The company said the pit's first 11 phases had enough resources for 40 years of production at a 17,000tpd rate, with the overall resources providing enough ore for more than 190 years of production at the same rate.

The PEA put initial capex at US$528 million, after-tax NPV8 at $1.3 billion and IRR at 31%.

It outlined a 40-year mine in Nevada's Clayton Valley, with a low operating cost of $3,355.30 per tonne lithium carbonate equivalent, with the study using a base case market price of $9,500/t LCE.

Lithium prices have reached new highs this year, around $30,000/t, amid strong demand from the battery sector and a forecast supply deficit.

"This study represents the most significant milestone to date for Noram and establishes us among limited peers as the newest low cost, high-grade, near-term lithium producer in North America," president Sandy MacDougall said.

"We are excited as we enter 2022 pushing aggressively towards the completion of a prefeasibility study."

The company had about C$3 million in cash and equivalents at July 31.

Its shares (TSXV: NRM) have spanned 38c-$1.25 over the past year and closed up 9.9% yesterday to $1, valuing it at $74.5 million (US$59 million).