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At-The-Market Raise
Galan Lithium Limited (ASX:GLN) (“Galan” or “the Company”) is pleased to announce that it has utilised the At-the-Market Subscription Agreement (“ATM”) with Acuity Capital (see announcement dated 12 April 2024) to raise $2,250,000 (inclusive of costs) through the set-off of 7,950,000 Galan collateral shares previously issued to Acuity Capital under the ATM (“Set-off Shares”).
The Set-off Shares reduce the 15,000,000 Galan collateral shares that Acuity Capital is otherwise required to return to the Company upon termination or maturity of the ATM.
The Set-off Shares have a deemed price of $0.283 per share, being a 5.7% discount to the last close price of $0.30 on 14 May 2024.
The funds raised will be put towards the further development of the Hombre Muerto West lithium brine project in Argentina and working capital.
Click here for the full ASX Release
This article includes content from Galan 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.
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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.
In August 2024, Galan entered into a memorandum of understanding with Chengdu Chemphys Chemical Industry Co. for a prepayment offtake agreement pertaining to the HMW project. Once a definitive agreement is executed, Chemphys will purchase a total of 23,000 tonnes lithium carbonate equivalent, as a lithium chloride product, over the first five years of production from Phase 1 of the HMW project. Chemphys will also provide Galan with a US$40 million offtake prepayment facility to facilitate the continued development of Phase 1 of the HMW project.
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 also entered into a memorandum of understanding with Chengdu Chemphys Chemical Industry Co. for a prepayment offtake agreement. Once a definitive agreement is executed, Chemphys will purchase a total of 23,000 tonnes lithium carbonate equivalent, as a lithium chloride product, over the first five years of production from Phase 1 of the HMW project. Chemphys will also provide Galan with a US$40 million offtake prepayment facility to facilitate the continued development of the HMW project.
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.
Result of AGM, Share Consolidation and TVR
CleanTech Lithium PLC (AIM:CTL), an exploration and development company advancing next-generation sustainable lithium projects in Chile for the EV transition, is pleased to announce that at the Annual General Meeting ("AGM") held earlier today all resolutions were duly passed.
Share Consolidation
As a result of Resolution 9 having been passed at the AGM, shareholders have approved the share consolidation and every two existing ordinary shares of £0.01 each ("Existing Ordinary Shares") will be consolidated into one new ordinary share of £0.02 (the "New Ordinary Shares") (the "Share Consolidation"). As at the Record Date, being 6.00 p.m. on 26 November 2024, the 167,889,592 Existing Ordinary Shares will be consolidated into 83,944,796 New Ordinary Shares.
Application has been made to the London Stock Exchange for 83,944,796 New Ordinary Shares to be admitted to trading on AIM. It is expected that trading in the New Ordinary Shares will commence at 8:00 am tomorrow that is on Wednesday 27 November 2024 under new ISIN JE00BTJ01443 and SEDOL BTJ0144. CREST accounts will be updated on 27 November 2024.
Total Voting Rights
Following the Share Consolidation, the Company's total issued share capital will comprise 83,944,796 New Ordinary Shares of £0.02 each with voting rights. The Company does not hold any shares in treasury. As such, the total number of voting rights in the Company following the Share Consolidation will be 83,944,796.
Capitalised terms used in this announcement and not separately defined shall have the meaning given to them in the circular which contains the AGM Noticehttps://ctlithium.com/investors/circulars-documents/
For further information please visit https://ctlithium.com/
For further information contact: | |
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) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced 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 good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction.www.ctlithium.com
White Cliff Minerals Acquires Highly Prospective and Proven Copper Project
Project area includes the historic resource estimate of 4.16 Mt at 2.96% Cu - open along strike and at depth
White Cliff Minerals Limited (“White Cliff” or the “Company”) is delighted to announce the acquisition of Victoria Copper Ltd, 100% owner of exploration licence L-2797 (“the license”). This granted exploration licence lies within the broader Rae Copper region, Nunavut, Canada (“Rae” or the “Project”) and covers the historical Danvers copper deposit (“Danvers”). Confirmation drilling and other verification work of the historical resource will be one of several deliverables scheduled for the upcoming 2025 programme at Rae.
