- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
![Atlantic Lithium](https://investingnews.com/media-library/atlantic-lithium.png?id=50575179&width=1200&height=796)
106m Continuous Pegmatite Interval Reported Broad Intervals of Visible Spodumene Observed in Multiple Drill Holes Outside of the Current Mineral Resource Estimate
Longest continuous pegmatite interval reported from the ongoing, recently-enhanced 2023 drilling programme
Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF, “Atlantic Lithium” or the “Company”), the African-focused lithium exploration and development company targeting to deliver Ghana’s first lithium mine, is pleased to announce that multiple broad intervals of visible spodumene have been observed in drilling outside of the current Mineral Resource Estimate1 (“Resource” or “MRE”) at the Company’s flagship Ewoyaa Lithium Project (“Ewoyaa” or the “Project”) in Ghana, West Africa.
Highlights
- Multiple broad intervals of visible spodumene reported in drilling outside of the current MRE1, significantly increasing the potential for a resource upgrade.
- Longest reported continuous pegmatite interval in the 2023 drilling programme to date of 106m in hole GRC1020 from 6m at the Dog-Leg extension target on the northern tip of the Ewoyaa Main deposit.
- Visible coarse-grained spodumene fragment intervals reported at shallow depths in holes:
- GRC1017: 51m interval of 25-30% visual estimated spodumene modal abundance from 83m
- GRC1020: 74m interval of 20-25% visual estimated spodumene modal abundance from 39m and a 41m interval of 20-25% visual estimated spodumene modal abundance from 137m
- GRC1021: 24m interval of 15-25% visual estimated spodumene modal abundance from 93m
- Coarse-grained, P1-type spodumene pegmatite is preferred for the Dense Media Separation (“DMS”) process flowsheet considered in the Definitive Feasibility Study for the Project (refer announcement of 29 June 2023).
- Resource drilling ongoing; completion of the enhanced 26,500m planned programme (refer announcement of 7 November 2023) targeted for Q2 2024.
NOTE: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Commenting, Neil Herbert, Executive Chairman of Atlantic Lithium, said:
“In line with our aim of delivering an increased resource at the Ewoyaa Lithium Project, we are very pleased to report broad intervals of visible, coarse-grained spodumene in multiple drill holes near surface and outside of the current MRE footprint. These intervals further improve our confidence in delivering an updated MRE upon completion of the current drilling programme in Q2 2024.
“We are excited to have intersected our longest pegmatite interval in the 2023 drilling programme to date. Located outside of the current Resource footprint and occurring only 6m from surface, the interval includes highlight intersections of visible coarse-grained spodumene over 74m from a depth of 39m and over 41m from a depth of 137m, respectively.
“The coarse-grained, P1-type nature of the spodumene fragments observed in Reverse Circulation drilling chips is very encouraging as it performs favourably in DMS-only processing, as planned at the Ewoyaa Lithium Processing Plant, with good recoveries.
“We look forward to providing further updates from the ongoing drilling programme in due course.”
Figure 1: 106m continuous pegmatite interval from 6m observed in hole GRC1020 with coarse fragments of visible spodumene evident. Further pegmatite with coarse-grained visible spodumene intersected from 116m to 122m and 137m to 178m with end of hole at 250m (not shown in this photo)NOTE: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Broad Intervals of Visible Spodumene
Drilling outside of the current MRE1 has intersected multiple intervals of pegmatite, including multiple broad intervals of coarse-grained visible spodumene at the Dog Leg prospect extension (refer Figure 1 and Figure 3). The drilling forms part of the ongoing resource infill and extensional programme, which was recently increased from 18,500m to 26,500m of planned drilling, due for completion in Q2 2024 (refer announcement of 7 November 2023).
Highlight logged pegmatite intervals with visible estimates of spodumene modal abundance in RC drill chips are summarised in Table 1 below, with all logged intervals and collar details reported in Table 2 and Table 3.
Table 1: Highlight visual estimations of spodumene abundance in logged pegmatite intervals in new reported drillingNOTE: Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
The drilling reported herewith is located at the Dog-Leg extension target on the northern tip of the Ewoyaa Main deposit, at the confluence of the Ewoyaa Main trend and the Ewoyaa North-East trend (refer Figure 2 and Figure 6).
A similar structural setting occurs further north at the Ewoyaa Main Sill deposit where the north-south trending Ewoyaa Main trend intersects the east-west trending Grasscutter trend and is significant as it results in flat lying sill geometry mineralisation. A similar pattern is emerging here at the Dog-Leg prospect with drilling evidence pointing to a potential flat lying geometry which may result in additional resource growth (refer Figure 4, Figure 5 and Figure 6).
Anticipated timing for assay receipt and review is approximately 2 to 3 months from the date of this announcement.
Click here for the full ASX Release
This article includes content from Atlantic Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Atlantic Lithium Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Atlantic Lithium
Overview
Atlantic Lithium Limited (AIM: ALL, ASX: A11,GSE: ALLGH, OTCQX:ALLIF) is an African-focused lithium exploration and development company advancing its flagship Ewoyaa Lithium project through to production as Ghana’s first lithium mine. Despite its long mining history, favourable regulatory climate and stable political backdrop, Ghana remains largely overlooked as an investment jurisdiction for battery metals. Situated on the West African coast, the country boasts a strong strategic location, between Europe, the Americas and Asia, to serve the global battery metals market. Ghana is also home to an abundance of mineral wealth, with c. 180,000 tonnes of estimated lithium resources.Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for use in electric vehicle batteries, helping drive the transition to decarbonisation.
A definitive feasibility study (DFS) released in June 2023 shows that considering the 35.3 million tons (Mt) @ 1.25 per cent lithium oxide JORC Mineral Resource Estimate, that the Company announced in February 2023, and conservative long-term concentrate pricing of US$1,410/t, FOB Ghana, Ewoyaa has demonstrable economic viability, low capital intensity and excellent profitability.
