Executing a well-defined project development strategy for its lithium assets and advancing Direct Lithium Extraction (DLE), CleanTech Lithium is poised to become a key player in an expanding batteries market.
CleanTech Lithium (AIM:CTL,FWB:T2N) is a resource exploration and development company with four lithium assets with an estimated 2.72 million tons (Mt) of lithium carbonate equivalent (LCE) in Chile, a world-renowned mining-friendly jurisdiction. The company aims to be a leading supplier of ‘green lithium’ to the electric vehicle (EV) market, leveraging direct lithium extraction (DLE) – a low-impact, low-carbon and low-water method of extracting lithium from brine.
Lithium demand is soaring as a result of a rapidly expanding EV market. One study estimates the world needs 2 billion EVs on the road to meet global net-zero goals. Yet, the gap between supply and demand continues to widen. As the world races to secure new supplies of critical minerals, Chile has emerged as an ideal investment jurisdiction with mining-friendly regulations and a skilled local workforce to drive towards a clean green economy. Chile is already the biggest supplier of copper and second largest supplier of lithium.
With an experienced team in natural resources, CleanTech Lithium holds itself accountable to a responsible ESG-led approach, a critical advantage for governments and major car manufacturers looking to secure a cleaner supply chain.
Laguna Verde is at pre-feasibility study stage targeted to be in ramp-up production from 2027. Laguna Verde has a JORC resource estimate of 1.8 Mt of lithium carbonate equivalent (LCE) while Viento Andino boasts 0.92 Mt LCE, each supporting 20,000 tons per annum (tpa) production with a 30-year and 12-year mine life, respectively. The latest drilling programme at Laguna Verde finished in June 2024, results from which will be used to convert resources into reserves.
The lead project, Laguna Verde, will be developed first, after which Veinto Andino will follow suit using the design and experience gained from Laguna Verde, as the company works towards its goal of becoming a significant green lithium producer serving the EV market.
The company is carrying out the necessary environmental impact assessments in partnership with the local communities. The indigenous communities will provide valuable data that will be included in the assessments. The Company has signed agreements with the three of core communities to support the project development.
DLE Pilot Plant Inauguration event held in May 2024 with local stakeholders and indigenous communities in attendanceÂ
The company also has two prospective exploration assets - the Llamara project and Salar de Atacama/Arenas Blancas project. Llamara project is a greenfield asset in the Antofagasta region and is around 600 kilometers north of Laguna Verde and Veinto Andino. The project is located in the Pampa del Tamarugal basin, one of the largest basins in the Lithium Triangle.
Salar de Atacama/Arenas Blancas comprises 140 licenses covering 377 sq km in the Salar de Atacama basin, one of the leading lithium-producing regions in the world with proven mineable deposits of 9.2 Mt.
CleanTech Lithium is committed to an ESG-led approach to its strategy and supporting its downstream partners looking to secure a cleaner supply chain. In line with this, the company plans to use renewable energy and the eco-friendly DLE process across its projects. DLE is considered an efficient option for lithium brine extraction that makes the least environmental impact, with no use of evaporation ponds, no carbon-intensive processes and reduced levels of water consumption. In recognition, Chile’s government plans to prioritize DLE for all new lithium projects in the country.
CleanTech Lithium’s pilot DLE plant in Copiapó was commissioned in the first quarter of 2024. To date, the company has completed the first stage of production from the DLE pilot plant producing an initial volume of 88 cubic metres of concentrated eluate – the lithium carbonate equivalent (LCE) of approximately one tonne over an operating period of 384 hours with 14 cycles. Results show the DLE adsorbent achieved a lithium recovery rate of approximately 95 percent from the brine, with total recovery (adsorption plus desorption) achieving approximately 88 percent. The Company’s downstream conversion process is successfully producing pilot-scale samples of lithium carbonate . As of January 2025, the Company is producing lithium carbonate from Laguna Verde concentrated eluate at the downstream pilot plant - recently proven to be high purity (99.78 percent). Click for highlights video.
CTL’s experienced management team, with expertise throughout the natural resources industry, leads the company toward its goal of producing green lithium for the EV market. Expertise includes geology, lithium extraction engineering and corporate administration.
The 217 sq km Laguna Verde project features a sq km hypersaline lake at the low point of the basin with a large sub-surface aquifer ideal for DLE. Laguna Verde is the company’s most advanced asset.
CleanTech Lithium’s second-most advanced asset covers 127 square kilometers and is located within 100 km of Laguna Verde, with a current resource estimate of 0.92 Mt of LCE, including an indicated resource of 0.44 Mt LCE. The company’s planned second drill campaign aims to extend known deposits further.
The Llamara project is one of the largest greenfield basins in the Lithium Triangle, covering 605 square kilometers in the Pampa del Tamarugal, one of the largest basins in the Lithium Triangle. Historical exploration results indicate blue-sky potential, prompting the company to pursue additional exploration.
The project comprises 140 licences covering 377 sq km in the Salar de Atacama basin, a known lithium region with proven mineable deposits of 9.2 Mt and home to two of the world’s leading battery-grade lithium producers SQM and Albermarle. Following the granting of the exploration licences in 2024, the Cleantech Lithium is designing a work programme for the project
Steve Kesler has 45 years of executive and board roles experience in the mining sector across all major capital markets including AIM. Direct lithium experience as CEO/director of European Lithium and Chile experience with Escondida and as the first CEO of Collahuasi, previously held senior roles at Rio Tinto and BHP.
Ignacio Mehech brings over a decade of senior leadership experience in the lithium and mining sectors. During his seven-year tenure at Albemarle—the world’s largest producer of battery-grade lithium—he spent the last three years as Country Manager in Chile, overseeing a workforce of 1,100 and managing critical relationships with government, indigenous communities, and other key stakeholders. Mehech brings deep expertise in lithium project development, regulatory engagement, and sustainability. He has led high-profile engagements with global investors, customers, NGOs, analysts, scientists, and international governments. He also played a key leadership role in the El Abra copper operation—a joint venture between Codelco and Freeport-McMoRan—where he led the legal strategy and contributed to corporate transformation initiatives. Mehech holds a law degree from the Universidad de Chile and a Master’s in Energy and Resources Law from the University of Melbourne.
Gordon Stein is a commercial CFO with over 30 years of expertise in the energy, natural resources and other sectors in both executive and non-executive director roles. As a chartered accountant, he has worked with start-ups to major companies, including board roles of six LSE companies.
Maha Daoudi has more than 20 years of experience holding several Board and senior-level positions across commodities, energy transition, finance and tech-related industries, including a senior role with leading commodity trader, Trafigura. Daoudi holds expertise in offtake agreements, developing international alliances and forming strategic partnerships.
Tommy McKeith is an experienced public company director and geologist with over 30 years of mining company leadership, corporate development, project development and exploration experience. He's held roles in an international mining company and across several ASX-listed mining companies. McKeith currently serves as non-executive director of Evolution Mining and as non-executive chairman of Arrow Minerals. Having worked in bulk, base and precious metals across numerous jurisdictions, including operations in Canada, Africa, South America and Australia, McKeith brings strategic insights to CTL with a strong focus on value creation.
Jonathan Morley-Kirk brings 30 years of experience, including 17 years in non-executive director roles with expertise in financial controls, audit, remuneration, capital raisings and taxation/structuring.
Premium lithium projects located in established mining districts to meet battery and EV demand
CleanTech Lithium PLC Notice of Annual General Meeting
ÂCleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF) ("CleanTech Lithium" or the "Company"), an exploration and development company advancing sustainable lithium projects in Chile, will hold its Annual General Meeting ("AGM") at the offices of the Company at de Carteret House, 7 Castle Street, St Helier JE2 3BT on 26 November 2024 at 11:00AM GMT
As well as the normal business conducted at the AGM, the Board is proposing to:
Ârenew the share authorities previously granted in connection with the ASX Listing;
amend the articles of association in connection with the ASX Listing; and
consolidate the Company's ordinary share capital so that every two existing Ordinary Shares of £0.01 each are consolidated into one Ordinary Shares of £0.02 each (the "New Ordinary Shares") to meet ASX listing requirements.
The detailed reasons for and background to the resolutions are set out in a Circular which contains the notice of AGM. The Circular will shortly be available on the Company's website https://ctlithium.com/investors/circulars-documents/. A letter notifying Shareholders of the availability of the Circular on the Company's website will be dispatched to Shareholders later today.
ÂRecommendation
ÂThe Directors consider all of the proposals to be considered at the AGM (including the share consolidation) to be in the best interests of the Company and its Shareholders as a whole and accordingly unanimously recommend that Shareholders vote in favour of the resolutions to be proposed at the AGM, as they together with senior management intend to do in respect of their aggregate holdings of 13,141,932 existing Ordinary Shares representing 7.83 per cent. of the Company's existing share capital.
ÂEXPECTED TIMETABLE OF PRINCIPAL EVENTS
ÂÂ | Â 2024 | Â |||
Publication of the Circular and the Form of Proxy | Â 30 October | Â |||
Latest time and date for receipt of Forms of Proxy and CREST voting instructions | Â 11.00 a.m. on 24 November | Â |||
Time and date of the Annual General Meeting | Â 11.00 a.m. on 26 November | Â |||
Result of Annual General Meeting announced | Â 26 November | Â |||
Record Date in respect of the Share Consolidation | Â 6.00 p.m. on 26 November | Â |||
Admission expected to become effective and dealings expected to commence in the New Ordinary Shares on AIM | Â 8.00 a.m. on 27 November | Â |||
Where applicable, expected date for CREST accounts to be credited in respect of New Ordinary Shares in uncertificated form | Â 27 November | Â |||
Where applicable, expected date for despatch of definitive certificates for New Ordinary Shares in certificated form | Â 3 December | Â |||
For further information contact: | Â Â | Â Â | Â ||
| Â | Â | Â Â | Â ||
Steve Kesler/Gordon Stein/Nick Baxter | Â Â Jersey office: +44 (0) 1534 668 321 ÂChile office: +562-32239222 Â | Â Â | Â ||
 |  Or via Celicourt |   |  ||
|  Celicourt Communications ÂFelicity Winkles/Philip Dennis/Ali AlQahtani  |   +44 (0) 20 7770 6424   |   |  ||
|  Beaumont Cornish Limited (Nominated Adviser) ÂRoland Cornish/Asia Szusciak  |  +44 (0) 20 7628 3396 |   |  ||
|  Fox-Davies Capital Limited (Joint Broker) ÂDaniel Fox-Davies  |   +44 (0) 20 3884 8450   |   |  ||
|  Canaccord Genuity (Joint Broker) ÂJames Asensio  |  +44 (0) 20 7523 4680 |   |  ||
 |   |   |   |   | Â
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.
ÂNotes
ÂCleanTech 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.
ÂCleanTech 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.
ÂCleanTech 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
Â**ENDS**
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ÂSOURCE:Â CleanTech Lithium plc
ÂNews Provided by ACCESSWIRE via QuoteMedia
Interim Results for six-month period ending 30 June 2024
ÂCleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development companyadvancing sustainable lithium projects in Chile for the clean energy transition, is pleased to announce its unaudited Interim Results for the six-month period ended 30 June 2024 ("1H 2024" or "the Period").
The Company has made significant progress with the Pre-Feasibility Study ("PFS") at the flagship project, Laguna Verde, and seen encouraging results from the Direct Lithium Extraction ("DLE") pilot plant in Chile and will be producing battery-grade lithium carbonate for potential strategic partners to evaluate. The Company is also pursuing a dual listing on the Australian Stock Exchange ("ASX") and aims to be trading on the ASX in Q4 2024.