The historic resource estimate for the Licence, is a historic estimate and not in accordance with the JORC Code. The Company notes that the estimate and historic drilling results dated 1967 and 1968 are not reported in accordance with the NI 43-101 or JORC Code 2012. A competent person has not done sufficient work to disclose the estimate/results in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the estimate and reported exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the historical exploration results, but the Company has not independently validated the historical exploration results and therefore is not to be regarded as reporting, adopting or endorsing the historical exploration results.
- Acquisition brings 100% unencumbered ownership of the license, proximal to the Companys’ existing claims at Rae
- The Licence contains a non JORC compliant, historic resource estimate of 4.16 million tons at a grade of 2.96% Cu at a 2% cut-off Cu (“the historic resource estimate”).
- Records of resource drilling undertaken during 1967 & 68 had a maximum vertical depth of ~150m
- Highlights from the 1960’s resource drilling included:
- 39.40m @ 4.9% Cu from 60.3m (S-57)
- 47.10m @ 3.2% Cu from 42.2m (S-24)
- 35.40m @ 3.2% Cu from 21.0m (S-21)
- 27.5m @ 4.0% Cu from 76.7m (S-63)
- 38.1m @ 2.8% Cu from 63.4m (S-73)
- 31.4m @ 3.3% Cu from 15.2m (S-20)
- 44.8m @ 2.2% Cu from 55.8m (S-18)
- Follow up drilling in 2003 & 2005 focused mainly on expanding the known mineralised envelope which starts at surface and has dimensions of approximately 550m(L) x 200m(W) x 150m(D). Results confirmed mineralisation remains open in all directions presenting potential for further exploration success, highlights include;
- 72.70m @ 1.6% Cu from 27m (2003-47-2)
- 56.39m @ 1.5% Cu from 47m (2003-47-1)
- 98.05m @ 0.9% Cu from 66m (2003-47-3)
- 52.88m @ 1.2% Cu from 177m (2005-47-7)
- Acquisition of this, until now, stranded licence bolsters the already impressive and prospective Rae Project Portfolio. Sitting within the Company’s surrounding landholding, this addition represents accelerated near term optionality to start growing a resource for the greater Rae Project
- Conveniently located 3 km south of the Hope Lake Airstrip where the Company intends to base its 2025 field operations
- The historic, non JORC compliant estimate, the potential to expand this resource estimate and the concentrations of copper-silver reported from past drilling activities is a key factor in the acquisition of the Licence. The previously reported work and studies undertaken on the Licence will be verified by the Company as quickly as reasonably possible, with proposed work focused on drilling being planned for 2025.
“This is a value acquisition for shareholders. This moderate tonne but lower grade historic resource of 4.16mt @ 2.96% Cu is but one of several styles of mineralisation the Company expects to find throughout the broader licence area.
Others targets include the very large tonne targets of Hulk, the high grade-high tonne potential of Stark, the very high grade native copper flow top replacement targets and finally the extremely high grade Thor, Rocket and Vision areas.
This acquisition provides not only the potential for fast tracked expansion of an already identified large occurrence of copper but further secures the companys dominant landholding in the region.
We are now preparing for the 2025 drilling, with all targets now identified and prioritised starting with the giant Hulk sedimentary target, the extremely high grade vein systems and resource verification work at Danvers as well as at Great Bear - the Company is well positioned to deliver on its CY25 planned objectives.
I’m pleased to say we are making good progress on the final phases of our permitting and will update shareholders on the finalisation of this aspect as well as the award of drilling and service support contracts and the start of mobilisation in due course.”
Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals 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.
White Cliff Minerals Limited (ASX: WCN) – Trading Halt
Description
The securities of White Cliff Minerals Limited (‘WCN’) will be placed in trading halt at the request of WCN, 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 Tuesday, 26 November 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 White Cliff Minerals 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.
Sayona Mining and Piedmont Lithium to Merge, Form US$623 Million Lithium Miner
Australian lithium company Sayona Mining (ASX:SYA,OTCQB:SYAXF) and US-based Piedmont Lithium (ASX:PLL,NASDAQ:PLL) have announced a merger agreement that would create a consolidated entity valued at approximately US$623 million.
This move aims to strengthen their positions in the global lithium supply chain and enhance operations in North America and beyond.
The agreement involves an all-stock transaction, with Sayona acquiring Piedmont to become the parent company. Under the terms, existing Piedmont shareholders will receive Sayona American Depository Shares (ADS) or Sayona shares listed on the Australian Securities Exchange (ASX) in proportion to their holdings.