Through simple open-pit mining, three-stage crushing and conventional Dense Media Separation (DMS) processing, the DFS (also considering the fiscal terms agreed upon the grant of the Mining Lease for the Project in October 2023) outlines the production of 3.6 Mt of spodumene concentrate over a 12-year mine life, delivering US$6.6 billion life-of-mine revenues, a post-tax NPV8 of US$1.3 billion and an internal rate of return of 94 percent.
The project is expected to deliver nameplate production from its plant as early as 2026.
Project Funding
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total development expenditure indicated by the DFS.
In accordance with the agreement, Piedmont has completed funding of US$25 million towards studies and exploration, and will sole fund an initial US$70 million, plus 50 percent of costs thereafter (shared 50:50 between Atlantic Lithium and Piedmont), towards the total development expenditure for the Project, as indicated by the DFS.
In return, Piedmont will receive 50 percent of the spodumene concentrate produced at Ewoyaa, providing a route to consumers through several major battery manufacturers, including Tesla.
The Minerals Income Investment Fund (MIIF), Ghana’s minerals sovereign wealth fund, has also agreed to invest a total of US$32.9 million in the company and at the project-level to expedite the development of the project.
Representing the first part of the Strategic Investment, MIIF completed a Subscription for US$5 million Atlantic Lithium shares in January 2024, to become a major strategic shareholder in the company.
Representing the second part of the Strategic Investment, MIIF has agreed to invest, subject to the company reaching a binding agreement with MIIF, US$27.9 million in the company's Ghanaian subsidiaries to acquire a 6 percent contributing interest in the project. The US$27.9 million project-level investment and the contributing interest are expected to take the form of funding for development, exploration and studies expenditure to support the advancement of the project.
In addition, Atlantic Lithium is in the final stages of a competitive offtake partnering process to secure funding for a portion of the remaining 50 percent available feedstock from Ewoyaa.
The objective of the process is to attract funding offers to sufficiently cover the Company's allocation of development expenditure for the Project, to expedite and de-risk the development of the Project, realise attractive terms for any offtake contracted and secure a well-credentialled partner that will support the company's and Ghana's objectives of supplying lithium into the global electric vehicle market.
The Company has indicated its preferred terms of up to 500,000t of spodumene concentrate to be contracted over a 3-5-year period, using a favourable market-based pricing mechanism, for a consideration of up to US$100 million in the form of a pre-payment arrangement, which is expected to sufficiently cover the Company’s allocation of development expenditure.
Ghana
Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
Already the largest taxpayer and employer in Ghana’s Central Region, Atlantic Lithium is expected to provide direct employment to over 800 personnel at Ewoyaa and, through its community development fund, whereby 1 percent of profits will be allocated to local initiatives, will deliver long-lasting benefits to the region and Ghana.
Through its proven lithium discovery, exploration and evaluation methodologies, Atlantic Lithium has the potential to capitalise on its extensive exploration portfolio and deliver upon its objectives of becoming a leading producer of lithium in West Africa.
Company Highlights
- A lithium exploration and development company operating in West Africa, Atlantic Lithium is set to deliver its flagship Ewoyaa Lithium Project as Ghana’s first lithium-producing mine.
- The June 2023 Definitive Feasibility Study for the Project indicates the production of 3.6Mt of spodumene concentrate over a 12-year mine life (steady state production of 365,000 tonnes per annum), making it one of the largest mines by production capacity globally.
- The DFS confirms Ewoyaa as one of the lowest capital and operating cost hard rock lithium projects globally, with strong commercial viability and exceptional profitability potential.
- The Ewoyaa Lithium Project was awarded a Mining Lease in October 2023 and is co-funded under an agreement with Piedmont Lithium. Atlantic Lithium holds a portfolio of lithium projects within 509km2 and 774km2 of granted and under-application tenure across Ghana and Côte d'Ivoire respectively.
Key Assets
Ewoyaa
Atlantic Lithium's flagship Ewoyaa Lithium Project is situated within 110 kilometres of Takoradi Port and 100 kilometres of Accra, with access to excellent infrastructure and a skilled local workforce.
Atlantic Lithium was granted a Mining Lease in respect of the Project in October 2023. The Company is currently advancing the Project through the permitting process towards production.
Highlights:
- Promising DFS Results: Atlantic Lithium's DFS reaffirmed Ewoyaa as an industry-leading asset with low capital intensity and excellent profitability. Highlights include:
- Estimated 12-year life of mine, producing 3.6 Mt spodumene concentrate.
- 365 ktpa steady state production
- Average LOM EBITDA of US$316 million per annum
- NPV of US$1.3 billion
- Life-of-mine revenues of US$6.6 billion
- Modest $185 million development expenditure
- Robust US$675/t All in sustaining cost and US$377 C1 cash cost.
- Favourable Location: The project's starter pits are positioned within one kilometre of its processing plant. Additionally, Ewoyaa has access to reliable existing infrastructure, located within 800 metres from the N1 highway and adjacent to grid power.
- Promising Reserves: Ewoyaa's current mineral resource estimate is 35.3 Mt at 1.25 percent lithium oxide, with ore reserves of 25.6 Mt at 1.22 percent lithium oxide.
- Potential for Further Exploration: There remains significant exploration potential, with only 1 percent of Atlantic Lithium's total tenure having been drilled to date.
- Strong Partnerships: Atlantic Lithium has a 50-percent offtake deal with Piedmont Lithium, which itself has offtake agreements with both Tesla and LG Chem, and has an agreed with Ghana’s Minerals Income Investment Fund to expedite the development of the Project.
- Positive Presence: Atlantic Lithium will generate significant economic benefits for the region. Once operational, the project is expected to employ over 800 personnel and deliver approximately US$4.9 billion in value to Ghana, including through taxes, royalties, employment and local procurement.
Côte d'Ivoire
Atlantic Lithium currently has two applications pending for an area of roughly 774 square kilometres in the West African country of Côte d'Ivoire. The underexplored yet highly prospective region is known to be underlain by prolific birimian greenstone belts, characterised by fractionated granitic intrusive centres with lithium and colombite-tantalum occurrences and outcropping pegmatites. The area is also incredibly well-served, with extensive road infrastructure, well-established cellular network and high-voltage transmission line within 100 kilometres of the country's economic capital, Abidjan.
