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DRA Global Appointed To Complete Definitive Feasibility Study For Cinovec
European Metals Holdings Limited (ASX & AIM: EMH, OTCQX: EMHXY, ERPNF and EMHLF) (“European Metals” or the “Company”) is pleased to announce that DRA Global Limited (“DRA”) has been appointed to complete the Definitive Feasibility Study (“DFS”) for the Cinovec project in the Czech Republic.
With over 30 years’ experience in the development and execution of projects, DRA is a recognised leader in the delivery of lithium projects globally.
DRA has the necessary capacity, expertise and track record to deliver the Cinovec DFS in a timely and efficient manner and will be working to build on all of the optimisation work that the Cinovec team completed over the course of 2022 with a view to completion of the DFS in Q4 2023.
DRA’s appointment for this vital piece of project development work is testament to both the Company’s and its joint-venture partner CEZ s.a. commitment to, and the tremendous prospectivity and value of, the Cinovec Project. The Cinovec Project’s in-house team will work closely with DRA to develop and finalise the DFS.
Executive Chairman Keith Coughlan said:
“We are pleased to have secured a company of DRA’s calibre, with a proven track record of delivering critical pieces of work like the Cinovec DFS in a timely and efficient manner.
“We will be working closely with DRA over the coming period, and we are excited by the positive outcomes that this DFS will provide. It is not expected that this will delay the critical path of the Project, as during this time the Company will be in the process of finalising permitting, offtake and Project Finance matters.
“European Metals is well positioned for the rising demand in battery materials, developing the Cinovec project, the largest hard rock lithium project in the EU, which is centrally located on the Czech Republic’s border with Germany. The project possesses excellent ESG credentials which will enable the production of battery grade lithium hydroxide and carbonate with potentially one of the lowest CO2 emissions, globally.”
“We are proud to be working with EMH on the Definitive Feasibility Study for the impressive Cinovec Project. Our experience in Lithium spans the Australian, African and Americas markets. We are excited to share this knowledge with EMH to deliver the best results for their project,” comments James Smith, CEO of DRA Global.
DRA Global Limited (ASX: DRA | JSE: DRA) is a multi-disciplinary consulting, engineering, project delivery and operations management group predominantly focused on the mining and minerals resources sector. DRA has an extensive global track record, spanning more than three decades and more than 7,500 studies and projects as well as operations, maintenance and optimisation solutions across a wide range of commodities.
DRA has expertise in mining, minerals and metals processing and related non-process infrastructure including sustainability, water and energy solutions for the mining industry. DRA delivers advisory, engineering and project delivery services throughout the capital project lifecycle from concept through to operational readiness and commissioning as well as ongoing operations, maintenance and shutdown services.
This article includes content from European Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition, is pleased to announce that further to its announcements of 21 and 22 November 2023 in relation to the Placing, CTL is today posting a circular to Shareholders, setting out details of the Placing and the Open Offer and including a notice of General Meeting ("GM") (the "Circular").
As announced on 22 November 2023, CleanTech Lithium has conditionally raised £8 million (before expenses) by way of a placing of 36,363,638 New Ordinary Shares at a price of 22 pence per Placing Share. Approximately £3.1 million has been raised pursuant to the Firm Placing with the balance being raised under the Conditional Placing, conditional upon Shareholders approving the Resolutions at the GM, notice of which is set out at the end of the Circular.
The Placing Shares carry a warrant entitlement of one Warrant for every two Placing Shares and the grant of the Warrants attaching to the Conditional Placing Shares is also subject to Shareholder approval of the relevant Resolution. A Warrant grants the holder the right to subscribe for one new Ordinary Share at 33 pence and is exercisable during the period commencing on the date of grant and ending on 14 December 2026.
Capitalised terms used but not defined in this announcement shall have the meaning given to them in the announcement published by the Company on 21 November 2023 in connection with the Fundraising.
Details of the Open Offer
The Company considers it important that Qualifying Shareholders have an opportunity (where it is practicable for them to do so) to participate in the Fundraising and accordingly the Company is making the Open Offer to Qualifying Shareholders. The Company is proposing to raise up to approximately £0.5 million (before expenses) through the issue of up to 2,365,188 Open Offer Shares. The Open Offer is conditional upon, inter alia, the passing of the Resolutions at the GM.
The Open Offer Shares are available to Qualifying Shareholders pursuant to the Open Offer at the Issue Price of 22 pence per share, being the same price per share as the Placing. Open Offer Shares carry a warrant entitlement of one Warrant for every two Open Offer Shares, again on the same terms as the Placing.
A Warrant grants the holder the right to subscribe for one new Ordinary Share at 33 pence and is exercisable during the period commencing on the date of grant and ending on 14 December 2026.
