REG - CleanTech Lithium - Interim Results
30/09/2024 07:00
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RNS Number : 1610G CleanTech Lithium PLC 30 September 2024
30 September 2024
CleanTech Lithium PLC
("CleanTech Lithium" or "CTL" or the "Company")
Interim Results for six-month period ending 30 June 2024
CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration
and development company advancing sustainable lithium projects in Chile for
the clean energy transition, is pleased to announce its unaudited Interim
Results for the six-month period ended 30 June 2024 ("1H 2024" or "the
Period").
The Company has made significant progress with the Pre-Feasibility Study
("PFS") at the flagship project, Laguna Verde, and seen encouraging results
from the Direct Lithium Extraction ("DLE") pilot plant in Chile and will be
producing battery-grade lithium carbonate for potential strategic partners to
evaluate. The Company is also pursuing a dual listing on the Australian Stock
Exchange ("ASX") and aims to be trading on the ASX in Q4 2024.
Highlights of the Period:
Operational:
· Health & Safety:
o Zero-harm safety culture focused on continuous improvement to achieve an
injury free and healthy work environment - no LTIs, major incidents or near
misses recorded in 1H 2024.
· Laguna Verde Drilling Programme:
o Five-well resource drilling programme commenced. Work designed in
collaboration with Montgomery & Associates, a leading hydrogeology and
resource evaluation consultancy.
o Programme aims to produce a maiden reserves estimate using modifying
factors from the Pre-Feasibility Study ("PFS") which is underway and targeted
for completion by the end of 2024.
· DLE Pilot Plant:
o Operational and producing high quality lithium chloride eluate with low
impurities.
o Eluate is being converted to produce batches of battery-grade lithium
carbonate which will be made available to potential strategic partners in Q4
2024 to start product qualification.
o Inauguration event was held in May 2024 where local communities and
government officials were in attendance.
· Project Licences:
o CTL entered into a sale and purchase agreement ("SPA"), now taking full
ownership of certain Laguna Verde licences that were previously held by way of
an option agreement
o The licences held in the Salar de Atacama basin, which we understand are
located outside the salar area defined as strategic by the Government and have
been re-named the 'Arenas Blancas' project, are a potentially very promising
opportunity.
· CEOL Contracts:
o Expressions of Interest ("RFIs") for a total of five lithium projects have
been submitted to the Chilean Government. CTL is very well positioned as the
most advanced exploration stage company progressing DLE based projects in
Chile.
o Francisco Basin project has been renamed Viento Andino, in line with the
RFI submission, to highlight the project area is outside a national park of a
similar name located in the basin.
Corporate:
· Board changes:
o Executive Chairman Steve Kesler assumed the duties of CEO on an interim
basis, following the resignation of CEO, Aldo Boitano in April.
o The search for a new CEO is well underway and the chosen candidate will be
announced in due course.
· Cash position:
o The Company's cash position at the period end, including proceeds received
from Loan Notes shortly after period end, was £2.1 million.
Post-period Highlights:
Operational:
o Pump tests and a reinjection well at Laguna Verde, planned to be
undertaken in Q4 2024, will help define the brine extraction and reinjection
wellfield design and the sustainable production rate required for the PFS.
o A plant location study was completed by Worley for the Laguna Verde
project and concluded that the DLE and eluate concentration should be
undertaken at project site and the purification and carbonation close to
Copiapo which is at a lower elevation with good technical support locally
available. This latter plant would be expanded in the future to also process
concentrated eluate from the Viento Andino project.
o Completion of the first stage of production of concentrated eluate from
the Company´s DLE pilot plant which has been shipped for conversion to
battery-grade lithium carbonate by process partners in North America.
Corporate:
· ASX Listing:
o The Company is seeking to dual-list on the Australian Securities Exchange
("ASX"). Although the Company announced an extension to the ASX IPO timetable
on 20 September 2024, to allow it to address some procedural matters raised by
ASX, the intention remains to complete the IPO before the year end. An
associated capital raise is planned to enable completion of the PFS and
continuance of other work programmes. Notwithstanding, the Company continues
to consider its funding options on an ongoing basis as a part of its normal
practice.
· CEOL Process:
o The Government has streamlined the CEOL process, announcing an update at
the end of September prioritising six salt flats for lithium development
including Laguna Verde, the Company's flagship project, as having the most
favourable conditions to advance lithium exploration and extraction. CEOL
applications to be submitted by 31(st) December 2024.
· Local stakeholders:
o CTL attended a seminar organised by CESCO alongside local indigenous
communities. The President of the Colla Pai-Ote community publicly endorsed
CTL's Laguna Verde project as the way forward for the lithium industry in
Chile, which was widely reported in the Chilean media.
o CTL's DLE carousel equipment is now installed at the University of Atacama
as part of an ongoing partnership. The DLE equipment will be available for
research programmes. The long-term collaboration between the University and
CTL will help nurture the skills required for fostering the lithium industry
in the Atacama region.
Steve Kesler, Executive Chairman and Interim CEO, CleanTech Lithium said:
"The first half of 2024 has seen significant operational and strategic
progress on our lithium projects in Chile. This includes the production of
high quality lithium chloride eluate with low impurities from our DLE pilot
plant, which has a capacity to produce one tonne per month of lithium
carbonate equivalent. A drilling, pump testing and reinjection programme was
started at Laguna Verde aimed at updating the JORC resource estimate,
providing data for the PFS and developing of a maiden reserve estimate.
"The Company is also in the process of listing on the ASX exchange, which will
support its future development, as it enters potential strategic partner
discussions and progresses towards production. Whilst this process has been
delayed, the ASX market is well versed in the lithium sector and a meaningful
number of the Company's existing shareholders have Australian links.
"With the PFS well underway and project development ongoing, backed by the
strong support from local indigenous communities and aligned with the
objectives of Government's National Lithium Strategy, we look forward to the
future with confidence."
