REG - CleanTech Lithium - Laguna Verde Resource Increase
10/11/2025 07:00
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RNS Number : 7620G CleanTech Lithium PLC 10 November 2025
10 November 2025
CleanTech Lithium PLC ("CTL", CleanTech Lithium" or the "Company")
Laguna Verde Resource Increase Based on Recent Licence Acquisition
CleanTech Lithium PLC ("CleanTech Lithium" or "CleanTech" or the "Company")
(AIM: CTL, Frankfurt:T2N), an exploration and development company advancing
sustainable lithium projects in Chile, announces an updated resource estimate
for its Laguna Verde project following the recent acquisition of additional
licences at the project. Laguna Verde is one of the six salars selected by
the Chilean Government to be prioritised for development by private companies.
Highlights:
· The mineral resource estimate is updated from that reported on 20 Jan
2025, based on the recent acquisition of additional licences at the project,
as reported to the market on 11 Aug 2025
· The updated total resource is 1.9 million tonnes of Lithium Carbonate
Equivalent (LCE), at a grade of 174 mg/L lithium, a 17% increase from the
previous total resource of 1.63 million tonnes of LCE
· 0.84 million tonnes of LCE is in the Measured + Indicated category
at a grade of 178 mg/L lithium
· The additional licences were acquired to meet the Government's
licence area requirement for entering the streamlined process for a Special
Lithium Operating Contract (CEOL)
· The Chilean government is finalising the indigenous community
consultations for Laguna Verde and it is expected that the streamlined process
will be announced shortly afterwards
· The JORC (2012) compliant estimate was calculated by Montgomery &
Associates ("Montgomery´" or "M&A"), a leading hydrogeological consultant
highly experienced in lithium brine resource estimation
· The resource estimate is based on three years of annual exploration
programmes completed by CTL from 2022 - 2024 including drill progammes, pump
test programmes and geophysics surveys
· Montgomery recommends three additional drillholes in the southwest,
north and northeast to potentially increase the resource
· The Measured and Indicated resource estimate will be used in the
ongoing pre-feasibility study (PFS) which is intended to underpin a maiden
reserve estimate for the Laguna Verde project.
Ignacio Mehech, Chief Executive Officer, CleanTech Lithium said: "The updated
JORC-compliant resource estimate for the Laguna Verde project, independently
determined by Montgomery & Associates, confirms a robust and significant
resource of 1.9 million tonnes of Lithium Carbonate Equivalent (LCE) at an
average grade of 174 mg/l lithium, with 0.84 million tonnes in the Measured
and Indicated category. The resource estimate is an important element of the
project´s Pre-Feasibility Study which is advancing to completion. This
positions Laguna Verde as a leading direct lithium extraction (DLE) based
project in Chile's lithium sector and as a future producer for the global EV
and battery market."
Further Details:
Background to Updated Resource Estimate
The previous total resource estimate declared for Laguna Verde of 1.63 million
tonnes LCE was based on the CEOL polygon proposed by the Company. Of this
total resource estimate, 1.21 million tonnes LCE was based on the Company´s
preferential licence area within that polygon, and 0.42 million tonnes LCE was
classified as provisional based on the total proposed CEOL area. In August
2025 the Company acquired an additional 30 licences from Minergy Chile SpA,
with the primary objective of increasing the preferential licence position
within the Government defined CEOL polygon as shown Figures 1 and 2. The
acquisition increased the Company´s preferential licence position within the
Government's defined polygon to 97.6% of the area, exceeding a threshold of
80% required by the Government for consideration to enter a streamlined CEOL
process for Laguna Verde. The updated resource estimate of 1.9 million
tonnes LCE is based on the enlarged preferential licence area in Figure 2.
Fig 1: Previous Preferential Licence Extent & Govt. CEOL Polygon
Fig. 2: Post Acquisition Preferential Licence Extent
The resource estimate is based on annual exploration programmes completed by
the Company between 2022 - 2024, in which rotary and diamond drill programmes
were completed as shown in Figure 3. Additional observation wells were
drilled to support observations during pump tests. Three additional diamond
drillholes in the southwest, north, and northeast are recommended to
potentially further expand the resource volume (LV08, LV09, and LV10).