Management Team
Neil Herbert - Executive Chairman
Neil Herbert is a fellow of the Association of Chartered Certified Accountants and has over 30 years of experience in finance. He has been involved in growing mining and oil and gas companies, both as an executive and as an investor, for over 25 years.
Until May 2013, he was co-chairman and managing director of AIM-quoted Polo Resources, a natural resources investment company. Prior to this, Herbert was a director of resource investment company Galahad Gold, after which he became finance director of its most successful investment, the start-up uranium company UraMin, from 2005 to 2007. During this period, he worked to float the company on AIM and the Toronto Stock Exchange in 2006, raise US$400 million in equity financing and negotiate the sale of the group for US$2.5 billion.
Herbert has held board positions at a number of resource companies where he has been involved in managing numerous acquisitions, disposals, stock market listings and fundraisings. He holds a joint honours degree in economics and economic history from the University of Leicester.
Keith Muller - Chief Executive Officer
Keith Muller is a mining engineer with over 20 years of operational and leadership experience across domestic and international mining, including in the lithium sector. He has a strong operational background in hard rock lithium mining and processing, particularly in DMS spodumene processing.
Before joining Atlantic Lithium, he held roles as both a business leader and general manager at Allkem, where he worked on the Mt Cattlin lithium mine in Western Australia and, prior to that, Muller served as operations manager and senior mining engineer at Simec.
Muller holds a Master of Mining Engineering from the University of New South Wales and a Bachelor of Engineering from the University of Pretoria. He is also a member of the Australian Institute of Mining and Metallurgy, the Board of Professional Engineers of Queensland, and the Engineering Council of South Africa.
Amanda Harsas - Finance Director and Company Secretary
Amanda Harsas is a senior finance executive with a demonstrable track record and over 25 years’ experience in strategic finance, business transformation, commercial finance, customer and supplier negotiations and capital management. Prior to joining Atlantic Lithium, she worked in several sectors, including healthcare, insurance, retail and professional services, across Asia, Europe and the U.S. Harsas holds a Bachelor of Business from the University of Technology, Sydney and is a member of Chartered Accountants Australia and New Zealand and the Australian Institute of Company Directors.
Kieran Daly - Non-executive Director
Kieran Daly is the executive of Growth and Strategic Development at Assore. He holds a BSc Mining Engineering from Camborne School of Mines (1991) and an MBA from Wits Business School (2001) and worked in investment banking/equity research for more than 10 years at UBS, Macquarie and Investec, prior to joining Assore in 2018.
Daly spent the first 15 years of his mining career at Anglo American’s coal division (Anglo Coal) in a number of international roles including operations, sales and marketing, strategy and business development. Among his key roles were leading and developing Anglo Coal's marketing efforts in Asia and to steel industry customers globally. He was also the Global Head of Strategy for Anglo Coal immediately prior to leaving Anglo in 2007.
Christelle Van Der Merwe - Non-executive Director
Christelle Van Der Merwe is a mining geologist responsible for the mining-related geology and resources of Assore’s subsidiary companies (comprising the pyrophyllite and chromite mines) and is also concerned with the company's iron and manganese mines. She has been the Assore group geologist since 2013 and is involved with the strategic and resource investment decisions of the company. Van Der Merwe is a member of SACNASP and the GSSA.
Edward Nana Yaw Koranteng - Non-executive Director
Edward Koranteng is a lawyer and an experienced corporate and investment banker with over 23 years of experience. He has served as the chief executive officer of the Minerals Income Investment Fund (MIIF), Ghana’s sovereign minerals wealth fund, since 2021.
Prior to joining MIIF, Koranteng held the role of Business Head for East, Central and Southern Africa for Ghana International Bank plc ("GHIB"), where he was responsible for GHIB's energy and mining portfolio. He also worked with the Chase Bank Group (Kenya), now SBM Bank of Mauritius, as group head for energy, oil, gas and mining. Koranteng currently sits on the boards of Asante Gold Corporation, MIIF and Glico General Insurance Ltd.
Koranteng holds a BA (Hons) from the University of Ghana, a Master of Laws in International Banking and Finance from the University of Leeds in the UK, a Postgraduate Diploma from BPP Law School in the UK and the Ghana School of Law. He has practiced as a barrister in both the UK and Ghana and holds various executive and postgraduate certifications, including in oil, gas and mining from the Blavatnik School of Government, University of Oxford in the UK.
Jonathan Henry - Independent Non-executive Director
Jonathan Henry is an experienced Non-Executive Director, having held various leadership and board roles for nearly two decades. Henry has significant expertise working across capital markets, business development, project financing, key stakeholder engagement, and the reporting and implementation of ESG-focused initiatives. Henry has a wealth of experience projects towards production and commercialisation to deliver shareholder value.
Henry also serves as non-executive chair of Toronto Venture Exchange-listed (TSX-V) Giyani Metals Corporation, a battery development company advancing its portfolio of manganese oxide projects in Botswana, having previously held the role of executive chair. His previous roles include as executive chair and non-executive director at Ormonde Mining plc, non-executive director at Ashanti Gold Corporation, president, director and chief executive officer at Gabriel Resources Limited and various roles, including chief executive officer and managing director, at Avocet Mining PLC. He holds a BA (Hons) in Natural Sciences from Trinity College, Dublin.
Michael Bourguignon – Head of Capital Projects
Michael Bourguignon is a distinguished project management professional with a rich history of leading significant initiatives in the mining and energy sectors. Most recently, he served as the COO at Evolution Energy Minerals in Tanzania, where he managed the optimisation and update of the Definitive Feasibility Study, managed the Front-End Engineering Design package, and oversaw the completion of the Relocation Action Plan and other community-related works.