CHAIRMAN AND INTERIM CEO REVIEW
The following review is a look back at the highlights from the first half of
2024:
Business Strategy
CleanTech Lithium continues to make great strides in meeting the objective of
becoming a leading supplier of battery-grade lithium carbonate to support the
world's transition to clean energy. The progress made towards building
sustainable lithium projects in Chile where the Company is planning to use
Direct Lithium Extraction ("DLE") powered by renewable energy directly
addresses the Chilean Government's ambition to drive positive change in
sustainability and social and economic development.
The 'National Lithium Strategy', proposed by the President of Chile in late
April 2023, aims to ensure Chile remains a top producer and supplier of
lithium - a critical component for batteries in Electric Vehicles and energy
storage systems ("ESS"). The established mining jurisdiction is currently the
largest supplier of copper in the world and one of the largest suppliers of
battery grade lithium. To move to a world run on clean energy, new lithium
projects are needed, and Chile has the established infrastructure, industry
expertise and workforce to bring projects like CleanTech Lithium's into
production in the next few years.
New projects must be built in the right way and the Government has prescribed
the use of DLE (or similar sustainable technologies) for all new lithium
development projects going forward. CleanTech Lithium's strategy is to play a
significant role in assisting the Chilean government to achieve this ambition.
The Company believes it is most the advanced development stage DLE company
operating in Chile and the achievements made in the first half of 2024 is
evidence of this. It is very encouraging to see the Company's DLE Pilot Plant
producing samples of battery-grade lithium carbonate which will soon be tested
by potential strategic partners.
The Company's business strategy is focused on delivering long-term sustainable
growth and returns for all stakeholders, built on four pillars:
· develop the Company's advanced lithium projects (Laguna Verde,
Viento Andino) and progress the early-stage exploration projects (Arenas
Blancas and Llamara) in Chile;
· utilise innovative technologies, including DLE and, where
possible, renewable energy to sustainably produce lithium carbonate;
· produce commercial battery-grade lithium carbonate with high
lithium recoveries and short production time; and
· supply directly into the EV and battery storage market via
strategic partners and offtake agreements.
To this end, the Company's immediate objectives are as follows:
· update the JORC resource estimate for Laguna Verde on completion
of the 2024 drilling campaigns and declare a maiden reserves estimate;
· complete planned hydrogeological studies and metallurgical tests
at Laguna Verde, including completing a new reinjection well and pump tests to
provide the data required to further advance modelling of the sub-surface
aquifer and design the extraction and reinjection wellfields;
· deliver a Pre-Feasibility Study ("PFS") at the Laguna Verde
Project and commence the Definitive Feasibility Study ("DFS") soon afterwards;
· complete the process test work at the DLE Pilot Plant and make
battery grade lithium carbonate available for supply to potential offtake and
strategic partners to start product qualification;
· continue the required work to complete the environmental baseline
studies that commenced in 2022 and undertake the studies required to enable
submission of the EIA in 1H 2025;
· enter into a Special Lithium Operation Contract (CEOL) with the
Chilean State in relation to the Laguna Verde and Viento Andino Projects to
commercially sell lithium;
· continue to collaborate with the local indigenous communities,
universities and other local stakeholders to ensure long-term support for the
projects, and
· enter into substantive discussions with potential offtake and
strategic partners with a view to reaching agreement on a future business
relationship, including establishing a funding package for the construction
phases of the Laguna Verde Project, including equity participation, debt and
other structures, to bring the project on stream and start selling lithium
carbonate at the earliest possible opportunity.
Summary of Company Activity
In the first six months of the year, CleanTech Lithium made further progress
toward delivering its PFS. This included commencing a five-well drilling
programme at Laguna Verde, the commissioning of its DLE pilot plant and first
production of highly concentrated eluate for further processing to make
battery-grade lithium carbonate. The PFS is instrumental to support
discussions with potential strategic partners. The Company is also seeking to
dual-list on the Australian Securities Exchange ("ASX"). Although the Company
announced an extension to the ASX IPO timetable on 20 September 2024, to allow
it to address some procedural matters raised by ASX, the intention remains to
complete the IPO before the year end. Notwithstanding, the Company continues
to consider its funding options on an ongoing basis as a part of its normal
practice.
Operations
Health and Safety
The Company maintains a zero-harm safety culture focused on continuous
improvement to achieve an injury free and healthy work environment, with no
lost time incidents ("LTIs"), major incidents, or near misses reported in the
first half of 2024.
Five-Well Drilling Programme at Laguna Verde
The Company commenced a five well drilling programme at Laguna Verde largely
aimed at converting Inferred resource to additional Measured & Indicated
resource which will then have technical and economic modifying factors applied
from the PFS to determine a maiden reserve. The programme was designed in
collaboration with Montgomery & Associates, a leading international
hydrogeology and resource evaluation consultancy.
The drill programme began in Q1 2024, with the commencement of wells LV07 and
LV11 and suspended in May on the onset of the winter shut-down period, with
the plan to recommence in October. The programme will also include additional
pump testing and reinjection testing in Q4 2024 with results helping to
calibrate the hydrogeological model of the basin. This model will help further
define the brine extraction and reinjection wellfield design and the
sustainable production rate from Laguna Verde. Montgomery & Associates
have been engaged to manage the drill programme, JORC resource and reserves
reporting and design of the extraction and reinjection wellfields.
Laguna Verde is the Company's most advanced project and has a total JORC
resource of 1.8 million tonnes LCE, of which 1.1 million is in the Measured
and Indicated category. Laguna Verde's Scoping Study, announced in January
2023, highlighted robust economics, with an NPV(8) of US$1.8bn, an IRR of
45.1%, net cashflows of US$6.3 billion and a low operating costs of US$3,875/t
for 30 years of production at 20,000 tpa LCE.
Drilling programmes at Laguna Verde since 2022
DLE Pilot Plant Commissioning and Production
The Company´s one-tonne per month DLE pilot plant (supplied by Sunresin) is
located in Copiapó, Chile, approximately 250km from Laguna Verde, and
finished commissioning in late March. At the R&D centre where the pilot
plant is located, brine from the Laguna Verde project is stored in a large
243,000 litre vessel outside the pilot plant and then fed into an indoor tank
having passed through filtration to remove suspended solids. It is then fed
into the DLE columns shown in the image below, which are filled with adsorbent
designed to be selective for lithium molecules. Lithium, as lithium chloride,
is adsorbed from the brine, before desorption with water to create a purified
lithium chloride eluate.
