XTC Lithium Limited Overview
XTC Lithium is a micro-cap, pre-resource lithium brine explorer whose only material asset is the Carachi Pampa Lithium Project in Catamarca Province, Argentina. The project sits at the southern end of South America's "Lithium Triangle," next to and north-east of Lake Resources' Kachi project.
The company has rights over eight concessions it says cover more than 21,900 ha, mostly held through its Argentine subsidiary XTC Lithium Argentina SAR. It carries roughly A$40M of capitalised exploration and acquisition costs, but has not yet defined a JORC resource.
Between late 2023 and October 2025 the company:
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was suspended for late and audit-disclaimed accounts;
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consolidated its shares 200:1;
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sold its Western Australian gold tenements for A$1.0M;
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relinquished its Korean interest;
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signed a non-binding letter of intent with American Battery Materials, which could fund up to 50% of Carachi.
It was then removed from the ASX in October 2025. It now operates as an unlisted, director-funded shell-plus-asset vehicle. Its equity value depends entirely on executing a farm-in and a drilling programme.
What the company does
XTC Lithium is a mineral exploration company. Its stated principal activity in the FY2024 Annual Report is exploring, developing, assessing and, where appropriate, acquiring exploration and mine-development projects in Australia and Argentina. Since the divestments of early 2025 the Australian leg no longer exists, and the company is effectively a single-asset Argentine lithium brine explorer.
The company describes its ambition as becoming a provider of sustainable, high-purity, battery-grade lithium. It intends to use direct lithium extraction (DLE) technology together with local partnerships to develop the Carachi brine project (company profile, ListCorp; Proactive Investors). The Carachi target, as described in the FY2024 Annual Report, is a buried "paleo-salar":
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The brine target is expected to begin at around 180–200 m depth.
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Vertical Electrical Sounding (VES) surveys indicate brine-saturated layers down to about 600 m.
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The company's most recent target is a lower hyper-saline aquifer between about 200 m and 750 m.
Business model and revenue model
| Dimension | Characterisation |
|---|---|
| Revenue model | None. No product, service, subscription or licensing revenue in any year reviewed (FY2020–FY2024). Income is limited to interest, small asset-disposal gains, data and mining-right sales, and due-diligence recoveries |
| Monetisation pathway | (1) Farm-out or joint venture (ABM letter of intent, up to 50%); (2) resource definition followed by sale of the project or the company; (3) long-dated: development of a DLE-based lithium carbonate operation |
| Funding model | Equity issues (placements, rights issues, share purchase plans), director loans (A$3.35M combined facilities), asset sales (Southern Cross, A$1.0M), and vendor payment deferrals |
| Cost structure | Corporate overhead is dominated by consulting fees paid to director-related entities; field spend has been minimal since FY2023 |
| Value chain position | Upstream: early exploration and pre-resource stage |
| Customer types | None currently. Prospective offtakers would be cathode and battery makers and lithium chemical converters |
| End-markets | Lithium carbonate for lithium-ion batteries (EVs and stationary energy storage) |
Company's own description vs. independent characterisation
Company's own description (paraphrased from the FY2024 AR):
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The Carachi Project comprises the La Sofia, Luz Maria, La Fortuna, La Fortuna 1, Rita, Rita I, Justina and La Potola properties.
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Together they cover more than 21,900 ha on the Carachi Pampa salt flat, east of Lake Resources' project.
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The company says its ground occupies the central and deepest part of the water basin.
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Its target areas are mostly alluvial fans, which are easy to access and less prone to flooding.
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The company emphasises water conservation, a reduced footprint, energy optimisation and lower chemical use through technology selection.
Independent characterisation. XTC is a capital-starved, pre-resource explorer. Its asset base is largely acquisition cost: roughly A$27.8M of Argentine exploration and evaluation costs were capitalised in FY2023, mainly the Luz Maria and La Fortuna purchases. That spend has not yet been validated by modern drilling. Specifically:
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The FY2024 Annual Report concedes that one hydrological drill hole gave inconclusive results.
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Historic holes were found to be compromised and unusable for brine testing.
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Six drill targets were identified, but permits were still pending.
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Delays in finishing the Environmental Impact Report held up the drilling tender (quarterly reporting summarised by Delisted.com.au).
The investment case is a proximity play on Lake Resources' Kachi resource in the same basin. It is also a financing-structure play: whether a partner such as ABM funds a maiden drilling programme on terms that leave legacy shareholders meaningful value.
Separately, the company remains liable for deferred acquisition consideration on several concessions, including a US$2.0M promissory note. Those obligations make tenure contingent on future funding.
