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Laguna Verde Operational Update
CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, provides an operational update on progress with the Laguna Verde pre-feasibility study ("PFS"), the 2024 exploration programme and Direct Lithium Extraction ("DLE") pilot plant process work to produce battery-grade lithium carbonate.
Highlights:
Laguna Verde PFS Update
- Location of preferred sites for carbonation plant in Copiapó and port facilities for export of final lithium carbonate product have been selected
- Power supply study completed evaluating options for onsite renewables which provides a competitive alternative to the base case of a transmission line and grid connection
- Option to utilise electric truck transport identified, lowers emissions and noise pollution, and by hauling from high to low altitude regenerative charging reduces power consumption
- Decision to configure project based on locating DLE plant at Laguna Verde and carbonation plant in Copiapó has numerous advantages contributing to a more robust PFS
- Engineering for this configuration has extended the expected PFS delivery to Q1 2025
Exploration Programme and Pilot Plant Updates
- Results from two completed wells and pump tests for the 2024 field programme have been received increasing knowledge of the resource and providing additional information for the hydrogeological model
- Downstream processing work from our pilot plant is progressing well with lithium carbonate production expected in November
Investor webinar
- CTL to host investor webinar on Tuesday 5th November at 17:00 GMT. Register here: https://www.investormeetcompany.com/cleantech-lithium-plc/register
Steve Kesler, Executive Chairman and Interim Chief Executive Officer, CleanTech Lithium PLC, said:
"With the recent announcement by the Chilean Government to prioritise six salt flats, including Laguna Verde, to start the process of awarding Special Operating Lithium Contracts (CEOLs), we are focused on the key aspects to advance the project, being permitting, completion of the PFS and production of battery grade lithium carbonate from our pilot plant.
Progress has continued on central elements of the PFS with evaluation of plant location, power supply and transport options. As a leader in developing DLE based projects in Chile, we aim to enter production in 2027 when the lithium market is expected to rebalance, providing a strong long term growth outlook."
Further Information
Sites Selected for Carbonation Plant and Port for Export of Final Product
As part of the ongoing PFS for the Laguna Verde project, a trade-off analysis was completed which determined the DLE plant and eluate concentration stages should be located at the Laguna Verde site, and the carbonation plant at the nearby mining centre of Copiapó. This was reported to the market on July 2, 2024. The re-configuration required a change in pre-engineering design provided by Lanshen Technology, the Company selected to provide the lithium processing plant design and equipment. This has extended the expected PFS completion, which was originally targeted for Q4 2024, into Q1 2025.
The Company has since undertaken studies to determine the ideal location of the carbonation plant in Copiapó and selected a site. After evaluating several options, a site in an industrial zone which by-passes to the south-east of Copiapó was chosen, as shown in Figure 1. This location has existing power and water supply options and provides a direct route to port.
Figure 1: Carbonation Plant Location Map
Figure 2: Carbonation Plant Design Layout
A trade-off analysis was undertaken to evaluate transport corridors and port facilities providing four different options for export of final lithium product. The study indicated that the nearby Caldera Port provides the most suitable option either utilising existing infrastructure which is currently utilised for seasonal shipment of agricultural products, shown in Figure 3. Other port options are also available and may come into consideration however Caldera Port is the current preference.
Figure 3: Caldera Port Existing Facilities
Power Supply Alternative of Onsite Renewable Generation
The Company engaged Chilean consultant Clean Power Hunters to undertake a power supply study to evaluate the option of using renewable power generated at the project site as an alternative to the base case of a transmission line and grid connection. Laguna Verde is located in the region with the highest solar irradiance in the world, as shown in Figure 4. Analysis of estimated Capex and Opex was provided based on different configurations of onsite renewables, either solar plus a battery energy storage system (BESS) or solar plus wind plus BESS. Figure 5 shows the lowest Capex corresponds to combining solar with three wind turbines plus BESS.
Figure 4: Solar Irradiance Map
Figure. 5: Solar + Wind + BESS Scenarios Capex Split
The Company has received proposals including from major global solar plus BESS suppliers, consistent with the costs estimated in the study and competitive with the grid connection option. The financing model for both the grid connection model or the alternative of onsite renewables is expected to be based on a power purchase agreement and a build own operate basis by established suppliers. These proposals will be built into the PFS and the commercial analysis of the project.