ÂHighlights of the Period:
ÂOperational:
ÂHealth & Safety:
ÂZero-harm safety culture focused on continuous improvement to achieve an injury free and healthy work environment - no LTIs, major incidents or near misses recorded in 1H 2024.
Laguna Verde Drilling Programme:
ÂFive-well resource drilling programme commenced. Work designed in collaboration with Montgomery & Associates, a leading hydrogeology and resource evaluation consultancy.
Programme aims to produce a maiden reserves estimate using modifying factors from the Pre-Feasibility Study ("PFS") which is underway and targeted for completion by the end of 2024.
DLE Pilot Plant:
ÂOperational and producing high quality lithium chloride eluate with low impurities.
Eluate is being converted to produce batches of battery-grade lithium carbonate which will be made available to potential strategic partners in Q4 2024 to start product qualification.
Inauguration event was held in May 2024 where local communities and government officials were in attendance.
Project Licences:
ÂCTL entered into a sale and purchase agreement ("SPA"), now taking full ownership of certain Laguna Verde licences that were previously held by way of an option agreement
The licences held in the Salar de Atacama basin, which we understand are located outside the salar area defined as strategic by the Government and have been re-named the 'Arenas Blancas' project, are a potentially very promising opportunity.
CEOL Contracts:
ÂExpressions of Interest ("RFIs") for a total of five lithium projects have been submitted to the Chilean Government. CTL is very well positioned as the most advanced exploration stage company progressing DLE based projects in Chile.
Francisco Basin project has been renamed Viento Andino, in line with the RFI submission, to highlight the project area is outside a national park of a similar name located in the basin.
Corporate:
ÂBoard changes:
ÂExecutive Chairman Steve Kesler assumed the duties of CEO on an interim basis, following the resignation of CEO, Aldo Boitano in April.
The search for a new CEO is well underway and the chosen candidate will be announced in due course.
·Cash position:
ÂThe Company's cash position at the period end, including proceeds received from Loan Notes shortly after period end, was £2.1 million.
Post-period Highlights:
ÂOperational:
ÂPump tests and a reinjection well at Laguna Verde, planned to be undertaken in Q4 2024, will help define the brine extraction and reinjection wellfield design and the sustainable production rate required for the PFS.
A plant location study was completed by Worley for the Laguna Verde project and concluded that the DLE and eluate concentration should be undertaken at project site and the purification and carbonation close to Copiapo which is at a lower elevation with good technical support locally available. This latter plant would be expanded in the future to also process concentrated eluate from the Viento Andino project.
Completion of the first stage of production of concentrated eluate from the Company´s DLE pilot plant which has been shipped for conversion to battery-grade lithium carbonate by process partners in North America.
Corporate:
ÂASX Listing:
ÂThe Company is seeking to dual-list on the Australian Securities Exchange ("ASX"). Although the Company announced an extension to the ASX IPO timetable on 20 September 2024, to allow it to address some procedural matters raised by ASX, the intention remains to complete the IPO before the year end. An associated capital raise is planned to enable completion of the PFS and continuance of other work programmes. Notwithstanding, the Company continues to consider its funding options on an ongoing basis as a part of its normal practice.
·CEOL Process:
ÂThe Government has streamlined the CEOL process, announcing an update at the end of Septemberprioritising six salt flats for lithium development including Laguna Verde, the Company's flagship project, as having the most favourable conditions to advance lithium exploration and extraction. CEOL applications to be submitted by 31st December 2024.
Local stakeholders:
ÂCTL attended a seminar organised by CESCO alongside local indigenous communities. The President of the Colla Pai-Ote community publicly endorsed CTL's Laguna Verde project as the way forward for the lithium industry in Chile, which was widely reported in the Chilean media.
CTL's DLE carousel equipment is now installed at the University of Atacama as part of an ongoing partnership. The DLE equipment will be available for research programmes. The long-term collaboration between the University and CTL will help nurture the skills required for fostering the lithium industry in the Atacama region.
Steve Kesler, Executive Chairman and Interim CEO, CleanTech Lithium said:
Â"The first half of 2024 has seen significant operational and strategic progress on our lithium projects in Chile. This includes the production of high quality lithium chloride eluate with low impurities from our DLE pilot plant, which has a capacity to produce one tonne per month of lithium carbonate equivalent. A drilling, pump testing and reinjection programme was started at Laguna Verde aimed at updating the JORC resource estimate, providing data for the PFS and developing of a maiden reserve estimate.
Â"The Company is also in the process of listing on the ASX exchange, which will support its future development, as it enters potential strategic partner discussions and progresses towards production. Whilst this process has been delayed, the ASX market is well versed in the lithium sector and a meaningful number of the Company's existing shareholders have Australian links.
Â"With the PFS well underway and project development ongoing, backed by the strong support from local indigenous communities and aligned with the objectives of Government's National Lithium Strategy, we look forward to the future with confidence."
ÂCHAIRMAN AND INTERIM CEO REVIEW
ÂThe following review is a look back at the highlights from the first half of 2024:
ÂBusiness Strategy
ÂCleanTech Lithium continues to make great strides in meeting the objective of becoming a leading supplier of battery-grade lithium carbonate to support the world's transition to clean energy. The progress made towards building sustainable lithium projects in Chile where the Company is planning to use Direct Lithium Extraction ("DLE") powered by renewable energy directly addresses the Chilean Government's ambition to drive positive change in sustainability and social and economic development.
ÂThe 'National Lithium Strategy', proposed by the President of Chile in late April 2023, aims to ensure Chile remains a top producer and supplier of lithium - a critical component for batteries in Electric Vehicles and energy storage systems ("ESS"). The established mining jurisdiction is currently the largest supplier of copper in the world and one of the largest suppliers of battery grade lithium. To move to a world run on clean energy, new lithium projects are needed, and Chile has the established infrastructure, industry expertise and workforce to bring projects like CleanTech Lithium's into production in the next few years.
ÂNew projects must be built in the right way and the Government has prescribed the use of DLE (or similar sustainable technologies) for all new lithium development projects going forward. CleanTech Lithium's strategy is to play a significant role in assisting the Chilean government to achieve this ambition. The Company believes it is most the advanced development stage DLE company operating in Chile and the achievements made in the first half of 2024 is evidence of this. It is very encouraging to see the Company's DLE Pilot Plant producing samples of battery-grade lithium carbonate which will soon be tested by potential strategic partners.
ÂThe Company's business strategy is focused on delivering long-term sustainable growth and returns for all stakeholders, built on four pillars:
Âdevelop the Company's advanced lithium projects (Laguna Verde, Viento Andino) and progress the early-stage exploration projects (Arenas Blancas and Llamara) in Chile;
utilise innovative technologies, including DLE and, where possible, renewable energy to sustainably produce lithium carbonate;
produce commercial battery-grade lithium carbonate with high lithium recoveries and short production time; and
supply directly into the EV and battery storage market via strategic partners and offtake agreements.
To this end, the Company's immediate objectives are as follows:
Âupdate the JORC resource estimate for Laguna Verde on completion of the 2024 drilling campaigns and declare a maiden reserves estimate;
complete planned hydrogeological studies and metallurgical tests at Laguna Verde, including completing a new reinjection well and pump tests to provide the data required to further advance modelling of the sub-surface aquifer and design the extraction and reinjection wellfields;
deliver a Pre-Feasibility Study ("PFS") at the Laguna Verde Project and commence the Definitive Feasibility Study ("DFS") soon afterwards;
complete the process test work at the DLE Pilot Plant and make battery grade lithium carbonate available for supply to potential offtake and strategic partners to start product qualification;
continue the required work to complete the environmental baseline studies that commenced in 2022 and undertake the studies required to enable submission of the EIA in 1H 2025;
enter into a Special Lithium Operation Contract (CEOL) with the Chilean State in relation to the Laguna Verde and Viento Andino Projects to commercially sell lithium;
continue to collaborate with the local indigenous communities, universities and other local stakeholders to ensure long-term support for the projects, and
enter into substantive discussions with potential offtake and strategic partners with a view to reaching agreement on a future business relationship, including establishing a funding package for the construction phases of the Laguna Verde Project, including equity participation, debt and other structures, to bring the project on stream and start selling lithium carbonate at the earliest possible opportunity.
Summary of Company Activity
ÂIn the first six months of the year, CleanTech Lithium made further progress toward delivering its PFS. This included commencing a five-well drilling programme at Laguna Verde, the commissioning of its DLE pilot plant and first production of highly concentrated eluate for further processing to make battery-grade lithium carbonate. The PFS is instrumental to support discussions with potential strategic partners. The Company is also seeking to dual-list on the Australian Securities Exchange ("ASX"). Although the Company announced an extension to the ASX IPO timetable on 20 September 2024, to allow it to address some procedural matters raised by ASX, the intention remains to complete the IPO before the year end. Notwithstanding, the Company continues to consider its funding options on an ongoing basis as a part of its normal practice.
ÂOperations
ÂHealth and Safety
ÂThe Company maintains a zero-harm safety culture focused on continuous improvement to achieve an injury free and healthy work environment, with no lost time incidents ("LTIs"), major incidents, or near misses reported in the first half of 2024.
ÂFive-Well Drilling Programme at Laguna Verde
ÂThe Company commenced a five well drilling programme at Laguna Verde largely aimed at converting Inferred resource to additional Measured & Indicated resource which will then have technical and economic modifying factors applied from the PFS to determine a maiden reserve. The programme was designed in collaboration with Montgomery & Associates, a leading international hydrogeology and resource evaluation consultancy.
ÂThe drill programme began in Q1 2024, with the commencement of wells LV07 and LV11 and suspended in May on the onset of the winter shut-down period, with the plan to recommence in October. The programme will also include additional pump testing and reinjection testing in Q4 2024 with results helping to calibrate the hydrogeological model of the basin. This model will help further define the brine extraction and reinjection wellfield design and the sustainable production rate from Laguna Verde. Montgomery & Associates have been engaged to manage the drill programme, JORC resource and reserves reporting and design of the extraction and reinjection wellfields.
ÂLaguna Verde is the Company's most advanced project and has a total JORC resource of 1.8 million tonnes LCE, of which 1.1 million is in the Measured and Indicated category. Laguna Verde's Scoping Study, announced in January 2023, highlighted robust economics, with an NPV8 of US$1.8bn, an IRR of 45.1%, net cashflows of US$6.3 billion and a low operating costs of US$3,875/t for 30 years of production at 20,000 tpa LCE.
Â
Drilling programmes at Laguna Verde since 2022
DLE Pilot Plant Commissioning and Production
ÂThe Company´s one-tonne per month DLE pilot plant (supplied by Sunresin) is located in Copiapó, Chile, approximately 250km from Laguna Verde, and finished commissioning in late March. At the R&D centre where the pilot plant is located, brine from the Laguna Verde project is stored in a large 243,000 litre vessel outside the pilot plant and then fed into an indoor tank having passed through filtration to remove suspended solids. It is then fed into the DLE columns shown in the image below, which are filled with adsorbent designed to be selective for lithium molecules. Lithium, as lithium chloride, is adsorbed from the brine, before desorption with water to create a purified lithium chloride eluate.
Â
DLE Pilot Plant at R&D Centre in Copiapó, Chile (30 x approx. 3m columns to produce up to 1 tonne per month of LCE)
Testing of a wide range of commercially available adsorbents identified that the adsorbent supplied by Lanshen performed the best on the Laguna Verde brine resulting in the selection of this adsorbent. The DLE Pilot Plant commenced operation in Q2 2024, producing high quality concentrated eluate. In May, the Company reported the key DLE performance metrics for the first batch of 24m3 of concentrated eluate produced at the pilot plant. The recovery of lithium from the brine was 94% in the adsorption stage and 88% into the eluate. The lithium grade in the feed brine of 197mg/L was concentrated to 710mg/L in the eluate, or a 3.6X concentration factor. These results exceeded the Company's expectations. The eluate was further concentrated by reverse osmosis to 2,194mg/l.