Fig 3: Existing and Recommended Exploration Wells at Laguna Verde
Resource Summary
The technical report has been prepared by Montgomery to conform to the
regulatory requirements of the JORC Code (2012). Mineral Resources are also
reported in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM) Best Practice Guidelines (CIM, 2012). The breakdown of the
resource categories comprising the total resource is provided in Table 1
below.
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. Furthermore, not all mineral resources can be converted
into mineral reserves after application of the modifying factors, which
include but are not limited to mining, processing, economic, and environmental
factors.
Table 1: Mineral Resource Estimate for the Laguna Verde Project (Effective
October 30, 2025)
Resource Category Surface Brine Volume (m(3)) Subsurface Brine Volume (m(3)) Average Lithium (mg/L) In Situ Lithium (tonnes) Li(2)CO(3) Equivalent (tonnes)
Measured - 3.5E+08 169 59,000 312,000
Lake Resource (Measured) 5.9E+07 - 246 15,000 78,000
Indicated - 4.8E+08 175 84,000 445,000
Measured + Indicated 5.9E+07 8.3E+08 178* 158,000 835,000
Inferred - 1.2E+09 167 200,000 1,065,000
Total Measured + Indicated + Inferred 5.9E+07 2.0E+09 174* 358,000 1,900,000
Notes:
1. A lithium cut-off grade of 100 milligrams per liter (mg/L) was
applied based on the chosen DLE processing method, as well as anticipated
capital expenditure and operating expenses.
2. Mineral Resources that are not Mineral Reserves do not have
demonstrated economic viability. Furthermore, not all Mineral Resources can be
converted into Mineral Reserves after application of the modifying factors,
which include but are not limited to mining, processing, economic, and
environmental factors.
3. The conversion factors used to calculate the equivalents from their
metal ions are simple and based on the molar weight for the elements added to
generate the equivalent. The equations are as follows: Li x 5.323 = lithium
carbonate equivalent (Li(2)CO(3)).
4. Tonnages are rounded to the nearest thousand and grades are rounded
to the nearest whole number; comparison of values may not be exact due to
rounding.
5. Average grades were calculated from the division between mass
(tonnes) and brine volume (m(3)).
*Surface + Subsurface
The exploration programme and resource estimation method used to develop this
current resource was reported in the RNS of 20 January 2025 "Clean Tech
Lithium Plc Laguna Verde Resource Update".
Competent Persons Statement
The following professionals act as competent persons, as defined in the AIM
Note for Mining, Oil and Gas Companies (June 2009) and JORC Code (2012):
Mr. Michael Rosko is a Registered Member of the Society for Mining, Metallurgy
and Exploration, member #4064687. He graduated from the University of Illinois
with a bachelor's degree in geosciences in 1983, and from the University of
Arizona with a master's degree in geosciences in 1986. Mr. Rosko is a
registered professional geologist in the states of Arizona (#25065),
California (#5236), and Texas (#6359). Mr. Rosko has practiced his profession
for over 38 years and has been directly involved in design of numerous
exploration and production well programs in salar basins in support of lithium
exploration, and estimation of the lithium resources and reserves for many
other lithium projects in Argentina and Chile.
Mr. Brandon Schneider is employed as a Senior Hydrogeologist at M&A. He
graduated from California Lutheran University in 2011 with a Bachelor of
Science degree in Geology (with Honors) and obtained a Master of Science in
Geological Sciences (Hydrogeology focus) from the University of Notre Dame in
2013. He is a professional in the discipline of Hydrogeology and a Registered
Professional Geologist in Arizona (#61267) and SME Registered Member
(#4306449). He has practiced his profession continuously since 2013. His
relevant experience includes: (i) from 2013 to 2016, consulting hydrogeologist
specializing in hydrogeological characterizations, aquifer test analyses,
groundwater modeling, and pumping well optimization for mining projects and
sedimentary basins in Arizona, United States; (ii) since 2017, consulting
hydrogeologist in Chile specializing in lithium brine projects in Argentina
and Chile with experience in brine exploration, lithium brine resource and
reserve estimates, resource and reserve reporting, variable density flow and
transport modeling, and optimization of groundwater pumping.
For further information contact:
CleanTech Lithium PLC
Ignacio Mehech/Gordon Stein/Nick Baxter Office: +44 (0) 1534 668 321
Mobile: +44 (0) 7494 630 360
Chile office: +562-32239222
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) is an exploration and development
company advancing lithium projects in Chile for the clean energy transition.