Truck Transport Study
Based on the outcome of the plant location study the Company will transport 6% Li in solution post the DLE and concentration stages at Laguna Verde to the carbonation plant. Use of standard and electric trucks is being compared with the latter providing several potential benefits in addition to cutting CO2 emissions. Electric trucks are well suited to hauling loads from high to low altitudes by taking advantage of regenerative charging to reduce power consumption and required battery capacity. Minimal noise and elimination of tailpipe emissions is particularly attractive considering the transport route traverses an indigenous community settlement approximately 100km from the project site, a community the company has been working with closely.
The Company has gathered insight from several potential suppliers. Chinese company XCMG is a leader in electric trucks and is actively expanding its offering in Chile, with its E7-49T model which has a haulage load of 49 tonnes potentially providing a suitable option. The technology is evolving rapidly and is expected to provide a strongly cost competitive option in line with the project development timeline.
Figure. 6: XCMG´s range of electric transport trucks
Figure. 7: Paved Highway to Laguna Verde
2024 Exploration Programme Update
CleanTech Lithium´s 2024 drilling programme anticipated to drill five new resource wells, as shown in Figure 8, with the aim of upgrading the existing Measured and Indicated resource into maiden Reserves for the Laguna Verde project. The existing JORC compliant resource estimate of 1.8 million tonnes of lithium carbonate equivalent (LCE) is based on six wells completed in 2022 and 2023. The Company engaged Montgomery & Associates Consultores Limitada ("Montgomery" or "M&A"), a leading hydrogeological consultant, for the programme. During 1H 2024, two of the five resource wells were completed being LV07 and LV11, along with three observation wells drilled to support observations during pumping tests, before winter conditions curtailed the programme in June 2024. The full 2024 programme is paused until further funding is available following the Company´s planned ASX fund raising and as a result Montgomery has produced an interim report on work completed.
Figure 8: Laguna Verde Drilling Wells Map - Show original figure
Drilling activities for exploration borehole LV07 reached a final depth of 650m below land surface. This well was drilled with PQ3 diameter from land surface to 300m, and with HQ3 diameter from 300m to 650m. Packer samples were obtained during drilling for 2-meter packer intervals and the volume of the well was purged at least one time before obtaining the sample. Assuming a lithium cut-off grade of 100 mg/L, the average lithium grade of the packer samples corresponds to 139 mg/L with the well encountering lower density water in the upper 150m.
In contrast to LV07, drilling at LV11 did not reach the anticipated depth due to the presence of hydrothermal waters (under pressure) which were encountered during drilling, with a final depth of 412.8m below land surface. Assuming a lithium cut-off grade of 100 mg/L, the average lithium grade of the packer results would correspond to 131 mg/L. In general, it is believed that lithium grades decrease below 220m at LV11 due to the presence of dilute hydrothermal waters which were encountered during drilling. The presence of hydrothermal waters in the eastern portion of the Project are more dilute than the average lithium grade measured in other exploration wells.
Figure 9: Drilling at LV07 in 1H 2024
Lithology and Drainable Porosity
Based on core retrieved from drilling, the most predominant lithology encountered corresponds to a volcanic tuff with variable levels of consolidation and welding based on the depth and location. As determined by relative brine release testing at Geosystems Analysis (GSA) laboratory in Tuscon, USA, drainable porosity values of collected core samples from LV07 and LV11 range from 0.3% to 9.2%, with an arithmetic average of approximately 4%; this is considered by Montgomery to be reasonable for the encountered lithologic units based on visual inspection of the core.
Figure 10: Example of Drill Core from Exploration Borehole LV11 (132 to 136m)
Hydrogeological Evaluation
In addition to resource drilling, the 2024 campaign aimed to complete pump tests to evaluate the feasibility of lithium brine extraction for the Project and to also estimate aquifer parameters. Prior to the winter break, three observation wells were completed and initial variable rate step tests and a constant rate flow test undertaken. The intended long duration pump tests at well LV05 was not able to be completed, however a 7-day pumping test was successfully completed at LV06. With data obtained to date, Montgomery is able to continue refining the hydrogeological modelling that will feed into the design of the extraction and reinjection well fields for the PFS. A key aspect is to ensure no impact on surface water bodies.