DLE Pilot Plant at R&D Centre in Copiapó, Chile (30 x approx. 3m columns
to produce up to 1 tonne per month of LCE)
Testing of a wide range of commercially available adsorbents identified that
the adsorbent supplied by Lanshen performed the best on the Laguna Verde brine
resulting in the selection of this adsorbent. The DLE Pilot Plant commenced
operation in Q2 2024, producing high quality concentrated eluate. In May, the
Company reported the key DLE performance metrics for the first batch of 24m(3)
of concentrated eluate produced at the pilot plant. The recovery of lithium
from the brine was 94% in the adsorption stage and 88% into the eluate. The
lithium grade in the feed brine of 197mg/L was concentrated to 710mg/L in the
eluate, or a 3.6X concentration factor. These results exceeded the Company's
expectations. The eluate was further concentrated by reverse osmosis to
2,194mg/l.
For the first stage of production, a total volume of 1,196m(3) of brine from
the Laguna Verde Project was processed at the DLE pilot plant with a total of
14 cycles completed. Each cycle represents a volume of brine being fed first
through filtration to remove suspended solids, then into DLE columns which are
filled with adsorbent designed to be selective for lithium molecules. Lithium,
as lithium chloride, is adsorbed from the brine, before desorption with water
to create a purified lithium eluate.
Averaged across the 14 cycles, the recovery rate achieved by adsorption of
lithium from the brine was 95% and the recovery rate of desorption from the
adsorbent was 93%. The total recovery rate into eluate averaged 88% and was
highly consistent as shown in the figure below. The temperature of the brine
and desorption water, using the average ambient temperature in Copiapó during
the March to June period of operation, was in the range of 20(o)C to 25(o)C
indicating that good performance was achieved without the need to heat
solutions in either adsorption or desorption.
Pilot Plant Total Recovery Rate
The eluate production rate was relatively stable after the initial ramp up
period achieving an average of 2.8 kg LCE per hour demonstrating that the
design capacity of the pilot plant of 1 tonne LCE per month was comfortably
achieved. Selectivity of the adsorbent is another key performance parameter
for a DLE operation. DLE primarily acts as a purification stage, recovering
lithium chloride from the brine whilst rejecting other impurities. For all the
major ions in the brine, apart from boron, the rejection rate was very high,
exceeding 99%.
DLE Performance - Rejection of Major Impurities
The downstream conversion of lithium chloride solution to battery grade
lithium carbonate is well established in the lithium industry. Rather than
spending capital on constructing a lithium carbonate conversion plant, the
Company decided to partner with Conductive Energy, an Alberta, Canada company
to undertake this conversion at its existing facility in Chicago.
An initial 200L batch of concentrated eluate, was shipped to Conductive Energy
in May. This batch was used as a trial before setting up the conversion
process that would be used for processing larger volumes of eluate produced by
our DLE pilot plant into battery grade lithium carbonate. Conductive Energy
completed the set-up test-work producing lithium carbonate of 99.75% purity
which is battery grade. This process comprises concentration of the
concentrated eluate to 18,000mg/l Li by forward osmosis followed by ion
exchange to remove the trace impurities of calcium, magnesium and boron and
then carbonation with sodium carbonate to produce battery grade lithium
carbonate.
On completion of this trial, the Company subsequently shipped batches of
concentrated eluate from the pilot plant, with a total of 88m(3) shipped by
late July, which is equivalent to approximately one tonne of lithium
carbonate.
The downstream plant is being commissioned with lithium carbonate production
expected in October 2024. This will provide the Company with the capacity to
supply significant quantities of battery-grade lithium carbonate samples to
potential strategic partners and offtakers to commence product qualification.
Pilot Plant Inauguration
In May, the DLE pilot plant was officially inaugurated in Copiapó with a
ceremony attended by various regional authorities, indigenous community
leaders, academics, and business representatives. Attendees at the ceremony
included the Presidential Delegate of the Atacama Region, Luis Pino, Regional
Councillor Javier Castillo; CORFO Director Rosa Roman, CORPROA President
Andres Rubilar; miners' union president Joel Carrizo; indigenous community
representatives Christian Milla and Ercillia Araya.
DLE Pilot Plant Inauguration May 2024
DLE inauguration event May 2024 with Steve Kesler, Executive Chairman and
Interim CEO and Ercilia Araya, President of the Colla-Ote community
Pre-Feasibility Study at Laguna Verde
The PFS will define the optimal configuration for the Laguna Verde project,
paving the way for a DFS and discussions with strategic partners. Data from
the DLE pilot plant and the drilling and field programmes are being
incorporated into the PFS which is being led by Worley, an international
engineering services company, from their Santiago office.
As part of that process, in July, Worley completed a plant location study, and
CTL has engaged various consultants to conduct studies on port access, water
supply, power access and lithium market dynamics. The plant location study
identified the ideal configuration for a production facility capable of
generating 20,000 tonnes of battery-grade lithium carbonate per annum. This
provided a trade-off analysis between locating the entire plant at Laguna
Verde versus splitting plant facilities between Laguna Verde and the nearby
mining centre of Copiapó. The option of locating the DLE plant and eluate
concentration stages at the Laguna Verde site, and the carbonation plant at
Copiapó was highly favourable, resulting in the decision to proceed with this
option. A concentrated eluate with 6% lithium, the maximum concentration
before lithium salts begin to precipitate, will be transported to Copiapó for
impurity removal and carbonation stages. This configuration results in a minor
increase in volumes transported while taking advantage of Copiapó's
well-developed infrastructure and better access to a skilled workforce.
According to the plant design, approximately 70% of the operational workforce
will be employed at the carbonation plant, therefore locating it in Copiapó
provides major advantages in hiring a local work force including diversity
outcomes such as greater female participation, while contributing to the local
economy. The footprint at the project site, which is at 4,300m above sea
level, will be greatly reduced, from power supply, storage, camp and plant
facilities, construction phase impacts, and environmental impacts.
The carbonation plant in Copiapó would eventually be expanded to also treat
concentrated eluate from the Viento Andino project.
