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Successful Placement
October 20, 2024
Chariot Corporation Limited (ASX:CC9) (“Chariot” or the “Company”) is pleased to announce that it has received firm commitments for a placement raising A$1.618 million (the “Placement”) before costs, though the issuance of approximately 8.09 million fully paid ordinary Chariot shares (“Shares”) at a price of A$0.20 per Share on the terms set out in this announcement.
HIGHLIGHTS:
- Successful Placement: Chariot has received firm commitments for a A$1.618 million placement of 8.09 million new shares at A$0.20 per share.
- Strong Investor Support: The placement was strongly backed by a group of institutional, sophisticated and professional investors with Ignite Equity Pty Ltd acting as lead manager.
- Directors’ Subscription: The Directors have subscribed for A$150,000 under the Placement (subject to shareholder approval at the next general meeting).
- Use of Placement Proceeds: The existing cash reserves combined with the proceeds of the placement will fund (i) phase 2 drilling at the Black Mountain Lithium Project, (ii) the 4th purchase price payment to Black Mountain Lithium Corp., one of the Black Mountain Project vendors, (iii) initial execution of the pilot mine strategy, including metallurgical testing in Perth and a scoping study for a pilot mine and general working capital.
- Upcoming Activities: Chariot is progressing with the phase 2 drilling program which seeks to define a maiden resource estimate to advance the pilot mine initiative at Black Mountain.
The placement was strongly supported by a group of institutional, sophisticated and professional investors, including existing shareholders and associates of Ignite Equity Pty Ltd, which acted as the lead manager for the placement.
Placement Terms
The placement terms are as follows:
Certain members of the Company’s Board of Directors have elected to subscribe for 750,000 shares, 375,000 2025 Options and 375,000 2026 Options. The issue of the shares and options under this Placement is subject to the approval of Chariot’s shareholders at the next general meeting.
Use of Proceeds
The Placement proceeds will be used to fund (i) phase 2 drilling at the Black Mountain Lithium Project, (ii) the 4th purchase price payment to Black Mountain Lithium Corp., one of the Black Mountain Project vendors, (iii) initial execution of the pilot mine strategy, including metallurgical testing in Perth and a scoping study for a pilot mine and general working capital.
Click here for the full ASX Release
This article includes content from Chariot Corporation, 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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18 October
GM Strengthens Lithium Supply Chain with US$625 Million Investment in Thacker Pass
General Motors (GM) (NYSE:GM) is strengthening its connection toLithium Americas (TSX:LAC,NYSE:LAC) via a joint venture centered on advancing the Thacker Pass lithium project in Humboldt County, Nevada.
In a Wednesday (October 16) press release, the companies said GM will provide US$625 million in cash and letters of credit, and will acquire a 38 percent asset-level ownership stake in Thacker Pass.
The Detroit-based carmaker emphasized to Reuters that it is keen to secure electric vehicle (EV) raw materials.
"We don't want to become a mining company," Jeff Morrison, GM’s senior vice president, told the news outlet. "Our main goal is to build out a North American based, Western-allied, reliant supply chain. To do that, we have to pick partners and assets and figure out what they need to do to industrialize and be successful.”
Lithium, a key component in EV batteries, is in high demand as automakers ramp up their EV offerings. The Thacker Pass asset is touted as North America’s largest depositary of the resource.
GM's US$625 million contribution will be divided into phases. It will provide US$330 million in cash when the joint venture closes, and US$100 million at a later stage, when a final investment decision for Phase 1 is made.
There is also a US$195 million letter of credit facility that Lithium Americas will be able to use as collateral to support reserve account requirements under its conditional US$2.3 billion loan from the US Department of Energy.
The companies note in Wednesday's release that the new joint venture builds on GM’s previous investment in Lithium Americas. In February 2023, GM invested US$320 million into the company, acquiring 15 million common shares.
This week's agreement also extends GM's current Thacker Pass offtake agreement, with the company now having the right to up to 100 percent of production volumes from Phase 1 for 20 years. Once the joint venture closes, GM will also enter into a further 20 year offtake for as much as 38 percent of Phase 2 output volumes for Thacker Pass.
In addition to the Lithium Americas deal, GM has made several other strategic investments in the mining sector.
These include agreements to purchase cobalt from Glencore (LSE:GLEN,OTC Pink:GLCNF) an investment in Queensland Pacific Metals (ASX:QPM) for nickel and cobalt and a lithium supply deal with Arcadium Lithium (NYSE:ALTM,ASX:LTM).
