Century Lithium's Nevada Project Value Soars to $4 Billion

VANCOUVER, BC – February 23, 2026 – Century Lithium Corp. today unveiled a dramatically improved economic outlook for its Angel Island Lithium Project in Nevada, positioning the site as a cornerstone of the future U.S. domestic battery supply chain. An updated Feasibility Study pegs the project's after-tax net present value (NPV) at a staggering $4.01 billion, with an internal rate of return (IRR) of 27.4%.

The new figures, based on a lithium carbonate price of $24,000 per tonne, represent a material improvement from a 2024 study and are the result of extensive process optimization and a more efficient development plan. The announcement signals a major step forward for one of North America's largest known sedimentary lithium deposits, a critical resource in the global transition to electric vehicles and renewable energy storage.

A Streamlined Path to Production

The 2026 Feasibility Study showcases significant gains in capital efficiency and a simplified execution strategy. The initial capital cost for the project's first phase is now estimated at $997 million, a sharp reduction from the $1.537 billion projected in the previous 2024 study. This was achieved by reconfiguring the project into a two-phase development, eliminating a previously planned third expansion phase.

Phase 1 will commence with a throughput of 7,500 tonnes per day (tpd), with an expansion to 15,000 tpd planned for year five of operations. The economic analysis, based on a 40-year production schedule from a mine life that exceeds 60 years, projects an average annual output of approximately 26,500 tonnes of battery-grade lithium carbonate.

"The results of the 2026 Feasibility Study represent a material improvement," said Bill Willoughby, President and CEO of Century Lithium, in the company's press release. "These results were made possible by Century Lithium's team who, through many steps of optimization including those at the Company's pilot plant, have delivered a more efficient development plan for the Project."

Willoughby noted that the streamlined process is reflected in reduced requirements for equipment, infrastructure, and electrical demand, leading directly to the favorable new cost estimates. While the project's massive mineral resource and reserve estimates remain unchanged from 2024, the path to extracting their value has become substantially more attractive.

The Secret Sauce: Innovative Processing Slashes Costs

At the heart of Angel Island's enhanced economics is a proprietary, patent-pending processing flowsheet that has been validated over four years of pilot plant operations. The integrated system combines hydrochloric acid leaching with Direct Lithium Extraction (DLE) and an on-site chlor-alkali plant, which produces its own key reagents from simple salt.

This vertical integration is a game-changer for the project's operating costs. The on-site chlor-alkali plant produces both the hydrochloric acid needed for leaching and a significant surplus of sodium hydroxide (NaOH), a valuable industrial chemical. The study projects that the sale of this surplus NaOH will generate revenue equivalent to $5,393 for every tonne of lithium carbonate produced.

This co-product revenue dramatically lowers the project's cost structure. The average operating cost is now estimated at just $4,389 per tonne of lithium carbonate—nearly half the $8,223 per tonne estimated in 2024. If the NaOH revenue is treated as a direct credit, it would result in a net operating cost below zero, a figure that places Angel Island in the lowest quartile of the global cost curve.

Century Lithium has already signed a non-binding Memorandum of Understanding with Orica Specialty Mining Chemicals for a multi-year offtake agreement for the surplus NaOH, signaling strong market interest in the co-product and de-risking this crucial revenue stream.

Bolstering America's Battery Independence

The Angel Island project is more than just a financially attractive asset; it is a strategic one for the United States. Located in Esmeralda County, Nevada, the project is poised to become a significant, long-term domestic source of the high-purity lithium carbonate essential for manufacturing lithium-ion batteries.

As the automotive industry accelerates its shift to electric vehicles, securing a reliable and ethical supply chain for critical minerals like lithium has become a matter of national priority. The Angel Island project's 1.759 million tonnes of proven and probable lithium carbonate equivalent (LCE) reserves can support domestic battery production for decades, reducing U.S. reliance on foreign imports.

In a nod to its national importance, the project was added to the U.S. Federal Permitting Dashboard under the FAST-41 program in 2025. This status is granted to high-priority infrastructure projects to increase transparency and accelerate the federal permitting process, putting Angel Island on a fast track alongside only a handful of other critical mineral projects.

Navigating Nevada's Green Gold Rush

While the economic and technical picture is bright, Century Lithium must now navigate the complex regulatory and environmental landscape of Nevada's burgeoning lithium sector. The project's next major step is the submission of its Plan of Operations to the U.S. Bureau of Land Management (BLM), which will formally initiate the National Environmental Policy Act (NEPA) review process.

All lithium projects in the arid state face intense scrutiny over water usage, potential habitat disruption, and community impact. Century Lithium has stated that its baseline environmental studies are complete, but the detailed NEPA process will involve public comment and collaboration with multiple state and federal agencies.

The company's integrated chlor-alkali process, which produces reagents on-site and avoids the use of sulfuric acid common in other claystone projects, may offer environmental advantages. However, it will still need to secure water rights and demonstrate responsible management of its tailings and overall operational footprint to gain final approval.

To guide the project through these final stages, Century Lithium is bolstering its team and partnerships. The company has engaged BMO Capital Markets to assist in securing strategic development funding and appointed Dr. Cormac O'Laoire, a lithium industry veteran, to advise on downstream partnerships and offtake agreements. With a robust feasibility study in hand and a clear path forward on permitting, the company is now focused on securing the financing and partnerships needed to bring Angel Island from a plan into production.