# Smackover Lithium Announces Positive Preliminary Economic Assessment for the Franklin Project, Its First Lithium Project in East Texas Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/smackover-lithium-announces-positive-preliminary-economic-assessment-for-the-fra--feefe071-0696-43f8-ab09-fda5cc666a4a Original source: https://orestocks.com/company/SLI.V/press-releases/6004472460680545 Publisher: orestocks Original announcement: 2026-09-08T10:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: Smackover Lithium - Ticker: SLI.V - Exchange: Unavailable - Region: Texas, USA - Primary commodity: Lithium - Secondary commodities: Bromine, Potash - Document categories: Resource update, Other - Extracted: 2026-09-08 11:06:46 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary Smackover Lithium has announced a positive Preliminary Economic Assessment \(PEA\) for the Franklin Project in East Texas, projecting an after-tax NPV of US$5.0 billion and an IRR of 24%. The PEA includes an upgraded Mineral Resource with significant increases in both Indicated and Inferred categories, alongside potential upside from bromine and potash. Reasoning: The announcement of a positive PEA with a significant resource upgrade and high NPV for a large-scale lithium project is highly material. - Positive factor: Significant increase in total resource size - Positive factor: Upgrade of portion of resource from Inferred to Indicated - Positive factor: Robust project economics with $5.0B NPV - Positive factor: High lithium concentrations in brine - Negative factor: PEA is preliminary and includes Inferred resources - Negative factor: Potash resource is limited to Inferred due to unproven recovery Facts used in scoring: 5 ## Classification and evidence **Category Upgrade** Polarity: positive Definition: Resource confidence improved — Inferred upgraded to Indicated, or Indicated to Measured. De-risking signal. Why it applies: A portion of the Mineral Resource was converted from Inferred to Indicated. Evidence · text > conversion of a portion of the Mineral Resource from Inferred to Indicated as compared to the Maiden Inferred Resource Report \("MIRE"\) **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The report compares the current resource to the previous Maiden Inferred Resource Report \(MIRE\). Evidence · text > as compared to the Maiden Inferred Resource Report \("MIRE"\) **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: Multiple Qualified Persons are named and have reviewed/approved the technical information. Evidence · text > The Qualified Person for the Mineral Resource is Randal Brush, P.E. **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a mill\_cil route \("CIL"\) ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (5) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/smackover-lithium-announces-positive-preliminary-economic-assessment-for-the-fra--feefe071-0696-43f8-ab09-fda5cc666a4a#fact-resource-facts-0) Franklin Project · lithium #### Identity - Project: Franklin Project - Commodity: lithium - Region: texas, usa - Reported Region: Texas, USA - Ticker: SLI.V #### Resource Data - Category: indicated - Tonnes: 1771000 - Grade: 562 - Grade Unit: mg/L - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Indicated resource represents a significant step in geological confidence and resource maturity. - Positive factor: Resource upgrade from Inferred to Indicated Evidence · text > The new Indicated Resource is 1.77 million tonnes lithium carbonate equivalent \("LCE"\) at an average lithium concentration of 562 mg/L #### 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" **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-staging.minestarters.com/news/smackover-lithium-announces-positive-preliminary-economic-assessment-for-the-fra--feefe071-0696-43f8-ab09-fda5cc666a4a#fact-resource-facts-1) Franklin Project · lithium #### Identity - Project: Franklin Project - Commodity: lithium - Region: texas, usa - Reported Region: Texas, USA - Ticker: SLI.V #### Resource Data - Category: inferred - Tonnes: 2128000 - Grade: 572 - Grade Unit: mg/L - Cutoff Grade: 100 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Large Inferred resource provides significant scale but lacks geological confidence. - Positive factor: Significant increase in total resource size - Negative factor: Inferred category is speculative Evidence · text > upgraded Inferred Resource is 2.13 million tonnes LCE at an average lithium concentration of 572 mg/L #### 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" **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-staging.minestarters.com/news/smackover-lithium-announces-positive-preliminary-economic-assessment-for-the-fra--feefe071-0696-43f8-ab09-fda5cc666a4a#fact-resource-facts-2) Franklin Project · bromine #### Identity - Project: Franklin Project - Commodity: bromine - Region: texas, usa - Reported Region: Texas, USA - Ticker: SLI.V #### Resource Data - Category: indicated - Tonnes: 2655000 - Grade: 4483 - Grade Unit: mg/L #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Indicated bromide resource adds significant byproduct value. - Positive factor: Additional value creation potential Evidence · text > Indicated and Inferred bromide Mineral Resource... of 2.66 and 3.15 million tonnes at an average bromide concentration of 4,483 and 4,501 mg/L #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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-staging.minestarters.com/news/smackover-lithium-announces-positive-preliminary-economic-assessment-for-the-fra--feefe071-0696-43f8-ab09-fda5cc666a4a#fact-resource-facts-3) Franklin Project · bromine #### Identity - Project: Franklin Project - Commodity: bromine - Region: texas, usa - Reported Region: Texas, USA - Ticker: SLI.V #### Resource Data - Category: inferred - Tonnes: 3148000 - Grade: 4501 - Grade Unit: mg/L #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Inferred bromide resource adds scale to the project's byproduct potential. - Positive factor: Additional value creation potential Evidence · text > Indicated and Inferred bromide Mineral Resource... of 2.66 and 3.15 million tonnes at an average bromide concentration of 4,483 and 4,501 mg/L #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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-staging.minestarters.com/news/smackover-lithium-announces-positive-preliminary-economic-assessment-for-the-fra--feefe071-0696-43f8-ab09-fda5cc666a4a#fact-resource-facts-4) Franklin Project · potash #### Identity - Project: Franklin Project - Commodity: potash - Region: texas, usa - Reported Region: Texas, USA - Ticker: SLI.V #### Resource Data - Category: inferred - Tonnes: 15056000 - Grade: 11291 - Grade Unit: mg/L #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-08T00:00:00.000Z Reasoning: Potash resource is highly speculative and limited to Inferred category. - Positive factor: Future upside potential - Negative factor: Recovery process requires development - Negative factor: Economic viability not yet evaluated Evidence · text > Inferred potash \(as potassium chloride\) Mineral Resource of 15.06 million tonnes at an average potassium concentration of 11,291 mg/L #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **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 ## 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.