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CleanTech Lithium (AIM:CTL), an exploration and development company, advancing the next generation of sustainable lithium projects in Chile, announces that all of the exploration licences at the prospective greenfield project covering a total area of over 344 km2 (the "Llamara Project") which the Company applied for in Q2 2022, have been granted by the Chilean authorities. The Company plans to commence an exploration drilling programme at the project in the coming weeks.
Highlights:
· The Llamara Project is located within the Lithium Triangle in northern Chile, 600km north of the Company´s two flagship projects, Laguna Verde and Francisco Basin
· Historical geophysics lines completed by an oil exploration company shows an extensive subsurface low resistivity zone which is interpreted to be a brine aquifer in the project area with an aquifer thickness of several hundred metres
· The aquifer has not been sampled for lithium, however elevated lithium grades are recorded in surface evaporite deposits, indicating a lithium source within the basin
· A drilling programme to test the subsurface aquifer will commence in the coming weeks with the drilling of a low-cost exploration drill hole, subject to obtaining the necessary local approvals
· The drill site was selected based on information from a geophysics survey which interprets a thick hypersaline aquifer at the location starting from a depth of approximately 240m
· Separately, a geology consultant has been engaged to complete a field and desk-top study on the near surface evaporite lithium mineral potential in the project area
· If a lithium resource is established at the greenfield project, either based on the subsurface aquifer or surface evaporites, it is expected Direct Lithium Extraction ("DLE") would be utilised for processing to minimise the environmental impact of lithium extraction
· With drilling programmes at the more advanced Laguna Verde and Francisco Basin projects ongoing, the Company is extremely active with resource drilling programmes expected to be progressing at all three projects simultaneously shortly.
Commenting, Aldo Boitano, Chief Executive Officer, of Cleantech Lithium PLC, said:
"We are very pleased to have been granted the Llamara licences by the Chilean authorities, allowing us to move forward with an exploration drilling programme. This is a large licence area covering 344 km2 within which a historical geophysics survey interprets a thick subsurface brine aquifer. The planned drilling will aim to establish if the brine aquifer is enriched in lithium. We will also carry out a field and desk-top study on the potential for a surface evaporite lithium deposit in the project area.
"Drilling programmes to expand existing resource estimates at our Laguna Verde and Francisco Basin projects are ongoing with Llamara providing additional exploration potential. We are not aware of any exploration company in the lithium sector that has progressed resource drill programmes at three projects concurrently, which further highlights the quality of the team we have in Chile.
"We will endeavour to keep the market up to date with our progress and expect to announce the results of the initial drilling at Llamara in early Q2 2023."
Further Information:
Exploration Drilling Programme to Test Subsurface Brine Aquifer
The primary exploration target at the Llamara Project is to test the lithium enrichment of a subsurface brine aquifer interpreted from historical geophysics surveys. Within the project area, two geophysics lines based on transient electromagnetics ("TEM") were completed by an oil exploration company. The location of Lines 45 and 24 in relation to the licence area is shown in Figure 1.
Figure 1. Historical Geophysics Lines Intersecting Project Area
TEM based geophysics provide a resistivity signal with the lowest resistivity correlated to brine aquifers, as dissolved salt ions in brine are highly transmissive. Figure 2 presents the resistivity profile of several TEM stations on the eastern side of Line 24, which are located on the recently granted licence area. The lowest resistivity band which is shown by the light magenta colour scheme measuring resistivity of <1.0 Ohm, is interpreted to correlate to highly concentrated brine. An exploration drilling hole LM01 is planned at the location of TEM station 39, where the resistivity profile indicates the brine aquifer has an approximate starting depth of 240m.
Figure 2. Historical Geophysics Lines Intersecting Project Area
An Aircore drilling rig will be mobilised to the site in the coming weeks with the capacity to drill to a depth of 700m. The exploration well will not initially be cased or developed as this is a relatively low-cost drilling method designed to intersect the brine aquifer, collect brine samples and test the lithium enrichment. The results of this initial drilling program are expected in early Q2 2023 and will be reported to the market.
