REG - CleanTech Lithium - Corporate Update & Appointment of CEO Designate

Cleantech LithiumAnnouncement

28/11/2024 07:00

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RNS Number : 9341N  CleanTech Lithium PLC  28 November 2024

28 November 2024

CleanTech Lithium PLC ("CleanTech Lithium" or the "Company")

Corporate Activity Update and Appointment of CEO Designate

 

CleanTech Lithium PLC (AIM: CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration
and development company advancing sustainable lithium projects in Chile, is
pleased to provide a corporate activity update which includes appointment of
Anthony (Tony) Esplin as the Chief Executive Officer Designate ("CEO
Designate") and an update to the planned Australian Securities Exchange
("ASX") listing.

Highlights:

·    Tony Esplin has been appointed CEO Designate of CleanTech Lithium.

·   Mr Esplin, who has over 30 years of experience at international mining
companies including in Latin America, Australasia and Indonesia, is joining
the Company with immediate effect under a part-time consultancy contract and
will subsequently assume the role of CEO on a full-time basis, and become a
board director, once the Company lists on the ASX.

·    Given the various holidays and the fact that the Company needs to
update the ASX prospectus a decision was made to target the ASX listing in
early Q1 2025.

·    The Company confirms it is working towards submitting the Special
Lithium Operating Contract ("CEOL") for the Laguna Verde project before the
deadline of 31(st) December 2024.

·    Significant quantities of battery-grade lithium carbonate will be
produced before the end of the year for potential strategic partners to start
product qualification.

 

A conversation between Executive Chairman, Steve Kesler, and CEO Designate,
Tony Esplin, is available to watch here:
https://www.investormeetcompany.com/meetings/appointment-of-ceo
(https://www.investormeetcompany.com/meetings/appointment-of-ceo)

Steve Kesler, Executive Chairman and Interim Chief Executive Officer,
CleanTech Lithium PLC, said:

"We are delighted that Tony has agreed to join us as CEO, initially under a
consultancy arrangement to assist us with our planned ASX listing, and then as
our full-time CEO once we commence trading on the ASX. This concludes a
relatively long process to identify the right candidate for this important
role and we were very encouraged at the quality of the candidates who were
keen to take up the reins at CleanTech Lithium.

"Tony's experiences of leading challenging international gold and base metal
projects of scale through development into production, especially in Latin
America, will be invaluable as the Company moves our Laguna Verde project
forward towards the commercial production of battery grade lithium from 2027
onwards. As a fluent Spanish speaker, he will also be in prime position to
engage with the Chilean Government, regulatory bodies and especially the local
communities whose continuing support for our projects will be critical to
their success.

"In the meantime, I will continue in my role as Executive Chairman intending
to move back to being the Company's Non-Executive Chairman when our Board
believes the time is right. I look forward to working with Tony and continue
to be confident in the future potential of our Company".

Tony Esplin, CEO Designate, said:

"I am excited to be joining CleanTech Lithium and looking forward to the
opportunity to work in Latin America again. It is well known that the lithium
market is going through a challenging time, but all analysts agree that the
lithium price will recover in due course to meet the growing international
demand for EVs and other forms of battery storage. In the meantime, CleanTech
Lithium has placed itself very nicely to be the next major mover in the
lithium sector in Chile, through the use of Direct Lithium Extraction ("DLE")
and by adopting more sustainable methods of extracting lithium for a market
keen to see more "green lithium" supply. We intend to be delivering on this
vision for our shareholders over the next few years.

"I am impressed at the results I have seen from the Company's DLE pilot plant
and downstream processing, as well as the innovative community relations
programmes where the Company has entered into alliances with local communities
and universities. I look forward to working with the Board, management and
staff to deliver a successful project at Laguna Verde. Whilst that project
will be our major focus for the time being, we also have other assets in Chile
which we can progress over time, adding real upside to our Company's value
proposition for investors".

 

Appointment of CEO Designate

Since April 2024, when the Company's Executive Chairman, Steve Kesler, also
took on the role of Interim CEO, the Board has been actively searching for a
CEO with the skills and experience to move the Company from its early
"exploration & technical testing phase" in Chile towards a "development
and production phase" on its key assets. This role requires experience in
driving and managing mineral resource projects in Latin America, delivering on
development plans, raising the necessary funds for such projects and working
with Government representatives and local communities to ensure those projects
achieve their objectives in a sustainable manner. Following completion of the
Laguna Verde "PFS" due to complete in Q1 2025, the Company will enter a new
phase. Key activities will be bringing in a strategic partner, negotiating
offtake agreements, completing the Definitive Feasibility-Study "DFS",
permitting and putting in place the project finance to start construction and
commencement of production at Laguna Verde, which is anticipated by end 2027.
The Company has been working with executive search firm Heidrich &
Struggles, based out of Melbourne Australia, to identify the best candidate
for this important role and the Board is confident that Tony Esplin is the
right appointment.

