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Highlights:
- CleanTech Lithium secures a payment extension for its Laguna Verde project in Chile.
- The extension supports the company’s plans to complete its ASX listing later this year.
- The Laguna Verde licences remain at 100% ownership and are part of a key government application.
CleanTech Lithium PLC (LSE:CTL) has secured an extension to the staged payment of US$1.25 million to the option vendors of its Laguna Verde lithium project in Chile. Originally scheduled for 21 October 2024, the payment has now been delayed to allow additional time for the completion of CleanTech’s listing process on the Australian Securities Exchange (ASX), expected later this year.
According to CleanTech, the extension will not impact its ownership of the Laguna Verde option licences, which remain at 100%. These licences will form part of a Special Lithium Operating Contract (CEOL) application, which the company plans to submit to the Chilean government before the end of 2024. CleanTech highlighted that the extended payment deadline will help ensure the smooth progress of its ASX listing without affecting its operational plans in Chile.
Executive chairman Steve Kesler expressed his gratitude to the option vendors for their understanding, emphasizing the collaborative nature of the relationship. Kesler also pointed out that the extension reflects the strong partnership between CleanTech and its stakeholders, reinforcing the shared commitment to achieving long-term success.
In terms of market outlook, Kesler reiterated the company’s positive view on the lithium sector, driven by growing demand for electric vehicles and energy storage solutions. CleanTech continues to work closely with its advisers to complete the ASX listing, which will be a key milestone in the company’s expansion strategy.
The Laguna Verde project is a central component of CleanTech’s portfolio, and the successful completion of the ASX listing is expected to enhance the company’s profile and access to capital markets. CleanTech remains focused on advancing its lithium projects in Chile and contributing to the global energy transition.