ÂFor the first stage of production, a total volume of 1,196m3 of brine from the Laguna Verde Project was processed at the DLE pilot plant with a total of 14 cycles completed. Each cycle represents a volume of brine being fed first through filtration to remove suspended solids, then into DLE columns which are filled with adsorbent designed to be selective for lithium molecules. Lithium, as lithium chloride, is adsorbed from the brine, before desorption with water to create a purified lithium eluate.
ÂAveraged across the 14 cycles, the recovery rate achieved by adsorption of lithium from the brine was 95% and the recovery rate of desorption from the adsorbent was 93%. The total recovery rate into eluate averaged 88% and was highly consistent as shown in the figure below. The temperature of the brine and desorption water, using the average ambient temperature in Copiapó during the March to June period of operation, was in the range of 20oC to 25oC indicating that good performance was achieved without the need to heat solutions in either adsorption or desorption.
Â
Pilot Plant Total Recovery Rate
The eluate production rate was relatively stable after the initial ramp up period achieving an average of 2.8 kg LCE per hour demonstrating that the design capacity of the pilot plant of 1 tonne LCE per month was comfortably achieved. Selectivity of the adsorbent is another key performance parameter for a DLE operation. DLE primarily acts as a purification stage, recovering lithium chloride from the brine whilst rejecting other impurities. For all the major ions in the brine, apart from boron, the rejection rate was very high, exceeding 99%.
Â
DLE Performance - Rejection of Major Impurities
The downstream conversion of lithium chloride solution to battery grade lithium carbonate is well established in the lithium industry. Rather than spending capital on constructing a lithium carbonate conversion plant, the Company decided to partner with Conductive Energy, an Alberta, Canada company to undertake this conversion at its existing facility in Chicago.
ÂAn initial 200L batch of concentrated eluate, was shipped to Conductive Energy in May. This batch was used as a trial before setting up the conversion process that would be used for processing larger volumes of eluate produced by our DLE pilot plant into battery grade lithium carbonate. Conductive Energy completed the set-up test-work producing lithium carbonate of 99.75% purity which is battery grade. This process comprises concentration of the concentrated eluate to 18,000mg/l Li by forward osmosis followed by ion exchange to remove the trace impurities of calcium, magnesium and boron and then carbonation with sodium carbonate to produce battery grade lithium carbonate.
ÂOn completion of this trial, the Company subsequently shipped batches of concentrated eluate from the pilot plant, with a total of 88m3 shipped by late July, which is equivalent to approximately one tonne of lithium carbonate.
ÂThe downstream plant is being commissioned with lithium carbonate production expected in October 2024. This will provide the Company with the capacity to supply significant quantities of battery-grade lithium carbonate samples to potential strategic partners and offtakers to commence product qualification.
ÂPilot Plant Inauguration
ÂIn May, the DLE pilot plant was officially inaugurated in Copiapó with a ceremony attended by various regional authorities, indigenous community leaders, academics, and business representatives. Attendees at the ceremony included the Presidential Delegate of the Atacama Region, Luis Pino, Regional Councillor Javier Castillo; CORFO Director Rosa Roman, CORPROA President Andres Rubilar; miners' union president Joel Carrizo; indigenous community representatives Christian Milla and Ercillia Araya.
Â
DLE Pilot Plant Inauguration May 2024
DLE inauguration event May 2024 with Steve Kesler, Executive Chairman and Interim CEO and Ercilia Araya, President of the Colla-Ote community
ÂPre-Feasibility Study at Laguna Verde
ÂThe PFS will define the optimal configuration for the Laguna Verde project, paving the way for a DFS and discussions with strategic partners. Data from the DLE pilot plant and the drilling and field programmes are being incorporated into the PFS which is being led by Worley, an international engineering services company, from their Santiago office.
ÂAs part of that process, in July, Worley completed a plant location study, and CTL has engaged various consultants to conduct studies on port access, water supply, power access and lithium market dynamics. The plant location study identified the ideal configuration for a production facility capable of generating 20,000 tonnes of battery-grade lithium carbonate per annum. 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 was 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 plant design, approximately 70% of the operational workforce will be employed at the carbonation plant, therefore 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 4,300m above sea level, will be greatly reduced, from power supply, storage, camp and plant facilities, construction phase impacts, and environmental impacts.
ÂThe carbonation plant in Copiapó would eventually be expanded to also treat concentrated eluate from the Viento Andino project.
ÂCorporate Developments
ÂSpecial Lithium Operating Contracts (CEOLs)
ÂFollowing the declaration of the National Lithium Strategy in April 2023, the Government clarified that it would seek majority control of strategic lithium assets in the Salar de Atacama and Salar de Maricunga but that non-strategic salars could be developed by private sector interests without the need for state company participation. As a result, the Chilean Government requested that the Company withdraw its initial application for CEOLs for Laguna Verde and Viento Andino (formerly Francisco Basin) and apply through the new formal process. CTL´s project areas were defined as non-strategic and the Company entered the process in June 2024 on a 100% ownership basis for Laguna Verde and Viento Andino. Applications for RFIs has also been made for three other lithium prospects in joint ventures with other parties which are currently subject to confidentiality.
ÂThe Government provided a further update to the CEOL application process at the end of September, prioritising six salt flats for lithium development including Laguna Verde, the Company's flagship project, as having the most favourable conditions to advance lithium exploration and extraction. The Government is expected to announce a further update later this year on additional salt flats for lithium development. The Ministry of Mining will award one CEOL per salt flat with companies only considered if they meet certain criteria. CTL´s Expressions of Interest ("RFI") application directly addressed each of these key criteria and as the Company has a dominant licence position in the Laguna Verde basin it is the only Company that meets the mining concession area requirement. The criteria set out by the Government recognises the status of the Company´s progress at the Laguna Verde project and puts in place a clear path to award a CEOL and the project's development into production, which is targeted for 2027.
ÂThe Chilean Government will now commence indigenous community consultations related to these six salars. Additional to other criteria, CTL has developed a strong relationship with indigenous communities located in the surroundings areas, based on early engagement including a collaborative alliance signed in December 2023 to co-design the project´s EIA. The Company is also working with the regional University to promote local opportunities for future projects. The next stage of the CEOL process is for companies to submit CEOL applications by December 31st 2024.
ÂAcquisition of Laguna Verde LicencesIn April 2024, the Company completed the acquisition of 23 Laguna Verde licences, previously subject to an option agreement. This now gives the Company full ownership and control over all 108 mining licences within Laguna Verde. The Board believes this acquisition enhances potential returns to shareholders and de-risks the project as it advances. Full ownership of these licences has also facilitated the planned ASX listing.
Renaming of Francisco Basin and Salar de Atacama
In June the Company announced it had renamed the Francisco Basin project as Viento Andino. This was to clarify the project is located outside a nearby national park of a similar name. During the period, the Company also announced the Salar de Atacama licences have been renamed the 'Arenas Blancas' project to recognise that these fall outside of the Salar de Atacama area considered by Government as ´strategic´ to be controlled by the State entity Codelco. These Arena Blanca licences are shown here.
Â
Map of licence areas in Arenas Blancas
ÂESG and Community Engagement:
ÂIn January, the Company hosted an international seminar at the Universidad de Atacama titled "Lithium: Global Challenges. Local Issues, Decarbonization, Sustainability and Participation" brought together renowned international academics and industry leaders to explore the crucial role lithium plays in global decarbonization and the transition to a green economy.
ÂThe Company has also partnered with the University of Atacama, which has seen the installation of the Company's laboratory DLE carousel on the campus. This initiative allows students to conduct their own testing and research, supporting the development of a workforce for the future and regional economic development.
ÂPost-period end, CTL participated in the Centre for Copper and Mining Studies ("CESCO") seminar in Santiago, a prominent annual seminar for the mining sector in Chile and received public support from the local indigenous community for its Laguna Verde project. Local and national media covered the endorsement made by the President of Colla-Ote Communities, Ercilia Araya, as seen in the press cutting below. At the seminar the Company stated if the Government want to see three to four new lithium projects in construction by 2026, Laguna Verde can be one of these projects. To achieve this, the Company continues it engagement with the Chilean Government as part of the CEOLs applications and in a timely manner for the EIA permitting process.
Â
President of the Colla-Ote Community publicly endorses CleanTech Lithium's Laguna Verde project at CESCO Seminar, August 2024
ÂThe Company remained a signatory of the UN Global Compact aligning with the 10 guiding principles. The annual 'Communication of Progress' report was submitted in May 2024.
ÂASX dual-listing:
ÂOn 20 September the Company announced an extension to the Australian Securities Exchange ("ASX") IPO timetable to allow it to address certain procedural matters raised by ASX. Although it is expected the ASX IPO will complete prior to the year-end, there can be no certainty over the timing. Consequently, as a part of normal practice, the Board continues to consider other available funding options to provide the necessary ongoing working capital and to maintain progress on the Company's various capital programmes as described above.
ÂThe ASX is a natural fit as a dual-listing for CTL given the high proportion of its shareholder base designated as Australian domiciled; that base includes Regal Funds as a significant sharesholder which holds approximately 15% of the Company's shares in issue.
ÂIt is clear that an Australian listing will broaden the shareholder base, increase the Company's profile in Australia and expose the Company to a deep pool of capital from investors with a good knowledge of investing in resource, and lithium, companies.
ÂThe Company will continue to keep the market informed of progress as appropriate.
ÂBoard Changes:
ÂIn addition to my duties as Executive Chairman, I assumed the role of Interim CEO in April following Aldo Boitano's resignation. The search for a new CEO is ongoing, and we look forward to announcing the selected candidate in due course.
ÂLithium Market:
ÂWhile the international lithium market remains subdued with current oversupply and low prices, there is clear expectation that market conditions will have improved significantly by the time the Company comes into first production in 2027. Some current high-cost production is suspending production, new projects are being deferred whilst demand for lithium for use in batteries, for Electric Vehicles and ESS continues to grow. The expectation is that lithium prices will start to recalibrate to a medium and longer-term price that allows new projects to be financed. Cannacord Genuity forecasts that pricing to be in excess of US$22,500/t lithium carbonate from 2028 onwards. The scoping studies for Laguna Verde and Viento Andino indicate that these projects will be in the lowest quartile of costs and economic even at today´s low prices and highly attractive at forecast long-term prices.
ÂThe Company has specific advantages in operating in Chile which has a free trade agreement ("FTA") with the USA and preferential trade arrangements with the EU for critical minerals such as lithium. The ability to supply battery grade lithium carbonate directly into these markets without intermediate processing in China will be important for the Company in those markets. Meanwhile Chinese companies are investing in battery supply chain production in FTA countries to maintain access to the US market and will increasingly seek lithium carbonate from FTA compliant countries for those projects. The Company is well placed to take advantage of this dynamic.
ÂFinancials:
ÂThe Company's cash position at the period end, including proceeds received from Loan Notes shortly after period end, was £2.1 million.
ÂIn the six months to 30 June 2024, CleanTech continued to prioritise expenditure on its capital programmes with the following progress noted:
ÂLaguna Verde: Drilling: five well programme; PFS: engineering and feasibility studies by Worley, Montgomery have been progressed; Hydrogeological modelling: further evolution of both the modelling and as has the planning for pump-test and reinjection programmes; EIA: evaluation of and development of the baseline studies remains continues and remains a key facet of CleanTech's programmes in Chile
DLE: pilot plant construction, testing and commissioning and initial operation costs
Community Relations: programme and other ESG initiatives.
