Drilling Programme Commences at Laguna Verde

Drilling Programme Commences at Laguna Verde

CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the "Company") New Resource Drilling Programme Commences at Laguna Verde

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) commences new drilling programme at the Laguna Verde project and outlines planned activity.


Highlights:

  • Drill rig mobilisation and establishment of drillers camp and support services now completed with the drilling of the first of five planned wells, LV07 (see figure 1), having started on 4 January 2024
  • Drill programme to target upgrade of existing JORC resource and to convert resources into reserves
  • Generation of a reserve estimate of lithium carbonate equivalent (LCE) is to be included in the Project's pre-feasibility study and ultimately the project´s production plan
  • CTL has engaged leading hydrogeology and resource estimation consultant Montgomery & Associates for the resource drill programme and JORC reserve report
  • The programme will include reinjection testing to further define the brine extraction and reinjection model, as the Company continues to be a leader in advancing a direct lithium extraction (DLE) based sustainable lithium production model in Chile.

Aldo Boitano, Chief Executive Officer, CleanTech Lithium said:"We are excited to start off the new year with another active drilling programme at our flagship project, Laguna Verde. The aim of this drilling programme is to upgrade the current JORC resource, converting resources into reserves. This provides a key input into the pre-feasibility study and will inform the environmental impact assessment, all of which will support CTL's conversations with potential strategic partners.

We are working with a leading international consultant, Montgomery & Associates, to deliver the resource drill programme which will include reinjection testing. The reinjection of spent brine is key to minimizing aquifer depletion. Furthermore, we are expecting results from our DLE test work and first eluate production from our pilot plant in the coming weeks. We are looking forward to a busy and highly productive 2024."

Figure 1: LV07 drill rig in place with work tent - early January 2024

Resource Drill Programme

At Laguna Verde a resource drill programme is planned to convert existing Measured and Indicated resources of 1.1 million tonnes LCE into Reserves. The existing JORC compliant total resource estimate of 1.8 million tonnes of lithium carbonate equivalent (LCE) is based on six wells completed in 2022 and 2023. A further five wells are planned to be completed in the first half of 2024, as shown in figure 2, which will contribute to a new JORC compliant reserve report targeted for completion in July 2024. The Company has engaged Montgomery & Associates, a leading hydrogeological consultant, for the 2024 programme.

Figure 2: Drill Plan Map Showing Previous and Planned Well Locations

The drill programme will comprise four diamond drill holes and one wide diameter reverse circulation well (LV09) which will be used for planned extraction and reinjection tests. The data generated from this testing will be used in the key hydrogeological models for the project, being the water balance model for the basin and the groundwater flow model, that are used in reserve estimation, feasibility studies, the Environmental Impact Assessment (EIA), and ultimately the project's plan for production.

The drilling contractor has mobilised equipment, installed the drillers camp and completed access roads for the planned new wells.

Figure 3: Mobilisation of Equipment and Drillers Camp - late December 2023

Drilling of the first planned well, LV07, started on 4 January. LV07 will be targeting a depth of up to 700m based on the results of the gravity survey in 2023, which is the deepest target depth drilled at the project to date. Two drill rigs will be used to accelerate the programme. Results from the drilling and hydrogeological evaluations will be reported to the market on an ongoing basis during 1H 2024.

Direct Lithium Extraction Process Test-work Update

The Company is nearing completion of important DLE test work which will be reported to the market. Trials using the brine from the Company's projects have been ongoing, utilising CTL's lab-scale DLE carousel unit in Copiapó as well as at the facilities of the Company´s DLE process partners. These trials provide information on key operating parameters that will be applied as the Company ramps up the production of DLE eluate from its pilot plant, with first eluate production expected in the coming weeks.


Click here for the full Press Release

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.

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Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

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  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

SQM's Chief Executive Officer, Ricardo Ramos , stated, "We are publishing our third quarter 2024 financial results with positive volume growth in almost all of our business lines compared to last year. Fertilizer markets have shown solid market dynamics with a market size recovery. Our Specialty Plant Nutrition volumes grew more than 20% year-on-year while our revenues in this business line increased close to 12%."

He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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