Open Offer Shares applied for pursuant to the Open Offer are payable in full on acceptance. Any Open Offer Shares not subscribed for by Qualifying Shareholders will be available to Qualifying Shareholders under the Excess Application Facility. Qualifying Shareholders may apply for Open Offer Shares under the Open Offer at the Issue Price on the following basis:
1 Open Offer Share for every 45 Existing Ordinary Shares held by the Qualifying Shareholder on the Record Date
Entitlements of Qualifying Shareholders will be rounded down to the nearest whole number of Open Offer Shares. The Entitlements of Qualifying Shareholders to Warrants will be rounded down to the nearest whole number of Warrants. Fractional entitlements which would otherwise arise will not be issued to the Qualifying Shareholders but will be made available under the Excess Application Facility. The Excess Application Facility enables Qualifying Shareholders to apply for Excess Open Offer Shares in excess of their Open Offer Entitlement. Not all Shareholders will be Qualifying Shareholders. Shareholders who are located in, or are citizens of, or have a registered office in certain overseas jurisdictions will not qualify to participate in the Open Offer. The attention of Overseas Shareholders is drawn to paragraph 6 of Part III of the Circular.
Valid applications by Qualifying Shareholders will be satisfied in full up to their Open Offer Entitlements as shown on the Application Form. Applicants can apply for less or more than their entitlements under the Open Offer but the Company cannot guarantee that any application for Excess Open Offer Shares under the Excess Application Facility will be satisfied as this will depend in part on the extent to which other Qualifying Shareholders apply for less than or more than their own Open Offer Entitlements. The Company may satisfy valid applications for Excess Open Offer Shares of applicants in whole or in part but reserves the right not to satisfy any excess above any Open Offer Entitlement. Applications made under the Excess Application Facility will be scaled back pro rata to the number of shares applied for if applications are received from Qualifying Shareholders for more than the available number of Excess Open Offer Shares.
Application has been made for the Open Offer Entitlements to be admitted to CREST. It is expected that such Open Offer Entitlements will be credited to CREST on 24 November 2023. The Open Offer Entitlements will be enabled for settlement in CREST until 11.00 a.m. on 13 December 2023. Applications through the CREST system may only be made by the Qualifying CREST Shareholder originally entitled or by a person entitled by virtue of bona fidemarket claims. The Open Offer Shares must be paid in full on application. The latest time and date for receipt of completed Application Forms or CREST applications and payment in respect of the Open Offer is 11.00 a.m. on 13 December 2023. The Open Offer is not being made to certain Overseas Shareholders, as set out in paragraph 6 of Part III of the Circular.
Qualifying Shareholders should note that the Open Offer is not a rights issue and therefore Open Offer Entitlements may not be traded and the Open Offer Shares which are not applied for by Qualifying Shareholders will not be sold in the market for the benefit of the Qualifying Shareholders who do not apply under the Open Offer. The Application Form is not a document of title and cannot be traded or otherwise transferred.
Further details of the Open Offer and the terms and conditions on which it is being made, including the procedure for application and payment, are contained in Part III of the Circular and on the accompanying Application Form.
The Open Offer is conditional on, inter alia, Shareholders approving the Resolutions at the General Meeting and the Placing becoming or being declared unconditional in all respects. Accordingly, if these conditions are not satisfied or waived (where capable of waiver), the Open Offer will not proceed, and the Open Offer Shares will not be issued, and all monies received by the Registrars will be returned to the applicants (at the applicant's risk and without interest) as soon as possible thereafter. Any Open Offer Entitlements admitted to CREST will thereafter be disabled.
This article includes content from CleanTech Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Following its recent financing agreement with mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF), Galan Lithium (ASX:GLN,FWB:9CH) is now fully funded to complete construction of its Hombre Muerto West (HMW) project in Argentina and become the next lithium producer in the Lithium Triangle, according to Managing Director Juan Pablo Vargas de la Vega.
“To date, Galan (has) directly invested more than $20 million (in HMW), and the investment or financing solution from Glencore will allow us to pretty much complete the project,” de la Vega said.
“More importantly, this cements Galan’s strategy to produce lithium chloride concentrate. Everyone else in the Lithium Triangle is producing or going to be producing lithium carbonate. So the fact that Glencore has partnered with us to buy the chloride concentrate … shows that the lithium chloride concentrate strategy is a valid one.”
Galan’s five year offtake agreement with Glencore allows Galan to sell its technical-grade lithium chloride product from the HMW project to Glencore without having to secure an export license for its lithium chloride. Glencore will toll treat the lithium chloride into lithium carbonate for sale and export from Argentina.