Corporate Developments
Special Lithium Operating Contracts (CEOLs)
Following the declaration of the National Lithium Strategy in April 2023, the
Government clarified that it would seek majority control of strategic lithium
assets in the Salar de Atacama and Salar de Maricunga but that non-strategic
salars could be developed by private sector interests without the need for
state company participation. As a result, the Chilean Government requested
that the Company withdraw its initial application for CEOLs for Laguna Verde
and Viento Andino (formerly Francisco Basin) and apply through the new formal
process. CTL´s project areas were defined as non-strategic and the Company
entered the process in June 2024 on a 100% ownership basis for Laguna Verde
and Viento Andino. Applications for RFIs has also been made for three other
lithium prospects in joint ventures with other parties which are currently
subject to confidentiality.
The Government provided a further update to the CEOL application process at
the end of September, prioritising six salt flats for lithium development
including Laguna Verde, the Company's flagship project, as having the most
favourable conditions to advance lithium exploration and extraction. The
Government is expected to announce a further update later this year on
additional salt flats for lithium development. The Ministry of Mining will
award one CEOL per salt flat with companies only considered if they meet
certain criteria. CTL´s Expressions of Interest ("RFI") application directly
addressed each of these key criteria and as the Company has a dominant licence
position in the Laguna Verde basin it is the only Company that meets the
mining concession area requirement. The criteria set out by the Government
recognises the status of the Company´s progress at the Laguna Verde project
and puts in place a clear path to award a CEOL and the project's development
into production, which is targeted for 2027.
The Chilean Government will now commence indigenous community consultations
related to these six salars. Additional to other criteria, CTL has developed a
strong relationship with indigenous communities located in the surroundings
areas, based on early engagement including a collaborative alliance signed in
December 2023 to co-design the project´s EIA. The Company is also working
with the regional University to promote local opportunities for future
projects. The next stage of the CEOL process is for companies to submit CEOL
applications by December 31st 2024.
Acquisition of Laguna Verde Licences
In April 2024, the Company completed the acquisition of 23 Laguna Verde licences, previously subject to an option agreement. This now gives the Company full ownership and control over all 108 mining licences within Laguna Verde. The Board believes this acquisition enhances potential returns to shareholders and de-risks the project as it advances. Full ownership of these licences has also facilitated the planned ASX listing.
Renaming of Francisco Basin and Salar de Atacama
In June the Company announced it had renamed the Francisco Basin project as
Viento Andino. This was to clarify the project is located outside a nearby
national park of a similar name. During the period, the Company also announced
the Salar de Atacama licences have been renamed the 'Arenas Blancas' project
to recognise that these fall outside of the Salar de Atacama area considered
by Government as ´strategic´ to be controlled by the State entity Codelco.
These Arena Blanca licences are shown here.
Map of licence areas in Arenas Blancas
ESG and Community Engagement:
In January, the Company hosted an international seminar at the Universidad de
Atacama titled "Lithium: Global Challenges. Local Issues, Decarbonization,
Sustainability and Participation" brought together renowned international
academics and industry leaders to explore the crucial role lithium plays in
global decarbonization and the transition to a green economy.
The Company has also partnered with the University of Atacama, which has seen
the installation of the Company's laboratory DLE carousel on the campus. This
initiative allows students to conduct their own testing and research,
supporting the development of a workforce for the future and regional economic
development.
Post-period end, CTL participated in the Centre for Copper and Mining Studies
("CESCO") seminar in Santiago, a prominent annual seminar for the mining
sector in Chile and received public support from the local indigenous
community for its Laguna Verde project. Local and national media covered the
endorsement made by the President of Colla-Ote Communities, Ercilia Araya, as
seen in the press cutting below. At the seminar the Company stated if the
Government want to see three to four new lithium projects in construction by
2026, Laguna Verde can be one of these projects. To achieve this, the Company
continues it engagement with the Chilean Government as part of the CEOLs
applications and in a timely manner for the EIA permitting process.
President of the Colla-Ote Community publicly endorses CleanTech Lithium's
Laguna Verde project at CESCO Seminar, August 2024
The Company remained a signatory of the UN Global Compact aligning with the 10
guiding principles. The annual 'Communication of Progress' report was
submitted in May 2024.
ASX dual-listing:
On 20 September the Company announced an extension to the Australian
Securities Exchange ("ASX") IPO timetable to allow it to address certain
procedural matters raised by ASX. Although it is expected the ASX IPO will
complete prior to the year-end, there can be no certainty over the timing.
Consequently, as a part of normal practice, the Board continues to consider
other available funding options to provide the necessary ongoing working
capital and to maintain progress on the Company's various capital programmes
as described above.
The ASX is a natural fit as a dual-listing for CTL given the high proportion
of its shareholder base designated as Australian domiciled; that base includes
Regal Funds as a significant sharesholder which holds approximately 15% of the
Company's shares in issue.
It is clear that an Australian listing will broaden the shareholder base,
increase the Company's profile in Australia and expose the Company to a deep
pool of capital from investors with a good knowledge of investing in resource,
and lithium, companies.
The Company will continue to keep the market informed of progress as
appropriate.
Board Changes:
In addition to my duties as Executive Chairman, I assumed the role of Interim
CEO in April following Aldo Boitano's resignation. The search for a new CEO is
ongoing, and we look forward to announcing the selected candidate in due
course.
Lithium Market:
While the international lithium market remains subdued with current oversupply
and low prices, there is clear expectation that market conditions will have
improved significantly by the time the Company comes into first production in
2027. Some current high-cost production is suspending production, new projects
are being deferred whilst demand for lithium for use in batteries, for
Electric Vehicles and ESS continues to grow. The expectation is that lithium
prices will start to recalibrate to a medium and longer-term price that allows
new projects to be financed. Cannacord Genuity forecasts that pricing to be in
excess of US$22,500/t lithium carbonate from 2028 onwards. The scoping studies
for Laguna Verde and Viento Andino indicate that these projects will be in the
lowest quartile of costs and economic even at today´s low prices and highly
attractive at forecast long-term prices.