Thacker Pass project has faced some challenges, including protests from local Indigenous communities and environmental groups. Concerns have been raised regarding its environmental impact and proximity to culturally significant lands. Despite this opposition, the mine has received the necessary permits to proceed — Lithium Americas said in its latest quarterly update that it expects to start "major construction" by the end of the year.
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.
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16 October
Raiden Raising AU$10 Million to Expand Drilling at Andover South Lithium Project
Raiden Resources (ASX:RDN) said it has received firm commitments from various investors to raise AU$10 million to accelerate and expand drilling at the Andover South project in Western Australia's Pilbara area.
The amount will be raised via a placement of 312.5 million shares issued at AU$0.32 each; that represents a 17.9 percent discount to the last traded price of AU$0.39 for Raiden shares on October 9.
The company had initially planned a 5,000 metre diamond drill program at lithium-focused Andover South, but will now expand it to 15,000 metres. Its decision comes after receiving results from the first five holes.
“The decision to conduct the placement and expand the drill program was made after the company’s geologists (who previously worked on Azure Minerals Limited’s Andover lithium discovery) identified additional high-grade drill targets within the Andover South Project area,” Raiden said in a press release on Monday (October 14).
Andover South has seven target zones, and the AU$10 million to be raised will enable the company to look at target areas one and two at greater depths, while also covering target area seven.
Target area seven has similar fractionation rates to the pegmatites discovered in target areas one and two.
"With additional drill rigs about to be mobilised, we anticipate that the Company will be in a position to generate regular news flow once the results are received from the laboratory," said Managing Director Dusko Ljubojevic.
Raiden secured an 80 percent interest in the Andover South project in August 2023 under a binding agreement with vendor Welcome Exploration. Drilling at the project commenced in September.
A second diamond drill rig is due to arrive this week, with ongoing planning to bring on further drill rigs as required.
The placement shares are expected to be allotted on or around Thursday (October 17).
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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16 October
Entitlement Offer Fully Subscribed
Galan Lithium Limited (ASX: GLN) (Galan or the Company) is pleased to announce that its entitlement offer closed fully subscribed. The pro-rata non-renounceable entitlement offer of one (1) new fully paid ordinary share for every four (4) fully paid ordinary shares held by eligible shareholders at the record date of 13 September 2024, at an issue price of $0.105 per share (Entitlement Offer) raised $13.3 million (before fees). The Entitlement Offer was extended by one week and closed on 10 October 2024 (Closing Date).
The Entitlement Offer was well supported by Eligible Shareholders who applied for 60,198,783 shares plus all of the shortfall offer of 66,468,031 shares.
The Company advises that the results of the Entitlement Offer were as follows:
Shares | Proceeds | |
Total number of shares offered under the Entitlement Offer | 126,666,814 | $13,300,015 |
Total number of shares applied for by Eligible Shareholders under the Entitlement Offer | 60,198,783 | $6,320,872 |
Total number of shortfall shares applied for by Eligible Shareholders under the Entitlement Offer | 66,468,031 | $6,979,143 |
TotalSharestobeissuedunderthe Entitlement Offer | 126,666,814 | $13,300,015 |
The shares under the Entitlement Offer will be issued on 17 October 2024.
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“On behalf of the Board, I’d like to sincerely thank our shareholders for their continued support to achieve this outstanding result. To raise $13.3 m in a challenging market is strong validation of Galan’s HMW project in Argentina.
Galan continues to move forward with the development of HMW and remains upbeat about the future of the lithium market.”
The Galan Board has authorised this release.
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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15 October
Trinex Minerals to Expand Global Portfolio with Two Lithium Acquisitions
Trinex Minerals (ASX:TX3,OTC Pink:TDRCF) has executed binding agreements to acquire the Dudley lithium project in South Australia and the East Yellowknife lithium (EYL) project in Canada's Northwest Territories.
In a Monday (October 14) press release, the company detailed that it will be able to acquire up to a 90 percent interest in the Dudley project and a 100 percent stake in mineral claims comprising the EYL project.
The Dudley transaction involves a two stage farm-in deal with cash and share payments and expenditures. Trinex will be able to earn 51 percent in Stage 1 and an additional 39 percent in Stage 2.
"We are pleased to have been able to secure a highly prospective lithium exploration project in South Australia, one of the best mining jurisdictions in the world. Kangaroo Island is a large land mass with a history of mining and a government supportive of exploration and development of mineral resources,” Trinex Managing Director Will Dix said.