In addition, the acquisition of 100% of the legal and beneficial interest in the licences in Laguna Verde licences previously held under an option agreement was announced in April 2024. Refer Note 12 to the financial statements for further details.
ÂAdministration cash costs of approximately £1.9 million were incurred during the period (1H 2023: £2.0m million). Those cash costs, largely reflect £0.5 million for staff costs (1H 2023: £0.5 million), £0.4 million for promotion public and investor relations and travel (1H 2023: £0.7 million), £0.8 million for legal and professional support including listing and compliance and insurance costs (1H 2023: £0.7 million), the balance of £0.2 million comprises a variety of other and general administrative costs (1H 2023: £0.1 million).
ÂOn 30 June 2024, the Company executed a GBP loan note instrument and an AUD loan note instrument pursuant to which it issued loan notes ("Loan Notes") to subscribers to raise A$3.995 million, approximately £2.1 million, to finance working capital and costs associated with ASX admission. Refer Note 11 to the financial statements for further details. Prior to entering into the loan note instruments the Company also terminated an agreement to issue a convertible loan note to a high net worth who failed to pay the subscription monies to the Company despite on-going assurances to the contrary.
ÂTo support CleanTech's plans which target initial production from Laguna Verde in 2027 the Board has developed a financial strategy to raise the capital needed. The Company routinely receives approaches from third parties and continues to consider as a part its overall funding strategy. An important tenant of that strategy is the participation and support of strategic partnerships. Although strategic partnership discussions are currently taking pace under non-disclosure agreements, they are expected to progress further once the Laguna Verde PFS is completed and once the initial quantities of battery grade lithium from the DLE pilot plant and downstream processes are available for review.
ÂOutlook:
ÂThe Company remains well placed to demonstrate the efficacy of DLE to produce battery grade lithium carbonate from Laguna Verde brine and to deliver the PFS later this year. This is a critical step for securing strategic partnerships and future project funding. The aim to deliver battery-grade lithium carbonate through sustainable, low environmental impact production, utilising the DLE process and renewable energy, aligns the Company with the Chilean Government's National Lithium Strategy and criteria outlined in the CEOL applications. We are well positioned to be prioritised amongst the private sector potential projects.
ÂPost the period end, the Company filed applications for its admission to the ASX. Alongside the dual-listing, CleanTech Lithium is seeking to raise funds to support the next stage of its development, including the delivery of a strategic partner, as it progresses towards production.
ÂThe Board is excited about the opportunities ahead and remain committed to delivering value for our shareholders, partners, and the communities in which we operate.
ÂSteve Kesler, Executive Chairman and Interim CEO
CleanTech Lithium plc
Condensed Consolidated Statement of Comprehensive Income
ÂÂ | Â Â | Â Note | Â Unaudited | Â Unaudited | Â |
 |   |   |  £ |  £ |  |
 |   |   |   |   |  |
Income | Â Â | Â Â | Â - | Â - | Â |
Administrative costs | Â Â | Â 3 | Â (2,861,194) | Â (3,263,200) | Â |
Operating loss | Â Â | Â Â | Â (2,861,194) | Â (3,263,200) | Â |
 |   |   |   |   |  |
Finance costs | Â Â | Â Â | Â - | Â (9,806) | Â |
Loss before tax | Â Â | Â Â | Â (2,861,194) | Â (3,273,006) | Â |
 |   |   |   |   |  |
Income tax | Â Â | Â 5 | Â - | Â - | Â |
Loss for the period after tax | Â Â | Â Â | Â (2,861,194) | Â (3,273,006) | Â |
 |   |   |   |   |  |
Other comprehensive income/(loss): | Â Â | Â Â | Â Â | Â Â | Â |
Exchange differences arising on translation of functional currencies | Â Â | Â (906,194) | Â 9,128 | Â ||
Total comprehensive loss for the period | Â Â | Â Â | Â (3,767,388) | Â (3,263,878) | Â |
 |   |   |   |   |  |
Loss per share basic | Â Â | Â 6 | Â (0.020) | Â (0.031) | Â |
The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.
ÂCondensed Consolidated Statement of Financial Position
ÂÂ | Â Â | Â Â Unaudited 30-Jun-24 Â | Â Â Audited 31-Dec-23 Â | Â
 |  Note |  £ |  £ | Â
 |   |   |   | Â
Exploration and evaluation assets | Â 7 | Â 32,558,090 | Â 13,710,413 | Â
Non-current assets | Â Â | Â 32,558,090 | Â 13,710,413 | Â
 |   |   |   | Â
Proceeds from Loan Notes issued | Â 11 | Â 2,109,986 | Â - | Â
Cash and cash equivalents | Â Â | Â 35,976 | Â 6,202,028 | Â
Trade and other receivables | Â 8 | Â 179,989 | Â 610,898 | Â
Current assets | Â Â | Â 2,325,951 | Â 6,812,926 | Â
Trade and other payables | Â 10 | Â (906,550) | Â (351,637) | Â
Provisions and accruals | Â 10 | Â (587,646) | Â (378,713) | Â
Loans notes | Â 11 | Â (2,109,986) | Â - | Â
Deferred consideration | Â 12 | Â (984,408) | Â - | Â
Current liabilities | Â Â | Â (4,588,590) | Â (730,350) | Â
 |   |   |   | Â
Deferred consideration | Â 12 | Â (13,565,301) | Â - | Â
Non-current liabilities | Â Â | Â (13,565,301) | Â - | Â
 |   |   |   | Â
Net assets | Â Â | Â 16,730,150 | Â 19,792,990 | Â
 |   |   |   | Â
Share capital | Â Â | Â 26,310,625 | Â 26,310,625 | Â
Capital reserve | Â Â | Â (77,237) | Â (77,237) | Â
Share based payment reserve | Â 9 | Â 6,417,807 | Â 5,713,259 | Â
Foreign exchange reserve | Â Â | Â (1,611,569) | Â (705,375) | Â
Accumulated losses | Â Â | Â (14,309,476) | Â (11,448,282) | Â
 |   |   |   | Â
Equity and reserves | Â Â | Â 16,730,150 | Â 19,792,990 | Â
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
ÂCondensed Consolidated Statement of Changes in Equity
ÂÂ | Â Share capital | Â Capital reserve | Â Share based payment reserve | Â Foreign exchange reserve | Â Accumulated losses | Â Total | Â
 |  £ |  £ |  £ |  £ |  £ |  £ | Â
 |   |   |   |   |   |   | Â
At 1 January 2023 | Â 21,076,155 | Â (77,237) | Â 1,578,340 | Â 315,695 | Â (5,562,683) | Â 17,330,270 | Â
Loss for the period | Â - | Â - | Â - | Â - | Â (3,273,006) | Â (3,273,006) | Â
Other comprehensive income | Â - | Â - | Â - | Â 9,128 | Â - | Â 9,128 | Â
Total comprehensive loss | Â Â | Â Â | Â Â | Â 9,128 | Â (3,273,006) | Â (3,263,878) | Â
 |   |   |   |   |   |   | Â
Share options and warrants | Â - | Â - | Â 778,935 | Â - | Â - | Â 778,935 | Â
Shares issued | Â 396,000 | Â Â | Â Â | Â Â | Â Â | Â 396,000 | Â
30 June 2023 | Â 21,472,155 | Â (77,237) | Â 2,357,275 | Â 324,823 | Â (8,835,689) | Â 15,241,327 | Â
 |   |   |   |   |   |   | Â
 |   |   |   |   |   |   | Â
At 1 January 2024 | Â 26,310,625 | Â (77,237) | Â 5,713,259 | Â (705,375) | Â (11,448,283) | Â 19,792,990 | Â
Loss for the period | Â Â | Â Â | Â Â | Â Â | Â (2,861,194) | Â (2,861,194) | Â
Other comprehensive income | Â Â | Â Â | Â Â | Â (906,194) | Â - | Â (906,194) | Â
 |  26,310,625 |  (77,237) |  5,713,259 |  (1,611,569) |  (14,309,476) |  16,025,602 | Â
Share options and warrants | Â - | Â - | Â 704,548 | Â - | Â - | Â 704,548 | Â
30 June 2024 | Â 26,310,625 | Â (77,237) | Â 6,417,807 | Â (1,611,569) | Â (14,309,476) | Â 16,730,150 | Â
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
ÂCondensed Consolidated Statement of Consolidated Cash Flows
ÂÂ | Â Â | Â Unaudited | Â Unaudited | Â
 |  Note |  £ |  £ | Â
 |   |   |   | Â
Loss after tax for the period | Â Â | Â (2,861,194) | Â (3,273,006) | Â
 |   |   |   | Â
Non-cash items: | Â Â | Â Â | Â Â | Â
Fair value of Loan Note warrants | Â Â | Â 592,633 | Â Â | Â
Fair value recognition of share options and warrants | Â Â | Â Â | Â 556,896 | Â
Equity settled transactions or services | Â Â | Â Â | Â - | Â
Movement in trade and other receivables | Â Â | Â 397,320 | Â 159,605 | Â
Movement in payables, provisions and accruals | Â Â | Â 835,849 | Â 22,964 | Â
Finance costs | Â Â | Â Â | Â (9,806) | Â
Net cash used in operating activities | Â Â | Â (1,035,392) | Â (2,543,347) | Â
Expenditure on exploration and evaluation assets | Â Â | Â (4,800,040) | Â (5,481,243) | Â
Net cash used in investing activities | Â Â | Â (4,800,040) | Â (5,481,243) | Â
 |   |   |   | Â
Proceeds from issue of ordinary shares | Â Â | Â - | Â 396,000 | Â
Finance costs | Â Â | Â - | Â (9,806) | Â
Net cash generated from financing activities | Â Â | Â - | Â 386,194 | Â
 |   |   |   | Â
Net cash flow | Â Â | Â (3,725,446) | Â (7,638,396) | Â
 |   |   |   | Â
 |   |   |   | Â
Cash and cash equivalents brought forward | Â Â | Â 6,202,028 | Â 12,368,265 | Â
Net cash flow | Â Â | Â (3,725,446) | Â (7,638,396) | Â
Effect of exchange rate changes | Â Â | Â (330,620) | Â (91,120) | Â
Cash and cash equivalents carried forward | Â Â | Â 35,976 | Â 4,638,749 | Â
The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.
ÂNotes to the Financial Statements
Â1. GENERAL INFORMATION
ÂCleanTech Lithium Plc ("CTL Plc", or the "Company")
ÂThe condensed consolidated interim financial statements of CleanTech Lithium Plc for the first six months ended 30 June 2024 were authorised for issue in accordance with a resolution of the Board on 29 September 2024.
ÂCleanTech Lithium Plc was incorporated and registered as a private company, initially with the name CleanTech Lithium (Jersey) Ltd, in Jersey on 1 December 2021 with registered number 139640. It was subsequently reregistered as a public limited company on 20 January 2022 and on 2 February 2022 it changed its name to CleanTech Lithium Plc.
ÂOn 14 February 2022, a share-for-share exchange between the shareholders of CleanTech Lithium Ltd (CTL Ltd, or the U.K. entity) and CTL Plc completed, resulting in CTL Plc acquiring and becoming the parent company of CTL Ltd and its wholly owned subsidiaries, together "CleanTech Lithium Group" or the "Group".
ÂDuring the six months to 30 June 2024, there have been no changes to the structure of the CleanTech Lithium Group.
Â2. BASIS OF PREPARATION
ÂThe condensed consolidated interim financial statements for the Group have been prepared in accordance IAS 34 'Interim Financial Reporting' per the U.K.-adopted international accounting standards. They are unaudited and do not include all the information required for the preparation of the annual consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended 31 December 2023 of CleanTech Lithium Plc, that can be found on the website: https://www.ctlithium.com. The auditor's report on those accounts was unmodified but it did make reference to material uncertainties related to going concern.
