Beyond Minerals (BY.CN) engages in the acquisition, development, and exploration of mineral property assets in Canada. The company primarily has a focus on Lithium, a commodity with great fundamentals given the increasing demand for Electric Vehicles.

Recently, Beyond Minerals announced it has become the largest greenfield lithium exploration player in Ontario with a total lithium property in Ontario totaling 64 properties covering over 150,000 hectares. Beyond Minerals is looking to change its name to Beyond Lithium to more accurately reflect the Company’s focus on lithium assets. The name change will be a topic at the annual general and special meeting of shareholders called for May 15th 2023.

Today, the company announced the completion of a non-brokered private placement of 2,764,600 common shares in the capital of the Company that will qualify as “flow-through shares” at a price of $0.50 per share for aggregate gross proceeds of $1,382,300.

Gross proceeds will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through critical mineral mining expenditures” related to the Company’s projects in Ontario.

Beyond Minerals also announced today that it has begun its phase 1 exploration program to assess its 64 lithium projects located across Ontario, Canada.

Beyond’s President and CEO, Allan Frame, commented: “With the closing of this flow-through financing, Beyond is uniquely positioned to execute on its 2023 exploration program, starting with a Phase 1 exploration program that will cover our 64 Lithium projects, representing the largest lithium portfolio in Ontario. Our projects are located within the most active Lithium exploration areas across Ontario. We are pleased to start the field season early in the Dryden East area and will gradually shift to the central and northern areas as the snow continues to melt. The results from the Phase 1 program will lead to a Phase 2 program which will have its primary focus to delineate potential drill targets and provide additional geological information to enter into potential joint ventures.”

The 64 projects in Ontario are greenfield exploration projects that have not been prospected or explored specifically for Lithium or Lithium-Cesium-Tantalum pegmatites. Beyond has reviewed the historical and regional data available of all the projects and geo-referenced most of the mapped pegmatite outcrops. The main focus of the Phase 1 exploration program is to formally map, assess and systematically sample these pegmatite outcrops, identify new pegmatite showings, and locate prospective regional or terrane structures.

A total of 11 projects have records with historical drilling information and 8 of them reported intercepts of pegmatites noted in the drill logs. Drill cores from three projects, the Scholfield, the Oneman Lake, and the Sollar Lake are available for relogging and sampling. Re-examination and sampling of the pegmatites intercepts of these three projects will be conducted during Phase 1.

The LiDAR survey planned for the Wisa Lake Lithium project next to the Green Technology Metals’ Wisa Project will provide a detailed digital elevation model (DEM) of the area which is a useful exploration tool for identifying and prioritizing areas within the project evidencing the highly prospective combination of outcrop and structure.

All data collected from the Phase 1 exploration program will be integrated into the existing database for interpretation and used to prioritize projects for the Phase 2 program planned later this field season. The Phase 2 program will include detailed geological mapping and sampling of the selected projects. The key objective of the Phase 2 program will be to define potential drill targets.

The stock is flat for the day at time of writing, and is sitting at a market cap just under CAD $.45 million.

The stock has retraced after printing new all time record highs on April 6th 2023. We now have retraced in a way where the price has broken and closed below a previous support level at $0.385. This was significant given the candle printed on May 5th 2023 which showed a large number of buyers defending this support with a large wick candle.

With this break, the stock would have to close back above $0.385 to neutralize the downside momentum. If it does not, then a deeper correction down to the next support level at $0.30 is in play.

The daily chart shows the overall trend, which is an uptrend. Traders should understand that this is currently a corrective move in the current uptrend. A close below $0.30 would end the current uptrend as this level is the higher low we are working with.