The company sees an opportunity for a lithium discovery at Dudley as it is hosted in the right geology with historic work indicating lithium mineralisation potential. Trinex said initial drilling at Dudley will begin once statutory approvals have been received. It will focus on testing pegmatites and other anomalous targets identified during the soil sampling program that is currently underway, along with targeting pegmatites below its weathering profile.
The transaction for EYL includes an issue of shares amounting to AU$100,000 and a cash payment of C$90,000 split between two vendors. EYL will further expand Trinex’s portfolio in the Northwest Territories, increasing its land position in the region to over 650 square kilometres. EYL combines three projects: Lizo, Prelude Lake and Lightning.
The overarching EYL asset covers more than 15,000 hectares in the Yellowknife pegmatite district, including similar geological settings to its Halo-Yuri lithium project, the company stated.
Detailed satellite imagery will be purchased and interpreted for the Prelude Lake and Lightning projects as a first pass, with Trinex expecting field work to ground-check interpreted pegmatites to begin in the second quarter of 2025.
The acquisition of EYL is subject to Trinex obtaining shareholder approval for the issue of shares, which it intends to seek at its next annual general meeting, scheduled on or around November 26.
Should everything go according to plan, completion of the transaction is expected in early December.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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11 October
Top 5 Canadian Mining Stocks This Week: American Lithium Charges Up 78 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 1.71 percent on the week to close at 605.43 on Friday (October 11). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.28 percent to 24,471.17 points over the same period.
Statistics Canada released its September labor force survey on Friday. The report indicated 47,000 new jobs were added to the Canadian economy, an increase of 0.2 percent. The hiring gains helped to push the unemployment rate down by 0.1 percent to 6.5 percent, marking the first decline in the rate since January.
Increases were primarily felt in the information, culture and recreation category as well as in the wholesale and retail trade one, with both sectors gaining 22,000 jobs. Professional, scientific and technical services jobs also saw gains in September, adding 21,000 new hires.
Despite the gains, the employment participation rate fell by 0.2 percent to 64.9 percent in September, marking a year-over-year decline of 0.7 percent.
South of the border, the US Bureau of Labor Statistics released September’s consumer price index on Thursday (October 10). The data showed a monthly increase of 0.2 percent and a year-over-year increase of 2.4 percent, both 0.1 percent higher than analysts predicted.
The majority of the increase was owed to a 0.4 percent jump in food prices and a 0.2 percent increase in shelter costs. The higher figures may show that while inflation has tracked down there are still lingering pressures within the market and it could cause the US Federal Reserve to adjust its rate-cutting policy over its final two meetings of the year in November and December.
In resource sector news, Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) announced it would be acquiring Arcadium Lithium (NYSE:ALTM,ASX:LTM) on Wednesday (October 9) in a US$6.7 billion deal. Rio Tinto CEO Jakob Stausholm said the acquisition represents a long-term strategic step in the company creating a world-class lithium business. The news acted as a tailwind for many lithium companies’ share prices this week.
Markets saw gains this week with the S&P 500 (INDEXSP:INX) adding 1.35 percent to 5,815.04, the Nasdaq 100 (INDEXNASDAQ:NDX) moving up 1.59 percent to 20,271.97 and the Dow Jones Industrial Average (INDEXDJX:.DJI) climbing 1.07 percent to reach 42,863.87.
Gold recovered from a mid-week slump that saw the precious metal fall to US$2,606 per ounce, climbing to US$2,655.86 on Friday at 4:30 p.m. EDT to end the week up by 0.09 percent. Meanwhile, silver saw recent gains erased as it fell 2.06 percent on the week to US$31.53 per ounce.
Copper saw a slight rebound on Friday, but wasn’t able to fully recover from midweek losses, dropping 2.38 percent to US$4.51 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) posted a gain of 0.38 percent to close at 559.63 points.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five gainers.
1. American Lithium (TSXV:LI)
Weekly gain: 77.78 percent
Market cap: C$230.61 million
Share price: C$1.28
American Lithium is an exploration and development company working to progress its advanced-stage Falchani project in Southern Peru. An updated resource estimate for the property, released in October 2023, outlines measured and indicated reosurces of 5.53 million metric tons (MT) of lithium carbonate equivalent and an inferred resource of 3.99 million MT.
A preliminary economic assessment for Falchani, released in February, estimates an after-tax net present value of US$5.11 billion and an after-tax internal rate of return of 32 percent with a payback period of three years.
On June 27, the company announced it was working to optimize the flow sheet for the project, and said that due to the low impurity content it would resemble a more conventional mining and processing flow sheet. Additionally, American Lithium said it was intending to commence piloting work during the second half of 2024.
