Investment in Delta Lithium, an Australia-based lithium exploration company - Responding to increasing demand for lithium triggered by electrification and growing demand for large-scale storage batteries -

DLI is pursuing two projects related to lithium mines in Western Australia (project names: Mt. Ida Project and Yinnetharra Project). DLI has recently increased its capital in order to advance exploration and development studies, and Idemitsu has invested in DLI through this capital increase.
Lithium exploration activities are progressing smoothly at both projects, and regarding the Mt. Ida Project, a JORC resource^*2 of 12.7 Mt of lithium ore with a grade of 1.2% was announced in October last year. A feasibility study on lithium ore (spodumene) mining is currently underway.
Idemitsu and DLI are examining collaboration in the areas of mining operations, marketing, financing, activities to obtain government support policies, mining lot acquisition activities, purchasing, processing technologies, as well as expansion into downstream lithium compound processing operations.

Australia is rich in mineral resources and has reserves of many kinds of rare metals, including lithium and vanadium. Leveraging the business base it has developed through coal mining operations in Australia over the past 40 years, Idemitsu is promoting entry into the rare metals business, which has an affinity with coal mining operations and is indispensable for the realization of a low-carbon society. The investment in DLI follows investments in Critical Minerals Group and Vecco ^*3, both of which are developing vanadium mining projects, and is part of Idemitsu's move into the rare metals business, a necessary step for the shift from fossil fuels to renewable energy.