ÂThe amounts in this document are presented in British Pounds (GBP), unless noted otherwise. Due to rounding, numbers presented throughout these condensed consolidated Interim financial statements may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures
ÂA summary of the significant accounting policies can be found in the Company's consolidated financial statements for the year ended 31 December 2023, on pages 50 to 53. The accounting policies used to prepare these condensed consolidated interim financial statements are consistent with those. Furthermore, there are no new standards or interpretations applicable from 1 January 2024 which have a significant impact on these condensed consolidated interim financial statements.
ÂSignificant accounting judgments, estimates and assumptions
ÂIn preparing this interim financial report, it has been necessary to make judgments, estimates and assumptions to form the basis of presentation, recognition and measurement of the Group's assets, liabilities, items of income statements, accompanying disclosures and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
ÂThe significant judgments, estimates and assumptions made when applying the Group's accounting policies are the same as those applied to the consolidated financial statements for the year ended 31 December 2023. The significant judgment in assessing the exploration and evaluation assets for the existence of indicators of impairment at the reporting date, which are set out in note 7.
ÂGoing Concern
ÂThe Group is in a pre-revenue phase of development and until its transition to revenue generation and profitability the Group will be required to rely on externally sourced funding to continue as a going concern, the Board recognises this condition may indicate the existence of material uncertainties, which may cast significant doubt regarding the Group's ability to continue as a going concern. Notwithstanding, the Directors have a demonstrated record of successfully raising capital raising for projects and ventures of this nature and are confident in being able to secure the funding needed for the Group to deliver on its commitments and continue as a going concern.
Â3. ADMINISTRATION EXPENES
ÂAdministration expenses in the six months to 30 June 2024 totaled £2.8 million, of which approximately £0.9 million reflects non-cash items (2023: £1.2 million). More specifically, approximately £0.6 million reflects a provision made against VAT in Chile which ought to be recoverable once production starts (Note 8 provides further detail) (2023: £0.6 million). In addition to the non-cash VAT provision, approximately £0.6 million has been recorded as a share-based payment for options historically issued and for warrants issued as a part of the Loan Notes issued in the period (further detail is set out in Note 9) (2023: nil), these two items were off-set by the unrealised gain on translation of the deferred consideration of 0.3 million (2023: nil).
ÂOf the £1.9 million in cash costs, approximately £0.5 million relates to staff costs (2023: £0.5 million), £0.4 million relates to promotion, public and investor relations and travel (2023: £0.7 million), £0.8 million relates to legal and professional (2023: £0.7million ) support including listing and compliance and insurance costs, the balance of £0.2 million comprises a variety of other and general administrative costs (2023: £0.1 million).
Â4. SEGMENTAL INFORMATION
ÂThe Group operates in a single business segment, being the exploration and evaluation of mineral properties, activities which are undertaken in Chile where all the Group's non-current assets are held.
Â5. INCOME TAX
ÂThe accrued income tax expense continues to be £nil as the Group remains in a loss-making position. No deferred tax asset is recognised on these losses due to the uncertainty over the timing of future profits and gains.
Â6. LOSS PER SHARE
ÂThe calculation of basic loss per ordinary share is based on the loss after tax and on the weighted average number of ordinary shares in issue during the period.
ÂA diluted loss per share assumes conversion of all potentially dilutive Ordinary Shares arising from the share schemes. Potential ordinary shares resulting from the exercise of warrants and options have an anti-dilutive effect due to the Group being in a loss position. As a result, diluted loss per share is disclosed as the same value as basic loss per share.
ÂÂ | Â Â | Â Â Unaudited ix months to Â30-Jun-2024 Â | Â Â Reviewed six months to Â30-Jun-2023 Â | Â
Basic and diluted loss per share |   |  £ |  £ | Â
Loss after taxation | Â Â | Â (2,861,194) | Â (3,273,006) | Â
 |   |   |   | Â
Basic weighted average number of ordinary shares (millions) | Â Â | Â 145.16 | Â 105.66 | Â
Basic loss per share (GBP £) |   |  (0.020) |  (0.031) | Â
7. EXPLORATION AND EVALUATION ASSETS
ÂExpenses incurred to date by the Chilean entities on feasibility studies, mineral exploration and delineation were capitalised as "exploration and evaluation assets" within "non-current assets" in accordance with the Group's accounting policy.
ÂExploration and evaluation assets | Â Â Unaudited Âsix months ended Â30-Jun-2024 Â | Â Â Audited ÂYear ended Â31-Dec-23 Â | Â
 |  £ |  £ | Â
 |   |   | Â
Opening balance | Â 13,710,413 | Â 5,317,412 | Â
Additions | Â 19,795,670 | Â 9,383,902 | Â
Effect of foreign exchange translations | Â (947,994) | Â (990,901) | Â
Closing balance | Â 32,558,090 | Â 13,710,413 | Â
Of the £19.8 million in additions, approximately £15.9 million relates to the fair value of deferred consideration for licences acquired under the LV Purchase Agreement (refer Note 12), of which approximately £1.0 million was paid during the period. A further £0.1 million reflects non-cash share-based payments made to staff and contractors, about which further detail is set out in Note 9. Other additions reflect the additions associated with the capital programmes being undertaken during the period. These additions have been off-set by unrealised foreign exchange gains of £0.9 million.
ÂImpairment assessments
ÂThe Directors assess for impairment when facts and circumstances suggest that the carrying amount of an exploration & evaluation asset (E&E) may exceed its recoverable amount. In making this assessment, the Directors have regard to the facts and circumstances noted in IFRS 6 paragraph 20. In performing their assessment of each of these factors, at 30 June 2024, the Directors have:
Âreviewed the time period that the Group has the right to explore the area and noted no instances of expiration, or licences that are expected to expire in the near future and not be renewed;
determined that further E&E expenditure is either budgeted or planned for all licences;
not decided to discontinue exploration activity due to there being a lack of quantifiable mineral resource; and
not identified any instances where sufficient data exists to indicate that there are licences where the E&E spend is unlikely to be recovered from successful development or sale.
Based on the above assessment, the Directors are not aware of any facts or circumstances that would suggest the carrying amount of the E&E asset may exceed its recoverable amount.
Â8. TRADE AND OTHER RECEIVABLES
ÂÂ | Â Â Unaudited Âas at 30-Jun-24 Â | Â Â Audited Âas at 31-Dec-23 Â | Â
 |  £ |  £ | Â
 |   |   | Â
Prepayments and deposits | Â 144,586 | Â 570,936 | Â
VAT | Â 17,651 | Â 13,385 | Â
Other receivables | Â 17,752 | Â 26,557 | Â
Total | Â 179,989 | Â 610,898 | Â
Prepayments and deposits largely reflect prepaid insurance and other commercial subscriptions which renew variously and annually as well as office rental deposit amounts paid.
ÂAlthough VAT shows a balance of approximately £18k at 30 June 2024, at that date approximately £2.4 million in Chilean VAT recoverable is not shown in the table above. Although the Chilean VAT is expected to be eligible for refund in future, due to the uncertainty over the timing of future production and revenues, which would trigger the Group's eligibility to recover that VAT, the Directors have made full provision against this same amount. Accordingly, approximately £0.6 million provision has been reflected in the income statement for the period ended 30 June 2024 (refer Note 3).
ÂOther receivables comprise multiple smaller working capital balances in Chile.
Â9. SHARE BASED PAYMENTS
ÂOn 30 June 2024, a total of 4,380,181 warrants attaching to Loan Notes issued (refer Note 11) were granted. No other warrants or options were granted, exercised, forfeited or allowed to lapse during the six months to 30 June 2024.
 |   Unaudited ÂSix months ended  |   Audited ÂYear ended  | Â
 |  30-Jun-24 |  31-Dec-23 | Â
 |  # |  # | Â
 |   |   | Â
Outstanding at start of period | Â 34,362,750 | Â 10,984,745 | Â
Share options granted | Â - | Â 3,283,000 | Â
Warrant shares granted | Â 4,380,181 | Â 21,876,005 | Â
Share options exercised | Â - | Â (1,100,000) | Â
Share options revoked or forfeited | Â - | Â (681,000) | Â
Outstanding at end of period | Â 38,742,931 | Â 34,362,750 | Â
All options and warrants are granted in Company's name. Share options granted have a weighted average exercise price of 47 pence and warrant shares granted have a weighted average exercise price of 34 pence.
ÂThe fair value of each option granted in the period was estimated on the grant date using the Black Scholes option pricing model. The following assumptions have been used:
ÂFair value of call option per share |  £0.12 - 0.38 | Â
Share price at grant dates |  £0.39 - 0.55 | Â
Exercise price |  £0.01 - 0.57 | Â
Expected volatility | Â 98% | Â
Vesting period | Â 4.7-5.0 years from vesting | Â
Risk-free interest rate (based on government bonds) | Â 4.16% | Â
The total share option fair value charge during the six months to 30 June 2024 is £198k (2023 £779k), of which approximately £86k has been recorded in the income statement as a non-cash employee expense; the balance has been recorded within E&E. The total warrant shares fair value charge during the six months to 30 June 2024 was approximately £506k (2023: £27k).
ÂAs noted, these fair value estimates derived thorough Black-Scholes modelling and Monte Carlo simulations are non-cash accounting entries.
Â10. PAYABLES, PROVISIONS AND ACCRUALS
ÂÂ | Â Unaudited at | Â Audited at | Â
 |  at 30-Jun-2024 |  At 31-Dec-23 | Â
 |  £ |  £ | Â
 |   |   | Â
Trade and other payables | Â (863,526) | Â (291,369) | Â
Other taxes and social security | Â (43,024) | Â (60,268) | Â
Provisions | Â (99,067) | Â (106,451) | Â
Accruals | Â (488,579) | Â (272,262) | Â
Total | Â (1,494,196) | Â (730,350) | Â
Trade and other payables include routine trade creditors.
ÂOther taxes and social security balances largely relate to people-related costs and taxes balances at the period end. Accruals include routine accruals for professional services rendered not invoiced at period end.
Â11. LOAN NOTES
ÂShortly after the period end, CleanTech received the cash generated from issuing Loan Notes prior to 30 June 2024.
ÂOn 30 June 2024 the Company executed a GBP loan note instrument and an AUD loan note instrument pursuant to which it issued loan notes to subscribers to raise A$3.995 million, approximately £2.1 million, to finance working capital and costs associated with ASX admission. In addition, the Loan Note holders were granted with a total of 4,380,181 warrants valued at approximately GBP £506,000 at the date of grant. As there are no vesting conditions attached to the warrants, the total value has been expensed as a non-cash fair value accounting adjustment (refer Note 9)
ÂAlthough the Loan Notes have a maturity date of 30 June 2025, the Company shall redeem the Loan Notes at par together with the applicable premium on the earlier of the Maturity Date or 10 days following completion of any equity fundraising by the Company of at least AUD $5.0 million. The premium payable on redemption depends on when redemption occurs as follows: the Loan Notes carry a premium of 15% if the Loan Notes are repaid within three calendar months; or a premium of 25% if the Loan Notes are redeemed between four and six calendar months; or a premium of 40% if the Loan Notes are redeemed between seven and nine calendar months; or a premium of 50% if the Loan Notes are redeemed between ten and twelve calendar months. The Loan Notes are unsecured, however if they are not redeemed on or prior to three months from their date of issue, the Company has agreed to use best endeavours to grant or procure to grant the note holders a first ranking charge over both all the assets and undertakings of the Company and the entire issued share capital of CTL UK.
