REG - CleanTech Lithium - CEOL application and amended 2024 interim results

Cleantech LithiumAnnouncement

31/12/2024 07:00

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RNS Number : 6150R  CleanTech Lithium PLC  31 December 2024

31 December 2024

CleanTech Lithium PLC

("CleanTech" or the "Company")

CEOL Application and Amended 2024 Interim Results for ASX listing

CleanTech Lithium PLC ("CleanTech" or the "Company"), an exploration and
development company advancing lithium projects in Chile for the clean energy
transition, provides an update on the Laguna Verde CEOL application (CEOL
Application Update) and on the Company's amended unaudited financial results
for the six months ended 30 June 2024 (Interim Results) first published on 30
September 2024.

CEOL Application Update

On 28 November 2024, the Company confirmed it was on course to submit its
application for the Special Lithium Operating Contract ("CEOL") for its Laguna
Verde project by 31 December 2024.  The 31 December 2024 deadline was
initially set by the Chile Government Mining Ministry (the "Ministry") and
served as the basis on which the Company timed its CEOL application.  Since
setting that initial deadline, the Ministry, in addition to announcing it
would consider CEOL applications from private companies on a further six
projects, announced it was extending the deadline for CEOL application
submissions by one month, to 31 January 2025.  Notwithstanding the extended
deadline, the Company intends to submit its CEOL application in the early part
of January 2025, well in advance of the new deadline, and announce same once
made.

The Company is encouraged by recent progress on its CEOL application.  The
application itself will be a substantial document, supported by an extensive
collection of technical, operational and financial data produced and gathered
from activities at Laguna Verde over the last 3-4 years.  The Company
believes it is well-placed to secure the award of the CEOL and meet specific
criteria, established by the Ministry, to allow applicants to enter into
direct discissions with the Ministry and avoid the need for any subsequent
public tender process.

Review and amendment of 2024 Interim Financial Results for ASX listing

In progressing the documentation to support the Company's proposed dual
listing on ASX, it has been necessary for the Interim Results to be
independently reviewed by the Company's auditor.

As a result of that review, the Company has reconsidered its interpretation of
the accounting standards related to the recognition of the commissions and
warrants associated with the issuance of Loan Notes, which were first
announced on 1 July 2024.  Following the reinterpretation of guidance, the
fair value of warrants and the commissions directly linked to the Loan Notes
are now recognised as a part of the liability within the statement of
financial position and will be amortised to the income statement over the life
of the Loan Notes.  This differs from the original (incidentally more
prudent) treatment, which recorded the full value of the commissions and
warrant fair value in the income statement upon initial recognition.  As a
result, the Loan Note liability is now shown as £1.5 million (previously
reported as £2.1 million) with an operating loss for the period of £2.2
million (previously reported as £2.8 million).  Any other changes to the
Interim Results are a consequence of those changes or reflect typographical
corrections.

A copy of the reviewed and amended financial results for the six-month period
ended 30 June 2024 is available for investors on the Company's website
https://ctlithium.com/investors/circulars-documents/
(https://ctlithium.com/investors/circulars-documents/)

 For further information contact:

 CleanTech Lithium PLC
 Steve Kesler/Gordon Stein/Nick Baxter          Jersey office: +44 (0) 1534 668 321

                                                Chile office: +562-32239222
                                                Or via Celicourt
 Celicourt Communications                       +44 (0) 20 7770 6424

 Felicity Winkles/Philip Dennis/Ali AlQahtani   cleantech@celicourt.uk
 Beaumont Cornish Limited (Nominated Adviser)   +44 (0) 20 7628 3396

 Roland Cornish/Asia Szusciak
 Fox-Davies Capital Limited (Broker)            +44 (0) 20 3884 8450
 Daniel Fox-Davies                              daniel@fox-davies.com (mailto:daniel@fox-davies.com)
 Canaccord Genuity (Broker)                     +44 (0) 20 7523 4680

 James Asensio

 

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 lithium projects in Chile for the clean energy
transition.  Committed to net-zero, CleanTech Lithium's mission is to become
a new supplier of battery grade lithium using Direct Lithium Extraction
technology powered by renewable energy.

CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and
Viento Andino, and exploration stage projects in Llamara and Arenas Blancas
(Salar de Atacama), located in the lithium triangle, a leading centre for
battery grade lithium production.   The two most advanced projects: Laguna
Verde and Viento Andino are situated within basins controlled by the Company,
which affords significant potential development and operational advantages.
 All four projects have good access to existing infrastructure.

CleanTech Lithium is committed to utilising Direct Lithium Extraction with
reinjection of spent brine resulting in no aquifer depletion.  Direct Lithium
Extraction is a transformative technology which removes lithium from brine
with higher recoveries, short development lead times and no extensive
evaporation pond construction www.ctlithium.com (http://www.ctlithium.com/)

 

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