The Company has specific advantages in operating in Chile which has a free
trade agreement ("FTA") with the USA and preferential trade arrangements with
the EU for critical minerals such as lithium. The ability to supply battery
grade lithium carbonate directly into these markets without intermediate
processing in China will be important for the Company in those markets.
Meanwhile Chinese companies are investing in battery supply chain production
in FTA countries to maintain access to the US market and will increasingly
seek lithium carbonate from FTA compliant countries for those projects. The
Company is well placed to take advantage of this dynamic.
Financials:
The Company's cash position at the period end, including proceeds received
from Loan Notes shortly after period end, was £2.1 million.
In the six months to 30 June 2024, CleanTech continued to prioritise
expenditure on its capital programmes with the following progress noted:
· Laguna Verde: Drilling: five well programme; PFS: engineering and
feasibility studies by Worley, Montgomery have been progressed;
Hydrogeological modelling: further evolution of both the modelling and as has
the planning for pump-test and reinjection programmes; EIA: evaluation of and
development of the baseline studies remains continues and remains a key facet
of CleanTech's programmes in Chile
· DLE: pilot plant construction, testing and commissioning and
initial operation costs
· Community Relations: programme and other ESG initiatives.
In addition, the acquisition of 100% of the legal and beneficial interest in
the licences in Laguna Verde licences previously held under an option
agreement was announced in April 2024. Refer Note 12 to the financial
statements for further details.
Administration cash costs of approximately £1.9 million were incurred during
the period (1H 2023: £2.0m million). Those cash costs, largely reflect
£0.5 million for staff costs (1H 2023: £0.5 million), £0.4 million for
promotion public and investor relations and travel (1H 2023: £0.7 million),
£0.8 million for legal and professional support including listing and
compliance and insurance costs (1H 2023: £0.7 million), the balance of £0.2
million comprises a variety of other and general administrative costs (1H
2023: £0.1 million).
On 30 June 2024, the Company executed a GBP loan note instrument and an AUD
loan note instrument pursuant to which it issued loan notes ("Loan Notes") to
subscribers to raise A$3.995 million, approximately £2.1 million, to finance
working capital and costs associated with ASX admission. Refer Note 11 to
the financial statements for further details. Prior to entering into the loan
note instruments the Company also terminated an agreement to issue a
convertible loan note to a high net worth who failed to pay the subscription
monies to the Company despite on-going assurances to the contrary.
To support CleanTech's plans which target initial production from Laguna Verde
in 2027 the Board has developed a financial strategy to raise the capital
needed. The Company routinely receives approaches from third parties and
continues to consider as a part its overall funding strategy. An important
tenant of that strategy is the participation and support of strategic
partnerships. Although strategic partnership discussions are currently taking
pace under non-disclosure agreements, they are expected to progress further
once the Laguna Verde PFS is completed and once the initial quantities of
battery grade lithium from the DLE pilot plant and downstream processes are
available for review.
Outlook:
The Company remains well placed to demonstrate the efficacy of DLE to produce
battery grade lithium carbonate from Laguna Verde brine and to deliver the PFS
later this year. This is a critical step for securing strategic partnerships
and future project funding. The aim to deliver battery-grade lithium carbonate
through sustainable, low environmental impact production, utilising the DLE
process and renewable energy, aligns the Company with the Chilean Government's
National Lithium Strategy and criteria outlined in the CEOL applications. We
are well positioned to be prioritised amongst the private sector potential
projects.
Post the period end, the Company filed applications for its admission to the
ASX. Alongside the dual-listing, CleanTech Lithium is seeking to raise funds
to support the next stage of its development, including the delivery of a
strategic partner, as it progresses towards production.
The Board is excited about the opportunities ahead and remain committed to
delivering value for our shareholders, partners, and the communities in which
we operate.
Steve Kesler, Executive Chairman and Interim CEO
CleanTech Lithium plc
Condensed Consolidated Statement of Comprehensive Income
Note Unaudited Unaudited
six months to
six months to
30-Jun-24
30-Jun-23
£ £
Income - -
Administrative costs 3 (2,861,194) (3,263,200)
Operating loss (2,861,194) (3,263,200)
Finance costs - (9,806)
Loss before tax (2,861,194) (3,273,006)
Income tax 5 - -
Loss for the period after tax (2,861,194) (3,273,006)
Other comprehensive income/(loss):
Exchange differences arising on translation of functional currencies (906,194) 9,128
Total comprehensive loss for the period (3,767,388) (3,263,878)
Loss per share basic 6 (0.020) (0.031)
The accompanying notes are an integral part of these unaudited condensed
consolidated interim financial statements.
Condensed Consolidated Statement of Financial Position
Unaudited Audited
as at
as at
30-Jun-24 31-Dec-23
Note £ £
Exploration and evaluation assets 7 32,558,090 13,710,413
Non-current assets 32,558,090 13,710,413
Proceeds from Loan Notes issued 11 2,109,986 -
Cash and cash equivalents 35,976 6,202,028
Trade and other receivables 8 179,989 610,898
Current assets 2,325,951 6,812,926
Trade and other payables 10 (906,550) (351,637)
Provisions and accruals 10 (587,646) (378,713)
Loans notes 11 (2,109,986) -
Deferred consideration 12 (984,408) -
Current liabilities (4,588,590) (730,350)
Deferred consideration 12 (13,565,301) -
Non-current liabilities (13,565,301) -
Net assets 16,730,150 19,792,990
Share capital 26,310,625 26,310,625
Capital reserve (77,237) (77,237)
Share based payment reserve 9 6,417,807 5,713,259
Foreign exchange reserve (1,611,569) (705,375)
Accumulated losses (14,309,476) (11,448,282)
Equity and reserves 16,730,150 19,792,990
The accompanying notes are an integral part of these interim unaudited
condensed consolidated financial statements.