Â12. DEFERRED CONSIDERATION
ÂLaguna Verde Option buy-out
ÂOn 19 April 2024, CleanTech Laguna Verde SpA, a wholly owned Chilean subsidiary of CleanTech Lithium Plc, entered into a sale and purchase agreement (LV Purchase Agreement) to acquire 100% legal and beneficial interest in the mining licences historically held by CleanTech under option under the terms of the LV Option Agreement. The LV Purchase Agreement had the effect of terminating the LV Option Agreement.
ÂPursuant to the LV Purchase Agreement the consideration payable comprises fixed payments totaling US$10.5 million, which are scheduled to occur a various annual and semi-annual millstone periods over a period of up to 5 years from the date of the LV Purchase Agreement, and two deferred payments, totaling US$24.5 million, scheduled to occur upon sold production reaching 10k tonnes of LCE and 35k tonnes of LCE respectively or on the 10th anniversary of the date of the LV Purchase Agreement, whichever is the earlier.
ÂThe carrying value for the LV licences acquired pursuant to the LV Purchase Agreement, has been designated as an asset acquisition in accordance with the Group accounting policy and assigned a fair value in accordance with the principles of the UK IASs. Similarly, the Group has assigned a fair value to the deferred consideration associated with the acquisition which is allocated between current and non-current liabilities.
ÂIn assessing the appropriate basis on which to determine the fair value of the non-current component of the deferred consideration, the Directors have used a discount rate of 8% which they believe is reflective of the factors that market participants would consider in the pricing of such a liability as well as the currency in which the cashflows are denominated. This is consistent with the requirements of IFRS 13 - Fair Value Measurement.
ÂAs described above, the two final payments of the deferred consideration, totaling USD$24.5m, are required to be made upon achieving certain production milestones, but in any event, are required to be made within 10 years of execution of the LV Purchase Agreement. Due to the uncertainties surrounding the timing of achieving the production milestones, the Directors have assumed that the remaining two payments will be made on the 10th anniversary of signing the LV Purchase Agreement.
ÂÂ | Â Â Unaudited Âat 30-Jun-24 Â | Â
 |  £ | Â
 |   | Â
Deferred consideration, current | Â 988,784 | Â
Effect of foreign exchange differences on current deferred consideration | Â (4,376) | Â
Deferred consideration, current | Â 984,408 | Â
 |   | Â
Deferred consideration, non-current | Â 13,894,931 | Â
Effect of foreign exchange differences on non-current deferred consideration | Â (329,630) | Â
Deferred consideration, current | Â 13,565,301 | Â
 |   | Â
Total | Â 14,549,709 | Â
13. SUBSEQUENT EVENTS
ÂMatters relating to events occurring since Period end are reported on in the section entitled Chairman and Chief Executive Officer's Statement.
Â**ENDS**
ÂFor further information contact: | Â Â | Â
| Â | Â | Â
Steve Kesler/Gordon Stein/Nick Baxter | Â Â Jersey office: +44 (0) 1534 668 321 ÂChile office: +562-32239222 Â | Â
 |  Or via Celicourt | Â
Celicourt Communications | Â +44 (0) 20 7770 6424 | Â
Beaumont Cornish Limited (Nominated Adviser) | Â +44 (0) 20 7628 3396 | Â
Canaccord Genuity (Joint Broker) | Â +44 (0) 20 7523 4680 | Â
Fox-Davies Capital Limited (Joint Broker) | Â +44 (0) 20 3884 8450 | Â
Daniel Fox-Davies | Â Â |
Notes
ÂAbout CleanTech Lithium
ÂCleanTech 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.
ÂCleanTech 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.
ÂCleanTech 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
ÂGlossary
ÂCLS Pty | Â Chilean Lithium Salars Pty Limited (Australian overhead company now wound-up and deregistered) | Â
CLSH | Â Chilean Lithium Salars Holdings Limited (Australian holding company now wound-up and deregistered) | Â
CTL Ltd | Â CleanTech Lithium Ltd; U.K. registered and tax domiciled company | Â
CTL Plc | Â CleanTech Lithium Plc; Jersey registered and tax domiciled company | Â
DLE | Â Direct lithium extraction | Â
EIA | Â Environmental Impact Assessment | Â
ESG | Â Environmental, Social and Governance | Â
Group | Â CleanTech Lithium statutory group | Â
IPO | Â Initial public offering | Â
JORC | Â The JORC Code provides a mandatory system for the classification of minerals Exploration Results, Mineral Resources and Ore Reserves according to the levels of confidence in geological knowledge and technical and economic considerations in public reports | Â
LCE | Â Lithium carbonate equivalent, industry standard terminology used to compare different forms of lithium compounds | Â
LSE | Â London Stock Exchange | Â
MoU | Â Memorandum of Understanding | Â
mg/L | Â micrograms per litre | Â
Pro forma Group | Â Non-statutory pro forma group as defined in the notes to the financial statement | Â
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
ÂSOURCE: CleanTech Lithium plc
ÂNews Provided by ACCESSWIRE via QuoteMedia
Chilean Government prioritises Laguna Verde for CEOL
ÂCleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing lithium projects in Chile for the clean energy transition, reports an announcement by the Chilean Government on the Expressions of Interest ("RFIs") process under which the Company made submissions in June 2024. This is part of the process for the awarding of a Special Lithium Operating Contract ("CEOL") to enter production
The Government has prioritised six salt flats for lithium development, including Laguna Verde the Company's flagship project, as having the most favourable conditions to advance lithium exploration and extraction. The Ministry of Mining will award one CEOL per salt flat with companies only considered if they meet certain criteria.
ÂHighlights:
ÂLaguna Verde prioritised by the Chilean Government as one of six salt flats for which the CEOL awarding process will start.
CTL submitted RFIs to the Chilean Government in June 2024 in line with the updated CEOL application procedure as part of the National Lithium Strategy.
For a CEOL to be awarded companies must have experience in any stage of the lithium industry value chain, which includes exploration and development, the financial capacity to develop the project and, additionally, hold mining concessions equivalent to or greater than 80% of the applicable CEOL area within any of the six prioritised salar basins.
CTL´s RFI application directly addressed each of these key criteria and as the Company has a dominant licence position in the Laguna Verde basin it is the only Company that meets the mining concession area requirement.
The Chilean Government will now commence indigenous community consultations related to these six salars.
Additional to other criteria, CTL has developed a strong relationship with indigenous communities located in the surroundings areas, based on early engagement including a collaborative alliance signed in December 2023 to co-design the project´s Environmental Impact Assessment ("EIA"). The Company is also working with the regional University to promote local opportunities for future projects.
The next stage of the process is for companies to submit the CEOL application by December 31st 2024.
The RFI process has been transparent, and recognises the importance of progress made by applicants, with CTL being a leader in developing its projects based on using Direct Lithium Extraction ("DLE"), early and groundbreaking community engagement in the Atacama region, and full alignment with Chile´s National Lithium Strategy.
Steve Kesler, Executive Chairman and Interim CEO, of CleanTech Lithium PLC, said:
Â"We are pleased the Chilean Government has provided an update on the CEOL process to support the lithium industry in Chile. It is very positive to see Laguna Verde has been prioritised as one of the salt flats that has the most favourable conditions to develop lithium production. We submitted our RFI highlighting the significant investment we have already made, the positive progress with DLE and our established engagement with local indigenous communities. The criteria set out by the Government recognises the status of the Company´s progress at the Laguna Verde project and puts in place a clear path to award a CEOL and the project's development into production, which is targeted for 2027."
ÂFor further information contact: | Â Â | Â
| Â | Â | Â
Steve Kesler/Gordon Stein/Nick Baxter | Â Â Jersey office: +44 (0) 1534 668 321 ÂChile office: +562-32239222 Â | Â
 |  Or via Celicourt | Â
|  Celicourt Communications ÂFelicity Winkles/Philip Dennis/Ali AlQahtani  |   +44 (0) 20 7770 6424   | Â
|  Beaumont Cornish Limited (Nominated Adviser) ÂRoland Cornish/Asia Szusciak  |  +44 (0) 20 7628 3396 | Â
|  Canaccord Genuity (Joint Broker) ÂJames Asensio  |  +44 (0) 20 7523 4680 | Â
Fox-Davies Capital Limited (Joint Broker) | Â +44 (0) 20 3884 8450 | Â
Daniel Fox-Davies | Â Â |
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.
ÂNotes
ÂCleanTech 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.
ÂCleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Francisco Basin, 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 Francisco Basin 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.
ÂCleanTech 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. https://ctlithium.com/
Â**ENDS**
ÂThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
ÂSOURCE:Â CleanTech Lithium plc
ÂNews Provided by ACCESSWIRE via QuoteMedia
Indigenous community leader publicly endorses Laguna Verde project at key mining seminar in Santiago, Chile
ÂCleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, participated in the Centre for Copper and Mining Studies ("CESCO") seminar in Santiago, a prominent annual seminar for the mining sector in Chile, and received public support from the local indigenous community for its Laguna Verde project. Executive Chairman and Interim CEO, Steve Kesler, presented and reinforced the Company is ready to begin project construction by 2026 upon the granting of a Special Lithium Operating Contract ("CEOL") by the Chilean Government
Highlights:
ÂCESCO seminar brought together key industry stakeholders including government and local community representatives to discuss the development of the lithium sector in Chile
Ercilia Araya, President of the Colla Pai-Ote indigenous community expressed support for lithium project development depending on companies building solid community relationships and agreements, as achieved by CTL, and advocating for such projects to move forward.
Industry experts discussed the main challenges facing the sector and how to advance projects faster in line with the National Lithium Strategy, with implementing sustainable extraction technologies such as Direct Lithium Extraction being critical to that.
CTL has a co-signed agreement with the nearby local communities which will initially focus on the Laguna Verde project and aligns with the priorities set by the Chilean Government to advance the objectives of the National Lithium Strategy
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
Â"We are very well placed to be one of the projects that the Government aims to have operational by 2026. We believe the Laguna Verde project is the best-positioned new lithium project to commence operations in Chile within the earliest timeframe. We highly value the support of the indigenous community which we think provides a rare and valuable partnership in facilitating mutually beneficial project development."
ÂErcilia Araya, President of the Colla Pai-Ote indigenous community, said:
Â"We want the State to respect us in our territories and recognise our right to determine to whom the CEOLs are granted through proper indigenous consultations. It is a matter of dignity. I have a dream for the Atacama region. When CleanTech arrived, they explained how they would carry out the process, building together with us the information collection for submission of the EIA. That is our dream. The dream of being able to participate, to be consulted."
Â | Â  | Â
Image 1: Ercilia Araya, President Pai-Ote Colla Community speaking at the CESCO Seminar in Santiago, Chile |  Image 2: Marcela Sepúlveda, Community Relations Manager CleanTech Lithium, Cristián Quinzio, Quinzio Abogados, Alina Bendersky, Partner Bofil Mir, Ercilia Araya, President Pai-Ote Colla Community and Juan Ignacio Guzmán, Executive Director, GEM | Â
 | |
Image 3: Steve Kesler, Executive Chairman and Interim CEO, presenting at the CESCO Seminar in Santiago, Chile | |
The seminar, organised by CESCO, brought together industry spokespeople to provide a comprehensive view of the current situation of the lithium industry in Chile, considering the progress of the National Lithium Strategy.
ÂJuan Esteban Fuentes, Associate Director at Benchmark Minerals, attended and further commented: "From 2030, the current surplus [of lithium] is expected to diminish, requiring a significant number of projects to double production over the next 10 years globally (to around 2.6 million tonnes), which implies the incorporation of 70 to 80 more operations and US$188 billion in capital by 2040."
ÂArlene Ebensperger, advisor to the Ministry of Mining, also highlighted the need to harmonise the role of indigenous communities with the development of the industry through governance models which builds a shared vision and agreed objectives.
