Lithium explorer Pilbara, Calix gain on receiving Australian government grant

Calix

17/05/2022 04:14

** Shares of lithium explorer Pilbara Minerals  PLS.AX  jump
as much as 4.6% to A$2.72, their highest since May 6 
    ** PLS along with project partner Calix Ltd  CXL.AX 
receives A$20 mln ($14.02 mln) Australian government grant to
support development of proposed "mid-stream project" at
Pilgangoora lithium project in Western Australia  urn:newsml:reuters.com:*:nASX5dqpQL
    ** CXL stock gains as much as 8.6% to A$7.22, its biggest
intraday pct gain since May 3
    ** Objective of mid-stream project is to deliver superior
"value-added" lithium raw material - PLS
    ** PLS and CXL had signed memorandum of understanding in May
2021 to jointly develop a "mid-stream" lithium chemicals
refinery and committed to conduct scoping study on the project
    ** PLS said they are targeting to finalise and execute
formal joint venture agreement with Calix by early Q3 2022, with
final investment decision on project to be decided by late
2022/early 2023
    ** PLS stock down 18.8% this year, as of last close     

($1 = 1.4269 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))