Recommendations and Next Steps
Based on the obtained results from the 2024 exploration programme, recommended priorities for continued exploration include additional drilling and testing in the western portion of the Project concessions. A long-term pump test at LV05 (as part of the planned reinjection test) will also aid in demonstrating feasible extraction and reinjection to the west of the basin. A long-term test at LV05 will also allow for a better understanding of the hydraulic connection between the deep and shallow aquifers in that area.
On the completion of the 5 well programme as originally planned for 2024, the existing JORC compliant resource estimate of 1.8 million tonnes will be updated and a Reserve estimate will be calculated for the project. The Reserve calculation is the economically mineable part of the Measured and/or Indicated resource and this will be defined by the PFS data demonstrating that extraction could reasonably be justified. Progress continues on the PFS and the remaining planned wells will be completed as funds are available following completion of the planned ASX capital raising.
Pilot Plant Update
Downstream conversion of concentrated eluate from the Company´s pilot plant into battery grade lithium commenced last week at the facilities of Conductive Energy in Chicago, USA. The initial volume of 88m3 of concentrated eluate from Laguna Verde, equal to approximately one tonne of lithium carbonate equivalent ("LCE"), will be processed in four batches with the first batch expected to produce a volume of battery-grade sample product in November. With this product, the Company plans to engage with strategic partners for product qualification.
For further information contact: | |
CleanTech Lithium PLC | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Competent Persons
The following professionals act as Competent Persons (CPs), as defined in the AIM Note for Mining, Oil and Gas Companies (June 2009) and JORC Code (2012):
Mike Rosko and Brandon Schneider of M&A are Registered Members of the Society of Mining, Metallurgy, and Exploration and have functioned as CPs for lithium brine projects under Canadian, Australian, and United States technical reporting standards. Their relevant experience includes:
· Mike Rosko has been estimated lithium brine resources since 2010, and has functioned as a CP for Lithium One's Sal de Vida project, Millennial Lithium's Pastos Grandes project, Lithium Chile's Salar de Arizaro project, NOA Lithium's Rio Grande project, Lithium America's Cauchari project, Wealth Minerals' Salar de Ollague project, Gangfeng's Mariana project, Eramine's Centenario/Ratones project, Posco Lithium's Sal de Oro project, Pepennini's Salar de Pular project, and others, and has prepared numerous third party due diligence and independent geologist reports in Argentina, Chile, and the United States.
· Brandon Schneider specializes in lithium brine reserve estimates, variable density flow modeling, and optimization of brine pumping in salt flats of Argentina and Chile. He has functioned as a CP for the Sal de Vida Project of Arcadium Lithium and Salar de Arizaro Project of Lithium Chile and was responsible for the reserve estimate and projected wellfield design. He also collaborates on the lithium brine exploration phases, resource estimation, and due diligence reviews for lithium brine projects.
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction. www.ctlithium.com
Wildcat Unveils Significant Lithium Resource Update at Tabba Tabba
Wildcat Resources (ASX:WC8) unveiled a high-confidence updated mineral resource estimate for its Tabba Tabba lithium project in Western Australia.
The company reported a mineral resource of 74.1 million tonnes grading 1 percent lithium oxide at a cut off of 0.45 percent, for a total resource of 740,200 tonnes of lithium.
The MRE, updated on November 28, highlights that 94 percent of the resource is classified as indicated.
“We have now confirmed Wildcat has the largest and the highest confidence undeveloped publicly reported lithium resource in Australia which was delivered in record time,” Managing Director AJ Saverimutto said in the press release.
The update also raised the project's tantalum resource by 278 percent, bringing it to 1.28 million pounds of contained tantalum pentoxide from 1.2 million tonnes grading 428 parts per million at a 200 ppm cutoff.
The MRE is derived from nearly 115,000 meters of drilling, with 45 percent being diamond drilling, in addition to a variety of other analysis techniques. Drilling at the project began in July 2023, shortly after Wildcat announced its acquisition.
Located just 80 kilometers from Port Hedland, the world’s largest bulk export port, Tabba Tabba benefits from strategic proximity to key infrastructure and established lithium operations. Tabba Tabba includes granted mining leases that were previously used for tantalum production, most recently in 2015.