Strategy
Stated strategy (themes from the FY2022 and FY2024 ARs and 2025 releases)
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Single-asset focus on Carachi. Reposition as a focused Argentine lithium explorer by exiting non-core WA and Korean assets (March 2025 quarterly, per Proactive Investors).
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Partner-funded development. Bring in a partner (ABM, or other well-funded parties) to fund drilling and resource delineation (ASX, 24 Apr 2025; shareholder update, 2 Oct 2025).
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ESG-differentiated product via DLE. Pursue water conservation, footprint reduction, energy optimisation and chemical reduction (FY2024 AR).
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Local partnerships. Draw on Catamarca relationships (Grupo Santos, formerly Arecco Ingeniería) and local landowners.
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Capital-markets reset. A 200:1 consolidation and a North American capital-markets strategy with Roth Capital (Jul 2023), later abandoned with the delisting.
Initiatives in the last 24 months (Oct 2024 – Oct 2026)
| Initiative | Date | Detail | Status |
|---|---|---|---|
| Vendor payment extensions | Jan 2025 | Rita/Rita I to 31 Dec 2025; Luz Maria and La Fortuna group to 30 Jun 2027; Ontario note to 31 Dec 2026 | Executed |
| Argentine corporate restructuring | Jan 2025 | XTC Lithium Argentina SAR formed; branch registration | Completed |
| Exit from Korea | 31 Jan 2025 | 22.5% interest relinquished for nil | Completed |
| Exit from WA | 28 Feb 2025 | Southern Cross sold to Geko Explore for A$1.0M | Completed (final A$500k due 30 Jun 2025; receipt not confirmed) |
| ABM strategic partnership LOI | Mar–Apr 2025 | Initial US$3.5M within three months for 10%; option to reach 50% over 30 months on a valuation formula tied to lithium price, resource size and market factors (middle.news summary of ASX release) | Non-binding; no definitive agreement disclosed |
| Environmental Impact Assessment | 2,025 | Grupo Territorio SASU engaged for the EIA and community work | In progress at last disclosure; delays affected the drilling tender |
| Drilling programme | 2,025 | Six VES-defined targets; drilling tender | Not commenced at last disclosure |
| Decision not to relist | 2 Oct 2025 | Board opts against relisting; operations in Catamarca to continue | Executed |
Guidance and targets
Management has given no financial targets, production guidance or medium-term financial framework. The only stated operational intent is to begin a drilling campaign to establish a resource.
ESG commitments: qualitative only; no quantified emissions, water or diversity targets.
Products & Services
XTC has no commercial products or services. Its "portfolio" is a set of mineral concessions and exploration targets. It is catalogued concession by concession below.
Carachi Pampa Lithium Project, Catamarca, Argentina (core)
| Concession | Administrative file | Title holder (FY2024 AR) | Approx. area | Original vendor | Acquisition terms (headline) | Deferred-payment deadline (Jan 2025 extension) |
|---|---|---|---|---|---|---|
| Rita | 2021-00427648 | XTC Lithium Argentina SAR | Rita + Rita I: >6,000 ha | Mrs Ramos | US$40k option fee; US$100k on exercise; US$1.0M at definitive agreement; US$1.06M within 18 months | Balance due by 31 Dec 2025 |
| Rita I | 2022-00120248 | XTC Lithium Argentina SAR | (included above) | Mrs Ramos | As above | 31 Dec 2025 |
| Luz Maria | 1209-C-2006 | XTC Lithium Argentina SAR | >3,383 ha | Crydon SA | US$2.18M upfront plus US$10.0M (shares; 1bn pre-consolidation shares approved Aug 2022 and issued in two 500M tranches) | Balance by 30 Jun 2027 |
| La Sofia | 242-A-2011 | Arlupo SA | ~3,000 ha | Arrayanes SA | US$40k option plus US$15k legal; US$460k at definitive agreement; US$1.5M (US$600k at 6 months, US$900k at 12 months) | Not extended at report date; A$1.59M impairment |
| La Fortuna | 848 F 2005 | XTC Lithium Argentina SAR | La Fortuna group: 9,571 ha | 1000056634 Ontario Inc | US$1.5M option fee; US$0.5M at definitive agreement; convertible notes for US$1.5M plus US$2.0M; assumption of US$6.0M obligations to J.L. Fornaciari; 337M shares (US$4.5M deemed); 2% gross overriding royalty | Balance by 30 Jun 2027; US$2.0M promissory note extended to 31 Dec 2026 |
| La Fortuna I | 849 F 2005 | XTC Lithium Argentina SAR | (included) | Ontario Inc | As above | As above |
| La Potola | 622 F 2004 | XTC Lithium Argentina SAR | (included) | Ontario Inc | As above | As above |
| Justina | 100 F 2008 | XTC Lithium Argentina SAR | (included) | Ontario Inc | As above | As above |
Sources: FY2022 AR (acquisition terms); FY2024 AR (titles, extensions, impairment).