Shares in American Lithium jumped on Thursday when the company released a letter to shareholders with an update on the state of the company and how it was navigating trends within the industry. The letter included steps American Lithium has taken to improve business fundamentals, how the company can benefit from Peru’s nuclear energy strategy and emerging support for premium prices for lithium carbonate.
2. Dore Copper Mining (TSXV:DCMC)
Weekly gain: 68.18 percent
Market cap: C$18.96 million
Share price: C$0.185
Dore Copper Mining is an exploration and development company with several projects located in the Lac Dore and Joe Mann mining camps in Québec, Canada. The company aims to become a copper producer operating with a hub and spoke model, in which its Copper Rand mill processes ore from several assets.
The company’s land package hosts 13 past-producing mines and multiple key projects, including Corner Bay, Joe Mann and Devlin. The company's resource target areas all lie within a 60 kilometer radius of its Copper Rand mill.
According to the company’s website, mineral resource estimates from four of its projects have demonstrated a combined measured and indicated resource of 198.2 million pounds of contained copper and 66,000 ounces of contained gold from 3.58 million MT of ore at an average grade of 2.51 percent copper and 0.58 grams per metric ton (g/t) gold.
The projects also contain inferred resources of 476.5 million pounds of copper and 248,000 ounces of gold from 7.01 MT at grades of 3.01 percent copper and 1.08 g/t gold.
The most recent news from the company came on September 26 when it announced it had closed a C$4.68 million non-brokered private placement. The company said it would be using the funds for exploration, development, permitting activities and feasibility study work.
3. Element 29 Resources (TSXV:ECU)
Weekly gain: 62 percent
Market cap: C$40.53 million
Share price: C$0.405
Element 29 Resources is an exploration company focused on advancing a portfolio of projects in Peru.
Its primary projects consist of the Elida copper-molybdenum-silver project in West-central Peru and the Flor de Cobre project in the Southern Peruvian copper belt.
The Elida site is composed of 29 concessions covering 19,749 hectares and hosts five distinct exploration targets within a 2.5 by 2.5 kilometer alteration system.
A September 2022 mineral resource estimate showed an inferred resource of 321.7 million MT containing 2.24 billion pounds of copper at a grade of 0.32 percent, 205.7 million pounds of molybdenum at a grade of 0.03 percent and 27 million ounces of silver at 2.61 percent.
The company’s less explored Flor de Cobre project is composed of 11 mining concessions and one mining claim covering 3,135 hectares. The company announced in March that it received environmental permitting for the site and would be partnering with the GlobeTrotters Resource Group, which discovered Elida, on exploration at For de Cobre.
Element 29’s most recent news came on September 24 when it commenced a drill program at Elida with the objective of potentially expanding its inferred mineral resource estimate and increasing grading at the site.
4. World Copper (TSXV:WCU)
Weekly gain: 50 percent
Market cap: C$19.94 million
Share price: C$0.09
World Copper is an exploration and development company working to advance its Zonia copper project in Central Arizona, US.
The property, acquired following a merger with Cardero Resources in January 2022, has seen extensive exploration dating back 100 years and hosted open-pit mining operations until 1975.
In the company’s corporate update on July 24, World Copper said it had made significant progress toward bankable feasibility and ultimately production, which it expects to begin in three to four years.
World Copper added that it has the potential for pre-production revenue through the utilization of 14 million short tons of previously stockpiled material. Additionally, it highlighted that the site hosted previous mining at the site with a low strip ratio of 1:1.
The most recent update from Zonia came on September 9, when the company produced an updated mineral resource estimate stating a total indicated resource of 686 million pounds of copper from 113.2 million short tons of ore with an average grade of 0.3 percent copper at a cutoff of 0.18 percent, and an additional inferred resource of 300 million pounds of copper from 59.2 million short tons of ore grading 0.25 percent.
5. Standard Lithium (TSXV:SLI)
Weekly gain: 47.32 percent
Market cap: C$19.94 million
Share price: C$3.30
Standard Lithium is an exploration and development company working to advance its South West Arkansas and Phase 1A projects in Arkansas and its East Texas project in Texas, US.
The projects are all located in the Smackover Formation, which extends from Central Texas into the Florida panhandle. The region hosts brines previously used to recover bromine that also host significant commercial lithium concentrations.
Standard entered into a 55/45 joint venture for South West Arkansas and East Texas with Equinor (NYSE:EQNR) in May to accelerate development of the projects.