Evaluation of Surface Evaporite Lithium Resource Potential
The Company has engaged a Chilean geological consultant to undertake a field and desk-top study to evaluate the lithium resource potential of any near surface evaporite minerals, formed by the natural evaporation of brine, in the project area. A private Chilean company with licences immediately west of CleanTech Lithium´s project has reported an NI43-101 compliant resource of 1.2 million tonnes of Lithium Carbonate Equivalent ("LCE") at an average grade of 956ppm Li (peak grade of 3,560ppm Li) based on an evaporite deposit.
If a lithium resource is established at the project either based on the subsurface aquifer or surface evaporites, DLE would be utilised for processing to minimise the environmental impact of lithium extraction.
Competent Person
Christian Gert Feddersen Welkner: Geologist and Master of Science, major in geology (University of Chile). With more than 20 years of experience, Mr Feddersen is a qualified person, as defined in the AIM Note for Mining, Oil and Gas Companies (June 2009), independent of the company and a member of the Chile Mining Resources and Reserves Competence Qualifying Commission, a "Recognised Professional Organisation" (OPR). He is registered with No. 132 in the public registry of Competent Persons in Mineral Resources and Reserves, under the Law of Competent Persons and its Regulations in force in Chile. Mr Feddersen, who has reviewed and approved the geological information included in the announcement, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and the activity being undertaken and qualifies as a competent person, as defined in the JORC Code.
-ENDS-
For further information contact: | ||
CleanTech Lithium PLC | ||
Aldo Boitano/ Gordon Stein | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 | |
Or via Celicourt | ||
Celicourt Communications | +44 (0) 20 8434 2754 | |
Felicity Winkles/Philip Dennis/ Ali AlQahtani | ||
Dr. Reuter Investor Relations Dr. Eva Reuter Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +49 69 1532 5857 +44 (0) 207 628 3396 | |
Fox-Davies Capital Limited (Joint Broker) | +44 20 3884 8450 | |
Daniel Fox-Davies Canaccord Genuity Limited (Joint Broker) James Asensio Gordon Hamilton | +44 (0) 207 523 4680 |
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.
Notes
CleanTech Lithium (AIM:CTL) is an exploration and development company, advancing the next generation of sustainable lithium projects in Chile. Proudly sustainable, committed to net-zero, our mission is to produce material quantities of battery grade, carbon-neutral lithium using proven sustainable Direct Lithium Extraction technology, powered by clean energy, we plan to be the greenest lithium supplier to the EV market.
CleanTech Lithium has three prospective lithium projects - Laguna Verde, Francisco Basin and Llamara - located in the lithium triangle, the world's centre for battery grade lithium production. The Laguna Verde and Francisco Basin projects are situated within basins entirely controlled by the Company, which affords significant potential development and operational advantages. Llamara is the Company's latest greenfield project, which offers material potential upside at a low initial cost. All three projects have direct access to excellent infrastructure and renewable power.
CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction. Direct Lithium Extraction is a transformative technology which only removes lithium from brine, with higher recoveries and purities. The method offers short development lead times, low upfront capex, with no extensive site construction and no evaporation pond development so there is no water depletion from the aquifer or harm to the local environment.
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CleanTech Lithium
Investor Insight
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.
Overview
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 attendance
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.
Company Highlights
- CleanTech Lithium is a lithium exploration and development company with four notable lithium projects in Chile and a combined total resource of 2.72 million tonnes JORC estimate of lithium carbonate equivalent.
- Chile is one of the biggest producers of lithium carbonate in the world and the Chilean Government has prioritized innovative technologies such as DLE for new project development
- The Company leverages DLE, an efficient method for extracting lithium brine that aims to minimize environmental impact, reduce production time and costs, resulting in high-purity, battery-grade lithium carbonate
- The Company is targeting a dual-listing on the ASX in Q1 2025.