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ListCorp and the company profile cite about 12,500 ha of options.
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The FY2022 AR cites 12,400 ha as the paleo-salar target.
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The FY2022 and FY2024 ARs both cite more than 21,900 ha for the eight properties.
The individual figures (about 3,383 + 6,000 + 3,000 + 9,571 ha) sum to roughly 21,950 ha. That supports the 21,900 ha figure for the full package. The 12,400–12,500 ha figure predates the La Fortuna option.
Technical status (FY2024 AR):
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A 35-station VES survey by CONHIDRO S.R.L. covered the whole salar.
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It indicated brine-saturated layers to about 600 m, with semi-saturated layers between 150 m and 300 m.
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Six drill targets were identified, and permit applications were submitted to Catamarca authorities.
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One hydrological hole gave inconclusive results and was closed and rehabilitated as authorities required.
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Historic holes were found to be compromised.
No JORC Mineral Resource has been estimated: Analogue data cited by the company (Lake Resources' Kachi, about 12 km away):
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Brine intersected at 60–300 m depth at 187–252 mg/L Li (Lake Resources, 30 Apr 2020).
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Kachi resource at June 2023: 2.9 Mt LCE Measured and Indicated plus 5.2 Mt LCE Inferred to 400 m.
Processing concept: DLE. In 2022 the company referred to discussions with a "tier one" Korean research institution. In 2024 it said it was opening a large lithium research facility in Argentina, but no further detail has been disclosed (FY2022 and FY2024 ARs).
Competent Person: Mr Rosko, M.Sc., C.P.G., Montgomery & Associates, Santiago (FY2024 AR).
Southern Cross Gold/Lithium Project, Western Australia (divested Feb 2025)
| Item | Detail |
|---|---|
| Tenure | 16 prospecting licences and 7 exploration licences, about 197 km², about 60 km of strike on the Southern Cross Greenstone Belt (historic production about 15 Moz Au) |
| Key prospects | Glen Innes, Glen Dower, Catherine, Mt Caudin (E77/2694, E77/2695, E77/2696), Toomey Hills (E77/2804, P77/4585), Kennyville West |
| Best results | 4 m at 6.06 g/t Au from 12 m (Glen Dower); 36 m at 0.45 g/t Au (Glen Innes, SXRC0038); 24 m at 0.15% Li₂O including 4 m at 0.213% Li₂O (lepidolite); auger soils up to 969.5 ppb Au (Sep 2024) |
| Disposal | Sold to Geko Explore Pty Ltd for A$1.0M in three instalments: A$250k on 24 Feb 2025, A$250k on 3 Apr 2025, A$500k due by 30 Jun 2025 (FY2024 AR) |
South Korean interests (relinquished Jan 2025)
The company held 22.5% of Korean Resources Pty Ltd, which held projects through Suyeon Mining Co. Ltd. This was a legacy of the Peninsula Mines graphite strategy. The interest was free-carried after the 77.5% sale to MGM O'Connor in February 2021, and was relinquished for nil consideration effective 31 January 2025.
Abandoned or exploratory initiatives
| Initiative | Year | Detail | Outcome |
|---|---|---|---|
| Bolivia green-energy and lithium approach via EZC (Energy Zero Carbon) | FY2022 | A formal request to the Bolivian Government, led by director G. Fernández | No subsequent disclosure; presumed lapsed |
| Fundos del Plata 25% stake (Minera Collasuyo) | Jul 2023 | Non-binding proposal: US$5M for 25% of 6,274 ha in Catamarca | No binding agreement disclosed; presumed lapsed |
Financial Narrative
All figures are A$ millions unless stated.