CleanTech Lithium has two key lithium projects in Chile, Laguna Verde and
Viento Andino, and exploration stage project in Arenas Blancas (Salar de
Atacama), located in the lithium triangle, a leading centre for battery grade
lithium production.
CleanTech Lithium is committed to utilising Direct Lithium Extraction ("DLE")
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. For more information, please visit:
www.ctlithium.com (http://www.ctlithium.com)
**ENDS**
APPENDIX A - JORC TABLE 1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or
specific specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or handheld XRF · Sub-surface brine samples were obtained using six different methods:
instruments, etc). These examples should not be taken as limiting the broad Packer sampling, PVC airlift sampling, disposable bailer sampling, electric
meaning of sampling. valve bailer sampling, Hydrasleeve sampling, and composite brine sampling
during pumping tests.
· Include reference to measures taken to ensure sample representativity
and the appropriate calibration of any measurement tools or systems used.
· Aspects of the determination of mineralisation that are Material to · Brine water samples were taken from the surface of the lagoon, in an
the Public Report. 800 m sampling grid, including eight sampling duplicates at random locations.
The samples were taken from a 0.5 m depth, and for positions with a depth
· In cases where 'industry standard' work has been done this would be above 5 m, a bottom sample was also obtained.
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay'). In other cases more explanation may be required, such as where there
is coarse gold that has inherent sampling problems. Unusual commodities or · In the field, electrical conductivity and temperature were measured
mineralisation types (eg submarine nodules) may warrant disclosure of detailed for every sample with a Hanna Multiparameter device. All materials and
information. sampling bottles were first flushed with brine water before being filled.
· For every sample, 2 liters of brine were obtained with a 1-liter
double valve bailer, using a new bailer for each sampling position. All
materials and sampling bottles were first flushed with 100 cc of brine water
before receiving the final sample. Electrical conductivity was measured for
every sample with a Hanna Multiparameter model HI98192. The last two samples
that had similar stabilized electrical conductivity values were identified as
the primary and duplicate samples.
· For the packer sampling, a packer bit tool provided by the drilling
company (Big Bear) was used. Once the sampling support was sealed, a purging
operation took place until no drilling mud was detected. After the purging
operation, a half an hour waiting period took place to let brine enter to the
packer tool before sampling with a double valve bailer.
· Successive 1-liter samples were taken every 30 minutes with a double
valve bailer.
· Packer samples were obtained approximately every 18 m.
· PVC casing suction brine samples were extracted after well
development. Once the well was clean and enough water was purged (at least
three times the well volume), the PVC casing suction samples were taken from
bottom to top while the 2-inch PVC was extracted from the well. A 20-liter
bucket was filled with brine and samples were obtained from the bucket once
the remaining fine sediments were decanted.
· Brine airlift samples were taken every 6 m.
· Disposable bailer samples were obtained by JCP Ltda. specialists
in water sampling. Samples were taken from the interest depths with a double
valve disposable bailer. The bailer was lowered and raised with an electric
cable winch to maintain a constant velocity and avoid bailer valves opening
after taking the sample. A new bailer was used for each well.
· Disposable bailer samples were obtained every 6 m.
· In the first quarter of 2023, electric bailer samples were taken
from wells LV05, LV06, and LV02 after their proper development. Depth-specific
samples were obtained with a 1-liter electric bailer. This sampling process
was undertaken by Geodatos.
· On all sampling procedures the materials and sampling bottles were
first flushed with 100 cc of brine water before receiving the final sample.
· Packer samples were taken in wells LV01, LV02, LV03, LV07, and LV11.
Airlift samples were obtained from wells LV01, LV04, LV05, and LV06.
Disposable bailer samples were taken in wells LV01 and LV02. Electronic bailer
samples were obtained from wells LV02, LV05, and LV06. Hydrasleeve samples
were taken from LV04 and LV11. Composite brine samples from pumping tests were
taken at wells LV05 and LV06.
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or
standard tube, depth of diamond tails, face-sampling bit or other type, · Diamond drilling with a PQ3 diameter was used to drill wells LV01 and
whether core is oriented and if so, by what method, etc). LV03 to a depth of 320 m. Below that depth, the drilling diameter was reduced
to HQ3.
· At wells LV02 and LV04, diamond drilling with a PQ3 diameter was used
to their final depth.
· For both diameters, a triple tube core barrel was used for the core
recovery.