Prior to this, Bourguignon worked with Rio Tinto in Australia as a consulting construction manager, as well as Glencore’s Mopani Copper Mines in Zambia, where he was the project director for the Mopani Synclinorium Concentrator, and Syrah’s Balama Graphite Mine in Mozambique, where he was project director. He has also previously worked in Ghana and Cote d’Ivoire with Perseus Mining.
Bourguignon holds an MBA from Murdoch University and is a member of the Australian Institute of Project Management.
Andrew Henry – General Manager, Commercial and Finance
Andrew Henry is an accomplished General Manager with over a decade’s experience in the operational mining sector, specialising in strategy, planning and analysis, contracts, large-scale project development and site operations.
Before joining Atlantic Lithium, Henry held the role of commercial manager at global lithium chemicals company Allkem and, prior to that, he spent over four years with major gold mining company Newcrest Mining.
Henry holds a Bachelor of Commerce from the University of South Australia and is a member of CPA Australia.
Ahmed-Salim Adam – General Manager, Operations
Ahmed-Salim Adam is an experienced mining general manager with over 15 years of experience leading various large-scale projects in Ghana across all stages of mine development, production, and closure, with a focus on safety and sustainability.
Adam has previously held a number of leadership roles, including as senior consultant of Metallurgy at GEOMAN Consult Ltd, as a director for FGR Bogoso Prestea Ltd’s Refractory Project and as general manager at Golden Star Resources Ltd.
He holds a MPhil Minerals Engineering and a Bachelor of Science (Hons) in Mineral Engineering, both from the University of Mines and Technology, Ghana. He is also a member of The Institute of Materials, Minerals and Mining (IOM3) in the United Kingdom and the Australasian Institute of Mining and Metallurgy (AusIMM) in Australia.
Simone Horsfall - General Manager, People
Simone Horsfall joins Atlantic Lithium as General Manager, People with over 25 years of experience working across a broad range of industries, with a focus on the mining sector. Previously, Horsfall spent over a decade at AngloGold Ashanti Australia as human resources manager and, more recently, at 29Metals as group manager of human resources.
Horsfall holds a diploma in Human Resource Management, a university certificate in Psychology from Edith Cowan University, Sydney, and a post-graduate diploma in Human Resources from Deakin University.
Belinda Gethin – General Manager, Corporate Finance and Company Secretary
Belinda assumed the role of general manager, corporate - finance and company secretary in January 2024, having initially joined the company as financial reporting manager in June 2023. To her role at Atlantic Lithium, Gethin brings a wealth of experience in all aspects of statutory, financial and corporate reporting, including the preparation of financial statements and accounting for complex transactions. Before joining Atlantic Lithium, Gethin worked as the chief financial officer for Lumus Imaging and, prior to that, as the group reporting manager at Healius. Gethin is a chartered accountant and holds a Bachelor of Commerce from UNSW in Sydney, Australia.
Iwan Williams – General Manager, Exploration
Iwan Williams is an exploration geologist with over 20 years' experience across a broad range of commodities, principally iron ore, manganese, gold, copper (porphyry and sed. hosted), PGE's, nickel and other base metals, as well as chromitite, phosphates, coal and diamond.
Williams has extensive southern and west African experience and has worked in Central and South America. His experience includes all aspects of exploration management, project generation, opportunity reviews, due diligence and mine geology. He has extensive studies experience having participated in the delivery of multiple project studies including resource, mine design criteria, baseline environmental and social studies and metallurgical test-work programmes. He is very familiar with working in Africa having spent 23 years of his 28-year geological career in Africa. Williams is a graduate of the University of Liverpool.
Abdul Razak – Exploration Manager, Ghana
Abdul Razak has extensive exploration, resource evaluation and project management experience throughout West Africa with a strong focus on data-rich environments. He has extensive gold experience having worked throughout Ghana with AngloGold Ashanti, Goldfields Ghana, Perseus and Golden Star, as well as international exploration and resource evaluation experience in Burkina Faso, Liberia, Ivory Coast, Republic of Congo, Nigeria and Guinea.
Razak is an integral member of the team, managing all site activities including drilling, laboratory, local teams, geotech and hydro, community consultations and stakeholder engagements and was instrumental in establishment of the current development team and defining Ghana’s maiden lithium resource estimate.
PFS Plant Location Study Results in Decision to Locate Carbonation Plant in Mining Centre of Copiapó
CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces the results of a plant location study completed as part of the ongoing pre-feasibility study (PFS) for the Laguna Verde Project, which is due to complete later this year. The PFS is being led by Worley, a global professional services company of energy, chemicals and resources experts, from its Santiago office which has high-level experience in the lithium sector. Xi´an Lanshen New Material Technology Company ("Lanshen") has been selected to provide the lithium processing plant design and equipment, and Worley to design the balance of plant and infrastructure.
Highlights:
- A plant location study was completed by Worley, which evaluated the optimal plant location configuration for the Laguna Verde project, based on a capacity of 20,000 tonnes per annum of battery grade lithium carbonate equivalent (LCE)
- This provided a trade-off analysis between locating the entire plant at Laguna Verde versus splitting plant facilities between Laguna Verde and the nearby mining centre of Copiapó
- The option of locating the DLE plant and eluate concentration stages at the Laguna Verde site, and the carbonation plant at Copiapó is highly favourable, resulting in the decision to proceed with this option
- A concentrated eluate with 6% lithium, the maximum concentration before lithium salts begin to precipitate, will be transported to Copiapó for impurity removal and carbonation stages
- This configuration results in a minor increase in volumes transported while taking advantage of Copiapó's well-developed infrastructure and better access to a skilled workforce
- According to the Lanshen plant design, approximately 70% of the operational workforce will be employed at the carbonation plant, locating it in Copiapó provides major advantages in hiring a local work force including diversity outcomes such as greater female participation, while contributing to the local economy
- The footprint at the project site, which is at 4300m above sea level, will be greatly reduced, from power supply, storage, camp and plant facilities, construction phase impacts, and environmental impacts
- The carbonation plant in Copiapó would eventually be expanded to also treat concentrated eluate from the Viento Andino project
- The PFS, now due for completion before the end of Q4 this year, will include updated capex and opex estimates and will further determine the optimal production development strategy
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"We undertook a plant location study as part of our ongoing PFS for the Laguna Verde project resulting in the decision to locate the DLE and eluate concentration stages at the project site, and the carbonation plant in Copiapó. This will have various benefits such as reducing the footprint and impacts at Laguna Verde, and taking advantage of existing infrastructure, power supply and skilled workforce in Copiapó. The plant at Copiapó can then be expanded to treat material from our Viento Andino project and potentially others. The decision on plant configuration will feed directly into the wider PFS which is due to be completed later this year."