De la Vega added that this important milestone also firms up the company’s plans for Phase 2 production at HMW. “We can now look into larger production from 5,000 tonnes to up to 21,000 tonnes per year … that we believe we can also place within the Argentine market as a feedstock of lithium carbonate plants within Argentina,” he said, noting that projections indicate there will be 10 new lithium carbonate processing plants in the country by 2026.
Watch the full interview with Galan Lithium Managing Director Juan Pablo Vargas de la Vaga above.
Jindalee Lithium Limited (ASX:JLL) (Jindalee, the Company) is pleased to announce the appointment of Ian Rodger as Chief Executive Officer (CEO).
- Experienced mining business executive Ian Rodger appointed Chief Executive Officer of Jindalee Lithium
- Management strengthened for the Company’s growth phase towards Pre-Feasibility Study delivery
APPOINTMENT OF CHIEF EXECUTIVE OFFICER
Mr Rodger is a qualified Mining Business Executive with almost 15 years of experience in various roles including as a Mining Engineer for Rio Tinto across two large greenfield mine developments, before successfully transitioning into mining corporate finance where he held Executive and Director positions at RFC Ambrian overseeing origination and management of numerous mandates across a range of corporate advisory roles.
In his most recent role as Project Director for Oz Minerals (ASX: OZL), Mr Rodger made significant contributions to successfully define the value potential of the West Musgrave Nickel/Copper Province through the delivery of a portfolio of growth studies. Most notably, he led technical, market and partnership development workstreams, successfully confirming value potential for producing an intermediate Nickel product for the battery value chain.
Mr Rodger holds a Bachelor of Mining Engineering from the University of Queensland, a Masters of Mineral Economics from Curtin University and is also a graduate of the Australian Institute of Company Directors and member of the Australasian Institute of Mining and Metallurgy.
Upon Mr Rodger’s commencement with the Company, which is expected to occur in mid-January 2024, Mr Lindsay Dudfield will retire as Interim CEO, remaining on the Board of Jindalee as an executive director for a transitional period. The Board thanks Mr Dudfield for his efforts in the role of CEO since the spin-out of the Company’s Australian assets in January 2023.
Jindalee’s Chairman Mr Mannolini said:
”I am delighted that Ian has agreed to lead Jindalee through the next stage of its development. Ian brings experience and expertise to the role which will greatly assist the Company as we progress towards delivery of a pre-feasibility study on the McDermitt Lithium Project in Oregon USA.
Notwithstanding some short-term challenges created by volatility in lithium prices, we remain confident that McDermitt will, in time, find its place as a reliable, long-term supplier of lithium to the rapidly growing electric vehicle industry in the United States.”
Mr Rodger said:
“I am thrilled to take the helm at Jindalee Lithium, especially as we propel the McDermitt Project forward. The team’s transformation of an early-stage acquisition into a globally significant lithium Mineral Resource, with 21.5Mt Lithium Carbonate Equivalent (LCE)1, is truly commendable. As we move towards delivering the PFS in 2024, I'm eager to collaborate with the Jindalee team and our stakeholders to fully realise the strategic value of this project.”
A summary of the key terms of Mr Rodgers’ contract, as required by Listing Rule 3.16.4, is attached as Annexure A.
RESIGNATION OF JOINT COMPANY SECRETARY
Jindalee also advises that Ms Jessamyn Lyons has resigned from the role of Joint Company Secretary. Ms Carly Terzanidis remains in the role of Company Secretary to the Company. The Board sincerely thanks Ms Lyons for her efforts during the preceding 12 months.
This article includes content from Jindalee Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Atlantic Lithium (ASX:A11, AIM:ALL, OTCQX:ALLIF) intends to leverage Ghana's 180,000 tonnes of estimated resources through its flagship Ewoyaa project, set to become Ghana’s first lithium-producing mine. Atlantic Lithium intends to produce spodumene concentrate capable of conversion to lithium hydroxide and carbonate for electric vehicle batteries.
In June 2023, Atlantic Lithium released a definitive feasibility study (DFS) indicating Ewoyaa with demonstrable economic viability, low capital intensity and excellent profitability. The DFS showed 35.3 million tons (Mt) @ 1.22 percent lithium oxide JORC Mineral Resource Estimate and conservative life-of-mine concentrate pricing of US$1,587/t.
Atlantic Lithium plans to deploy a Modular DMS plant ahead of commencing operations at the large-scale main plant to generate early revenue. This intends to reduce the peak funding requirement of the main plant. The project is expected to deliver first spodumene production as early as April 2025.
