Lake Resources (ASX:LKE,FWB:LK1,OTCQB:LLKKF) is advancing debt funding options for its flagship Kachi lithium project, and Managing Director Stephen Promnitz says the company is charging ahead to address the surge in battery market demand.
Following an increased focus by electric vehicle (EV) makers on supply chain sustainability, Lake Resources NL (ASX:LKE,FWB:LK1,OTCQB:LLKKF) is advancing debt funding options for its flagship Kachi lithium project, and Managing Director Stephen Promnitz says the company is charging ahead to address the surge in battery market demand.
Together with Lilac Solutions, Lake Resources is currently operating its pilot demonstration plant, which uses clean technology to reduce lithium processing costs and timelines significantly.
“In 2020, we were targeting a 25,000 tonne per annum project. Earlier this year, we focused on where the project was going and how fast can we double that. We’re charging ahead with debt financing for the first 25,000 tonnes per annual production, and we can actually deliver that in a timely manner,” said Promnitz.
Lake Resources recently expanded drilling and testing beyond what is required for the definitive feasibility study (DFS) for its Kachi lithium project. The aim is to accelerate the conversion of inferred resources to measured and indicated resources, to allow for an expansion beyond the 25,500 tonnes per annum of lithium carbonate planned in the DFS. The current drilling seeks to convert resources to reserves as part of the DFS work.
“We produce a product in the space of hours, not months or years. And we do that consistently with high quality, which the battery makers want. This is what the demand is asking for. We’re providing a solution, a 21st century solution for this demand,” Promnitz added.
Watch the full interview with Lake Resources NL Managing Director Stephen Promnitz above.
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