It is also near major hard-rock lithium mines, including Pilbara Minerals’ (ASX:PLS,OTC Pink:PILBF) Pilgangoora mine and Mineral Resources’ (ASX:MIN,OTC Pink:MALRF) Wodgina mine.
Wildcat said that the next steps for the project include completing the pre-feasibility study and ore reserve and progress project approvals, as well as a series of other test work and studies.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Exclusive Interview with Forward Water Technologies CEO Howie Honeyman
In a recent interview, Forward Water Technologies (TSXV:FWTC) CEO Howie Honeyman said the company plans to accelerate adoption of its water treatment technology through successful demonstrations and results from on-site projects.
Forward Water’s innovative approach to water treatment has the potential to fundamentally alter how industries manage wastewater with high brine content, offering a low-energy, cost-effective alternative, according to Honeyman.
This low-energy consumption not only minimizes operational costs, but also significantly reduces environmental footprints, paving the way for more sustainable water management practices, he said. The implications are crucial for industries keen on reducing their carbon footprint while maintaining efficiency in operations.
Watch the full interview with Howie Honeyman, CEO of Forward Water Technologies.
US Lithium Exploration: Strategies, Demand and Investment Opportunities
The US is witnessing a surge in lithium exploration activities, driven by the escalating demand from the electric vehicle (EV) and battery sectors. As the nation seeks to establish a robust domestic supply chain, companies are employing diverse strategies to secure lithium resources and position themselves as key players in this burgeoning market.
This evolving dynamic is creating ample opportunities for investors to participate in this critical piece of the clean energy transition. Gaining a better understanding of the US lithium exploration market can provide valuable investment insights.
US lithium exploration landscape
The lithium exploration landscape in the US is rapidly developing, with companies adopting multifaceted approaches to meet the growing demand. These strategies include securing extensive landholdings in lithium-rich regions, focusing on high-potential projects and developing innovative extraction techniques.
One notable area of development is California's Lithium Valley, which is poised to play a crucial role in supporting the EV battery industry. Additionally, companies are introducing advanced technologies, such as portable and fully automated direct lithium extraction plants, to streamline the extraction process and enhance sustainability.
The demand for lithium in the US is projected to increase dramatically, driven primarily by the expanding EV market and supportive government policies. Forecasts suggest a staggering 500 percent increase in US lithium demand, reaching approximately 412,000 tonnes of lithium carbonate equivalent by 2030.
This surge is largely attributed to ambitious EV production targets, which are expected to drive battery demand for lithium up four and a half times by 2030 in certain scenarios. The projected annual growth rate of around 20 percent through 2030 underscores the urgent need for a strengthened domestic supply chain to meet this escalating demand.
“Looking forward, investors and carmakers have been fleshing out ambitious plans for manufacturing expansion, confident that demand for EV and stationary batteries will continue to grow as a result of increasing electrification and power grid decarbonisation,” the International Energy Agency’s Global EV Outlook 2024 report says.
Chariot: A case study in strategic exploration
As lithium exploration activities in the US continue to expand, one company has taken a strategic approach to exploration and development, with promising outcomes. Australia-based Chariot (ASX:CC9) has positioned itself as a notable player in domestic lithium exploration with significant projects like Black Mountain, Resurgent and Horizon.
At the Black Mountain project in Wyoming, where Chariot holds a 93.9 percent stake, the company has successfully intersected high-grade spodumene mineralisation. This progress has led to considerations of establishing a pilot mining project to supply spodumene concentrate to lithium hydroxide refineries under construction in the US.
The Resurgent Project, spanning Nevada and Oregon, is strategically located in the McDermitt Caldera, known for hosting two of the largest lithium mineral resources in the US. With a 79.4 percent ownership, this project underscores Chariot's focus on regions with exceptional mineral potential.
Chariot’s Horizon and Halo lithium projects consist of 937 mineral claims across 19,358 acres in Tonopah, Nevada. Horizon alone boasts a maiden mineral resource estimate comprising 1.3 million tonnes of lithium carbonate equivalent in the indicated category, and 8.8 million tonnes of inferred lithium carbonate equivalent.
Other US lithium players
Chariot is not the only company leveraging US lithium resources.