Tony Esplin

Mr Esplin is an Australian national who has over 30 years' experience in
mining including at senior executive and board level positions primarily with
tier one gold and base metals producers, including with Newmont Corporation,
which ranked for more than a decade amongst the leading miners on the Dow
Jones Sustainability World Index.

He has significant experience in managing large-scale emerging markets assets,
including in Peru, Mexico, Suriname, Indonesia, Australia and Papua New Guinea
("PNG"). Mr Esplin worked and lived for over 12 years in Latin America and is
fluent in Spanish. Most recently, he was Chief Operating Officer at Discovery
Silver Corporation, a TSX-listed company with development projects in Mexico,
where he also had broader responsibilities in developing project finance
options and investor relations.

Prior to this, Mr Esplin spent three years as Executive Managing Director of
Barrick Niugini, responsible for all facets of the business in PNG. Barrick
Niugini is a joint venture between Barrick Gold and Zijin Mining and the role
involved challenging negotiations with the PNG Government, regulators and with
local community stakeholders, as well as establishing complex licence
extensions.

Before Barrick Niugini Mr Esplin spent over 10 years at Newmont in various
roles including as General Manager for the Suriname Merian project, a joint
venture with state-owned petroleum company, Staatsolle Maatschappij Suriname
N.V., which was successfully brought onto commercial production on time and
under budget.  The role encompassed all aspects of managing the business in
Suriname.

Before that, Mr Esplin spent 10 years at Newmont´s Yanacocha project in Peru,
latterly as General Manager Operations responsible for mining, processing and
infrastructure activities.

Anthony (Tony) Ian Esplin, aged 58, has held the following directorships
and/or partnerships in the past 5 years:

 Current                               Past
 Sierra Nevada De Santa Maria Pty Ltd  Barrick (Nuigini) Limited

Mr Esplin currently holds no ordinary shares or other securities in the
Company.

There is no further information on Tony Esplin required to be disclosed under
Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

Mr Esplin will support the Board immediately in the planned dual listing on
ASX in a part-time consultancy role, with his full-time appointment commencing
immediately upon the Company listing on the ASX. A further announcement will
be made on that in time. He will be based in Australia increasing CleanTech
Lithium's profile with investors, analysts and media before and after the ASX
listing, developing relationships with potential strategic partners and
off-takers whilst travelling to Chile to work with the team on the Company's
projects, build a team with capacity to take the Laguna Verde project into
production and liaise with Government, regulators and local communities.

Steve Kesler will continue as Executive Chairman for a few months to support
Mr Esplin in his new position and will then step back to being Non-Executive
Chairman as corporate governance guidelines in UK and Australia recommend.

A conversation between Executive Chairman, Steve Kesler, and CEO Designate,
Tony Esplin, is available to watch here:
https://www.investormeetcompany.com/meetings/appointment-of-ceo
(https://www.investormeetcompany.com/meetings/appointment-of-ceo)

Update on ASX Listing

After thorough discussion with the Company's ASX advisors, the Company
considered various time constraints, including Australian summer holidays, and
decided that it will be better positioned for a successful ASX listing by
proceeding in early Q1 2025. This is a strategic move as the revised timeline
means the Company will have produced substantial amounts of battery grade
lithium carbonate for potential strategic partners to start product
qualification, will have submitted the CEOL application for the Laguna Verde
project and will be nearing completion of the Laguna Verde PFS. This will
ensure the timing of the proposed listing is optimal to deliver the highest
possible value to investors. It will also allow Mr Esplin to get up to speed
on the Company's position and plans and then actively participate in the ASX
listing.

CEOL application and sample lithium product

The Company is working towards submitting the CEOL for the Laguna Verde
project before the deadline of 31(st) December 2024 and a further announcement
confirming submission will be made in due course.

As announced on 21(st) November 2024, the downstream conversion process is
successfully producing pilot scale samples of lithium carbonate. CleanTech
Lithium is a leader in Chile in producing lithium carbonate using Direct
Lithium Extraction ("DLE") at the pilot scale, marking a major milestone for
the Company. The samples will be sent to a laboratory to confirm the grade and
impurity profile, which is expected to be battery-grade and prepared for
strategic partner qualification.

 

The information communicated within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No
596/2014 which is part of UK law by virtue of the European Union (Withdrawal)
Act 2018. Upon publication of this announcement, this inside information is
now considered to be in the public domain. The person who arranged for the
release of this announcement on behalf of the Company was Gordon Stein,
Director and CFO.

 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 (mailto:cleantech@celicourt.uk)
 Beaumont Cornish Limited (Nominated Adviser)   +44 (0) 20 7628 3396

 Roland Cornish/Asia Szusciak
 Fox-Davies Capital Limited (Joint Broker)      +44 (0) 20 3884 8450

 Daniel Fox-Davies                              daniel@fox-davies.com (mailto:daniel@fox-davies.com)
 Canaccord Genuity (Joint 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/)

 

**ENDS**

 

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