Condensed Consolidated Statement of Changes in Equity
Share capital Capital reserve Share based payment reserve Foreign exchange reserve Accumulated losses Total
£ £ £ £ £ £
At 1 January 2023 21,076,155 (77,237) 1,578,340 315,695 (5,562,683) 17,330,270
Loss for the period - - - - (3,273,006) (3,273,006)
Other comprehensive income - - - 9,128 - 9,128
Total comprehensive loss 9,128 (3,273,006) (3,263,878)
Share options and warrants - - 778,935 - - 778,935
Shares issued 396,000 396,000
30 June 2023 21,472,155 (77,237) 2,357,275 324,823 (8,835,689) 15,241,327
At 1 January 2024 26,310,625 (77,237) 5,713,259 (705,375) (11,448,283) 19,792,990
Loss for the period (2,861,194) (2,861,194)
Other comprehensive income (906,194) - (906,194)
26,310,625 (77,237) 5,713,259 (1,611,569) (14,309,476) 16,025,602
Share options and warrants - - 704,548 - - 704,548
30 June 2024 26,310,625 (77,237) 6,417,807 (1,611,569) (14,309,476) 16,730,150
The accompanying notes are an integral part of these interim unaudited
condensed consolidated financial statements.
Condensed Consolidated Statement of Consolidated Cash Flows
Unaudited Unaudited
six months to
six months to
30-Jun-24
30-Jun-23
Note £ £
Loss after tax for the period (2,861,194) (3,273,006)
Non-cash items:
Fair value of Loan Note warrants 592,633
Fair value recognition of share options and warrants 556,896
Equity settled transactions or services -
Movement in trade and other receivables 397,320 159,605
Movement in payables, provisions and accruals 835,849 22,964
Finance costs (9,806)
Net cash used in operating activities (1,035,392) (2,543,347)
Expenditure on exploration and evaluation assets (4,800,040) (5,481,243)
Net cash used in investing activities (4,800,040) (5,481,243)
Proceeds from issue of ordinary shares - 396,000
Finance costs - (9,806)
Net cash generated from financing activities - 386,194
Net cash flow (3,725,446) (7,638,396)
Cash and cash equivalents brought forward 6,202,028 12,368,265
Net cash flow (3,725,446) (7,638,396)
Effect of exchange rate changes (330,620) (91,120)
Cash and cash equivalents carried forward 35,976 4,638,749
The accompanying notes are an integral part of these interim unaudited
condensed consolidated financial statements.
Notes to the Financial Statements
1. GENERAL INFORMATION
CleanTech Lithium Plc ("CTL Plc", or the "Company")
The condensed consolidated interim financial statements of CleanTech Lithium
Plc for the first six months ended 30 June 2024 were authorised for issue in
accordance with a resolution of the Board on 29 September 2024.
CleanTech Lithium Plc was incorporated and registered as a private company,
initially with the name CleanTech Lithium (Jersey) Ltd, in Jersey on 1
December 2021 with registered number 139640. It was subsequently reregistered
as a public limited company on 20 January 2022 and on 2 February 2022 it
changed its name to CleanTech Lithium Plc.
On 14 February 2022, a share-for-share exchange between the shareholders of
CleanTech Lithium Ltd (CTL Ltd, or the U.K. entity) and CTL Plc completed,
resulting in CTL Plc acquiring and becoming the parent company of CTL Ltd and
its wholly owned subsidiaries, together "CleanTech Lithium Group" or the
"Group".
During the six months to 30 June 2024, there have been no changes to the
structure of the CleanTech Lithium Group.
2. BASIS OF PREPARATION
The condensed consolidated interim financial statements for the Group have
been prepared in accordance IAS 34 'Interim Financial Reporting' per the
U.K.-adopted international accounting standards. They are unaudited and do not
include all the information required for the preparation of the annual
consolidated financial statements and should be read in conjunction with the
audited consolidated financial statements for the year ended 31 December 2023
of CleanTech Lithium Plc, that can be found on the website:
https://www.ctlithium.com. (https://www.ctlithium.com.) The auditor's report
on those accounts was unmodified but it did make reference to material
uncertainties related to going concern.
The amounts in this document are presented in British Pounds (GBP), unless
noted otherwise. Due to rounding, numbers presented throughout these condensed
consolidated Interim financial statements may not add up precisely to the
totals provided and percentages may not precisely reflect the absolute figures
A summary of the significant accounting policies can be found in the Company's
consolidated financial statements for the year ended 31 December 2023, on
pages 50 to 53. The accounting policies used to prepare these condensed
consolidated interim financial statements are consistent with those.
Furthermore, there are no new standards or interpretations applicable from 1
January 2024 which have a significant impact on these condensed consolidated
interim financial statements.
Significant accounting judgments, estimates and assumptions
In preparing this interim financial report, it has been necessary to make
judgments, estimates and assumptions to form the basis of presentation,
recognition and measurement of the Group's assets, liabilities, items of
income statements, accompanying disclosures and the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in
outcomes that require a material adjustment to the carrying amount of assets
or liabilities affected in future periods.
The significant judgments, estimates and assumptions made when applying the
Group's accounting policies are the same as those applied to the consolidated
financial statements for the year ended 31 December 2023. The significant
judgment in assessing the exploration and evaluation assets for the existence
of indicators of impairment at the reporting date, which are set out in note
7.
Going Concern
The Group is in a pre-revenue phase of development and until its transition to
revenue generation and profitability the Group will be required to rely on
externally sourced funding to continue as a going concern, the Board
recognises this condition may indicate the existence of material
uncertainties, which may cast significant doubt regarding the Group's ability
to continue as a going concern. Notwithstanding, the Directors have a
demonstrated record of successfully raising capital raising for projects and
ventures of this nature and are confident in being able to secure the funding
needed for the Group to deliver on its commitments and continue as a going
concern.
3. ADMINISTRATION EXPENES
Administration expenses in the six months to 30 June 2024 totaled £2.8
million, of which approximately £0.9 million reflects non-cash items (2023:
£1.2 million). More specifically, approximately £0.6 million reflects a
provision made against VAT in Chile which ought to be recoverable once
production starts (Note 8 provides further detail) (2023: £0.6 million). In
addition to the non-cash VAT provision, approximately £0.6 million has been
recorded as a share-based payment for options historically issued and for
warrants issued as a part of the Loan Notes issued in the period (further
detail is set out in Note 9) (2023: nil), these two items were off-set by the
unrealised gain on translation of the deferred consideration of 0.3 million
(2023: nil).
