Sydney, Australia (ABN Newswire) -
Lake Resources N.L. (
ASX:LKE) (FRA:LK1) (OTCMKTS:
LLKKF) is pleased to announce the next milestone for the Kachi lithium brine project ("Kachi" or the "Project") in Catamarca Province, Argentina, having today signed a Letter of Intent ("LOI") with YPF Luz, a leading Argentine sustainable electric power generation company.
Under the LOI, Lake and YPF Luz will engage in exclusive non-binding discussions to evaluate and negotiate agreements relating to:
- The construction of the high voltage line by YPF Luz for power capacity for Kachi
- Delivery of the power supply by YPF Luz for Kachi
To support the power solution and create a binding commercial agreement, YPF Luz will perform the Front-End Engineering Design ("FEED") work for the proposed power delivery system. The FEED will be progressed through the remainder of 2024.
"After running a thorough process for the Kachi power solution, we are very pleased to enter into exclusive negotiations with YPF Luz," David Dickson, CEO of Lake, said.
"Establishing the delivery of a power solution for Kachi is a critical milestone for the development of this Project.
"We look forward to working together with YPF Luz, which has demonstrated expertise in bringing power to remote areas of Argentina and shares our commitment to sustainability.
"Both federal and state governments in Argentina are keen to see the responsible development of lithium exports to help with Argentina's balance of payments and foreign reserves, and getting power into the resource-rich provinces is a key part of this," Mr. Dickson said.
YPF Luz is co-owned by YPF, Argentina's largest energy company, and General Electric ("GE"), a global diversified industrial company. With a focus on renewable energy and social and environmental sustainability, YPF Luz is now the third largest generator of power in Argentina.
The signing of the LOI continues Lake's momentum following:
- The successful Equity Placement and Share Purchase Plan which strengthened Lake's balance sheet by providing additional working capital and financial flexibility to complete the strategic partner process ("the Process")
- The outreach to a wide array of potential strategic partners including car and battery manufacturers,
lithium producers, oil and gas companies, sovereign wealth funds and private equity. The Process is expected to conclude in the second half of the year (2H CY24).
- Submission of the Production Environmental Impact Assessment ("EIA") for Kachi Phase One to the Catamarca Mining Authority. This is an important milestone for Kachi, and the culmination of extensive field work and community engagement completed over the past three years.
"We are also pleased with the strong institutional support we received during the recent capital raising, demonstrating their appreciation for our track record of delivering on our milestones, as well as their recognition of Kachi as a world class resource and globally significant project," Mr. Dickson said.
To view the latest Investor Presentation, please visit:
https://www.abnnewswire.net/lnk/DSYO1GSD
About Lake Resources NL:
Lake Resources NL (ASX:LKE) (OTCMKTS:LLKKF) is a clean lithium developer utilising state-of-the-art ion exchange extraction technology for production of sustainable, high purity lithium from its flagship Kachi Project in Catamarca Province within the Lithium Triangle in Argentina among three other projects covering 220,000 ha.
This ion exchange extraction technology delivers a solution for two rising demands - high purity battery materials to avoid performance issues, and more sustainable, responsibly sourced materials with low carbon footprint and significant ESG benefits.
Source:
Lake Resources NL