· Except for drillhole LV04, custom-made packer bits provided by Big
Bear were used to obtain brine samples.
· Drillholes LV01, LV02 and LV04 were cased with 3" PVC and silica
gravel. LV03 was not cased due to well collapse and tool entrapment.
· Wells LV05 and LV06 were drilled using the flooded reverse drilling
method with a 14 ¾ inch diameter to their final depths. Both wells were cased
with 8-inch PVC and gravel pack.
· Diamond drillholes LVM05a and LVM06c were drilled with a HQ3 diameter
from surface to the final depth. LVM05b was drilled with Tricone 3 7/8"
diameter from land surface to 41.5 m.
· Diamond drillhole LV07 was drilled with PQ3 diameter from land
surface to 300 m, and with HQ3 diameter from 300 to 650 m.
· Diamond drillhole LV11 was drilled with PQ3 diameter from land
surface to 254 m with no recovery in the first 50 meters, and it was drilled
with HQ3 diameter from 254 to 412.85 m.
Development operations
· After PVC casing and silica gravel installation took place at the
exploration wells, a development process was undertaken to ensure clean
aquifer water was available during sampling. The well development included
injection of a hypochlorite solution to break the drilling additives, and
purging via airlifting of a minimum three well volumes was undertaken to clean
the cased well from drilling mud.
· The developing process was made using a small rig, a high-pressure
compressor and 2-inch threaded PVC that can be coupled to reach any depth. The
purging/cleaning operation was made from top to bottom, injecting air with a
hose inside the 2-inch PVC and "suctioning" the water to emulate a reverse
circulation (airlift) system.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Diamond core recovery was ensured by direct supervision and
results assessed. continuous geological logging in the field.
· Measures taken to maximise sample recovery and ensure representative · For wells drilled using the flooded reverse drilling method, drill
nature of the samples. cuttings were collected in 10 kg sample bags for geological logging and tests
purposes. Direct supervision and continuous geological logging were applied to
· Whether a relationship exists between sample recovery and grade and ensure reliable recovery and descriptions
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
Logging · Whether core and chip samples have been geologically and · Geological logging took place continuously during drilling in the
geotechnically logged to a level of detail to support appropriate Mineral field. Descriptions were done by CleanTech and M&A.
Resource estimation, mining studies and metallurgical studies.
· Whether logging is qualitative or quantitative in nature. Core (or
costean, channel, etc) photography. · Logging forms were prepared prior to field work and were used to
ensure the same information and style was used regardless of the field
· The total length and percentage of the relevant intersections logged. geologist.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · During the brine batch preparation process, the samples were
taken. transferred to new sampling bottles. Quality control samples, including
standards (internal standards composed of a known stable brine), duplicates,
· If non-core, whether riffled, tube sampled, rotary split, etc and and blank samples (distilled water) were randomly included in the batch. After
whether sampled wet or dry. quality control sample insertion, all samples were re-numbered before
submitting to laboratory. Before transferring each sample, the materials used
· For all sample types, the nature, quality and appropriateness of the for the transfer were flushed with distilled water and were then shaken to
sample preparation technique. remove water excess, avoiding contamination.
· Quality control procedures adopted for all sub-sampling stages to
maximise representivity of samples.
· Measures taken to ensure that the sampling is representative of the
in situ material collected, including for instance results for field
duplicate/second-half sampling.
· Whether sample sizes are appropriate to the grain size of the
material being sampled.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Brine samples were assayed by ALS Life Science Chile laboratory
laboratory procedures used and whether the technique is considered partial or (ALS), for Li, K, B, Mg, Ca, Cu, and Na using the ICP-OES method described on
total. QWI-IO-ICP-OES- 01 Edition A, Modification 0 EPA 3005A; EPA 200.2.
· For geophysical tools, spectrometers, handheld XRF instruments, etc,
the parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc. · For density measurements, the method described by Thompson and
Troeh Y "Los suelos y su fertilidad." 2002. Editorial Reverté S.A. Cuarta
· Nature of quality control procedures adopted (eg standards, blanks, Edición. Págs.75-85, was used.
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established. · Chlorine determination was done based on Standard Methods for the
Examination of Water and Wastewater, 23rd Edition 2017. Método 4500-Cl-B
QWI-IO-Cl-01 Emisión B, mod. 1. SM 4500-Cl- B, 22nd Edition 2012.