Of the £1.9 million in cash costs, approximately £0.5 million relates to
staff costs (2023: £0.5 million), £0.4 million relates to promotion, public
and investor relations and travel (2023: £0.7 million), £0.8 million relates
to legal and professional (2023: £0.7million ) support including listing and
compliance and insurance costs, the balance of £0.2 million comprises a
variety of other and general administrative costs (2023: £0.1 million).
4. SEGMENTAL INFORMATION
The Group operates in a single business segment, being the exploration and
evaluation of mineral properties, activities which are undertaken in Chile
where all the Group's non-current assets are held.
5. INCOME TAX
The accrued income tax expense continues to be £nil as the Group remains in a
loss-making position. No deferred tax asset is recognised on these losses due
to the uncertainty over the timing of future profits and gains.
6. LOSS PER SHARE
The calculation of basic loss per ordinary share is based on the loss after
tax and on the weighted average number of ordinary shares in issue during the
period.
A diluted loss per share assumes conversion of all potentially dilutive
Ordinary Shares arising from the share schemes. Potential ordinary shares
resulting from the exercise of warrants and options have an anti-dilutive
effect due to the Group being in a loss position. As a result, diluted loss
per share is disclosed as the same value as basic loss per share.
Unaudited ix months to Reviewed six months to
30-Jun-2024 30-Jun-2023
Basic and diluted loss per share £ £
Loss after taxation (2,861,194) (3,273,006)
Basic weighted average number of ordinary shares (millions) 145.16 105.66
Basic loss per share (GBP £) (0.020) (0.031)
7. EXPLORATION AND EVALUATION ASSETS
Expenses incurred to date by the Chilean entities on feasibility studies,
mineral exploration and delineation were capitalised as "exploration and
evaluation assets" within "non-current assets" in accordance with the Group's
accounting policy.
Exploration and evaluation assets Unaudited Audited
six months ended Year ended
30-Jun-2024 31-Dec-23
£ £
Opening balance 13,710,413 5,317,412
Additions 19,795,670 9,383,902
Effect of foreign exchange translations (947,994) (990,901)
Closing balance 32,558,090 13,710,413
Of the £19.8 million in additions, approximately £15.9 million relates to
the fair value of deferred consideration for licences acquired under the LV
Purchase Agreement (refer Note 12), of which approximately £1.0 million was
paid during the period. A further £0.1 million reflects non-cash
share-based payments made to staff and contractors, about which further detail
is set out in Note 9 (#_bookmark14) . (#_bookmark14) Other additions
reflect the additions associated with the capital programmes being undertaken
during the period. These additions have been off-set by unrealised foreign
exchange gains of £0.9 million.
Impairment assessments
The Directors assess for impairment when facts and circumstances suggest that
the carrying amount of an exploration & evaluation asset (E&E) may
exceed its recoverable amount. In making this assessment, the Directors have
regard to the facts and circumstances noted in IFRS 6 paragraph 20. In
performing their assessment of each of these factors, at 30 June 2024, the
Directors have:
· reviewed the time period that the Group has the right to explore
the area and noted no instances of expiration, or licences that are expected
to expire in the near future and not be renewed;
· determined that further E&E expenditure is either budgeted or
planned for all licences;
· not decided to discontinue exploration activity due to there
being a lack of quantifiable mineral resource; and
· not identified any instances where sufficient data exists to
indicate that there are licences where the E&E spend is unlikely to be
recovered from successful development or sale.
Based on the above assessment, the Directors are not aware of any facts or
circumstances that would suggest the carrying amount of the E&E asset may
exceed its recoverable amount.
8. TRADE AND OTHER RECEIVABLES
Unaudited Audited
as at 30-Jun-24 as at 31-Dec-23
£ £
Prepayments and deposits 144,586 570,936
VAT 17,651 13,385
Other receivables 17,752 26,557
Total 179,989 610,898
Prepayments and deposits largely reflect prepaid insurance and other
commercial subscriptions which renew variously and annually as well as office
rental deposit amounts paid.
Although VAT shows a balance of approximately £18k at 30 June 2024, at that
date approximately £2.4 million in Chilean VAT recoverable is not shown in
the table above. Although the Chilean VAT is expected to be eligible for
refund in future, due to the uncertainty over the timing of future production
and revenues, which would trigger the Group's eligibility to recover that VAT,
the Directors have made full provision against this same amount. Accordingly,
approximately £0.6 million provision has been reflected in the income
statement for the period ended 30 June 2024 (refer Note 3).
Other receivables comprise multiple smaller working capital balances in Chile.
9. SHARE BASED PAYMENTS
On 30 June 2024, a total of 4,380,181 warrants attaching to Loan Notes issued
(refer Note 11) were granted. No other warrants or options were granted,
exercised, forfeited or allowed to lapse during the six months to 30 June
2024.
Unaudited Audited
Six months ended Year ended
30-Jun-24 31-Dec-23
# #
Outstanding at start of period 34,362,750 10,984,745
Share options granted - 3,283,000
Warrant shares granted 4,380,181 21,876,005
Share options exercised - (1,100,000)
Share options revoked or forfeited - (681,000)
Outstanding at end of period 38,742,931 34,362,750
All options and warrants are granted in Company's name. Share options
granted have a weighted average exercise price of 47 pence and warrant shares
granted have a weighted average exercise price of 34 pence.
The fair value of each option granted in the period was estimated on the grant
date using the Black Scholes option pricing model. The following assumptions
have been used:
Fair value of call option per share £0.12 - 0.38
Share price at grant dates £0.39 - 0.55
Exercise price £0.01 - 0.57
Expected volatility 98%
Vesting period 4.7-5.0 years from vesting
Risk-free interest rate (based on government bonds) 4.16%
The total share option fair value charge during the six months to 30 June 2024
is £198k (2023 £779k), of which approximately £86k has been recorded in the
income statement as a non-cash employee expense; the balance has been recorded
within E&E. The total warrant shares fair value charge during the six
months to 30 June 2024 was approximately £506k (2023: £27k).
