CEOL Application and Amended 2024 Interim Results for ASX listing

CEOL Application Update

On 28 November 2024, the Company confirmed it was on course to submit its application for the Special Lithium Operating Contract ("CEOL") for its Laguna Verde project by 31 December 2024. The 31 December 2024 deadline was initially set by the Chile Government Mining Ministry (the "Ministry") and served as the basis on which the Company timed its CEOL application. Since setting that initial deadline, the Ministry, in addition to announcing it would consider CEOL applications from private companies on a further six projects, announced it was extending the deadline for CEOL application submissions by one month, to 31 January 2025. Notwithstanding the extended deadline, the Company intends to submit its CEOL application in the early part of January 2025, well in advance of the new deadline, and announce same once made.

The Company is encouraged by recent progress on its CEOL application. The application itself will be a substantial document, supported by an extensive collection of technical, operational and financial data produced and gathered from activities at Laguna Verde over the last 3-4 years. The Company believes it is well-placed to secure the award of the CEOL and meet specific criteria, established by the Ministry, to allow applicants to enter into direct discissions with the Ministry and avoid the need for any subsequent public tender process.

Review and amendment of 2024 Interim Financial Results for ASX listing

In progressing the documentation to support the Company's proposed dual listing on ASX, it has been necessary for the Interim Results to be independently reviewed by the Company's auditor.

As a result of that review, the Company has reconsidered its interpretation of the accounting standards related to the recognition of the commissions and warrants associated with the issuance of Loan Notes, which were first announced on 1 July 2024. Following the reinterpretation of guidance, the fair value of warrants and the commissions directly linked to the Loan Notes are now recognised as a part of the liability within the statement of financial position and will be amortised to the income statement over the life of the Loan Notes. This differs from the original (incidentally more prudent) treatment, which recorded the full value of the commissions and warrant fair value in the income statement upon initial recognition. As a result, the Loan Note liability is now shown as £1.5 million (previously reported as £2.1 million) with an operating loss for the period of £2.2 million (previously reported as £2.8 million). Any other changes to the Interim Results are a consequence of those changes or reflect typographical corrections.

A copy of the reviewed and amended financial results for the six-month period ended 30 June 2024 is available for investors on the Company's website https://ctlithium.com/investors/circulars-documents/

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

Click here for the full release

This article includes content from Cleantech Lithium PLC, 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.