· Total Dissolved Solid (TDS) determination was done using the
method described on INN/SMA SM 2540 C Ed 22, 2012.
· Sulfate was analyzed according to the method described in INN/SMA
SM 4500 SO4-D Ed 22, 2012.
· Duplicates were obtained randomly during brine sampling. Also,
blanks (distilled water) and standards were randomly inserted during the
laboratory batch preparation.
· The 2022 standards were prepared by the Universidad Católica del
Norte, Chile using a known stable brine. Standard nominal grade was calculated
in a round-robin process that included four laboratories. The ALS laboratory
was validated during the round-robin process.
· Check samples composed by standards, duplicates, and blanks were
inserted at a rate of one for each 20 original samples during the year 2022.
· After the year 2023, quality control samples were inserted at a
rate of one every 10 original samples. For the 2023 QA/QC process, a new set
of standards was internally prepared using 200 liters of brine obtained from
well LV02 during the development process. Standard nominal lithium grade was
calculated in a round-robin process that included four laboratories.
· For the 2024 sampling campaign, duplicates, standards, and blanks
were utilized during brine sampling and were submitted for analysis. Standards
for the 2024 campaign were prepared in the University of Antofagasta. Quality
control samples were inserted at a rate of approximately one every 10 original
samples.
Geophysics:
· To measure the lake bathymetry, a Garmin Echomap CV44 and Eco
Probe CV20-TM Garmin were used. The equipment has a resolution of 0.3 ft and
maximum depth measurement of 2,900 ft. The bathymetry data was calibrated
using a density of 1.14 g/cm(3).
· For the TEM geophysical survey, a Zonge multipurpose digital
receiver model GDP-32 and TEM transmitter model ZT-30 were used.
· For the first survey campaign in May 2021, a coincident
transmission/reception loop was utilized with 11 lines and a 400 m separation.
167 stations were designated with a 100x100 m(2) loop and four stations with a
200x200 m(2) loop; a survey depth of 300 m and 400 m was reached,
respectively.
· For the second TEM geophysical survey in March 2022, 32 TEM
stations were surveyed which utilized six lines and a 400 m separation. A
coincident loop Tx=Rx of 200 x 200 m(2) allowed for the investigation to a
depth of 400 m.
· For the third TEM geophysical survey in January 2023, 14 TEM
stations were surveyed with two lines and a 400 m separation. A coincident
loop Tx=Rx of 200x200 m(2) allowed for investigation to a depth of 400 m.
· The equipment used for the gravity survey was a Scintrex portable
digital model CG-5 Autograv, "microgravity meter", with a 0.001 mGal
resolution as well as a tidal, temperature, pressure, and automatic level
correction system.
· The topographic data measured during the gravity survey was
acquired with a double frequency differential positioning equipment, brand CHC
NAV, model I-80 GNSS, that consists of two synchronized instruments, the first
of which was fixed at a known topographic station, and the other that is
mobile through the surveyed gravimetric stations.
· In January 2023, a gravity survey was made consisting of 111
stations, with a separation of 200 m to 300 m, and arrangement through four
lines around the lagoon area.
Verification of sampling and assaying · The verification of significant intersections by either independent · The assay data was verified by M&A and C. Feddersen based on the
or alternative company personnel. assay certificates.
· The use of twinned holes. · Data from bathymetry and geophysics was used as delivered by
Servicios Geológicos Geodatos SAIC.
· Documentation of primary data, data entry procedures, data
verification, data storage (physical and electronic) protocols.
· Discuss any adjustment to assay data. · Geological logs were managed by the geology contractor GEOMIN and
were checked by the Competent Persons.
· Brine samples batches were prepared personally by the competent
person, JCP Ltda., Geomin SpA or according to Competent Person's instructions.
All data was stored in Excel files.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · Sample coordinates were obtained with a non-differential hand-held
and down-hole surveys), trenches, mine workings and other locations used in GPS unit.
Mineral Resource estimation.
· The bathymetry coordinates in Laguna Verde were obtained by a Thales
· Specification of the grid system used. Navigation differential GPS system, which consists of two GPS ProMark3 devices
designed to work in geodesic, cinematic, and static modes of high precision,
· Quality and adequacy of topographic control. where one of the instruments was installed as a base station and the other on
board of the craft.
· The TEM geophysical survey coordinates were obtained with a
non-differential hand-held GPS unit.