Ownership of the merged company will be split approximately evenly post-merger. Shareholders of both companies are expected to hold equal stakes in the newly formed entity.
The combined portfolio of the merged entity will include lithium assets across North America, Australia and Ghana.
The two companies are already partners in North American Lithium (NAL), a spodumene mining operation in Québec, Canada. Currently, Sayona holds a 75 percent stake in NAL, with Piedmont owning the remaining 25 percent.
The merger will consolidate NAL’s ownership under the newly formed entity, allowing for greater operational efficiency and flexibility in securing funding or government support if required.
NAL began operations in early 2023 and has produced approximately 140,000 metric tons of spodumene concentrate since its restart. The facility is targeting an annual production rate of 226,000 metric tons. Half of its output is sold to Piedmont under an existing offtake agreement.
Despite its production capacity, NAL faced financial losses in the third quarter of 2024, reflecting the current state of the lithium market.
Sayona’s portfolio features three lithium projects in Québec and a series of mining leases in Western Australia.
Meanwhile, Piedmont contributes its lithium projects in North Carolina and Ghana, developed in partnership with Atlantic Lithium (ASX:A11,LSE:ALL,OTCQX:ALLIF).
The merger seeks to capitalize on these complementary assets to create a more integrated and scalable operation.
Keith Phillips, President and CEO of Piedmont, said that the merger will enable the company to focus on future development while adapting to less than favorable industry conditions.
“The merger financing, corner-stoned by leading mining private equity group RCF, will enable us to weather the current industry downturn while making intelligent investments in our growth projects to be positioned for the recovery in lithium markets that we expect in the medium-term,” Phillips said in the official announcement.
The merger decision continues an ongoing trend in the lithium sector toward consolidation.
Recent months have seen increased M&A activity, notably Rio Tinto’s (ASX:RIO,NYSE:RIO,LSE:RIO) US$6.7 billion acquisition of Arcadium Lithium (NYSE:ALTM,ASX:LTM), as companies seek to strengthen their market positions amid fluctuating demand and pricing dynamics.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Atlantic Lithium is a client of the Investing News Network. This article is not paid-for content.
Major Milestone Achieved: Pilot-Scale Lithium Carbonate Production
CleanTech Lithium PLC (AIM: CTL), an exploration and development company advancing sustainable lithium projects in Chile, is pleased to announce the downstream conversion process is successfully producing pilot scale samples of lithium carbonate. CTL is a leader in Chile in producing lithium carbonate using Direct Lithium Extraction ("DLE") at the pilot scale, marking a major milestone for the Company. The samples will be sent to a laboratory to confirm the grade and impurity profile, which is expected to be battery-grade and prepared for strategic partner qualification.
Image 1: CTL Director Gordon Stein and CEO of Conductive Energy Haafiz Hasham
with first Lithium Carbonate produced from Conversion Process
The Company shipped four tanks with a total of 88m3 of concentrated eluate from its DLE pilot plant in Copiapó, Chile, to the facilities of Conductive Energy in Chicago, USA, for conversion into lithium carbonate. The first tank with 20m3 of eluate is currently being processed and produced the first 50kg of lithium carbonate on November 19th. The full tank will be processed over the next week and is expected to produce approximately 150kg of battery grade lithium carbonate.
To mark the commencement of production a site visit to the conversion facility was held showcasing the innovative process. The conversion process utilises forward osmosis at the concentration stage rather than the conventional evaporator helping to reduce water consumption and energy use before solution purification and then carbonation into the final product.
Conversations with potential strategic partners interested in testing the product have begun. After laboratory analysis, the Company will be aiming to send samples of battery-grade lithium carbonate to such partners initially in the several kilograms to tens of kilograms, to start the product qualification process.
Highlights:
· CTL has produced pilot scale lithium carbonate from Laguna Verde brine following successful commencement of the downstream conversion process
· CTL is a leader in Chile producing lithium carbonate at the pilot scale using sustainable DLE which, with spent brine reinjection, prevents aquifer depletion and through innovative downstream processing, minimises water and energy consumption
· Lithium carbonate product will be sent to a laboratory in North America to be verified as battery-grade (>99.5%)
· A site visit to Conductive Energy's conversion facility took place on Tuesday 19th November to mark the commencement of production from what is the largest pilot plant in operation in North-East USA.