Mining giant Albemarle (NYSE:ALB) operates one of the few commercial lithium production facilities in the US, located at Silver Peak, Nevada. The company has announced plans to significantly expand its lithium production in this region, aiming to double output by 2025. This expansion involves an investment of $30 million to $50 million and centers around the extraction and use of lithium-rich brine resources from evaporation ponds at the site.
Lithium Americas’ (TSX:LAC,NYSE:LAC) Thacker Pass project, located in Humboldt County, Nevada, recently received a $625 million investment from American automaker General Motors to acquire 38 percent interest in the Thacker Pass project. This project is recognised as one of the largest lithium resources in the US.
Piedmont Lithium (ASX:PLL) is actively advancing projects in North Carolina and Tennessee to establish a robust domestic lithium supply chain in the US. Its Carolina Lithium project in North Carolina is progressing through the permitting and approvals processes. Piedmont's Tennessee Lithium project has also seen significant developments. In July 2023, the company obtained the final construction and air permit from the Tennessee Department of Environment and Conservation, marking a critical step toward commencing construction.
Strategies for securing US-based lithium assets
Companies like Chariot are assembling extensive lithium portfolios across multiple states.
This approach not only increases the likelihood of significant discoveries but also positions these companies as potential major players in US-based lithium production.
Adopting a strategic approach to secure lithium assets is key for potential success of any lithium exploration efforts. These strategies include:
- Extensive landholdings: Acquiring large land positions in areas known for high lithium potential, such as the McDermitt Caldera and Wyoming.
- Targeting lithium-rich regions: Targeting exploration efforts on areas with outcropping surface mineralisation to enhance the likelihood of discovery and maximise success rates.
- Diversified deposit types: Pursuing both hard rock and claystone deposits to cater to diverse market needs and mitigate risks associated with a single deposit type.
- Strategic asset management: Developing large-scale portfolios across multiple states to amplify resource potential and diversify risk.
High-potential projects and investments
A critical strategy in the US lithium exploration sector is the concentration of resources on core projects with significant early stage potential. Regions such as the McDermitt Caldera in Nevada and hard rock lithium areas in Wyoming are receiving particular attention due to their geological promise.
The investment landscape for US-based lithium exploration companies appears promising, particularly for those with a diversified approach.
Investors are increasingly drawn toward companies that manage their assets strategically. The ability to assemble large-scale portfolios across multiple states amplifies resource potential and diversifies risk, making these companies attractive prospects for those looking to engage in the energy transition.
As the US seeks to reduce reliance on international lithium sources and establish a robust domestic supply chain, companies at the forefront of exploration and development stand to benefit significantly. The projected 20 percent annual growth rate in lithium demand through 2030 suggests a substantial opportunity for well-positioned companies to create value for investors while contributing to the nation's energy independence.
Key takeaway
The US lithium exploration landscape is rapidly evolving, driven by the urgent need to secure domestic supplies for the burgeoning EV and battery markets. As companies like Chariot demonstrate, strategies focusing on extensive landholdings, high-potential projects and innovative approaches are key to success in this sector.
With demand projected to soar and government support for domestic production increasing, the US lithium industry is at the cusp of significant growth. For investors, this presents a unique opportunity to participate in a critical component of the clean energy transition, with the potential for substantial returns as the market continues to expand.
This INNSpired article is sponsored by Chariot (ASX:CC9). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Chariotin order to help investors learn more about the company. Chariot is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Chariotand seek advice from a qualified investment advisor.
Western Australia Launches Lithium Industry Support Program
The Government of Western Australia is looking to support lithium miners and downstream processing facilities through the Lithium Industry Support program.
Lithium prices saw an unexpected dip this year, which, according to the government, led to multiple mine and processing plant suspensions, impacting jobs in the sector.
The lithium support package from Premier Roger Cook's government offers up to AU$150 million “to protect local jobs and ensure WA remains a battery metals powerhouse.”
In a November 27 media release, the government said support will run for up to 24 months, at which time lithium prices “are expected to recover to an economically sustainable level.”
During this time, government fees will be temporarily waived to support the continuation of downstream processing of lithium for up to two years, amounting to AU$90 million.
For lithium mining companies in the ramp-up phase of production, port charges and mining tenement fees, with a total value of AU$9.37 million, will be waived for up to 24 months.
Additionally, lithium miners can also seek financial assistance through a AU$50 million loan facility, allowing miners to sustain their operations.