· Drillhole collars were obtained with a non-differential hand-held GPS
unit. Positions were verified by the mining concession field markings.
· Gravity stations were located with a double frequency differential
positioning equipment, brand CHC NAV, model I-80 GNSS, that consists of two
synchronized pieces of equipment, one fixed at a known topographic station,
and the other mobile at the surveyed gravimetric stations.
· The coordinate system is UTM, Datum WGS84 Zone 19J.
· Topographic control is not considered critical as the lagoon and its
surroundings are generally flat lying and the samples were definitively
obtained from the lagoon.
Data spacing and distribution · Data spacing for reporting of Exploration Results.
· Whether the data spacing and distribution is sufficient to establish · The geochemical lagoon sample spacing was approximately 800 m,
the degree of geological and grade continuity appropriate for the Mineral covering the entire lagoon area.
Resource and Ore Reserve estimation procedure(s) and classifications applied.
· Packer brine samples were taken vertically every 18 m.
· Whether sample compositing has been applied.
· PVC bailer samples (disposable and electric) were taken vertically
every 6 m.
· For bathymetry, two grids were used, one of 400 m and the other of
200 m in areas where the perimeter has more curves.
· For TEM geophysical surveys, the distance between stations was 400 m.
· For the gravimetric survey, the distance between stations was 200 -
300 m.
· The author believes that the data spacing and distribution are
sufficient to establish the degree of geological and grade continuity
appropriate for the resource estimate.
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · The lagoon in Laguna Verde is a free water body, and no mineralized
possible structures and the extent to which this is known, considering the structures are expected in the sub-surface deposits.
deposit type.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a
sampling bias, this should be assessed and reported if material.
Sample security · The measures taken to ensure sample security. · All brine samples were marked and kept on site before
transporting them to the Copiapó warehouse where the laboratory sample batch
was prepared and stored in sealed plastic boxes. Subsequently, the Laguna
Verde samples were sent via courier to the ALS laboratory in Antofagasta. The
transport of samples was directly supervised by the Competent Person.
· ALS laboratory personnel reported that the samples were received
without any problem or disturbance.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · The assay data was verified by M&A and C. Feddersen against
the laboratory certificates.
· The July 2021 JORC technical report was reviewed by Montgomery
& Associates Vice President and CP Michael Rosko, MS PG, SME Registered
Member #4064687. In the report, he concludes that "The bulk of the information
for the Laguna Verde exploration work and resulting initial lithium resource
estimate was summarized Feddersen (2021). Overall, the CP agrees that
industry-standard methods were used, and that the initial lithium resource
estimate is reasonable based on the information available".
· The September 2022 JORC Report Laguna Verde Updated Resource
Estimation Report, and data acquisition and QA/QC protocols were audited in
October 2022 by Don Hains, P. Geo. from Hains Engineering Company Limited (D.
Hains October 2022 QA/QC Procedures, Review, Site Visit Report).
· Hains concluded that "The overall QA/QC procedures employed by
CleanTech are well documented and the exploration data collected and analysed
in a comprehensive manner. There are no significant short comings in the
overall programme."
· With respect to the exploration program, Hains stated that "the
overall exploration program has been well designed and well executed. Field
work appears to have been well managed, with excellent data collection. The
drill pads have been restored to a very high standard. The TEM geophysical
work has been useful in defining the extensional limits of the salar at Laguna
Verde".
· With respect to specific yield, Hains stated that "RBRC test work
at Danial B. Stevens Associates has been well done. It is recommended
obtaining specific yield data using a second method such as centrifuge,
nitrogen permeation or NMR. The available RBRC data indicates an average Sy
value of 5.6%. This is a significant decrease from the previously estimated
value of approximately 11%. The implications of the lower RBRC value in terms
of the overall resource estimate should be carefully evaluated".
· Several recommendations were made by Mr. Hains in his report to
improve the QA/QC protocols, data acquisition, assays, presentation, and
storage. His recommendations have been considered and included in the
exploration work schedule since October 2022.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · In Laguna Verde, CleanTech, through Atacama Salt Lakes SpA, has 88
agreements or material issues with third parties such as joint ventures, pedimentos constituidos which cover an area of 22,800 hectares, 8 solicitudes
partnerships, overriding royalties, native title interests, historical sites, de mensura which cover an area of 1,332 hectares, and 61 pertenencias which
wilderness or national park and environmental settings. cover an area of 9,758 hectares. CleanTech also has additional pedimentos en
trámite. Drilling and sampling for lithium can occur where the CleanTech has
· The security of the tenure held at the time of reporting along with preferential licenses, which covers a majority of their concessions.
any known impediments to obtaining a licence to operate in the area.