Further Information
The Company engaged Worley, utilising its local Santiago based office, to undertake the PFS for the Laguna Verde project, and selected Lanshen as designer and supplier of the entire DLE processing plant. Worley recently performed various trade-off or options studies to consider the most favourable configuration of the project and a plant location option study which assessed three scenarios for location of the plant, of which two of the scenarios, labelled Scenario 1 and Scenario 3 in the report, provided the relevant trade-off comparison:
- Scenario 1: Locating the entire plant based at the Laguna Verde project site
- Scenario 3: Locating DLE and eluate concentration stages at the project site, and the impurity removal and carbonation (downstream plant) at Copiapó
Laguna Verde is connected to Copiapó via a 270km paved international highway, as shown in Figure 1. Copiapó is a major regional mining centre in Chile with a population of 175,000, having well established infrastructure, a skilled workforce, and existing supply hubs for reagents and other materials. While basing the entire plant at the project site is feasible and most lithium projects in the lithium triangle are proceeding on such a basis, the good transport link and relative proximity to Copiapó made a trade-off study valuable.
Figure 1: Regional Map
An analysis of the difference in transport volumes was undertaken showing a minimal overall difference between the two scenarios. For Scenario 3 where impurity removal and carbonation stages are in Copiapó, there will be no transport of reagents or bulk chemicals to Laguna Verde which has a positive environmental and community impact.
A qualitative assessment was then undertaken by the Company across the range of metrics as shown in Figure 2. There are only two metrics in which Scenario 1 where the entire plant is located at site has a significantly positive comparison. The first one is storage during the construction phase, in that it will require a single storage facility rather than storage at both locations for tools, materials and spare parts. The second is disposal of solids, which is largely Sodium Chloride (NaCl or table salt) that is dissolved in the eluate and removed in the impurity removal stage before carbonation. In Scenario 1, these would be re-dissolved in the spent brine and re-injected. In Scenario 3, the report assumed NaCl would need to be disposed in Copiapó at a cost. However there should be a ready market for NaCl and further evaluation of this is required.
Figure 2: Qualitative Comparison- All on site (1) and split plants (3)
Across a range of other metrics the Scenario 3 of locating the downstream plant at Copiapó has major advantages. According to Lanshen, approximately 70% of the operational labour force will work at the downstream plant, which provides a far superior option for skilled workforce based in Copiapó. The footprint at the project site will be greatly reduced, from power supply, storage, camp and plant facilities, construction phase impacts, and environmental impacts. The Board has accepted the study and the decision to split the plant facilities between the project site and Copiapó will be the basis for the PFS.
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
Galan Lithium
Overview
Argentina is no stranger to lithium mining. The South American nation is one of three encompassed in the prolific Lithium Triangle, a region that holds more than half of the world’s lithium deposits. Argentina ranks third in the world in terms of lithium reserves at 2.7 million metric tons (MT), concentrating lithium operations in the provinces of Jujuy, Salta and Catamarca.
Amidst electrification and decarbonization, analysts have forecasted a global supply deficit of 89,000 tons of lithium carbonate equivalent (LCE) in 2023 and the Argentinian government aims to double down on lithium to meet the increasing demand. Argentina has committed to $7 billion worth of investment for lithium production with strong growth projected for exports at $1.1 billion in 2023.
Galan Lithium (ASX:GLN,FSX:9CH) is an Australia-based international mining development company focused on its high-quality lithium brine projects in Argentina – Hombre Muerto West and Candelas. The company also holds a highly prospective lithium project in Australia – Greenbushes South.
The company’s flagship Hombre Muerto West (HMW) project hosts some of Argentina’s highest grade and lowest impurity levels with an inventory of 8.6 million tons (Mt) contained LCE @ 859 mg/L lithium, with 4.7 Mt contained LCE @ 866 mg/L Li in the measured category. The 100-percent-owned property also leverages close proximity to Livent Corporation’s El Fenix operation and Allkem’s Sal de Vida projects.
Galan has signed a commercial agreement with the Catamarca Government supporting the grant of permits to enable the commercialisation of lithium chloride concentrate from HMW to be sold locally or exported internationally.
Catamarca Governor Raúl Jalil and Galan Lithium Managing Director Juan Pablo Vargas de la Vega in Catamarca.
Galan’s secondary Candelas project comprises a sizable valley-filled channel with a potential indicated presence of substantially high-volume brine characteristics. The project’s maiden resource estimates stand upwards of 685 kilotons (kt) LCE, based on surveying from October 2019, and demonstrate exceptional discovery opportunities across this underexplored asset. Candelas has been rolled into Phase 4 of Galan’s targeted expansion plans, towards 60 ktpa LCE production by 2030.
Galan’s 100-percent-owned Greenbushes South Project is located in Western Australia and boasts advantageous positioning 3 kilometers south of the prolific Greenbushes lithium mine owned by Talison, Tianqi, IGO and Albermarle. Drilling of the first target was completed in July 2023. Galan is currently developing land access agreements for future drilling campaigns at Greenbushes South. An exploration license has been granted to the company for an additional key tenement, E70/4629 targeting lithium-bearing pegmatites for five years to February 2029. The tenement is approximately 260 kilometres south of Perth, the capital of Western Australia, and less than 30 kilometres south of the Greenbushes pegmatite at the Greenbushes Mine.