The loans will have an interest-free period, which will cease either after average lithium spodumene prices have exceeded US$1,100 per tonne for two successive quarters, or by June 30, 2026, at the latest. Companies must then repay the loans over the next two years.
“This package will provide important temporary and responsible support for WA's fledgling lithium industry, taking into account the extremely challenging market conditions it is facing,” Premier Cook said.
Western Australia is home to nearly all of the lithium mines in Australia, which is the world's largest lithium-producing country. The industry is a significant employer in Western Australia, supporting 11,000 jobs in the 2023/2024 financial year.
"That's why our Government is stepping in to provide this support, so they can continue supporting local jobs, our economy and decarbonisation efforts long into the future,” Deputy Premier Rita Saffioti added.
The program is part of the government’s WA Battery and Critical Minerals Strategy and other initiatives supporting critical minerals industry jobs such as the Strategic Industries Fund investment.
"Lithium is a key element in the global energy transition as we move to achieve a goal of net zero emissions by 2050,” Mines and Petroleum Minister David Michael said.
“We're providing (our lithium miners) with temporary and responsible support now to give them the best chance of continuing to supply the world with lithium products today and well into the future."
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Result of AGM, Share Consolidation and TVR
CleanTech Lithium PLC (AIM:CTL), an exploration and development company advancing next-generation sustainable lithium projects in Chile for the EV transition, is pleased to announce that at the Annual General Meeting ("AGM") held earlier today all resolutions were duly passed.
Share Consolidation
As a result of Resolution 9 having been passed at the AGM, shareholders have approved the share consolidation and every two existing ordinary shares of £0.01 each ("Existing Ordinary Shares") will be consolidated into one new ordinary share of £0.02 (the "New Ordinary Shares") (the "Share Consolidation"). As at the Record Date, being 6.00 p.m. on 26 November 2024, the 167,889,592 Existing Ordinary Shares will be consolidated into 83,944,796 New Ordinary Shares.
Application has been made to the London Stock Exchange for 83,944,796 New Ordinary Shares to be admitted to trading on AIM. It is expected that trading in the New Ordinary Shares will commence at 8:00 am tomorrow that is on Wednesday 27 November 2024 under new ISIN JE00BTJ01443 and SEDOL BTJ0144. CREST accounts will be updated on 27 November 2024.
Total Voting Rights
Following the Share Consolidation, the Company's total issued share capital will comprise 83,944,796 New Ordinary Shares of £0.02 each with voting rights. The Company does not hold any shares in treasury. As such, the total number of voting rights in the Company following the Share Consolidation will be 83,944,796.
Capitalised terms used in this announcement and not separately defined shall have the meaning given to them in the circular which contains the AGM Noticehttps://ctlithium.com/investors/circulars-documents/
For further information please visit https://ctlithium.com/
For further information contact: | |
Steve Kesler/Gordon Stein/Nick Baxter | Jersey office: +44 (0) 1534 668 321 Chile office: +562-32239222 |
Or via Celicourt | |
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani | +44 (0) 20 7770 6424 |
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak | +44 (0) 20 7628 3396 |
Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies | +44 (0) 20 3884 8450 |
Canaccord Genuity (Joint Broker) James Asensio | +44 (0) 20 7523 4680 |
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
Notes
CleanTech Lithium (AIM:CTL) is an exploration and development company advancing lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to become a new supplier of battery grade lithium using Direct Lithium Extraction technology powered by renewable energy.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and exploration stage projects in Llamara and Arenas Blancas (Salar de Atacama), located in the lithium triangle, a leading centre for battery grade lithium production. The two most advanced projects: Laguna Verde and Viento Andino are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have good access to existing infrastructure.
CleanTech Lithium is committed to utilising Direct Lithium Extraction with reinjection of spent brine resulting in no aquifer depletion. Direct Lithium Extraction is a transformative technology which removes lithium from brine with higher recoveries, short development lead times and no extensive evaporation pond construction.www.ctlithium.com
White Cliff Minerals Acquires Highly Prospective and Proven Copper Project
Project area includes the historic resource estimate of 4.16 Mt at 2.96% Cu - open along strike and at depth
White Cliff Minerals Limited (“White Cliff” or the “Company”) is delighted to announce the acquisition of Victoria Copper Ltd, 100% owner of exploration licence L-2797 (“the license”). This granted exploration licence lies within the broader Rae Copper region, Nunavut, Canada (“Rae” or the “Project”) and covers the historical Danvers copper deposit (“Danvers”). Confirmation drilling and other verification work of the historical resource will be one of several deliverables scheduled for the upcoming 2025 programme at Rae.