ÂCleanTech Lithium co-signed an agreement with the local indigenous communities in 2023. The alliance will ensure that the extraction processes conducted in the region by the Company comply with the highest international standards, including a process of early consultation with the communities to see their direct participation by providing data for the environmental baselines required for the Environmental Impact Assessment (EIA).
ÂFor further information contact: | Â Â | Â
| Â | Â | Â
Steve Kesler/Gordon Stein/Nick Baxter | Â Â Jersey office: +44 (0) 1534 668 321 ÂChile office: +562-32239222 Â | Â
 |  Or via Celicourt | Â
|  Celicourt Communications ÂFelicity Winkles/Philip Dennis/Ali AlQahtani  |   +44 (0) 20 7770 6424   | Â
|  Beaumont Cornish Limited (Nominated Adviser) ÂRoland Cornish/Asia Szusciak  |  +44 (0) 20 7628 3396 | Â
|  Fox-Davies Capital Limited (Joint Broker) ÂDaniel Fox-Davies  |   +44 (0) 20 3884 8450   | Â
|  Canaccord Genuity (Joint Broker) ÂJames Asensio  |  +44 (0) 20 7523 4680 | Â
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.
ÂAbout Reach announcements
ÂThis is a Reach announcement. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
ÂNotes
ÂCleanTech 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.
ÂCleanTech 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.
ÂCleanTech 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
Â**ENDS**
ÂThis information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
ÂSOURCE:Â CleanTech Lithium plc
ÂNews Provided by ACCESSWIRE via QuoteMedia
CleanTech Lithium PLC (AIM:CTL)(Frankfurt:T2N)(OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces the transfer of AUD Loan Notes (Loan Notes) from one Regal Funds1 associate to another Regal Funds associate
ÂOn 1 July 2024, the Company announced that Regal Tactical Credit Fund (RTCF), of which Regal Funds Management Pty Ltd (RFM) is a trustee, subscribed for A$3,000,000 of the Loan Notes. The Company has recently received a request by RFM to transfer the beneficial ownership of the Loan Notes and Warrants held by RTCF to Regal Emerging Companies Opportunities Fund Pty Ltd (RECOF), of which RFM is also a trustee, to which it has consented
There are no other changes to the terms of the Loan Notes and/or any other matters referred to in the announcement on 1 July 2024.
Â1Regal Funds comprise 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 including Regal Tactical Credit Fund and Regal Emerging Companies Opportunities Fund Pty Ltd
ÂFor further information contact: | Â Â | Â
| Â | Â | Â
Steve Kesler/Gordon Stein/Nick Baxter | Â Jersey office: +44 (0) 1534 668 321 | Â
 |  Or via Celicourt | Â
Celicourt Communications | Â +44 (0) 20 7770 6424 | Â
Beaumont Cornish Limited (Nominated Adviser) | Â +44 (0) 20 7628 3396 | Â
Fox-Davies Capital Limited (Joint Broker) | Â +44 (0) 20 3884 8450 | Â
Canaccord Genuity (Joint Broker) | Â +44 (0) 20 7523 4680 | Â
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.
ÂNotes
ÂCleanTech 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.
ÂCleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Arenas Blancas (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.
ÂCleanTech 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.
ÂThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
ÂSOURCE:Â CleanTech Lithium
ÂNews Provided by ACCESSWIRE via QuoteMedia
Brunswick Exploration Inc. (TSX-V: BRW, OTCQB: BRWXF; " BRW " or the " Company ") is pleased to report the final set of results obtained as part of the 2025 Winter drill campaign conducted on its Mirage Project. The Mirage Project is located in the Eeyou Istchee–James Bay region of Quebec, approximately 40 kilometers south of the Trans-Taiga Road. This press release primarily focuses on the drilling work carried out in the eastern extension of the MR-6 dyke and the "Stacked Dyke" zone.
ÂÂ Highlights include: Â
Mr. Killian Charles, President and CEO of BRW, commented: "Brunswick Exploration remains one of the most compelling stories in the mining sector as we leverage the atypical combination of advanced exploration work at Mirage alongside an aggressive global lithium grassroot program which has no comparable peers. As the lithium market regains strength over the coming quarters and years, we are uniquely positioned to benefit from new discoveries and the continued development of Mirage.
Â"Today's results serve once more to highlight the exploration potential of Mirage. Even after more than 20,000 meters of drilling over the last 18 months, we have repeatedly and continue to intercept new dykes of appreciable width and grade. As we move toward a maiden resource estimate in late 2025, I am extremely proud of the work the BRW exploration team has achieved across its still growing pipeline of projects."
ÂÂ Mirage Project Drilling Overview Â
ÂThe Mirage Project comprises 427 claims located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec's James Bay region and 34 kilometers northeast of Winsome Resources' Adina Project.
ÂThe drilling campaign was primarily aimed at extending the mineralized "Stacked Dyke" zone to the northeast. The highlights presented in this press release are shown in Table 1 and Figures 1 and 2. Collar locations are provided in Table 2.
ÂÂ Figure 1 : Zone Location at Mirage Project
ÂÂ 
 Figure 2 : Central Zone of the Mirage Project
ÂÂ 
Drill hole MR-25-110 led to the discovery of a new spodumene-bearing pegmatite dyke, grading 1.1% Liâ‚‚O over 33.2 meters from 217 to 251 meters (vertical depth of 180 meters), while drill hole MR-25-112 returned 1.3% Liâ‚‚O over 20 meters from 367.9 to 387 meters (vertical depth of 290 meters). These two new dykes are interpreted to be sub-parallel, oriented approximately N130/30. Drill hole MR-25-112 also intersected another dyke grading 1.2% Liâ‚‚O over 11 meters from 328 to 339 meters (vertical depth of 250 meters), which is believed to be also parallel to the others. These new intersections highlight the stacking of sub-horizontal mineralized dykes in this area. The dykes remain open in all directions.
ÂÂ Figure 3 : Section A-A'
ÂÂ 
Drill hole MR-25-117 also intersected a 27-meter-wide pegmatite from 329 to 356 meters. This pegmatite is interpreted to be the same one intersected in drill hole MR-25-112 (which returned 1.3% Liâ‚‚O over 20 meters from 367.9 to 387 meters). However, due to the proximity of the Lac Orion fault, in MR-25-117, the pegmatite shows significant alteration and the spodumene has been largely replaced by cookeite. As a result, lower values of lithium were reported and only a smaller subinterval returned significant lithium with 1.8% Liâ‚‚O over 3.2 meters. Nonetheless, the presence of the dyke over sizeable widths is extremely encouraging and remains an excellent follow-up target for further drilling campaign.
Drill hole MR-25-109 extended the "Stacked Dyke" zone by more than 100 meters to the North, with several spodumene-bearing pegmatite intersections. The widest interval returned 1.3% Liâ‚‚O over 13.3 meters, from 21.4 to 34.7 meters. The dykes in this hole are sub-horizontal and demonstrate a change in orientation compared to the central zone, where dykes typically dip 60 to 70 degrees to the southeast.
ÂDrill hole MR-25-116 intersected over forty moderately mineralized pegmatite dykes, generally of limited thickness. While the lithium grades were modest, this hole highlights the strong potential for the mineralized system to continue toward the Northeast. The intersected dykes remain open in all directions.
ÂDrill hole MR-25-113, located approximately 4.5 km northeast of the central zone, was completed as a reconnaissance exploration hole. Unfortunately, no spodumene-bearing pegmatite was intersected in this hole.
ÂÂ Table 1: 2025 Winter Drilling Program Discussed in this Release
Â| Â Hole ID Â | ÂÂ From (m) Â | ÂÂ To (m) Â | ÂÂ Length (m) Â | ÂÂ Li2O (%) Â | ÂÂ Ta2O5 (ppm) Â | Â
| Â MR-25-109 Â | ÂÂ 21.4 Â | ÂÂ 34.7 Â | ÂÂ 13.3 Â | ÂÂ 1.3 Â | ÂÂ 351 Â | Â
| MR-25-109 | Â64.5 | Â69.2 | Â4.7 | Â1.2 | Â266 | Â
| MR-25-109 | Â106.6 | Â111.8 | Â5.2 | Â1.3 | Â222 | Â
| MR-25-110 | Â42.6 | Â47.6 | Â5.0 | Â1.0 | Â245 | Â
| Â MR-25-110 Â | ÂÂ 217.8 Â | ÂÂ 251.0 Â | ÂÂ 33.2 Â | ÂÂ 1.1 Â | ÂÂ 128 Â | Â
| MR-25-112 | Â113.9 | Â116.3 | Â2.3 | Â1.4 | Â183 | Â
| MR-25-112 | Â251.5 | Â253.7 | Â2.2 | Â0.8 | Â172 | Â
| MR-25-112 | Â316.0 | Â321.4 | Â5.4 | Â1.2 | Â193 | Â
| Â MR-25-112 Â | ÂÂ 328.0 Â | ÂÂ 339.0 Â | ÂÂ 11.0 Â | ÂÂ 1.2 Â | ÂÂ 160 Â | Â
| Â MR-25-112 Â | ÂÂ 367.9 Â | ÂÂ 387.8 Â | ÂÂ 20.0 Â | ÂÂ 1.3 Â | ÂÂ 231 Â | Â
| MR-25-116 | Â52.6 | Â55.8 | Â3.2 | Â0.9 | Â172 | Â
| MR-25-116 | Â74.5 | Â76.8 | Â2.3 | Â0.5 | Â140 | Â
| MR-25-116 | Â152.0 | Â164.9 | Â13.0 | Â0.3 | Â123 | Â
| MR-25-116 | Â200.7 | Â203.6 | Â2.9 | Â1.1 | Â141 | Â
| MR-25-117 | Â210.9 | Â212.9 | Â2.0 | Â1.2 | Â281 | Â
| MR-25-117 | Â341.5 | Â344.6 | Â3.2 | Â1.8 | Â309 | Â
 True thickness is estimated to vary between 80% and 90% across all reported holes in the 2025 Winter campaign. Â
ÂÂ Table 2 : Drill Hole Collars
Â|  Hole ID  |  Azimut  |  Dip  |  Length (m)  |  UTM NAD83 z18 - East  |  UTM NAD83 z18 - North  | Â
| MR-25-109 | Â300 | Â-55 | Â279 | Â683432 | Â5941447 | Â
| MR-25-110 | Â300 | Â-55 | Â267 | Â683227 | Â5941533 | Â
| MR-25-112 | Â300 | Â-55 | Â399 | Â683324 | Â5941492 | Â
| MR-25-113 | Â300 | Â-55 | Â169.7 | Â686828 | Â5943668 | Â
| MR-25-116 | Â340 | Â-45 | Â300 | Â683577 | Â5941438 | Â
| MR-25-117 | Â300 | Â-50 | Â363 | Â683463 | Â5941701 | Â
 3D model update Â
ÂFollowing the completion of the 2025 Winter drill campaign, Brunswick Exploration, in collaboration with PLR Resources (https://www.plr-resources.com/), updated its 3D model in preparation for a first resource estimate planned for late 2025. Figure 3 shows the location of the sections presented in Figures 5 and 6.
ÂÂ Figure 4: Location of Section B-B' and C-C'
ÂÂ 
 Figure 5 : Section B-B''
ÂÂ 
 Figure 6 : Section C-C'
ÂÂ 
Observations from field work and drilling indicate that the geometry of the pegmatite dykes in the core of the project (covering North, Central and South Zone) is closely linked to a regional antiformal folding pattern. Although the dykes locally appear to be folded, evidence strongly supports that their emplacement was primarily controlled by the hinges of these antiformal folds, rather than the dykes being simply passively deformed post-emplacement.
