Q2’s first resource for Cisco lithium ranks globally

It hosts 295 million inferred tonnes grading 1.36% lithium oxide for 9.9 million tonnes of lithium carbonate equivalent, according to a mineral resource issued late on Tuesday. 

“Its size and grade position it among the top hard rock lithium projects, globally,” president and CEO Alicia Milne said in a release. “Coupled with strong transportation and infrastructure advantages, including being just 150 km away from rail access in Matagami, Cisco has the potential to be a key contributor to the global battery metals supply chain.”

The project sits within Quebec’s emerging James Bay lithium camp, alongside Patriot Battery Metals’ (TSX: PMET; ASX: PMT) Shaakichiuwaanaan deposit, Nemaska Lithium’s Whabouchi mine (majority owned by Rio Tinto (LSE: RIO; ASX: RIO)), Elevra Lithium’s (ASX: ELV; Nasdaq: ELVR) North American Lithium and Moblan projects, and Arcadium Lithium’s (NYSE: ALTM; ASX: LTM) James Bay development.

Shares in Q2 Metals gained more than 5% in trading on Wednesday to $2.90 apiece before easing to $2.76, valuing the company at $545 million. They’ve shot up 40% this year as the price of lithium has rebounded. 

1.8-km strike

The Cisco deposit is modelled as a continuous spodumene-bearing pegmatite system extending 1.8 km along strike, with widths ranging from two metres to more than 450 metres and reaching depths of over 600 metres. The mineralization remains open in all directions, suggesting potential for further expansion.

Even so, inferred resources carry a lower level of geological confidence and require significant infill drilling before advancing to higher-confidence categories or supporting economic studies.

Q2 said it plans to continue drilling through 2026 with a focus on expanding the resource and converting inferred material into higher-confidence categories, while also advancing metallurgical work and baseline environmental studies.

“This inaugural inferred mineral resource estimate firmly confirms Cisco as a leading spodumene pegmatite asset, with significant additional exploration upside and clear potential for continued growth across the broader project area,” Vice-President of Exploration Neil McCallum said in the release.

The estimate comprises 270 million tonnes amenable to open-pit mining at a 0.4% cut-off grade and 24 million tonnes suited to underground extraction at a 0.7% cut-off. The resource is based on 75 drill holes totalling 33,343 metres completed during the winter 2026 program.

Another target

The company also outlined an exploration target of between 44 million and 67 million tonnes grading 0.88% to 1.35% lithium oxide in areas adjacent to the current resource, though it cautioned that this remains conceptual and has not yet been defined as a mineral resource.

Q2 acquired the Cisco project in February 2024 and has since consolidated a 413-sq.-km land package. The resource footprint represents only a portion of that ground, the company said, leaving room for additional discoveries.