In 2023, Galan entered into an exclusive binding agreement with Redstone Resources to acquire 100 percent of the Camaro-Taiga-Hellcat property blocks from Infinity Stone Ventures (CSE:GEMS,GEMSF,FSE:B2I). The assets are located in the world-class James Bay Lithium Province in Quebec, collectively covering 5,187 hectares. The joint venture also includes an option to acquire 100 percent of the PAK East and PAK Southeast Lithium Project, spanning 1,415 hectares in Ontario’s Electric Avenue near Frontier Lithium’s PAK Lithium Project.
Galan has a highly experienced management team with over a century of professional expertise in the resource, finance and energy sectors. This results-oriented board and their vested interest in the company's success prime Galan for exceptional discovery potential and advanced development of its high-quality projects.
Company Highlights
- Galan Lithium is an ASX-listed company developing lithium brine projects within South America’s lithium triangle on the Hombre Muerto salar in Argentina.
- The company has two high-quality projects in the works: its flagship Hombre Muerto West (HMW) and the Candelas lithium project, both in Argentina. The two projects combined bring the company’s current total mineral resource estimate to 8.6 million tons lithium carbonate equivalent @ 859 mg/L lithium.
- HMW leverages advantageous positioning near notable mining operations, including Livent Corporation’s El Felix project and hosts exceptional high-grade lithium and low impurity resources.
- The HMW Phase 1 (5.4 ktpa LCE) execution plan is progressing well with the delivery of the first evaporation-ready pond expected in 2024, and production in H1 2025.
- The HMW Phase 2 definitive feasibility study (DFS) delivers compelling economics with 21 kilo-tons per annum (ktpa) lithium carbonate equivalent (LCE) operation at HMW, targeting a high-quality, 6 percent concentrated lithium chloride product (equivalent to 12.9 percent lithium oxide or 31.9 percent LCE) in 2026.
- Galan has signed a commercial agreement with the Catamarca Government enabling the commercialisation of lithium chloride concentrate from HMW to be sold locally or exported internationally.
- Galan is transitioning into a major lithium project developer and remains committed to conducting fast-tracked lithium development in its prolific projects with a target production of 60 ktpa LCE from HMW and Candelas by 2030.
Key Projects
Hombre Muerto West Project
The 100-percent-owned Hombre Muerto West project is a large land property that sits on the west coast of the Hombre Muerto salar in Argentina, the second-best salar in the world for the production of lithium from brines. The property also leverages strategic positioning adjacent to notable competitors like Livent to the east.
Galan has increased HMW’s mineral resource to 8.6 Mt contained LCE @ 859 mg/L lithium (previously 7.3 Mt LCE @852 mg/L lithium), one of the highest grade resource estimates declared in Argentina. HMW’s measured resource is now at 4.7 Mt contained LCE @ 866mg/L lithium. Inclusion of the Catalina tenure adds ~1.3 Mt LCE to the HMW resource.
The pilot plant at HMW has validated the production of lithium chlorine concentrate, adding reagents to eliminate impurities, and generating a concentrate at 6 percent lithium. The plant comprises pre-concentration ponds, a lime plant, a filter press and concentration ponds.
Pilot Plant at HMW
Construction for Phase I has already commenced for 5.4 ktpa LCE production at HMW, and aims to deliver lithium chloride production in H1 2025. The fourth long-term pumping test (PBRS-03-23) results at HMW record an outstanding lithium mean grade of 981 mg/L - the highest reported grade from a production well in the Hombre Muerto Salar.
In April 2024, Galan announced 33 percent project completion with pond construction at 45 percent and project execution is advancing as planned.
A definitive feasibility study (DFS) for phase 2 shows a 20.85 ktpa LCE operation at HMW, targeting high-quality, 6 percent concentrated lithium chloride product (equivalent to 12.9 percent lithium oxide or 31.9 percent LCE) in 2026. The DFS also indicated phase 2 will deliver a post-tax NPV (8 percent) of US$2 billion, IRR of 43 percent and free cash flow of US$236 million per year. Phase 2 provides an exceptional foundation for significant economic upside in phases 3 and 4, targeting 60 ktpa LCE production by 2030.
The company has signed a binding term sheet with a wholly owned subsidiary of Glencore for offtake of up to 100 percent of its premium lithium chloride concentrate from HMW, and the offer to provide or facilitate a secured financing prepayment facility for US$70 to US$100 million, subject to conditions precedent being met.
Galan is targeting first-phase HMW lithium concentrate production in H1 2025
Galan now has 100 percent full ownership of the Catalina tenement that borders the Catamarca and Salta Provinces in Argentina. The newly secured Catalina tenure has a strong potential to significantly add to the existing HMW resource. The tenure also covers the Catalina, Rana de Sal II, Rana de Sal III, Pucara del Salar, Deseo I and Deceo II tenements.
Greenbushes South Lithium Project
The 100-percent-owned Greenbushes South lithium project is located near Perth, Western Australia, and is three kilometers south of the world-class Greenbushes lithium mine, managed by Talison Lithium. The Greenbushes South tenements can be found along the Donnybrook-Bridgetown Shear Zone geologic structure, which hosts the lithium-bearing pegmatites at the Greenbushes Lithium Mine.
Greenbushes South covers nearly 315 square kilometers, and hosts elevated pathfinder elements with well-defined anomalies adjacent to the property.
Management Team
Richard Homsany - Non-executive Chairman
Richard Homsany is an experienced corporate lawyer and has extensive board and operational experience in the resources and energy sectors. He is the executive chairman of ASX-listed uranium exploration and development company Toro Energy Limited, executive vice-president of Australia of TSX-listed uranium exploration company Mega Uranium and the principal of Cardinals Lawyers and Consultants, a boutique corporate and energy & resources law firm. He is also the chairman of the Health Insurance Fund of Australia (HIF) and listed Redstone Resources and Central Iron Ore and is a non-executive director of Brookside Energy Homsany’s past career includes time working at the Minera Alumbrera Copper and Gold mine located in the Catamarca Province, northwest Argentina.