As noted, these fair value estimates derived thorough Black-Scholes modelling
and Monte Carlo simulations are non-cash accounting entries.
10. PAYABLES, PROVISIONS AND ACCRUALS
Unaudited at Audited at
at 30-Jun-2024 At 31-Dec-23
£ £
Trade and other payables (863,526) (291,369)
Other taxes and social security (43,024) (60,268)
Provisions (99,067) (106,451)
Accruals (488,579) (272,262)
Total (1,494,196) (730,350)
Trade and other payables include routine trade creditors.
Other taxes and social security balances largely relate to people-related
costs and taxes balances at the period end. Accruals include routine accruals
for professional services rendered not invoiced at period end.
11. LOAN NOTES
Shortly after the period end, CleanTech received the cash generated from
issuing Loan Notes prior to 30 June 2024.
On 30 June 2024 the Company executed a GBP loan note instrument and an AUD
loan note instrument pursuant to which it issued loan notes to subscribers to
raise A$3.995 million, approximately £2.1 million, to finance working capital
and costs associated with ASX admission. In addition, the Loan Note holders
were granted with a total of 4,380,181 warrants valued at approximately GBP
£506,000 at the date of grant. As there are no vesting conditions attached to
the warrants, the total value has been expensed as a non-cash fair value
accounting adjustment (refer Note 9)
Although the Loan Notes have a maturity date of 30 June 2025, the Company
shall redeem the Loan Notes at par together with the applicable premium on the
earlier of the Maturity Date or 10 days following completion of any equity
fundraising by the Company of at least AUD $5.0 million. The premium payable
on redemption depends on when redemption occurs as follows: the Loan Notes
carry a premium of 15% if the Loan Notes are repaid within three calendar
months; or a premium of 25% if the Loan Notes are redeemed between four and
six calendar months; or a premium of 40% if the Loan Notes are redeemed
between seven and nine calendar months; or a premium of 50% if the Loan Notes
are redeemed between ten and twelve calendar months. The Loan Notes are
unsecured, however if they are not redeemed on or prior to three months from
their date of issue, the Company has agreed to use best endeavours to grant or
procure to grant the note holders a first ranking charge over both all the
assets and undertakings of the Company and the entire issued share capital of
CTL UK.
12. DEFERRED CONSIDERATION
Laguna Verde Option buy-out
On 19 April 2024, CleanTech Laguna Verde SpA, a wholly owned Chilean
subsidiary of CleanTech Lithium Plc, entered into a sale and purchase
agreement (LV Purchase Agreement) to acquire 100% legal and beneficial
interest in the mining licences historically held by CleanTech under option
under the terms of the LV Option Agreement. The LV Purchase Agreement had the
effect of terminating the LV Option Agreement.
Pursuant to the LV Purchase Agreement the consideration payable comprises
fixed payments totaling US$10.5 million, which are scheduled to occur a
various annual and semi-annual millstone periods over a period of up to 5
years from the date of the LV Purchase Agreement, and two deferred payments,
totaling US$24.5 million, scheduled to occur upon sold production reaching 10k
tonnes of LCE and 35k tonnes of LCE respectively or on the 10(th) anniversary
of the date of the LV Purchase Agreement, whichever is the earlier.
The carrying value for the LV licences acquired pursuant to the LV Purchase
Agreement, has been designated as an asset acquisition in accordance with the
Group accounting policy and assigned a fair value in accordance with the
principles of the UK IASs. Similarly, the Group has assigned a fair value to
the deferred consideration associated with the acquisition which is allocated
between current and non-current liabilities.
In assessing the appropriate basis on which to determine the fair value of the
non-current component of the deferred consideration, the Directors have used a
discount rate of 8% which they believe is reflective of the factors that
market participants would consider in the pricing of such a liability as well
as the currency in which the cashflows are denominated. This is consistent
with the requirements of IFRS 13 - Fair Value Measurement.
As described above, the two final payments of the deferred consideration,
totaling USD$24.5m, are required to be made upon achieving certain production
milestones, but in any event, are required to be made within 10 years of
execution of the LV Purchase Agreement. Due to the uncertainties surrounding
the timing of achieving the production milestones, the Directors have assumed
that the remaining two payments will be made on the 10(th) anniversary of
signing the LV Purchase Agreement.
Unaudited
at 30-Jun-24
£
Deferred consideration, current 988,784
Effect of foreign exchange differences on current deferred consideration (4,376)
Deferred consideration, current 984,408
Deferred consideration, non-current 13,894,931
Effect of foreign exchange differences on non-current deferred consideration (329,630)
Deferred consideration, current 13,565,301
Total 14,549,709
13. SUBSEQUENT EVENTS
Matters relating to events occurring since Period end are reported on in the
section entitled Chairman and Chief Executive Officer's Statement.
**ENDS**
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
Canaccord Genuity (Joint Broker) +44 (0) 20 7523 4680
James Asensio
Fox-Davies Capital Limited (Joint Broker) +44 (0) 20 3884 8450
Daniel Fox-Davies daniel@fox-davies.com (mailto:daniel@fox-davies.com)
Notes
About CleanTech Lithium
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/)
Glossary
CLS Pty Chilean Lithium Salars Pty Limited (Australian overhead company now wound-up
and deregistered)
CLSH Chilean Lithium Salars Holdings Limited (Australian holding company now
wound-up and deregistered)
CTL Ltd CleanTech Lithium Ltd; U.K. registered and tax domiciled company
CTL Plc CleanTech Lithium Plc; Jersey registered and tax domiciled company
DLE Direct lithium extraction
EIA Environmental Impact Assessment
ESG Environmental, Social and Governance
Group CleanTech Lithium statutory group
IPO Initial public offering
JORC The JORC Code provides a mandatory system for the classification of minerals
Exploration Results, Mineral Resources and Ore Reserves according to the
levels of confidence in geological knowledge and technical and economic
considerations in public reports
LCE Lithium carbonate equivalent, industry standard terminology used to compare
different forms of lithium compounds
LSE London Stock Exchange
MoU Memorandum of Understanding
mg/L micrograms per litre
Pro forma Group Non-statutory pro forma group as defined in the notes to the financial
statement
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