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Segment (As Reconstructed) Overview
| Segment (as reconstructed) | Contents | Status at Oct 2026 |
|---|---|---|
Argentina: Carachi Pampa Lithium Project | Rita, Rita I, Luz Maria, La Fortuna, La Fortuna I, La Potola and Justina (title: XTC Lithium Argentina SAR); La Sofia (title: Arlupo SA) | Core and only operating asset |
Australia: Southern Cross Gold/Lithium Project (WA) | 16 prospecting licences and 7 exploration licences, about 197 km² | Divested 28 Feb 2025 to Geko Explore for A$1.0M |
South Korea: Korean Resources Pty Ltd (22.5%) | Graphite and mineral tenements via Suyeon Mining Co. Ltd | Relinquished for nil, effective 31 Jan 2025 |
Corporate | Head-office costs and financing | Ongoing |
Segment Revenue
| Segment | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Argentina revenue (AUD Mn) | 0 | 0 | 0 |
Australia revenue (AUD Mn) | 0 | 0 | 0 |
South Korea revenue (AUD Mn) | 0 | 0 | 0 |
Group total revenue (AUD Mn) | 0 | 0 | 0 |
Revenue by Segment
| Segment / project | FY2023 | FY2024 |
|---|---|---|
Luz Maria (AUD Mn) | 15.51 | 0.20 |
La Fortuna package ("Fornichiari") (AUD Mn) | 11.40 | 0 |
La Sofia (AUD Mn) | 0.89 | 0 |
Argentina subtotal (AUD Mn) | 27.81 | 0.20 |
Southern Cross, Australia (AUD Mn) | 0.76 | 0.16 |
Total E&E capitalised (AUD Mn) | 28.56 | 0.35 |
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View Subscription PlansGroup Entities
| Entity | Jurisdiction | Role | Status |
|---|---|---|---|
XTC Lithium Limited | Australia | Parent; formerly ASX-listed | Unlisted since 3 Oct 2025 |
Carolina Lithium Pty Ltd | Australia | Acquired 7 Mar 2022; holds the entitlement to Arlupo SA | Controlled |
Arlupo SA | Argentina | Original acquisition vehicle; title holder of La Sofia | Controlled |
XTC Lithium Argentina SAR | Argentina | Title holder of 7 of the 8 Carachi concessions; formed Jan 2025 | Wholly owned (ABM press release) |
XTC Lithium Limited, Argentine branch | Argentina | Registered as a foreign company in Jan 2025 | Active |
Minera la Falda S.A. | Argentina | Previously controlled | Control lost 7 Feb 2025 |
Korean Resources Pty Ltd | Australia / Korea | 22.5% interest | Relinquished 31 Jan 2025 |
Income Statement and Per-Share Data
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Revenue (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Other income (AUD Mn) | 0.1 | 0.29 | 0.01 | 0.01 | 0.19 |
Gross profit (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Administration expenses (AUD Mn) | — | -0.92 | -2.16 | -5.16 | -4.59 |
Share-based payments, separately disclosed (AUD Mn) | — | — | — | -2.27 | -1.93 |
Exploration expensed (AUD Mn) | — | -1.05 | -10.52 | -2.38 | -0.15 |
Impairment (AUD Mn) | — | 0 | 0 | 0 | -1.59 |
Operating income, derived as pre-tax loss plus finance costs (AUD Mn) | — | -1.68 | -12.67 | -9.13 | -7.60 |
EBITDA, derived as operating income plus depreciation (AUD Mn) | — | -1.66 | -12.66 | -9.12 | -7.59 |
Pre-tax income (AUD Mn) | -2.80 | -1.68 | -12.67 | -9.80 | -8.06 |
Net income, as originally reported (AUD Mn) | -2.80 | -1.68 | -12.67 | -5.75 | -8.06 |
Net income, restated basis per FY2024 AR (AUD Mn) | -2.80 | -1.68 | -2.15 | -9.80 | -8.06 |
Basic/diluted EPS, post-consolidation basis per FY2024 AR (AUD) | -0.28 | -0.08 | -0.02 | -0.21 | -0.10 |
Dividends per share (AUD) | 0 | 0 | 0 | 0 | 0 |
Expense line
| Expense line | FY2023 | FY2024 |
|---|---|---|
Consulting and labour hire (AUD Mn) | 2.75 | 2.52 |
Finance costs (AUD Mn) | 0.67 | 0.45 |
Insurance and legal (AUD Mn) | 0.51 | 0.68 |
ASX, ASIC and related fees (AUD Mn) | 0.22 | 0.19 |
Travel and accommodation (AUD Mn) | 0.86 | 0.35 |
Other expenses (AUD Mn) | 0.15 | 0.39 |
Depreciation (AUD Mn) | 0.004 | 0.010 |
Total administration (AUD Mn) | 5.16 | 4.59 |
Balance Sheet
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Cash and equivalents (AUD Mn) | 1.82 | 0.27 | 5.97 | 0.32 | 0.03 |
Other current assets, incl. acquisition advances (AUD Mn) | — | 0.03 | 3.01 | 0.10 | 0.11 |
Total current assets (AUD Mn) | — | 0.30 | 8.99 | 0.42 | 0.14 |
Capitalised E&E (AUD Mn) | — | 0 | 0 | 41.47 | 40.23 |
