade Unit: mg/LIntercept: 8 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 104
- Grade Unit
- mg/L
- Intercept
- 8 m
- From
- 66 m
- To
- 74 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:66-74
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade above the project's average, contributing positively to the understanding of the Cilon project.
Positive factors
- Lithium grade above project average
Evidence · table
“104”
Context: 66–74
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 126Grade Unit: mg/LIntercept: 8 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 126
- Grade Unit
- mg/L
- Intercept
- 8 m
- From
- 108 m
- To
- 116 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:108-116
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade above the project's average, indicating consistent mineralization at depth.
Positive factors
- Lithium grade above project average
Evidence · table
“126”
Context: 108–116
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 134Grade Unit: mg/LIntercept: 11 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 134
- Grade Unit
- mg/L
- Intercept
- 11 m
- From
- 126 m
- To
- 137 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:126-137
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade above the project's average, contributing to the overall positive drilling results.
Positive factors
- Lithium grade above project average
Evidence · table
“134”
Context: 126–137
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 137Grade Unit: mg/LIntercept: 14 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 137
- Grade Unit
- mg/L
- Intercept
- 14 m
- From
- 144 m
- To
- 158 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:144-158
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade above the project's average, indicating continued mineralization.
Positive factors
- Lithium grade above project average
Evidence · table
“137”
Context: 144–158
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 138Grade Unit: mg/LIntercept: 11 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 138
- Grade Unit
- mg/L
- Intercept
- 11 m
- From
- 168 m
- To
- 179 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:168-179
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade above the project's average, adding to the positive drilling campaign.
Positive factors
- Lithium grade above project average
Evidence · table
“138”
Context: 168–179
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 163Grade Unit: mg/LIntercept: 14 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 163
- Grade Unit
- mg/L
- Intercept
- 14 m
- From
- 186 m
- To
- 200 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:186-200
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade significantly above the project's average, indicating a higher-grade zone.
Positive factors
- Lithium grade significantly above project average
Evidence · table
“163”
Context: 186–200
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 194Grade Unit: mg/LIntercept: 14 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 194
- Grade Unit
- mg/L
- Intercept
- 14 m
- From
- 243 m
- To
- 257 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:243-257
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade well above the project's average, indicating a strong mineralized zone.
Positive factors
- Lithium grade well above project average
Evidence · table
“194”
Context: 243–257
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 205Grade Unit: mg/LIntercept: 9 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 205
- Grade Unit
- mg/L
- Intercept
- 9 m
- From
- 278 m
- To
- 287 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:278-287
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade significantly above the project's average, indicating a high-grade interval.
Positive factors
- Lithium grade significantly above project average
Evidence · table
“205”
Context: 287–278 [sic]
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 219Grade Unit: mg/LIntercept: 17 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 219
- Grade Unit
- mg/L
- Intercept
- 17 m
- From
- 282 m
- To
- 299 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:282-299
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 shows a lithium grade significantly above the project's average, further confirming high-grade mineralization.
Positive factors
- Lithium grade significantly above project average
Evidence · table
“219”
Context: 282–299
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
JAM 26-08Cilon · lithiumGrade: 232Grade Unit: mg/LIntercept: 17 mView all detailsHide details
Identity
- Hole ID
- JAM 26-08
- Project
- Cilon
- Commodity
- lithium
- Region
- argentina
- Reported Region
- argentina
- Ticker
- PL3
Geometry
- Grade
- 232
- Grade Unit
- mg/L
- Intercept
- 17 m
- From
- 303 m
- To
- 320 m
- Hole Depth
- 485 m
- Intercept Depth
- 66 m
Classification
- Sample Type
- drill
- Group ID
- JAM 26-08:303-320
QA/QC
- QP Signed
- No
- QA/QC Methods
- standards
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This packer test result from Well 8 represents the highest lithium grade reported in the current drilling campaign, significantly exceeding the project's average grade.
Positive factors
- Highest lithium grade reported for Well 8
- Significantly above project average
Evidence · table
“232”
Context: 303–320
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Resource Estimates (3)
indicatedFormentera · lithiumTonnes: 14800Grade: 393Grade Unit: mg/LHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Formentera
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- PL3
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:8115b8b9ec250815f404
Resource Data
- Category
- indicated
- Tonnes
- 14800
- Grade
- 393
- Grade Unit
- mg/L
Prior Estimate
- Resource Date
- 2025-07-14
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This is a restatement of a prior Indicated Mineral Resource Estimate, providing no new information but confirming previous figures.
Evidence · text
“14,800t LCE @ 393mg/L Indicated MRE”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredFormentera · lithiumTonnes: 536600Grade: 292Grade Unit: mg/LHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Formentera
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- PL3
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:0007c91892a24107c680
Resource Data
- Category
- inferred
- Tonnes
- 536600
- Grade
- 292
- Grade Unit
- mg/L
Prior Estimate
- Resource Date
- 2025-07-14
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This is a restatement of a prior Inferred Mineral Resource Estimate, providing no new information but confirming previous figures.
Evidence · text
“536,600t LCE @ 292mg/L Inferred MRE”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
inferredFormentera · lithiumTonnes: 551400Grade: 294Grade Unit: mg/LHistorical resultNeeds review: historical_restatementView all detailsHide details
Identity
- Project
- Formentera
- Commodity
- lithium
- Region
- argentina
- Reported Region
- Argentina
- Ticker
- PL3
Resource scope
- Estimate type
- resource
- Reporting standards
- jorc
- QP Signed
- Yes
- Resource group id
- resource:41caedf13e246e6a93e7
Resource Data
- Category
- inferred
- Tonnes
- 551400
- Grade
- 294
- Grade Unit
- mg/L
Prior Estimate
- Resource Date
- 2025-07-14
Review
- Needs Review
- Yes
- Review Reason
- historical_restatement
- Historical
- Yes
- Historical Source Date
- 2025-07-14T00:00:00.000Z
Dates
- Event date
- 2026-10-21T00:00:00.000Z
Reasoning: This is a restatement of the total prior Mineral Resource Estimate, providing no new information but confirming previous figures.
Evidence · text
“551,400t LCE at 294 mg/L”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
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
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
No Contained Metalnegative
Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting.
Why it applies: contained_metal was not reported
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.