ORRP is at the right place at the right time with lithium seeing explosive growth with little sign of slowing down. Prices for Lithium carbonate are up 47% from the average price in 2015 in the first quarter of this year and numerous sources have reported the potential growth in demand for Lithium to be very robust. In a report from Goldman Sachs called “What if I told you” Goldman refers to lithium as the “new gasoline”. This is due to increasing demand for EV’s. The cause is that the lithium market could triple from the current demand of 160,000mt to 470,000mt by 2025.
ORRP recently made a big move when they acquired the Western Nevada Basin project (“WNB”), in Southwest Nevada. The WNB Project covers the central portion of an area first identified as lithium rich by the United States Geological Survey. The WNB Project includes 500 mining claims covering approximately 10,000 acres. The Company also has an exclusive option to acquire an additional 600 mining claims for a total of 22,000 acres.
