Venus Metals Corporation (ASX:VMC)) is diligently assembling a significant portfolio of gold, lithium, rare earth, vanadium and base metals exploration projects in Western Australia. The company is a diversified explorer with highly prospective assets in gold (Youanmi), rare earths (Marvel Loch East & Mangaroon North), lithium and nickel (Henderson & Bridgetown/Greenbushes), and vanadium and base metals (Youanmi).
The Youanmi Gold Mine contains a JORC inferred and indicated resource of 27.9 Mt at 3.57 percent gold for 3.2 Moz Au contained gold. A recently published scoping study contemplated a 71 koz per annum at 5 g/t gold over an eight-year mine life producing 569 koz of gold at an all-in sustaining cost of A$1,546/ounce. The pre-tax net present value (NPV) came in at just over $300 million with an internal rate of return of 45 percent assuming a gold price of $2,450/oz – representing an approximate value of $90 million to Venus Metals.
Locations of Venus Metals Corporation’s portfolio of assets in Western AustraliaVenus also has two exciting lithium projects – the Henderson Project located 50 kms northwest of Menzies in the Eastern Goldfields of Western Australia and the Greenbushes East and Bridgetown East Project.
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The material terms of the Loan Facility are as follows:
The unsecured loan will be repaid from funds received from the Tranche 2 placement.
If Shareholder Approval or any other regulatory approval required for Tranche 2 is not obtained at the 2024 Annual General Meeting, given the company’s history of raising capital to date, the directors are confident of the company’s ability to raise additional funds through a placement, rights issue, SPP, convertible note or other capital raising method previously utilized by the Company, when the unsecured loan is due for repayment, on or around September 2025.
Commenting on the loan, Avenira Deputy Chairman, Brett Clark stated:
“We are pleased to complete the next step in the investment process with Hebang as outlined in the announcement on 30 July 2024. I’m looking forward to increasing our collaboration with Hebang as we work together to drive Avenira’s growth and enhance shareholder value.”
Comment from Mr Zhenggang He, Actual Controller - Sichuan Hebang Biotechnology Co., Ltd.:
“Our ongoing strategic partnership with Avenira continues to strengthen, underscoring Hebang’s long-term commitment to the company’s growth. We are confident that this financial support will drive the development of Avenira’s Wonarah project. Hebang remains fully invested in Avenira’s success, and we look forward to deepening our collaboration as the project advances.”
Click here for the full ASX Release
This article includes content from Avenira 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.
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and development company advancing sustainable lithium projects in Chile, announces it has completed due diligence on the use of industrial forward osmosis (iFO) as an alternative to using a standard thermal evaporator for eluate concentration in it´s pilot plant conversion stage. iFO provides several benefits to optimise the downstream process to produce battery-grade lithium carbonate.
Highlights:
Steve Kesler, Executive Chairman and Interim CEO, of CleanTech Lithium PLC, said:
"Our team has undertaken a tremendous amount of work on selecting and optimising the DLE process for the Laguna Verde project, and this has extended to the downstream conversion process where we are working with Conductive Energy. Previous test-work confirmed that a downstream process has been developed that will efficiently produce battery-grade lithium carbonate for the Laguna Verde project at pilot scale, including use of Forward Osmosis which we are investigating as an alternative for eluate concentration. This has the potential to lower energy consumption, CO2 emissions and both capital and operating costs."
Further Information
CleanTech Lithium has engaged Conductive Energy for the conversion of lithium chloride eluate, produced using feed brine from Laguna Verde at our DLE pilot plant in Copiapó, Chile, into battery-grade lithium carbonate. Four containers of eluate with a total volume of 88m3 have been received by Conductive Energy at its Chicago, USA, facility with conversion to begin in October 2024. Conductive Energy´s conversion process is shown in Figure 1 which is based on standard industry process steps, other than the trialing of Forward Osmosis in the eluate concentration stage as an alternative to using a relatively more energy intensive thermal evaporator.