- CleanTech Lithium’s flagship project, Laguna Verde is at the Pre-Feasibility Stage, once completed, the Company looks to start substantive conversations with strategic partners.
- The Company has an operational DLE pilot plant in Copiapó, Chile producing an initial volume of 88 cubic meters of concentrated eluate, which is the lithium carbonate equivalent (LCE) of approx. one tonne, proving the Company’s capacity to produce battery-grade lithium with low impurities from its Laguna Verde brine project.
- In January 2025, the Company announced to the market the production of high purity lithium carbonate (99.78%)
- The Board consists of the former CEO of Collahuasi, the largest copper mine in the world, having held senior roles at Rio Tinto and BHP. In-country experience developing major commercial projects runs throughout the team.
- CleanTech Lithium’s operations are underpinned by an established ESG-focused approach - a critical priority for governments introducing regulations that require a cleaner supply chain to reach net-zero targets.
Key Projects
Laguna Verde Lithium Project
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.
Project Highlights:
- Prolific JORC-compliant Resource Estimate: As of July 2023, the asset has a JORC-compliant resource estimate of 1.8 Mt of LCE at a grade of 200 mg/L lithium.
- Environmentally Friendly Extraction: The company’s asset is amenable to DLE. Instead of sending lithium brine to evaporation ponds, DLE uses a unique process where resin extracts lithium from brine, and then re-injects the brine back into the aquifer, with minimal depletion of the resources. The DLE process reduces the impact on environment, water consumption levels and production time compared with evaporation ponds and hard-rock mining methods.
- DLE Pilot Plant: The pilot DLE plant in Copiapó, commissioned in the first quarter of 2024, has produced an initial volume of 88 cubic metres of concentrated eluate, which is the lithium carbonate equivalent (LCE) of approximately one tonne further confirming the company’s capacity to produce battery-grade lithium with low impurities from its Laguna Verde brine project.
- Scoping Study: Scoping study completed in January 2023 indicated a production of 20,000 tons per annum LCE and an operational life of 30 years. Highlights of the study also includes:
- Total revenues of US$6.3 billion
- IRR of 45.1 percent and post-tax NPV8 of US$1.8 billion
- Net cash flow of US$215 million
Viento Andino Lithium Project
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.
Project Highlights:
- 2022 Lithium Discovery: Recently completed brine samples from the initial drill campaign indicate an average lithium grade of 305 mg/L.
- JORC-compliant Estimate: The inferred resource estimate was recently upgraded from 0.5 Mt to 0.92 Mt of LCE at an average grade of 207 mg/L lithium, which now includes 0.44 million tonnes at an average grade of 221 mg/L lithium in the indicated category.
- Scoping Study: A scoping study was completed in September 2023 indicating a production of up to 20,000 tons per annum LCE for an operational life of more than 12 years. Other highlights include:
- Net revenues of US$2.5 billion
- IRR of 43.5 percent and post-tax NPV 8 of US$1.1 billion
- Additional Drilling: Once drilling at Laguna Verde is completed in 2024, CleanTech Lithium plans to commence further drilling at Viento Andino for a potential resource upgrade.
Llamara Lithium Project
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.
Project Highlights:
- Promising Historical Exploration: The asset has never been drilled; however, salt crust surface samples indicate up to 3,100 parts per million lithium. Additionally, historical geophysics lines indicate a large hypersaline aquifer. Both of these exploration results indicate potential for significant future discoveries.
- Close Proximity to Existing Operations: The Llamara project is near other known deposits:
Arenas Blancas
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
The Board
Steve Kesler - Executive Chairman
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 – CEO and Director
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 - Chief Financial Officer
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 - Independent Non-executive Director
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 - Independent Non-executive Director
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 - Senior Independent Non-executive Director
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.
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