29 February
2024
CleanTech Lithium PLC ("CleanTech
Lithium" or the "Company")
Laguna Verde Project PFS
Update
CleanTech Lithium PLC
(AIM:CTL, OTCQX:CTLHF,
Frankfurt:T2N), an exploration and
development company advancing
lithium projects in Chile, announces that it now expects to publish
the Pre-Feasibility Study (the "PFS") for the Laguna Verde Project
in Q3 2024. In order to produce a more robust PFS, which will
further support strategic partner discussions, the Board has
decided to include data from the Company's DLE pilot plant as well
as from the current drilling and field programme at Laguna
Verde.
Highlights:
·
The Company aims to complete a PFS that will
define the best configuration of the Laguna Verde Project to take
forward into a Definitive Feasibility Study (DFS).
· The
current drilling programme at Laguna Verde is designed to produce
the first JORC compliant reserve estimate for the project,
which is an essential component to the PFS
in accordance with recognised standards
·
The drilling programme will also produce a
hydrogeological model to design the extraction and reinjection
wells to maximise the recovery of the lithium resource.
· Data
from the optimisation of process parameters for the Company´s DLE
pilot plant will provide important input for the PFS.
· Incorporating the results of the current field programme and
pilot plant process data will produce a highly robust PFS in the
Board's view, therefore the PFS is now targeted for completion in
Q3 2024.
·
The PFS is being led by Worley, an international
engineering services company, from its Santiago office which has
considerable experience of undertaking feasibility studies for and
executing lithium projects in Chile.
· The
Company has engaged various consultants to deliver more detailed
studies addressing port access, water supply, power access and
lithium market studies, which also form part of the PFS.
·
Completion of the PFS, along with process and
product verification, are key steps in 2024 to engage with high
quality strategic investors for offtake and project
funding.
Aldo Boitano, Chief Executive Officer, of CleanTech Lithium
PLC, commented: "The Pre-Feasibility Study (PFS) for the
Laguna Verde project will be a significant milestone on our path to
lithium production. It is the Company's aim to produce the highest
quality PFS to ensure the strongest possible platform for
discussions with strategic partners. The addition of data from the
Company's DLE pilot plant will help achieve that
aim."
Further Information
Following the completion of a
positive scoping study on the Laguna Verde project in Q1 2023, the
Company engaged Worley to lead a PFS, a systematic assessment of
all critical elements of the project and the various options for
the project configuration. Worley is an international engineering
services company with extensive experience in resource project
feasibility studies, and its Chile office has a high level of
lithium sector expertise. Other consultants which specialise in key
aspects of the study such as port access, water supply, power
access and lithium market studies are supporting Worley.
A resource evaluation programme at
the project is ongoing, which aims to produce a JORC compliant
reserve estimate scheduled for early Q3 2024. The existing resource
of 1.8 million tonnes of lithium carbonate equivalent (LCE) in the
Measured, Indicated and Inferred categories is based on six wells
completed in 2022 and 2023. A further five wells are planned to be
completed in the first half of 2024, as shown in figure 1. The
drilling programme, which will include completion of pumping and
reinjection tests, is being managed by Montgomery and Associates, a
leading hydrogeology consultant with extensive experience working
on lithium brine aquifers in Chile and Argentina.
The increased drilling density and
the completion of pump tests on wells LV05 and LV06, along with a
reinjection test, is expected to provide sufficient data to produce
an estimate of reserves. The drilling programme will also enable a
robust hydrogeological model to be completed, which will be used to
design the extraction and reinjection wellfields to maximise
recovery of the lithium resource. The importance of having control
of the basin cannot be underestimated, as this allows the Company
to manage the aquifer without interference from third parties. The
reserve estimate and wellfield design is required to plan the life
of mine production output in the PFS.
Figure 1: Drill Plan Map Showing Previous and Planned Well
Locations at Laguna Verde
An important aspect of the PFS is to
utilise data that will be generated from the Company´s DLE pilot
plant in 1H 2024. The pilot plant, with a capacity of 1 tonne/month
LCE in eluate, is of sufficient scale to allow data from the
process optimisation to be used within the design for a full scale
production plant. Operating the pilot plant and producing a high
quality lithium chloride eluate over a sufficiently high number of
cycles should verify the DLE process. The eluate from the DLE pilot
plant will then be converted to battery grade lithium carbonate at
an existing third party facility in North America. This programme
will provide product samples for potential strategic and offtake
partners for testing and to start their product qualification
process.
The battery market is rapidly
evolving with different battery types requiring different lithium
products. The PFS will also evaluate the expected growth rates for
these different lithium products and determine which products are
to be produced by the Laguna Verde project.
Based on the additional studies and
work programmes that are being undertaken to support the PFS,
completion is now targeted for Q3 2024. Completion of the PFS, along with
process and product verification, are the key steps the Company
aims to complete in 2024 which will provide the strongest basis for
engaging high-quality strategic investors for product offtake and
project funding agreements.
**ENDS**
For further
information contact:
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CleanTech
Lithium PLC
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Aldo Boitano/Gordon Stein
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Jersey office: +44 (0) 1534 668 321
Chile office: +562-32239222
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Or via Celicourt
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Celicourt
Communications
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+44 (0) 20 7770 6424
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Felicity Winkles/Philip Dennis/Ali
AlQahtani
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cleantech@celicourt.uk
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Dr. Reuter
Investor Relations
Dr. Eva Reuter
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+49 69 1532 5857
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Harbor Access
- North America
Jonathan Paterson/Lisa Micali
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+1 475 477 9401
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Porter Novelli
- Chile
Ernesto Escobar
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+569 95348744
Ernesto@publicoporternovelli.cl
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Beaumont
Cornish Limited
(Nominated
Adviser)
Roland Cornish/Asia Szusciak
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+44 (0) 207 628 3396
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Canaccord
Genuity (Joint Broker)
James Asensio
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+44 (0) 207 523 4680
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Fox-Davies Capital Limited (Joint Broker)
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+44 20 3884 8450
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Daniel Fox-Davies
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daniel@fox-davies.com
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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 battery grade using sustainable Direct Lithium
Extraction technology, powered by renewable energy, the Company
plan to be a leading supplier of 'green' lithium to the EV and
battery manufacturing market.
CleanTech Lithium has four lithium
projects - Laguna Verde, Francisco Basin, Llamara
and Salar de Atacama - located in the lithium triangle,
the world's centre for battery grade lithium production. The two
major projects: Laguna Verde and Francisco Basin 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. Direct Lithium Extraction is a transformative
technology which removes lithium from brine, with higher recoveries
and purities. The method offers short development lead times, low
upfront capex, with no extensive site construction and no
evaporation pond development so there is no water depletion from
the aquifer. www.ctlithium.com
**ENDS**