ÂThe emplacement of the pegmatites is interpreted as syn- to post-tectonic, likely occurring towards the final stages of the second deformation event in the region. This timing corresponds with a decrease in regional stress conditions, allowing pegmatitic melts to be focused and emplaced in structurally favorable zones such as fold hinges and lithological contacts.
ÂHydrothermal alteration observed in specific segments of certain pegmatite dykes, notably at MR-3 and MR-6, indicates post-emplacement metasomatic fluid activity. These fluids are believed to be associated with reactivation along nearby structures, particularly the Orion Lake Fault, which likely acted as a fluid conduit during late-stage tectonism.
ÂOf note, the role of gabbroic units in the area remains to be fully determined; however, their consistent spatial association with pegmatite dykes suggests they may also have influenced pegmatite emplacement. Some pegmatite dykes could be guided by contacts between metagabbro and metavolcanic rocks, potentially acting as rheological boundaries favorable to dyke propagation.
ÂÂ QAQC Â
ÂAll drill core samples were collected under the supervision of BRW employees and contractors. The drill core was transported by helicopter and by truck from the drill platform to the core logging facility in Val-d'Or. Each core was then logged, photographed, tagged, and split by diamond saw before being sampled. All pegmatite intervals were sampled at approximately 1-meter intervals to ensure representativity. Samples were bagged; duplicated on reject, blanks and certified reference materials for lithium were inserted every 20 samples. Samples were bagged and groups of samples were placed in larger bags, sealed with numbered tags, in order to maintain a chain of custody. The sample bags were transported from the BRW contractor facility to the AGAT laboratory in Val-d'Or. All sample preparation and analytical work was performed by AGAT by sodium peroxide fusion with ICP-OES and ICP-MS finish. All results passed the QA/QC screening at the lab and all inserted standard and blanks returned results that were within acceptable limits. All reported drill intersections are calculated based on a lower cutoff grade of 0.3% Li2O, with maximum internal dilution of 5 meters. Host basalts adjacent to the dykes may grade up to 0.3% Li2O but were excluded from the reported intersections.
ÂÂ Qualified Person Â
ÂThe scientific and technical information contained in this press release has been reviewed and approved by Mr. Simon T. Hébert, VP Development. He is a Professional Geologist registered in Quebec and is a Qualified Person as defined by National Instrument 43-101.
 About Brunswick Exploration Â
ÂÂ Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada and Greenland.
ÂÂ Investor Relations/information Â
ÂMr. Killian Charles, President and CEO ( info@brwexplo.ca )
ÂÂ Cautionary Statement on Forward-Looking Information Â
ÂÂ This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Â
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Saga Metals Corp. ("SAGA" or the "Company") (TSXV: SAGA) (OTCQB: SAGMF) (FSE: 20H) a North American exploration company focused on critical mineral discovery, is pleased to announce SAGA's geophysics team has confirmed significant oxide mineralization in the northwest section of the 100% owned Radar Titanium Property (the "Property) over the site previously drilled back in 1996.
ÂÂ Northwest Zone, Radar Property Â
During the historic Voisey's Bay nickel discovery in northern Labrador, several other companies commenced exploration initiatives across the province. One company targeted a nickel and cobalt layered mafic intrusion located in the northwestern corner of the Property (see Figure 1 below). Drilling of 350 m was completed, with approximately 10% of the drill core assayed for multi-element, while the majority was only tested for Ni and Co. In drill hole 97-1, (Sample 97-1-13) recorded 40.27% Fe  2  O  3  , 7.73% TiO  2  from 52 to 52.9 feet , (Sample 97-1-15) recorded 59.09% Fe  2  O  3  and 7.32% TiO  2  from 56 to 57 feet . Additionally, several significant intercepts of 75% magnetite over 10 meters and greater were noted. That drill program was suspended due to the presence of consistent magnetite.
ÂÂ Michael Garagan, CGO & Director of SAGA, comments: Â "Regional geophysics did not cover this section of the property, but with the one hole from the 1996 drill program data assayed for multi-element, we knew of the NW zone mineralization, we just didn't know to what extent. While the ground crews continued to clear the old forestry road access to the Trapper zone, we commenced exploration on the NW zone. These geophysical results validate that the oxide layering zone could extend from the western part of the Trapper zone into the northwestern part. This would significantly increase our inferred oxide layering strike well beyond the current 20km." Â
ÂÂ Radar Ti-V-Fe Project Overview: Â
ÂThe Company's 100%-owned Radar Property is located 10 km from the coastal city of Cartwright, Labrador, benefiting from tremendous infrastructure, including road access, deep-water port, airstrip and nearby hydro-electric power. The Radar Property comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface.
ÂThe Dykes River intrusive complex is a recently recognized Mesoproterozoic layered mafic intrusion (Gower, 2017). It has gained attention due geological similarities to large AMCG-type intrusions and a very extensive titanium–vanadium–iron (Ti-V-Fe) rich layer.
ÂÂ Northwest Zone Geophysical Survey Â
ÂÂ 
  Figure 1:   Map of the Radar Titanium Project showing the location of the NW Zone geophysical survey (marked with the yellow star) relative to the Hawkeye zone drill site and the Trapper Zone. Â
ÂResults from a magnetic survey conducted on the NW target in June 2025 show exceptional indications of oxide layering. The data from the survey were used to produce a first vertical derivative magnetic anomaly map and a total magnetic intensity map (TMI) (see Figure 2 below). Just 9km northwest of the Hawkeye zone, the NW target contains numerous magnetic highs up to 55,000 nT (nanotesla – a unit of magnetic field strength). Outcrops of gabbronorite with 40% magnetite confirm the presence of significant oxide mineralization, which is most likely the cause of those magnetic highs (see sample in Figure 3 below). The NW target is separated from the Hawkeye zone by a section of gneiss and an assumed fault. Despite lithological surface contacts not being contiguous with the inferred oxide layering to the south, historical geochemical data, combined with these geophysical results, and the observed magnetite in outcrop, indicate that the NW target contains an area of oxide layering right next to the road.
ÂÂ Michael Garagan, CGO & Director of SAGA, continues: "This is without a doubt another prospective target for further exploration work in the future. It also reiterates the exceptional access across the entire property and our team's ability to traverse these important zones. Our current priority is a follow up drill campaign in the Trapper zone; however, this geophysical survey gave us our first glimpse of oxide layering towards the north and we'll be working to confirm if this is a separate oxide zone or the continuation of the same trend highlighting the possibility that this is either a very large lopolith structure or near complete circular aerial expression."
ÂÂ 
  Figure 2:   Total magnetic intensity (TMI) map for the NW Zone target. Major magnetic highs are in the center and southern sections of the maps. The inferred area, which includes the oxide layering, is outlined striking east-west. Â
ÂFigure 2 above indicates that there are isolated to semi-continuous areas of magnetic rock. Magnetic field values in the range of 55,000 nT indicate the presence of strongly magnetic rocks. The total magnetic intensity (TMI) data which plots the change in magnetic field values in nT/m, shows high rates of change on the edges of anomalies indicated in the TMI map (Fig. 2). The high rates of change along magnetic bodies indicate sharp contacts between magnetic and nonmagnetic rocks with most of the magnetic highs located in the center of the map. These expressions of drastic high-to-low changes in magnetism are what the team identified and drilled at the Hawkeye zone. The oxide anomalies strike NE-E-W and were defined by magnetic highs, high gradients on the edges, and ground-truthed outcrops of gabbronorite, as outlined in the regional map, 1VD, and TMI (Figures 1, 2 and 3).
ÂThe survey conducted used a GEM Systems GSM-19 Magnetometer. During the survey, magnetic-field measurements and VLF-EM data were recorded. The grid used is 1 km by 1.2 km, with lines running north-south having a 100 m spacing, and stations having a 20 m spacing.
ÂÂ 
  Figure 3:   A piece of gabbronorite from an outcrop in the NW Zone - target. In hand sample, modal mineralogy for magnetite is 40%. The book is 17cm long for scale. Â
ÂÂ Road Maintenance and Access Trail Update Â
ÂSAGA's ground crews have successfully cleared the old forestry road of overgrowth and created the laydown at the entrance of the Tapper zone access trail. Additionally, work has commenced along the access trail with several hundred meters completed to date. It is expected that the excavator will access the center of the Tapper zone by the end of the week.
ÂThe road and trail construction aims to provide direct access to both the eastern Hawkeye Zone and the western extent of the Trapper Zone. This strategic roadwork will significantly enhance logistical and cost efficiency as well as exploration capacity across the main body of the oxide layering zone.
ÂÂ 
  Figure 4: 25-tonne excavator arriving on site. The transport truck dropped the excavator at the junction of the main road running through the Radar Titanium Project towards the Hawkeye zone and the old forestry road. Â
ÂÂ Â 
Â
  Figure 5: 25-tonne excavator creating access trail along the oxide layering strike within the Trapper Zone. Â
ÂÂ Radar Ti-V-Fe Project 2025 Winter Drill Program Highlights: Â
 (Click   here   to see SAGA's news release dated May 5, 2025 for full information on holes HEZ-01 & HEZ-04,   here   to see SAGA's news release dated May 26, 2025 for full information on holes HEZ-05 & HEZ-07 and   here   to see SAGA's news release dated May 29, 2025 for full information on holes HEZ-06, HEZ-02 & HEZ-03) Â
ÂÂ Qualified Person Â
ÂPaul J. McGuigan, P. Geo., is an Independent Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the technical information related to the Radar Ti-V-Fe Project disclosed in this news release.
ÂÂ About Saga Metals Corp. Â
 Saga Metals Corp. is a North American mining company focused on the exploration and discovery of a diversified suite of critical minerals that support the global transition to green energy. The Radar Titanium Project comprises 24,175 hectares and entirely encloses the Dykes River intrusive complex, mapped at 160 km² on the surface near Cartwright, Labrador. Exploration to date, including a 2,200m drill program, has confirmed a large and mineralized layered mafic intrusion hosting vanadiferous titanomagnetite (VTM) with strong grades of titanium and vanadium.
ÂThe Double Mer Uranium Project, also in Labrador, covers 25,600 hectares featuring uranium radiometrics that highlight an 18km east-west trend, with a confirmed 14km section producing samples as high as 0.428% U 3 O 8 and uranium uranophane was identified in several areas of highest radiometric response (2024 Double Mer Technical Report).
ÂAdditionally, SAGA owns the Legacy Lithium Property in Quebec's Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Metals.
ÂWith a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.
ÂÂ On Behalf of the Board of Directors Â
ÂÂ Mike Stier, Chief Executive Officer Â
ÂFor more information, contact:
 Rob Guzman, Investor Relations
Saga Metals Corp.
Tel: +1 (844) 724-2638
Email: rob@sagametals.com
www.sagametals.com
 Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Â
ÂÂ Cautionary Disclaimer Â
ÂThis news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipates", "expects", "believes", and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to the exploration of the Company's Radar Project. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Company's continuous disclosure filings with securities regulations from time to time, available under its SEDAR+ profile at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.
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Â
About Lithium Universe Ltd: Â
Lithium Universe Ltd (ASX:LU7) (FRA:KU00) (OTCMKTS:LUVSF), headed by industry trail blazer, Iggy Tan, and the Lithium Universe team has a proven track record of fast-tracking lithium projects, demonstrated by the successful development of the Mt Cattlin spodumene project for Galaxy Resources Limited.
Instead of exploring for the sake of exploration, Lithium Universe's mission is to quickly obtain a resource and construct a spodumene-producing mine in Quebec, Canada. Unlike many other Lithium exploration companies, Lithium Universe possesses the essential expertise and skills to develop and construct profitable projects.
Â
Source:
Lithium Universe Ltd
Â
Contact:
Iggy Tan
Executive Chairman
Lithium Universe Limited
Email: info@lithiumuniverse.com
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