Clontarf Energy PLC Result of AGM and Corporate Update (9622F)

TIDMCLON

RNS Number : 9622F

Clontarf Energy PLC

13 July 2023

13(th) July 2023

Clontarf Energy plc

("Clontarf" or "the Company")

Result of AGM and Corporate Update

The Directors of Clontarf Energy plc (AIM: CLON) announce that, at the Annual General Meeting held today, all resolutions put to shareholders were duly passed.

The Clontarf Energy plc Chairman updated shareholders on Clontarf's lithium projects in South America's "lithium triangle", as well as on petroleum projects in Ghana, Australia, and elsewhere.

Previous work had identified priority brines, with attractive grade and manageable impurities. Any exploration and development must be in partnership with the authorities, taking into account the interests of local communities, in accordance with applicable law.

The Direct Lithium Extraction ("DLE") technology developed by our joint venture partner in Bolivia, NEXT-ChemX Corporation (iTDE process), has continued to perform well in processing synthetic brines modelled on the chemical composition of key Bolivian salares. This has boosted our confidence level, and ability to advance to the next stage.

The next step is to field-test our iTDE process for the authorities, on the larger scale (40kg) samples received by our team, with all necessary permitting in accordance with law, from the 5 priority salares (salt-lakes).

The first phase of this process includes exhaustive laboratory test-work, testing several processing sequencing combinations, which is expected to be completed during the Q3 2023.

Based on the volumes delivered, we then expect to conduct preliminary pilot-plant testing at the joint venture's facility, which is now being assembled in Austin, Texas.

Provided this initial pilot-plant test-work yields results as expected, we plan to collect much larger (possibly up to 60,000kg) volumes of the highest yielding brines for full pilot-plant processing. This detailed work may allow us to fine-tune the iTDE process for some or all of the targeted brines, with the objective of high yields, low impurities, low cost and especially a limited environmental foot-print.

By facilitating new lithium supplies, the cost-effective and environmentally conscious iTDE process should help meet rapidly growing lithium demand without the cost and environmental issues with hard rock processing.

Chairman David Horgan explained:

"There will be no 'Green Energy Transition' without greatly expanded and purer supplies of lithium."

" Direct Lithium Extraction technology offers a better alternative to evaporation pools in South America's lithium triangle, because of its faster throughput, higher yields, better grades and lower impurities."

"DLE is more sustainable than burning hard-rock, since it uses less energy, has a limited environmental footprint, and produces negligible emissions."

"Based on work to date, we expect the joint venture's proprietary iTDE technology to boost lithium recoveries, while overcoming challenges related to the magnesium content of certain brines."

"As the joint venture's Austin, Texas pilot plant is erected, we are overcoming component supply challenges, and becoming more confident that DLE can be scaled at a reasonable cost, even in remote locations. The detailed process plant-work underway during 2023 is an important input into final plant design."

"Natural resources are always sensitive, and we are committed to working closely with the authorities and local communities in strict accordance with applicable rules. Projected demand for clean lithium cannot be met without such projects. "

For further information please visit http://clontarfenergy.com or contact:

 
 Clontarf Energy 
  David Horgan, Chairman 
  Jim Finn, Director                      +353 (0) 1 833 2833 
 
 Nominated & Financial Adviser 
  Strand Hanson Limited 
  Rory Murphy 
  Ritchie Balmer                         +44 (0) 20 7409 3494 
 Broker 
  Novum Securities Limited 
  Colin Rowbury                          +44 (0) 207 399 9400 
 
 
   Public Relations 
   BlytheRay 
   Megan Ray                             +44 (0) 207 138 3206 
 
   Teneo 
   Luke Hogg 
   Alan Tyrrell                           +353 (0) 1 661 4055

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July 13, 2023 07:35 ET (11:35 GMT)

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