Property, plant and equipment (AUD Mn) | — | 0.01 | 0.01 | 0.003 | 0.34 |
Total assets (AUD Mn) | — | 0.32 | 8.99 | 41.89 | 40.71 |
Trade and other payables (AUD Mn) | — | 0.07 | 0.28 | 2.02 | 1.59 |
Short-term debt: director loans (AUD Mn) | — | 0 | 0 | 1.02 | 0.41 |
Short-term debt: promissory note / financial liability (AUD Mn) | — | 0 | 0 | 3.02 | 3.02 |
Long-term debt (AUD Mn) | — | 0 | 0 | 0 | 0 |
Total debt (AUD Mn) | — | 0 | 0 | 4.03 | 3.42 |
Net debt (AUD Mn) | — | -0.27 | -5.97 | 3.72 | 3.39 |
Total liabilities (AUD Mn) | — | 0.09 | 0.31 | 6.05 | 5.02 |
Total equity, as reported (AUD Mn) | 1.77 | 0.23 | 8.68 | 35.84 | 35.70 |
Total equity, FY2022 restated opening (AUD Mn) | — | — | 21.59 | — | — |
Goodwill and intangibles (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Working capital (AUD Mn) | — | 0.21 | 8.68 | -5.63 | -4.72 |
Issued capital (AUD Mn) | 26.51 | 26.61 | 47.41 | 71.21 | 77.19 |
Accumulated losses (AUD Mn) | -29.88 | -31.56 | -39.27 | -36.06 | -43.93 |
Cash Flow
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Operating cash flow (AUD Mn) | — | -1.35 | -1.77 | -5.68 | -4.99 |
Capex: mining assets and PP&E (AUD Mn) | — | -0.30 | -7.08 | -10.70 | -0.55 |
Free cash flow (AUD Mn) | — | -1.65 | -8.85 | -16.38 | -5.53 |
Investing cash flow (AUD Mn) | — | -0.30 | -7.08 | -10.70 | -0.36 |
Financing cash flow (AUD Mn) | — | 0.10 | 14.55 | 10.73 | 5.05 |
Equity raised, cash (AUD Mn) | — | 0.10 | 15.42 | 10.45 | 3.58 |
Director loans drawn (AUD Mn) | — | 0 | 0 | 1.02 | 1.48 |
Dividends paid (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Buybacks (AUD Mn) | 0 | 0 | 0 | 0 | 0 |
Net change in cash (AUD Mn) | — | -1.55 | 5.70 | -5.65 | -0.29 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|
ROE, net loss / average equity (%) | -168 | -284 | -34 | -23 |
ROA, net loss / year-end total assets (%) | -529 | -141 | -23 | -20 |
Current ratio (x) | 3.42 | 29.13 | 0.07 | 0.03 |
Debt / equity (x) | 0 | 0 | 0.11 | 0.10 |
Net debt / equity (x) | -1.18 | -0.69 | 0.10 | 0.09 |
Share Count (M)
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Shares on issue, post-consolidation equivalent (M) | 39.73 | 57.40 | 87.64 |
Shares on issue, pre-consolidation as reported (M) | 7,946.15 | 11,480.10 | 17,528.01 |
Geographic Revenue
| Region | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Australia revenue (AUD Mn) | 0 | 0 | 0 |
Americas (Argentina) revenue (AUD Mn) | 0 | 0 | 0 |
Asia-Pacific ex-Australia (Korea) revenue (AUD Mn) | 0 | 0 | 0 |
Revenue by Region
| Region | FY2023 | FY2024 |
|---|---|---|
Argentina E&E capitalised in year (AUD Mn) | 27.81 | 0.20 |
Australia E&E capitalised in year (AUD Mn) | 0.76 | 0.16 |
Share Price
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
Share price at 30 June, post-consolidation basis (AUD) | 0.40 | 0.40 | 1.40 | 1.00 | 0.20 |
Share Price & Returns
| Horizon | Return | Source |
|---|---|---|
1-year | -81.82% | Simply Wall St (stale, suspension-era) |
3-year | -50.00% | Simply Wall St |
5-year | -75.00% | Simply Wall St |
Since IPO | -99.44% | Simply Wall St |
Current | No market. Delisted 3 Oct 2025 | ASX |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | A$17.53M | 87.64M shares × A$0.20 |
Enterprise value | A$20.92M |
|
P/E | n/m | Loss-making |
EV/EBITDA | n/m | Negative EBITDA |
EV/Sales | n/m | Nil revenue |
P/B | 0.49x | A$17.53M / A$35.70M net assets |
EV per claimed hectare | ≈A$955/ha | A$20.92M / 21,900 ha |
ABM LOI implied project value | ≈US$35M (100%) | US$3.5M for 10% (headline; ignores the staged valuation formula) |
Capital Markets
| Item | Status |
|---|---|
Analyst coverage | 0 analysts (Simply Wall St); "not covered by a major broker" (Market Index) |
Dividend history | No dividends ever paid; directors do not recommend any (FY2022 and FY2024 ARs). A 6.15% yield shown by MarketBeat is an evident data error |
Credit ratings (Moody's / S&P / Fitch) | Not rated |
Capital Instruments
| Instrument | Principal | Interest | Maturity | Status |
|---|---|---|---|---|