Figure 1: Conductive Energy Conversion Process
As due diligence in investigating alternative technologies capable of improving process performance, iFO was trialed in process test-work on a 200L sample of eluate undertaken at Conductive Energy´s facilities in Q2 2024. The full results of this test-work, which produced a sample of battery grade lithium with a purity of 99.75% lithium carbonate, was reported to the market on July 22, 2024. Results of the iFO stage of the test work achieved very good performance supporting the replacement of a thermal evaporator in concentrating eluate, with the key parameters and results provided in Table 1:
Parameter | Unit | Concentrated Eluate | R/O Concentrate | iFO Concentrate |
Lithium (Li) | mg/L | 2,194 | 5,700 | 18,000 |
Total Dissolve Solids (TDS) | mg/L | 19,260 | 62,000 | 190,000 |
Laboratory | ALS Chile | Lambton.Scientific | Lambton.Scientific | |
Volume | L | 215.5 | 66.3 | 13.9 |
Reduction in Volume | % | 69.3% | 94% |
Table 1: Results from concentration of Laguna Verde eluate through R/O followed by iFO
A concentration of 18,000mg/L Li was set as the target concentration during iFO testing, representative of a typical lithium concentration used in the carbonation conversion process. Based on the Laguna Verde eluate, iFO can concentrate lithium up to 50,000 mg/L Li. Total water recovery of 94% was achieved during the eluate concentration, with the remaining 6% recycled or returned in the process. The DLE adsorbent used to produce the concentrated eluate achieved very high impurity rejection rates, except for boron, as previously reported (RNS July 22, 2024).
iFO testing was optimised for boron removal resulting in a 55% reduction based on weight. The achieved boron reduction is significant enabling improved process efficiency and product quality, while reducing energy consumption and operating costs associated with removal of boron using Ion Exchange (IX), which is the last process step prior to carbonation. In the Laguna Verde PFS currently underway, recovering this boron as a saleable by-product is being investigated.
Other benefits of iFO use include a 60% reduction in energy consumption compared to conventional thermal evaporators, and up to 80% if operated using a renewable energy source such as solar thermal as depicted in Figure 2 below. iFO´s low energy use when compared to thermal evaporation enables CO2 emission reduction by up to 60%, underscoring the sustainability benefits of this innovative technology.
Figure 2: Depiction of commercial scale iFO plant with solar thermal power supply
As a result of iFO performance during testing, CTL requested Conductive Energy to replace the thermal evaporator with iFO during the downstream conversion process for the next stage of conversion test-work, in which additional iFO operating information can be obtained such as energy requirements. A iFO demonstration unit with the capacity to process 35 m3/day of concentrated eluate will be supplied by Forward Water Technologies, which is shown in Figure 3 below, when final commissioning was underway. The unit is now ready for shipment from Toronto, Canada, and is expected to arrive at the Conductive Energy facility in Chicago, USA, in approximately one week. A further one week of on site commissioning is planned before the eluate conversion process will commence.
Figure 3: iFO demonstration unit with capacity to process 35 m3/day of eluate in final commissioning
Competent Persons
The following professional acts as qualified person, as defined in the AIM Note for Mining, Oil and Gas Companies (June 2009) and JORC Code (2012):
Marcelo Bravo: Chemical Engineer (Universidad Católica del Norte), has a Master's Degree in Engineering Sciences major in Mineral Processing, Universidad de Antofagasta. He currently works as a Senior Process Consulting Engineer at the Ad-Infinitum company. Mr Bravo has relevant experience in researching and developing potassium, lithium carbonate, and solar evapo-concentration design processes in Chile, Argentina, and Bolivia. Mr Bravo, who has reviewed and approved the information contained in the chapters relevant to his expertise contained in this announcement, is registered with No. 412 in the public registry of Competent Persons in Mining Resources and Reserves per the Law of Persons Competent and its Regulations in force in Chile. Mr Bravo has sufficient experience relevant to the metallurgical tests and the type of subsequent processing of the extracted brines under consideration and to the activity being carried out to qualify as a competent person, as defined in the JORC Code. Mr Bravo consents to the inclusion in the press release of the matters based on his information in the form and context in which it appears.
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.
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 |
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 sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and Viento Andino, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major 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 direct access to existing 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 with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional extraction processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com