Major Lithium Project Moves Toward Its First Economic Study

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA) reported updates on two of its core projects, including plans to begin a scoping study for the Candela II lithium brine project in Argentina's Incahuasi salar and a separate initiative to reprocess historical airborne geophysical data at the Riley Creek antimony-gold project in British Columbia.

The company stated that it intends to advance Candela II through a scoping study, defined as an early-stage technical and economic assessment of a mineral deposit. According to the release, the study is expected to evaluate technical viability, potential production parameters, capital costs, operating costs, environmental considerations and regulatory factors. Armory noted that the Candela II project has an inferred resource of 457,000 tonnes of lithium carbonate in situ, based on a National Instrument 43-101 mineral resource estimate completed by WSP Australia Pty. Ltd. Lithium carbonate pricing was reported in the release as US$13,401 per ton for 99.5% battery grade as of November 17, 2025.

The company's update also emphasized the project's location within the Lithium Triangle, a South American region spanning portions of Argentina, Bolivia and Chile that hosts some of the world's largest brine-based lithium resources. Armory highlighted that nearby operations include concessions held by Ganfeng Lithium, as well as regional activity by Rio Tinto and Power Minerals. Technical information referenced in the update had been previously reviewed and approved by Phillip Thomas, BSc (geology), MBM, FAusIMM (CPVal), MAIG, who qualified as a National Instrument 43-101 Qualified Person at the time of publication.

In a separate news release, Armory announced that it will reprocess historical airborne geophysical data acquired in 1995 over the Riley Creek antimony-gold project on Graham Island in the Queen Charlotte Islands. The original survey, conducted using Dighem's multicoil, multifrequency system, covered approximately 575 line kilometers and included magnetometer, electromagnetic and radiometric measurements. An interpretation completed in 1997 identified 11 areas of interest based on fault systems, intrusive contacts, radiometric anomalies and electromagnetic conductors.

Armory stated that it plans to digitize the complete dataset and apply modern processing algorithms, including three-dimensional modeling and integrated analysis. Chief executive officer Alex Klenman said in the release that "applying 21st-century processing techniques to this high-quality geophysical data set" would provide additional detail to assist in generating drill targets and improve understanding of structural controls on antimony mineralization. He also noted that planning is under way for phased exploration at the company's Ammo antimony-gold project, and that the Riley Creek data program contributes to preparation for more advanced work.

Lithium Trends Defining the Sector Landscape

According to a November 19 report from Bloomberg News, lithium prices in China had climbed for a third consecutive day on improving demand sentiment. The report noted that the most active lithium carbonate contract on the Guangzhou Futures Exchange "surged past 100,000 yuan a ton" before easing later in the session. Spot prices also rose to their highest level since July 2024. Analysts pointed to optimism from the energy storage industry, with Bloomberg quoting Su Jinyi of Sublime China Information's Fubao lithium battery department as saying that "the short term fundamentals still offer upward momentum, but the surge has slightly surpassed expectations." Bloomberg added that futures exchanges had increased transaction fees to temper speculative trading, reflecting heightened volatility in the market.

Reuters wrote on the same day that lithium demand showed improvement through the July-to-September period, supported by growth in electric vehicles and energy storage applications. According to the report, the period marked "stronger-than-expected demand," which contributed to a rebound in pricing after a prolonged downturn linked to earlier oversupply. Reuters cited commentary that "demand fundamentals remain strong," referring to both transportation and stationary storage uses. The report also noted that pricing had risen to the highest levels in two years, which aligned with the improved consumption trends outlined in the article.

A broader view of resources market activity was described in a November 26 industry summary from Phoebe Shields. She reported that lithium contributed to gains across major resource categories as part of a wider rise in commodity-linked equities. According to the summary, lithium was among the sectors that "led resources gains," supported by trading strength in related market indices. The report added that broad upward momentum extended across multiple sectors during the session, reinforcing the role of lithium within the overall advance.

Charting the Next Steps for Armory's Portfolio

Armory's corporate presentation shows that the company is advancing a multi-asset strategy focused on critical and precious metals across Canada and Argentina, with projects centered on lithium, antimony and gold. The Candela II project is positioned as a key component of this strategy. According to page 7 of the presentation, the property is situated within the Incahuasi salar and covers 3.01 square kilometers in a region with established lithium extraction expertise. Its proximity to major lithium developers provides context for the scoping study now being initiated.

The company is also preparing for additional activity across its antimony-gold assets. Page 6 of the presentation outlines the geological framework underlying the Riley Creek project and confirms that the 1995 Dighem survey identified multiple target types before Armory elected to modernize the dataset. Page 5 describes the Ammo property in Nova Scotia, where the company has planned a phased exploration program and aims to refine priority drill targets. Together, the portfolio materials indicate that Armory is organizing technical groundwork across its projects in advance of future field programs.

Ownership and Share Structure ¹

0.65% of Armory Mining is held by management and insiders. The rest is retail.

Armory Mining has 50.51 million free float shares, a market capitalization of CA$2.75 million. As of September 12, 2025, the 52-week range is CA$0.0000 - CA$0.2700.