The historic resource estimate for the Licence, is a historic estimate and not in accordance with the JORC Code. The Company notes that the estimate and historic drilling results dated 1967 and 1968 are not reported in accordance with the NI 43-101 or JORC Code 2012. A competent person has not done sufficient work to disclose the estimate/results in accordance with the JORC Code 2012. It is possible that following further evaluation and/or exploration work that the confidence in the estimate and reported exploration results may be reduced when reported under the JORC Code 2012. Nothing has come to the attention of the Company that causes it to question the accuracy or reliability of the historical exploration results, but the Company has not independently validated the historical exploration results and therefore is not to be regarded as reporting, adopting or endorsing the historical exploration results.
- Acquisition brings 100% unencumbered ownership of the license, proximal to the Companys’ existing claims at Rae
- The Licence contains a non JORC compliant, historic resource estimate of 4.16 million tons at a grade of 2.96% Cu at a 2% cut-off Cu (“the historic resource estimate”).
- Records of resource drilling undertaken during 1967 & 68 had a maximum vertical depth of ~150m
- Highlights from the 1960’s resource drilling included:
- 39.40m @ 4.9% Cu from 60.3m (S-57)
- 47.10m @ 3.2% Cu from 42.2m (S-24)
- 35.40m @ 3.2% Cu from 21.0m (S-21)
- 27.5m @ 4.0% Cu from 76.7m (S-63)
- 38.1m @ 2.8% Cu from 63.4m (S-73)
- 31.4m @ 3.3% Cu from 15.2m (S-20)
- 44.8m @ 2.2% Cu from 55.8m (S-18)
- Follow up drilling in 2003 & 2005 focused mainly on expanding the known mineralised envelope which starts at surface and has dimensions of approximately 550m(L) x 200m(W) x 150m(D). Results confirmed mineralisation remains open in all directions presenting potential for further exploration success, highlights include;
- 72.70m @ 1.6% Cu from 27m (2003-47-2)
- 56.39m @ 1.5% Cu from 47m (2003-47-1)
- 98.05m @ 0.9% Cu from 66m (2003-47-3)
- 52.88m @ 1.2% Cu from 177m (2005-47-7)
- Acquisition of this, until now, stranded licence bolsters the already impressive and prospective Rae Project Portfolio. Sitting within the Company’s surrounding landholding, this addition represents accelerated near term optionality to start growing a resource for the greater Rae Project
- Conveniently located 3 km south of the Hope Lake Airstrip where the Company intends to base its 2025 field operations
- The historic, non JORC compliant estimate, the potential to expand this resource estimate and the concentrations of copper-silver reported from past drilling activities is a key factor in the acquisition of the Licence. The previously reported work and studies undertaken on the Licence will be verified by the Company as quickly as reasonably possible, with proposed work focused on drilling being planned for 2025.
“This is a value acquisition for shareholders. This moderate tonne but lower grade historic resource of 4.16mt @ 2.96% Cu is but one of several styles of mineralisation the Company expects to find throughout the broader licence area.
Others targets include the very large tonne targets of Hulk, the high grade-high tonne potential of Stark, the very high grade native copper flow top replacement targets and finally the extremely high grade Thor, Rocket and Vision areas.
This acquisition provides not only the potential for fast tracked expansion of an already identified large occurrence of copper but further secures the companys dominant landholding in the region.
We are now preparing for the 2025 drilling, with all targets now identified and prioritised starting with the giant Hulk sedimentary target, the extremely high grade vein systems and resource verification work at Danvers as well as at Great Bear - the Company is well positioned to deliver on its CY25 planned objectives.
I’m pleased to say we are making good progress on the final phases of our permitting and will update shareholders on the finalisation of this aspect as well as the award of drilling and service support contracts and the start of mobilisation in due course.”
Troy Whittaker - Managing Director
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This article includes content from White Cliff Minerals 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.
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