· In Laguna Verde, CleanTech is also in the application process for a
Contrato Especial de Operation de Litio (CEOL) from the Chilean Government,
which would grant them the sole right to explore and exploit lithium in the
basin. The current extent of the CEOL is referential and could be subject to
change, however it is expected to cover a large portion of the basin.
CleanTech has confirmed it is confident in its CEOL application for Laguna
Verde, given the extensive work programmes carried out over the past 2-3 years
and CleanTech's current preferential license area.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · In Laguna Verde, exploration work has also been done by Pan American
Lithium and Wealth Minerals Ltda.
Geology · Deposit type, geological setting and style of mineralization. · Laguna Verde is a hypersaline lagoon that is classified as an
immature clastic salar. The deposit is composed of a surface brine resource,
including the brine volume of the surface lagoon. The sub-surface resource
formed by brine water hosted in volcano-clastic sediments that lie beneath the
lagoon.
Drill hole Information · A summary of all information material to the understanding of the · The following drillhole are in the WGS84 zone 19S coordinate system:
exploration results including a tabulation of the following information for
all Material drill holes: · LV01 E549,432 N7,027,088
o easting and northing of the drill hole collar ELEV 4,429 m a.s.l.
Azimuth 0°, dip -90°, Length 474 m
o elevation or RL (Reduced Level - elevation above sea level in metres) of the
drill hole collar · LV02 E 553,992 N 7,024,396
o dip and azimuth of the hole ELEV 4,354 m a.s.l.
Azimuth 0°, dip -90°, Length 339.4 m
o down hole length and interception depth
· LV03 E 549,980 N 7,028,434
o hole length.
ELEV 4,402 m a.s.l.
· If the exclusion of this information is justified on the basis that
Azimuth 120°, dip -60°, Length 547.5 m
the information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly explain why · LV04 E 556,826 N 7,024,390
this is the case.
ELEV 4,350 m a.s.l.
Azimuth 0°, dip -90°, Length 311 m
· LV05 E 550,972 N 7,027,908
ELEV 4,355 m a.s.l.
Azimuth 0°, dip -90°, Length 434.6 m
· LV06 E 555,912 N 7,026,004
ELEV 4,335 m a.s.l.
Azimuth 0°, dip -90°, Length 405 m
· LVM05a E 550,921 N 7,027,908
ELEV 4,355 m a.s.l.
Azimuth 0°, dip -90°, Length 221.5 m
· LVM05b E 550,946 N 7,027,951
ELEV 4,355 m a.s.l.
Azimuth 0°, dip -90°, Length 41.5 m
· LVM06c E 555,959 N 7,026,032
ELEV 4,335 m a.s.l.
Azimuth 0°, dip -90°, Length 40 m
· LV07 E 552,561 N 7,025,296
ELEV 4,345 m a.s.l.
Azimuth 0°, dip -90°, Length 650 m
· LV11 E 555,582 N 7,024,793
ELEV 4,345 m a.s.l.
Azimuth 0°, dip -90°, Length 413.9 m
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · For the surface brine resource, no low-grade cut-off or high-grade
maximum and/or minimum grade truncations (eg cutting of high grades) and capping has been implemented due to the consistent nature of the brine assay
cut-off grades are usually Material and should be stated. data.
· Where aggregate intercepts incorporate short lengths of high grade · For the sub-surface resource, no low-grade cut-off or high-grade
results and longer lengths of low grade results, the procedure used for such capping has been implemented.
aggregation should be stated and some typical examples of such aggregations
should be shown in detail.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralization widths and intercept lengths · These relationships are particularly important in the reporting of · In Laguna Verde, the relationship between aquifer widths and
Exploration Results. intercept lengths are direct with vertical wells, however LV03 was inclined
with a dip of -60°.
· If the geometry of the mineralisation with respect to the drill hole
angle is known, its nature should be reported.
· If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg 'down hole length, true width
not known').
Diagrams · Appropriate maps and sections (with scales) and tabulations of · Locations of the Laguna Verde Exploration Drillholes
intercepts should be included for any significant discovery being reported
These should include, but not be limited to a plan view of drill hole collar
locations and appropriate sectional views.