· Conversations with strategic partners have started and samples will be available for product qualification
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"CleanTech Lithium has reached an important milestone by commencing pilot scale lithium carbonate production using a sustainable and innovative DLE based process. As a leader in the DLE sector in Chile with a focus on efficiency and sustainability, this accomplishment marks a significant step forward. Years of hard work have led to this important milestone, and it sets the stage for future development with a commitment to supporting the transition to electric vehicles and clean energy. Thank you to the partners involved and we look forward to enter the next phase of development."
Haafiz Hasham, Chief Executive Officer, Conductive Energy, said:
"The successful conversion to lithium carbonate in partnership with CleanTech Lithium and Forward Water Technologies represents a significant milestone for all the companies involved. This achievement highlights our commitment to developing innovative, efficient, and sustainable processes that meet the growing global demand for lithium, a critical component in green energy solutions. We are excited to continue advancing Direct Lithium Extraction, which we believe represents the future of battery-grade lithium production."
Image 2: Site visit at Conductive Energy's facilities was held on 19th November
to see the conversion process to lithium carbonate
Image 3: Filter press used in the conversion process to separate precipitated
Li2CO3 from solution. White powder is lithium carbonate
Image 4: Two tanks of concentrated eluate arrive on site in Chicago, USA
Image 5: Industrial Forward Osmosis unit
**ENDS**
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
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 lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced 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 good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com
Geophysical Anomalies Reveal New Copper Targets at Rae Project
Conductivity anomalies show link between surface showings and vein-system targets
White Cliff Minerals Limited (“the Company”) is pleased to announce further results of the first project scale geophysical survey at the Rae Copper Project (“Rae” or “the Project”), Nunavut, Canada.
- The Stark target, a newly identified anomaly sits along a known copper conduit, the Herb Dixon Fault. The Herb Dixon Fault forms the western boundary of the HULK sedimentary targets and extends south, to the Company’s Vision District where rock chip assays included 64.02% (F005965), 62.02% (F005966), 55.01% (F005977) and 50.48% (F005959) copper
- The Stark target presents as a highly conductive signature over more than 14km strike length and up to 2.2km wide that is coincident within a well-defined structure
- A further western target at Hulk, West - Target D (Cliff) presents another target for large scale vein hosted systems with a strong conductivity anomaly, constrained within a major structure over 5.7 km strike length and up to 1 km wide which crosses the basalt-sediment contact
- This new target at Hulk further increases the interpreted dimensions of the Hulk target to 23km by 10.5km
- Within the Thor District at the Halo target, high grade samples over > 800m strike length including results up to 54.02% Cu (F005921) a conductivity response spanning 2.7km strike length has expanded the initial high grade target, inferring a significant extension to the mineralisation observed on surface
- Field truthing at Halo identified significant quantities of copper mineralisation embedded within basalts and sediments at surface. This field observation, now corroborated by the Mobile MT electromagnetic survey results, offers scope for further discoveries at other conductivity anomalies within the Thor District
- The ongoing review of the MobileMT geophysical data, in parallel with the integration of magnetic and conductivity datasets with assay results from the maiden campaign will generate an evolving pipeline of new targets. Follow up ground truthing is being planned to operate in parallel with the maiden drilling campaign at Rae where mobilizing works are planned for Q1 of 2025
“These airborne geophysical results have revealed kilometre scale conductive signals which seem to be constrained to the interpreted dimensions and structures of the regional fault networks. It is this constraint that provides us with additional confidence in the geophysical responses, as these conductive anomalies, in those shapes are what we were hoping to see.
These large scale vein system targets are unique in that they provide super high grade copper targets and a major conduit of hydrothermal copper fluids; seeing the entire Herb Dixon fault in this regard and its connection into the sedimentary structures at Hulk is very exciting.
Being able to link high grade surface showings with extensions into the sub surface, like the Halo target, is significant given the consistent high grades returned during the summer sampling program. We have now identified, nearby, conductive sub surface signatures, offering up scope for further discoveries in the Thor District.
This ongoing generation of targets will feed into the 2025 ground sampling program (ground truthing geophysical anomalies) that will run in tandem with our maiden drilling campaign at the Project.”
Troy Whittaker - Managing Director
Click here for the full ASX Release
This article includes content from White Cliff Minerals 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.
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