Featherby loan facility | A$3.0M limit (A$405k drawn combined with Lynn at 30 Jun 2024) | 0% within principal; 5% above | 21 Mar 2026 | Outcome not disclosed |
Lynn loan facility | A$0.35M limit | 0% within principal; 5% above | 17 Aug 2026 | Outcome not disclosed |
1000056634 Ontario Inc promissory note | US$2.0M (A$3.02M) | — | Extended to 31 Dec 2026 | Outstanding |
Buenos Aires office deferred payment | US$100k | — | 18 Sep 2028 | Outstanding |
Deferred tenement consideration (Rita/Rita I; Luz Maria; La Fortuna group) | Not fully quantified in reviewed extracts | — | 31 Dec 2025 / 30 Jun 2027 | Partially overdue or unknown |
“—” = not publicly disclosed.
Capital Instruments — Unlisted options
| Instrument | Number | Terms |
|---|---|---|
Unlisted options (Roth Capital) | 750,000 | A$1.20, expire 3 Jul 2026 (now lapsed by date) |
Convertible notes | 2,884,440 | Face value A$1.00, conversion price A$3.60 |
Performance rights | 6,300,000 | Various expiries to 15 May 2028; 2.0M "to be issued upon re-listing" |
Analyst Conclusions
Management guidance
There is no quantitative guidance. Management intends to:
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advance Carachi through the EIA and a maiden drilling programme;
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pursue funding through ABM and other well-funded parties;
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keep operating in Catamarca as an unlisted company (shareholder update, 2 Oct 2025).
Consensus growth expectations
None. There is no analyst coverage.
Bull case
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Farm-in crystallises value. If ABM, or a stronger substitute, completes the US$3.5M first tranche for 10%, the implied project value of about US$35M is roughly three times the last quoted equity value and would fund the first drill holes.
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Basin read-through. A successful Kachi EIA approval and FID would establish permitting precedent, infrastructure (power and roads) and possibly a natural acquirer next door.
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Discovery leverage. A cleaned-up capital structure (87.6M shares) and about 21,900 ha mean even modest drill success (hyper-saline brine at 200–750 m) could re-rate the asset sharply.
Bear case
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Funding cliff. Cash of about A$32k (Mar 2025) against a working-capital deficit of A$4.72M (Jun 2024), with director loan maturities in 2026, implies insolvency risk without a transaction.
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Tenure attrition. Deferred payments (31 Dec 2025, 31 Dec 2026, 30 Jun 2027) and the La Sofia impairment mean the A$40.2M carrying value could be substantially written down if concessions lapse or revert.
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Governance and illiquidity. After a disclaimer, a restatement and a delisting, minority shareholders have no market, limited disclosure and little protection against highly dilutive recapitalisation.
Catalysts and monitorables (next 12 months)
| Monitorable | Why it matters |
|---|---|
| Definitive agreement with ABM (or alternative) and receipt of the US$3.5M | Determines survival and drilling |
| Status of the Rita/Rita I balance (due 31 Dec 2025) and the La Sofia extension | Tenure integrity |
| Ontario US$2.0M promissory note (due 31 Dec 2026) | Largest near-term liability |
| Featherby and Lynn facility maturities (Mar and Aug 2026) | Whether insiders roll over or convert |
| Catamarca EIA approval for drilling; drilling tender award | First test of the thesis |
| ASIC-lodged FY2025 and FY2026 financial reports | Transparency on cash and liabilities |
| Lake Resources Kachi exploitation EIA approval and FID | Basin read-through |
| Lithium carbonate price (GFEX at about 104,740 yuan/t on 12 Oct 2026) | Partner appetite and valuation |
Analyst verdict
XTC Lithium is no longer an investable listed equity in any conventional sense. It is an unlisted, director-funded holding company whose single asset is a set of conditionally acquired brine concessions in the Carachi Pampa basin of Catamarca.