The development of the project is co-funded under an agreement with NASDAQ and ASX-listed Piedmont Lithium (ASX:PLL), with Piedmont expected to fund c. 70 percent of the US$185 million total capex. In accordance with the agreement, Piedmont is funding US$17 million towards studies and exploration and an initial US$70 million towards the total capex. Costs are split equally between Atlantic Lithium and Piedmont thereafter.
- A mining and exploration company operating in West Africa, Atlantic Lithium is set to deliver Ghana’s first lithium-producing mine with its flagship Ewoyaa Lithium Project.
- Ghana is a well-established mining region with access to reliable, existing infrastructure and a significant mining workforce. There are currently 16 operating mines in the country.
- There is significant government interest in getting Ewoyaa operational to diversify the country’s production from gold.
- Atlantic Lithium is already the leading taxpayer and employer in the region and, through Ewoyaa, expects to bring significant business and development locally.
- The June 2023 definitive feasibility study proves Ewoyaa to be a financially viable, major near-term lithium-producing asset.
- The project is co-funded under an agreement with Piedmont Lithium.
- With 50 percent of offtake still uncommitted, the company is one of few near-term spodumene producers with offtake available.
- Situated on the West African coast, Atlantic Lithium is well-positioned to serve the global electric vehicle markets.
This Atlantic Lithium profile is part of a paid investor education campaign.*
Chariot Corporation (ASX:CC9) targets both hard rock lithium in Wyoming and claystone lithium in Nevada and Oregon. Its Black Mountain Project in Wyoming has shown significant mineralization with grades of up to 6.68 percent Li2O from rock chip samples. The company holds six other hard rock projects in Wyoming with 443 claims covering 3,585 hectares.
Chariot’s Resurgent project holds the second largest land position in the McDermitt Caldera, which hosts the two largest lithium resources discovered to date (Thacker Pass 19.1 million tons (Mt) lithium carbonate equivalent (LCE) and McDermitt 21.5 Mt LCE). The recent $650-million investment in Thacker Pass by General Motors indicates interest from automakers looking to secure a supply of battery raw materials. The McDermitt Caldera’s size and scale potential present an opportunity for Automotive OEMs, battery manufacturers and others to obtain large-scale supply to meet their growth plans.
Chariot has been actively focusing on creating value through the divestment of selected lithium assets. Four assets have been divested through sale and/or option agreements with publicly listed companies. These transactions, assuming the existing options are exercised, may generate up to an estimated US$5.1 million in cash and stock-based consideration, in addition to future royalty payments for Chariot. The company currently has four additional projects that may be potential divestment opportunities, including Lida and Amargosa (Nevada), Mardabilla (Western Australia) and Nyamukono (Zimbabwe).
The company believes its two core projects, Black Mountain and Resurgent, represent early, prospective lithium opportunities in the United States.
- Chariot Corporation Limited is a mineral exploration company focused on discovering and developing high-grade and near-surface lithium opportunities in the U.S.
- Chariot holds the largest land position for lithium exploration in the U.S. with hard rock lithium and claystone hosted lithium exploration assets.
- The company commenced trading on the ASX in October 2023 after closing a highly sought-after and oversubscribed A$9 million initial public offering (which is in addition to A$14.8 million being raised privately to assemble the portfolio).
- It is currently focused on its two core projects in the US: (1) the Black Mountain Project, a hard rock lithium project located in Wyoming; and (2) the Resurgent Project, a claystone lithium project located in Oregon and Nevada.
- The Black Mountain Project has had two-rounds of rock chip sampling which resulted in 22 rock chip samples collected with 10 of these samples returning assay results greater than 2.00% lithium oxide (Li2O) with the highest value being 6.68% Li2O. The Resurgent Project has had multiple rounds of rock-chip sampling with 289 samples being collected and returning values as high as 3,865 ppm lithium. The initial surface rock-chip sampling programs demonstrate the presence of lithium mineralization at surface.
- In addition to the core projects, Chariot holds an exploration pipeline of six projects in Wyoming including Copper Mountain, South Pass, Tin Cup, Barlow Gap, Pathfinder and JC projects. These projects are prospective for hard rock lithium.
- The company’s portfolio includes several additional projects prospective for hard rock (Western Australia and Zimbabwe) and claystone lithium (Nevada, U.S.A.).
- Chariot also holds interests in several projects that have been either sold or conditionally divested through option agreements to publicly listed companies. These include assets such as Halo, Horizon, Lithic & Mustang, and the Western Australia Lithium portfolio. Each of the divested projects are operated by a publicly listed counterparty and depending upon the particular transaction, the projects generate additional revenue for Chariot in the form of future payments and royalties.
- Chariot offers investors exposure to the nascent and rapidly growing U.S. lithium market.
This Chariot Corporation profile is part of a paid investor education campaign.*