Juan Pablo (‘JP’) Vargas de la Vega - Founder and Managing Director
Juan Pablo Vargas de la Vega is a Chilean/Australian mineral industry professional with 20 years of broad experience in ASX mining companies, stockbroking and private equity firms. JP founded Galan in late 2017. He has been a specialist lithium analyst in Australia, has also operated a private copper business in Chile and worked for BHP, Rio Tinto and Codelco.
Daniel Jimenez - Non-executive Director
Daniel Jimenez is a civil and industrial engineer and has worked for a world leader in the lithium industry, Sociedad Química y Minera de Chile, for over 28 years. He was the vice-president of sales of lithium, iodine and industrial chemicals where he formulated the commercial strategy and marketing of SQM’s industrial products and was responsible for over US$900 million worth of estimated sales in 2018.
Terry Gardiner - Non-executive Director
Terry Gardiner has 25 years’ experience in capital markets, stockbroking and derivatives trading. Prior to that, he had many years of trading in equities and derivatives for his family accounts. He is currently a director of boutique stockbroking firm Barclay Wells, a non-executive director of Cazaly Resources, and non-executive chairman of Charger Metals NL. He also holds non-executive positions with other ASX-listed entities.
María Claudia Pohl Ibáñez - Non-executive Director
María Claudia Pohl Ibáñez is an industrial civil industrial engineer with extensive experience in the lithium production industry. Until recently, she worked for world leader in the lithium industry Sociedad Química y Minera de Chile (NYSE:SQM, Santiago Stock Exchange:SQM-A, SQM-B) for 23 years, based in Santiago, Chile. During her time at SQM, she held numerous senior leadership roles including overseeing lithium planning and studies. Ibáñez brings significant lithium project evaluation and operational experience whilst joining the board at a critical juncture in Galan’s journey to becoming a significant South American lithium producer. Since leaving SQM in late 2021, Ibáñez has been managing partner and general manager of Chile-based Ad-Infinitum, a process engineering consultancy, with a specific focus on lithium brine projects under study and development, and the associated project evaluations.
Ross Dinsdale - Chief Financial Officer
Ross Dinsdale has 18 years of extensive experience across capital markets, equity research, investment banking and executive roles in the natural resources sector. He has held positions with Goldman Sachs, Azure Capital and more recently he acted as CFO for Mallee Resources. He is a CFA charter holder, has a Bachelor of Commerce and holds a Graduate Diploma in Applied Finance.
New Bridging Loan and Termination of Convertible Loan Notes
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing lithium projects in Chile, is pleased to announce it has secured commitments from a number of investors (including existing shareholders) to raise gross proceeds of approximately A$4 million (approximately £2.1 million) through the issue of loan notes (the "Loan Notes"). In addition, the Company announces that on 28 June 2024 it has terminated the £1 million convertible loan notes (the "CLNs"), details of which were announced on 22 April 2024.
The Loan Notes:
The Loan Notes subscribed for are for an aggregate amount of A$3,995,000, have been denominated in both Australian Dollars (the "AUD Loan Notes") and Pounds Sterling (the "GBP Loan Notes") and carry an entitlement to warrants ("Warrants"). Each A$ 0.9126 of AUD Loan Notes subscribed and/or each £0.48 of GBP Loan Notes subscribed will carry an entitlement to one Warrant. Each Warrant grants the holder the right to subscribe for one new Ordinary Share at a price of either A$0.456 or £0.24 (at the warrant holder's election), being a 71.4 per cent. premium to the Company's closing share price on 28 June 2024 of £0.14 and each has a term of 5 years.
The funds raised through the issue of the Loan Notes will provide CTL with immediate liquidity and will enable the Company to maintain its current activities and work programmes whilst it prepares for the planned dual-listing on the Australian Securities Exchange ("ASX").
CLNs Termination:
On 28 June 2024 the Company terminated the agreement relating to the £1 million CLNs, details of which were announced on 22 April 2024, due to the CLNs subscriber failing to pay the subscription monies for the CLNs to the Company, despite ongoing assurances to the Company that they would meet their obligations under the agreement.
Steve Kesler, Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"The Board considered it prudent to bring in the necessary funds now to provide for our working capital as we move forwards towards the intended ASX dual-listing. We are grateful to the Loan Note holders for responding to our request for a short-term facility which is undertaken on what the Board considers to be in line with reasonable terms for a loan facility of this type. This loan is intended to be a short-term bridging facility to be repaid from the proceeds of the next capital raise, which as previously announced, the Company intends to conduct in connection with its dual-listing on the ASX.
I was in Australia for meetings with various parties for 10 days recently, along with our advisors and fellow director Tommy McKeith, and we were very pleased at the reception to our Company's story.
We will update the market again soon on the next steps with the listing."
Further Information on the Loan Notes:
On 28 June 2024 CTL has entered into the Loan Notes with four lenders on the following terms:
- A$3,140,000 AUD Loan Notes and £450,000 GBP Loan Notes have been subscribed for, equivalent to total gross proceeds of A$3,995,000 or £2,102,632 at an FX rate of GBP1.00/A$1.90
- The Loan Notes attach a Warrant for every A$0.912 of AUD Loan Notes subscribed and/or each £0.48 of GBP Loan Notes issued respectively
- The AUD Loan Notes are issued in integral multiples of A$10,000 and the GBP Loan Notes in multiples of £10,000
- The Loan Notes do not bear interest and have a maturity date of 12 months from issue date ("Maturity Date")
- A premium shall be payable on the principal amount of any outstanding Loan Notes, to be paid on the date of redemption, as follows:
- 15% premium if the Loan Notes are repaid within three (3) calendar months of their issue date; and
- Should the repayment not be made within the first three (3) months, then the premium incrementally increases to up to 50% should the Loan Notes be repaid between ten (10) and twelve (12) calendar months from the date of issue.
- All of the outstanding Loan Notes shall be redeemed on the earlier of:
- the Maturity Date, and
- 10 business days following the completion of a capital raise of at least A$5,000,000.