The asset has real geological logic:
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the concessions are adjacent to Lake Resources' Kachi;
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VES geophysics indicates deep brine-saturated horizons;
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the operations lead has relevant Catamarca experience.
But after roughly A$77M of cumulative issued capital, the company has no resource, no usable brine samples and almost no cash. It also carries a corporate cost base that, in FY2024, outspent field exploration by more than ten to one.
The financial statements need careful handling:
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The FY2023 accounts were audit-disclaimed and later restated.
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The 2022/23 change from expensing to capitalising exploration lifted reported net assets to about A$35.7M.
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That figure is mainly historic acquisition consideration, much of it paid in shares at prices well above where the stock later traded.
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The A$1.59M La Sofia impairment shows the carrying value is only as durable as the company's ability to meet deferred vendor payments, which fall due through December 2026 and June 2027.
The ABM letter of intent is the only visible route to value. Its headline terms (US$3.5M for 10%) imply a project valuation well above the last quoted equity value. However, it is non-binding, and the counterparty is itself an OTC Pink micro-cap whose ability to pay is conditional on its own financing. The lithium price backdrop has also softened, with GFEX carbonate roughly halving between May and October 2026.
Verdict: Speculative / Distressed — "Not Rated (Unlisted)." For existing holders, the realistic outcomes are skewed:
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a highly dilutive farm-in or recapitalisation that preserves a minority interest in a drilled project;
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a sale of the concessions to a basin neighbour;
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loss of tenure.
Institutional investors should treat any exposure as an option on a third-party transaction rather than on the company's own execution. Re-engagement would require four things: a signed and funded farm-in, confirmation that all concessions are in good standing, audited post-FY2024 accounts, and a maiden drill result.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Appointed | Background / education | Age |
|---|---|---|---|---|
John Featherby | Non-Executive Chairman (Executive Chair 10 Oct 2022 to 15 Aug 2023) | 10 Oct 2022 | Stockbroking and wealth management; joined Hartley Poynton (now Euroz Hartleys) in 1987 | — |
Kevin Lynn | Executive Director, CFO and Company Secretary | Co Sec 6 Feb 2023; Director 14 Feb 2023 | Chartered Accountant (ACA), Master of Finance, F.FIN, FAICD; 35+ years in mining and oil & gas finance roles | — |
Mathew Beem | Executive Director | 26 Jun 2023 | CFA charterholder; BA (Trinity University), master's (Stanford), MSc Geosciences (Mississippi State); 20+ years in Latin American finance (CEO, CIO, portfolio manager) | — |
Juan Manuel Santos | Non-Executive Director (Director of Catamarca Operations) | 2 Aug 2022 | General Manager, Grupo Santos (logistics, beverages, citrus, mining, construction); President of UNAJE | — |
Ruben Gabriel Pindar | Chief Operating Officer | 7 Feb 2023 | Co-founder and former COO of Neo Lithium Corp. (3Q project, Catamarca, sold to Zijin) | Born 1972 (Yahoo Finance) |
“—” = not publicly disclosed.
