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Highlights
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CleanTech Lithium PLC advances its Pre-Feasibility Study for the Laguna Verde project and initiates a five-well resource drilling program.
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The Direct Lithium Extraction pilot plant is now fully operational, producing low-impurity lithium chloride.
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The company plans to produce battery-grade lithium carbonate by Q4 2024 and is preparing for a dual listing on the Australian Stock Exchange.
CleanTech Lithium Reports Significant Operational Progress in First Half
CleanTech Lithium PLC {LSE:CTL} an exploration and development company focused on sustainable lithium projects in Chile, has made considerable operational advancements in the first half of the year. Key achievements include the progression of its Pre-Feasibility Study (PFS) for the flagship Laguna Verde project and the launch of a five-well resource drilling program.
A significant milestone was the full operational status of the Direct Lithium Extraction (DLE) pilot plant, which has begun producing lithium chloride with low impurities. This positions the company to initiate production of battery-grade lithium carbonate in the fourth quarter of 2024, with the product set to be evaluated by potential strategic partners.
Notably, CleanTech reported no lost time incidents during its first-half operations, reflecting a strong focus on safety and operational efficiency. Following the reporting period, the company has planned pump tests and reinjection work for the Laguna Verde project, aimed at defining sustainable production rates.
Additionally, CleanTech has successfully shipped its first batch of concentrated eluate for conversion to battery-grade lithium carbonate in North America, further enhancing its production capabilities.
The company is also pursuing a dual listing on the Australian Stock Exchange (ASX), with an Initial Public Offering (IPO) anticipated before the end of 2024. This move is expected to be complemented by a capital raise to support ongoing project development.
From a financial perspective, CleanTech reported an operating loss of £2.86 million for the period. As of June 30, cash reserves stood at £2.1 million, a decrease from £6.2 million at the beginning of the year. As CleanTech continues to progress its projects, stakeholders will be attentive to developments in both operational and financial fronts.