- Security:
- The Loan Notes are unsecured for the first three months. Should the repayment not be made during that period, security over assets will need to be procured. Until the Loan Notes have been redeemed, the Company will not take out any other loan facilities without the prior approval of at least 75% of the Loan Noteholders.
Related Party:
Regal Tactical Credit Fund, of which Regal Funds Management Pty Ltd is a trustee, has subscribed for A$3,000,000 of the AUD Loan Notes. Regal Funds1, as defined below, are currently interested in 15.35 per cent. of the Company's issued share capital and therefore are, as a substantial shareholder, a Related Party under the AIM Rules. As such, Regal Tactical Credit Fund's participation in the subscription under the AUD Loan Notes is a Related Party Transaction for the purposes of Rule 13 of the AIM Rules.
In assessing the reasonableness of the terms of the Loan Notes, the Directors considered several prevailing factors including the Company's cash position in general, the need to replace proceeds from the CLNs which had not been paid (as referred to above) the pressing need to manage Company's near-term working capital requirements with suitably priced alternative funding and also to find supportive Loan Note holders who are supportive of the Company's wider objectives. The only equity linkage is the Warrants with a fixed subscription price of either A$0.456 or £0.24 which compares to a closing price on AIM on 28 June 2025 of £0.14. As explained above, the Loan Notes are intended to be repaid from the proceeds of the next capital raise in conjunction with the planned ASX listing, were that listing not to occur then the Company would need to undertake an alternative raise at some point over the next twelve months to allow for the Loan Notes to be repaid in full.
Accordingly, the Directors of the Company, all independent, having consulted with Beaumont Cornish Limited, the Company's Nominated Adviser, have concluded that the terms of the Loan Notes are fair and reasonable insofar as the Company's shareholders are concerned.
1Regal Funds comprising Regal Funds Management Pty Limited and its associates (including Regal Partners Limited, of which Regal Funds Management Pty Limited is a wholly owned subsidiary) which act as trustee and investment advisor for certain funds
Warrant Instrument:
The Loan Notes carry an entitlement to Warrants. Each Warrant grants the holder the right to subscribe for one new Ordinary Share at a price of either A$0.456 or £0.24 (at the warrant holder's election), being 71.4 per cent. above the Company's share price at close of trading on 28 June 2024 of £0.14 and has a term of 5 years. If exercised, the Warrants would generate approximately £1.1m in additional cash proceeds for the Company. All Warrants are transferrable.
In aggregate a total of 4,380,181 Warrants have been granted and any Warrants which are unexercised at the end of the relevant subscription period shall automatically expire. Upon exercise of the Warrants, it is anticipated the underlying Ordinary Shares will be issued within seven days.
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Fox-Davies Capital Limited (Joint Broker) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com
Jindalee Lithium Limited (ASX: JLL) – Trading Halt
Description
The securities of Jindalee Lithium Limited (‘JLL’) will be placed in trading halt at the request of JLL, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Jindalee Lithium Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
SQM Pilot Testing DLE Technologies, Plans to Choose One or More by 2025
SQM (NYSE:SQM) plans to choose one or more direct lithium extraction (DLE) technologies by next year.
The decision, confirmed by Carlos Diaz, SQM's lithium division head, at Fastmarkets' Lithium Supply and Battery Raw Materials Conference, held in Las Vegas from June 24 to 27, comes as part of a broader effort to expand production of lithium, a crucial metal for electric vehicle batteries, in the Salar de Atacama region.
"We would like to have multiple (DLE) solutions," Reuters quotes Diaz as saying. "It's difficult to choose one that is going to fit and be suitable for all kinds of different chemicals that can be in different types of brine."
Diaz further revealed that the Chilean lithium company has evaluated over 70 DLE technologies and selected 12 for pilot testing, with two of the shortlisted technologies currently being tested. SQM's goal is to increase its annual lithium production to between 280,000 and 300,000 metric tons by 2060, up from an estimated 200,000 tons in 2024.
SQM is weighing several factors in its decision-making process, such as the higher electricity consumption of DLE technologies compared to traditional evaporation ponds, and the freshwater requirements of some DLE variants.
The company is also considering how reinjecting brine post-lithium extraction could impact local aquifers.
Chile is currently the world's second largest lithium producer, trailing only Australia. The country's lithium output is largely driven by SQM and its competitor, Albemarle (NYSE:ALB). Both companies are exploring the use of DLE technologies, which have yet to be proven effective on a commercial scale without the aid of evaporation ponds.
At the end of May, SQM entered into a partnership agreement with Codelco, Chile's stated-owned copper miner, through which the two will jointly exploit lithium and other products in the Salar de Atacama.
In addition to its these advancements, SQM recently secured long-term agreements to supply lithium hydroxide to Hyundai Motor (KRX:005380) and Kia (KRX:000270), two of South Korea's leading electric vehicle manufacturers.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Successful Placement to Raise $750,000
The Placement proceeds will be used to part fund project generation, working capital and exploration activities in Canada.
The Placement Shares will rank equally with existing fully paid ordinary shares. Settlement of the Placement is expected to be completed on Tuesday, 30 July 2024.
The issue price represents a 4.0% discount to BMM’s last close on 24 June 2024 of $0.052, a 4.9% discount to the 5-day VWAP of $0.0524, a 8.6% discount to the 15-day VWAP of $0.0543 and a 14.5% discount to the 30-day VWAP of $0.0572.
BMM will issue one (1) free attaching unlisted option (Placement Option) for every two (2) Placement Shares issued pursuant to the Placement. The 7,500,000 Placement Options will be exercisable at 7.5 cents each, with an expiry three (3) years from the date of issue.
The Placement Shares will be issued pursuant to the Company’s existing placement capacities under ASX Listing Rules 7.1 (8,019,283 Shares) and 7.1A (6,980,717 Shares). The issue of 7,500,000 Placement Options will be subject to shareholder approval at a General Meeting proposed to be held in late August 2024.
Sixty Two Capital Pty Ltd acted as the Lead Managers to the Placement.
Click here for the full ASX Release
This article includes content from Balkan Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Latest News
Atlantic Lithium Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.