A pre-feasibility study for its flagship project released in September 2023 demonstrated a base case after-tax net present value of US$3.09 billion with an internal rate of return of 32.8 percent and a payback period of four years. The study also produced an indicated mineral resource estimate of 269,000 MT of lithium with an inferred resource of 74,000 MT.
The company’s Phase 1A project will consist of a direct lithium extraction facility and lithium carbonate conversion facility designed to extract lithium contained in tail brine from existing bromine operations at LANXESS’ (OTC Pink:LNXSF) plant in Arkansas.
A definitive feasibility study for the project released in September 2023, demonstrated an after-tax net present value of US$550 million and an internal rate of return of 24 percent, as well as an annual production of 5,700 MT of battery-quality lithium carbonate.
Standard Lithium has seen gains since September 20 when it announced it had been selected by the US Department of Energy for an award of up to US$225 million to develop the South West Arkansas project. A few days after that, the company also released its results for its fiscal year ended June 30.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 11, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Dore Copper Mining and World Copper are clients of the Investing News Network. This article is not paid-for content.
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10 October
Results of Placing, PDMR Dealing and Total Voting Rights
CleanTech Lithium PLC ("CTL", "CleanTech Lithium" or the "Company"), an exploration and development company advancing lithium projects in Chile for the clean energy transition, is pleased to announce the results of the Placing announced on 8 October 2024, which was oversubscribed and scaled back.
Results of the Placing
The Placing raised gross proceeds of £2.5 million through the issue of 22,727,266 new ordinary shares ("Placing Shares") at an Issue Price of 11 pence per share. The net proceeds from the Placing will be applied to CTL's flagship project, Laguna Verde, and critical work programmes to produce battery-grade lithium carbonate for potential strategic partners to test, and for general working capital requirements.
The Placing Shares represent approximately 13.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares to trading on the AIM market of the London Stock Exchange ("AIM"). This has been a necessary interim fundraising as the Company pursues its dual listing on the Australian Securities Exchange ("ASX").
Related Party
As a part of the Placing and on the same terms as all other placees, Regal Funds1, which is currently interested in approximately 15 per cent. of the Company's issued share capital and therefore a Related Party under the AIM Rules, has agreed to subscribe for 1,727,272 Placing Shares. As such, Regal Funds participation is a Related Party Transaction for the purposes of Rule 13 of the AIM Rules. Accordingly, the Directors of the Company, all independent, consider, having consulted with Beaumont Cornish Limited, the Company's Nominated Adviser, that the terms of the subscription by Regal Funds 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
Directors Participation
Furthermore, Tommy McKeith, a director of the Company, has participated in the Placing by subscribing for 454,545 Placing Shares for an aggregate value of £50,000. Accordingly, Tommy McKeith is now interested in 909,091 Ordinary Shares representing 0.54 per cent. of the Company's enlarged ordinary share capital following the Admission of the Placing Shares.
Broker Warrants
In connection with the Placing 1,389,388 Broker Warrants have been issued exercisable at a price equal to the Issue Price up until five years from their date of grant, being the date of completion of the Placing.
Admission and Trading
The Placing remains conditional on the admission of the Placing Shares to trading on AIM becoming effective ("Admission"). It is expected that Admission will occur at 8.00 a.m. on 14 October 2024.
Total voting rights
Following Admission, the Company will have a total of 167,889,592 Ordinary Shares in issue. With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority. Words and expressions defined in the Company's announcement of 8 October 2024 shall have the same meaning in this announcement.
Steve Kesler, Executive Chairman and Interim CEO of CleanTech Lithium Plc, commented:
"Thank you to all the investors that have supported CleanTech Lithium in the latest Placing. We are delighted to see the return of existing shareholders and welcome new shareholders who have shown, despite difficult market conditions, their confidence in the Company as we develop responsibly sourced lithium in Chile via Direct Lithium Extraction.
The new funds will be focused on the Laguna Verde project and producing battery-grade lithium carbonate for potential strategic partners as well as maintaining our active engagement with indigenous communities whilst we pursue the dual listing in Australia.
Investors will know we have been one of the most active companies in Chile using DLE to establish ourselves as a leading lithium explorer and developer. We are completely aligned to Chile's National Lithium Strategy which aims to forge public-private partnerships with sustainable technologies leading the way for lithium extraction in the country.
Our Board would like to take this opportunity to thank all the investors for providing the funding for the Company to meet our planned milestones over the coming months and so deliver value to all our stakeholders."
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 (Sole Broker and Bookrunner) | +44 (0) 20 3884 8450 |
Daniel Fox-Davies |
CleanTech Lithium:
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
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