GreenTech Metals (ASX: GRE) is an Australian exploration company focused on high-grade copper and zinc deposits, primarily through its 100%-owned Whundo VMS Project in Western Australia. Meanwhile, Artemis Resources (ASX: ARV) is a gold-focused explorer advancing its Carlow Gold Project in the same region. Both companies have now strategically pooled their lithium assets into a new joint venture, Andover Lithium, positioning themselves as key players in the West Pilbara lithium rush.
Growth Pipeline & Operations: Establishing a Lithium Powerhouse
The newly formed Andover Lithium Joint Venture (JV) between GreenTech Metals and Artemis Resources represents a significant consolidation of approximately 420 km² of lithium-prospective tenements, making it the largest landholding in Western Australia’s West Pilbara lithium corridor. This strategic acquisition includes six high-priority lithium zones, four of which have already been identified to contain spodumene-bearing pegmatites, a crucial indicator of hard-rock lithium potential.
The JV’s tenements are situated along strike from Azure Minerals’ Andover discovery, which has reported an Exploration Target ranging from 100 to 240 million tonnes at grades of 1.0% to 1.5% Li₂O. Given the geological similarities between the Andover Lithium JV’s ground and Azure’s discovery, there is substantial potential for resource expansion, particularly as a significant portion of the newly acquired land remains unexplored by drilling.
Financially, the structure of the JV is designed to minimise risk and capital expenditure for both GreenTech Metals and Artemis Resources. Neither company will bear significant financial costs, and their management involvement will be strategic rather than operational. This approach enables both entities to capitalise on lithium exploration while maintaining their primary focus on core commodities. GreenTech Metals can continue advancing its copper-zinc projects, while Artemis Resources remains committed to its gold exploration efforts. Furthermore, the JV provides an opportunity to attract third-party investment, particularly from lithium-focused investors or major industry players seeking exposure to promising lithium assets.
By unlocking additional shareholder value without diverting capital from their flagship projects, both companies can strengthen their market positioning. Recent drilling programs at GreenTech’s Whundo project and Artemis’s Carlow project have delivered promising results, with assay data expected soon. The JV ensures that both firms can monetise lithium opportunities while continuing to progress their principal resource developments.
The Pilbara region is quickly emerging as a global lithium hub, underpinned by several key factors. The success of Azure Minerals’ Andover discovery has triggered a surge in exploration activity, drawing significant attention from investors and major mining corporations. Established industry leaders, including Mineral Resources and Albemarle, have made substantial investments in the region, reinforcing the Pilbara’s strategic importance in the global lithium supply chain.
The sustained growth in demand for lithium, driven by the accelerating adoption of electric vehicles (EVs) and energy storage solutions, further enhances the long-term value of the region’s lithium assets. The Andover Lithium JV’s extensive and largely unexplored tenement package places it in a prime position to become a major player in the next phase of Australian lithium development. Should early exploration efforts confirm lithium grades comparable to those found at Azure’s discovery, the JV could become an attractive target for acquisition or strategic partnerships, providing additional avenues for growth.
Looking Ahead
The GreenTech-Artemis lithium JV represents a compelling, low-risk investment opportunity that strengthens both companies’ foothold in the lithium market while allowing them to maintain focus on their core resource expansions. With drilling results pending and lithium demand showing no signs of slowing down, this strategic partnership could serve as a pivotal value inflection point for both ASX-listed firms. As the market for lithium continues to expand, the JV’s potential to deliver significant returns positions it as a key player in the evolving landscape of Australian lithium exploration and development.