Infinity Lithium

San José Project Update

Infinity Lithium Corporation Limited (‘Infinity’, or ‘the Company’), through wholly owned subsidiary Extremadura New Energies, is pleased to provide an update on local and regional government developments and corporate activities of the Company.

  • Company representatives meet with newly elected local and regional governments leaders.
  • Finalisation of the Regional Government coalition has resulted in alignment across local and regional governments supportive of lithium mining and processing in Extremadura.
  • Spanish stock exchange listing and strategic partnership/offtake discussions now a priority following permit process clarity.
Infinity Executives have held meetings with the newly elected local Cáceres and Extremadura regional political leaders in recent days and welcome the alignment of interested parties to the advancement the San José Lithium Project (‘San José’, or ‘the Project’). The Project maintains significant interest for social and economic stakeholders.

The meetings held emphasised and reinforced the continued collaboration for the ongoing advancement of the Project. The Local Government of Caceres will govern in alignment with the Regional Government of Extremadura following the announcement of a regional coalition of the Partido Popular (‘PP’) and Vox. The newly formed Regional Government of Extremadura parties announced an agreement immediately following the finalisation of the governing regional coalition, which highlighted the critical importance and commitment to resource and industrial projects in the region. The executed agreement included the following:

"22. We will promote in regional, national and European bodies the exploration and exploitation of our own resources, as a way to reduce dependence on the outside world and strengthen energy and industrial sovereignty".

"23. We will protect energy and industrial assets threatened for ideological reasons”.

The Company welcomes the visible and transparent alignment of Extremadura to the strategic requirements of Europe to secure crucial raw materials and processing capacities to meet the significant targets to be finalised under the Critical Raw Act.

The focus of the Regional Government is aligned to the strategic objectives of the European Union through the Critical Raw Materials Act, and is clearly beneficial for the development of projects such as San José.

Infinity CEO and Managing Director Ryan Parkin commented“We welcome the announcement of the coalition in Extremadura and the finalisation of a new, proactive and dynamically aligned local and regional government. The agreement between the parties in Extremadura has once again highlighted the critical importance of San José for the local community, and Europe, against the backdrop of increasing requirements for volumes of battery grade lithium chemicals to meet targets set under the Critical Raw Materials Act. It is clear San José’s potential to provide meaningful and long-term supply can align generation opportunities for the local community and greater Extremadura region.

We are looking forward to the next steps of collaboration with local and regional stakeholders as the Company moves forward to align in country institutional interest in the Project.”

Ramón Jiménez, CEO of Extremadura New Energies commented“The formation of government sets in motion the framework for the relevant mine and environmental departments and we will continue to collaborate to advance the submission of our Exploitation Concession Application later this year. The opportunity to expand the potential for San José and deliver an economically, environmentally and socially tier one project is in line with local and regional strategies under the new governments.”

The Company’s Executive management attended the 15th Lithium Supply and Battery Raw Materials 2023 in Las Vegas, and subsequently fielded significant interest from potential strategic partners following meetings with corporate advisors and industrial companies in Spain. The Company is assessing the potential alignment to institutional interest through a dual listing on the largest and most international of Spain's four regional stock exchanges, the Bolsa de Madrid, and will update the market in due course upon finalisation of the appointment of corporate advisors to assist in this process. The increased interest from third parties for material offtake volumes and strategic involvement in the Project has followed the granting of Exploration Permit Extremadura S.E. (‘PESE’) (see ASX Announcement 29 March 2023).

Click here for the full ASX Release

This article includes content from Infinity 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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