Directors' Remuneration
| KMP | Consulting fees to associated entity | Salary / fees | Superannuation | Other | Share-based | FY2024 total | FY2023 total (restated) |
|---|---|---|---|---|---|---|---|
John Featherby | 0 | 216,000 | 23,760 | 0 | 35,522 | 275,282 | 178,738 |
Kevin Lynn | 200,000 | 0 | 0 | 0 | 35,522 | 235,522 | 79,439 |
Mathew Beem | 185,307 | 0 | 0 | 7,045 | 0 | 192,352 | 0 |
Juan Manuel Santos | 218,588 | 36,000 | 0 | 0 | 0 | 254,588 | 273,346 |
Carolina Arecco | 182,157 | 36,000 | 0 | 0 | 0 | 218,157 | 213,882 |
Carlos Arecco | 0 | 36,000 | 0 | 0 | 0 | 36,000 | 28,500 |
Total | 786,052 | 324,000 | 23,760 | 7,045 | 71,044 | 1,211,901 | 773,905 |
Directors' Remuneration by Attribute
| Attribute | Assessment |
|---|---|
Board size | 4, down from 6 before 7 Feb 2025 |
Independence | Weak. Featherby is the largest disclosed shareholder (~15.5%) and principal lender (A$3.0M facility); Lynn and Beem are executives; Santos receives US$144k per year in consulting. By ASX Corporate Governance Council criteria, arguably no director is clearly independent |
Chair / CEO separation | No CEO is designated. Chair is non-executive since 15 Aug 2023; executive roles are split among Lynn, Beem and Pindar (COO) |
Audit committee | None. The board says the company is not of a size or complexity to justify one (FY2024 AR) |
Nomination & Remuneration Committee | Referred to in the remuneration report; membership not disclosed |
Board meetings (FY2024) | 5 held; the Areccos attended 3 of 5 each |
Gender diversity | 0 of 4 women since Feb 2025 (previously 1 of 6) |
Remuneration vote | 87.7% support at the 2023 AGM |
Major Shareholders
| Holder | Shares | % | Basis |
|---|---|---|---|
John Featherby (direct 13,109,057; indirect 484,375) | 13,593,432 | 15.51 | FY2024 AR directors' interests |
Juan Manuel Santos (indirect) | 3,158,981 | 3.60 | FY2024 AR |
Crydon SA (Luz Maria vendor) | up to 5,000,000 | up to 5.71 | 1bn pre-consolidation consideration shares; current holding not confirmed |
Carolina Lithium vendors (incl. Arecco interests) | up to 5,000,000 | up to 5.71 | 1bn pre-consolidation shares issued Mar 2022; current holding not confirmed |
Gabriel Pindar | up to 2,000,000 | up to 2.28 | 400M pre-consolidation shares, May 2023; current holding not confirmed |
1000056634 Ontario Inc | up to 1,685,000 | up to 1.92 | 337M pre-consolidation shares, Dec 2022; current holding not confirmed |
Carlos Arecco (indirect) | 1,016,346 | 1.16 | FY2024 AR (pre-resignation) |
Competitive Landscape
Key Competitors
| Company | Asset(s) | Stage | Relative positioning vs XTC |
|---|---|---|---|
Lake Resources NL (ASX: LKE) | Kachi, Carachi Pampa (same basin as XTC) | DFS Addendum (Aug 2025); exploitation EIA in progress with Catamarca, approval targeted around Q3 2026; Phase 1 at 25,000 tpa LCE; Phase 1 capex about US$1.16bn; total resource 11.1 Mt LCE; Lilac ion-exchange DLE | Dominant basin incumbent with a defined resource, DFS and strategic partners (Lilac; Goldman Sachs advising). XTC's value is partly a read-through from Kachi |
Zijin Mining | 3Q project, Catamarca (ex-Neo Lithium) | — | Precedent for brine M&A in Catamarca; XTC's COO was a Neo Lithium co-founder |
Rio Tinto (Arcadium Lithium) | Fénix (Catamarca); Olaroz and Sal de Vida (Catamarca/Jujuy) | Producer | Tier-one incumbent; potential consolidator |
POSCO | Sal de Oro, Hombre Muerto (Catamarca/Salta) | Producer / ramp-up | Korean strategic investor in the region |
Galan Lithium (ASX: GLN) | Hombre Muerto West (Catamarca) | Development | Comparable ASX junior-to-developer path |
Eramet | Centenario-Ratones (Salta) | Producer (DLE) | DLE commercial reference |
Ganfeng Lithium / Lithium Argentina | Cauchari-Olaroz (Jujuy); Mariana (Salta) | Producer | Scale benchmark |
Lithium South, NOA Lithium, Argentina Lithium & Energy | Various salars (Salta/Catamarca) | Exploration / PEA | Closest stage peers; most are listed and able to raise capital, unlike XTC |
American Battery Materials (OTC: BLTH) | Lisbon Valley (Utah) | Exploration | Prospective partner, not a competitor |
Peer Comparison FY2024
| Metric | XTC Lithium | Lake Resources | Galan Lithium | Rio Tinto (lithium) |
|---|---|---|---|---|
Revenue | Nil (FY2024) | — | — | — |
JORC / NI 43-101 resource | — | 11.1 Mt LCE total (per H1 FY2026 summary) | — | Multiple reserves |
Study stage | Pre-drilling | DFS Addendum | — | Production |
Listing / liquidity | Delisted Oct 2025 | ASX-listed | ASX-listed | ASX/LSE/NYSE |
R&D intensity | n/m | n/m | n/m | — |
Funding access | Director loans; LOI | Equity, at-the-market facility, strategic partners | Equity / project finance | Balance sheet |
Recent Developments
Coverage runs from September 2024 to October 2026. As an unlisted company it has no continuous-disclosure obligation.