· Generalized Stratigraphic Column for Laguna Verde Area (based on
wells LV01 to LV06)
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · Reported results have not been filtered based on the exclusion of low
practicable, representative reporting of both low and high grades and/or or high grades.
widths should be practiced to avoid misleading reporting of Exploration
Results.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Pumping tests were conducted at wells LV05 and LV06.
reported including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples - size and method of · A 50 hp submergible electric pump, and piping with flowmeters were
treatment; metallurgical test results; bulk density, groundwater, geotechnical used for the pump tests. The tests consisted of a variable rate pumping to
and rock characteristics; potential deleterious or contaminating substances. verify the aquifer and pump capacity, as well as subsequently constant rate
(48-hour to 7-day) pumping tests to obtain aquifer parameters and monitor
observed water levels and the extracted brine chemistry.
· In LV05, the pump was installed at 156 m and in LV06, at 150 m.
Further work · The nature and scale of planned further work (eg tests for lateral · Exploration drilling and testing will continue in the next project
extensions or depth extensions or large-scale step-out drilling). phase. Areas of additional exploration will include the western and
northern/northeastern portion of the current property concessions. A future
· Diagrams clearly highlighting the areas of possible extensions, long-term pumping and reinjection test is also planned.
including the main geological interpretations and future drilling areas,
provided this information is not commercially sensitive.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to
this section.)
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for
example, transcription or keying errors, between its initial collection and
its use for Mineral Resource estimation purposes. · For the previous resource estimate (Feddersen, 2023), all databases
were built from original data by Competent Person C. Feddersen and were
· Data validation procedures used. checked by project personnel.
· For the resource estimate detailed in this report and the previous
resource report (M&A, 2025), databases were reviewed by M&A staff and
the CPs.
Site visits · Comment on any site visits undertaken by the Competent Person and the · A site visit was undertaken by Competent
outcome of those visits.
Person C. Feddersen from June 2nd to June 4th, 2021. The outcome of the visit
· If no site visits have been undertaken indicate why this is the case. was a general geological review and the lagoon water brine geochemical
sampling that led to the July 2021 JORC Technical Report.
· Competent Person M. Rosko conducted a site visit in October 2021 to
review the exploration activities.
· The January to May 2022 drilling campaign was continually supervised
by the Competent Person C. Feddersen, that led to the September 2022 updated
JORC Technical Report.
· The October 2022 to May 2023 drilling campaign was also supervised by
Competent Person C. Feddersen.
· The 2024 campaign was supervised by M&A Competent Persons and
staff.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological
interpretation of the mineral deposit.
· For the surface brine resource, an average lithium grade was used for
· Nature of the data used and of any assumptions made. the entire surface water body based on the consistent values obtained; thus,
there is a high certainty.
· The effect, if any, of alternative interpretations on Mineral
Resource estimation. · For the sub-surface resource, the geological interpretation was made
based on the TEM and gravity surveys conducted by Geodatos. The lithological
· The use of geology in guiding and controlling Mineral Resource interpretation was confirmed by the January - May 2022 diamond drillhole
estimation. campaign (LV01 to LV04), December 2022 - May 2023 drillhole campaign (LV05
& LV06), and 2024 campaign (LV07 & LV11).
· The factors affecting continuity both of grade and geology.
· Low resistivities are associated with volcaniclastic sediments
saturated in brines, but also with tuff, very fine sediments, or clays. The
direct relationship between the low resistivity layer with the overlying
hypersaline lagoon raises the confidence that the low resistivities are
associated with brines.
· Drillholes confirm the geological interpretations.
Dimensions · The extent and variability of the Mineral Resource expressed as
length (along strike or otherwise), plan width, and depth below surface to the
upper and lower limits of the Mineral Resource. · For the surface brine resource, the lagoon dimensions are 14,682,408
m(2) of area with depths ranging from 0 m to 7.18m with an average depth of
4.05 m.
· The sub-surface brine resource is a horizontal lens closely
restricted to the lagoon perimeter with an area of approximately 55 km(2) and
depths of more than 400 m, from approximately 4,309 m a.s.l. to the deepest
exploration well (LV07; 650 m deep).
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · For the surface brine resource, the surface lake brine water
and key assumptions, including treatment of extreme grade values, domaining, volume is directly obtained by the bathymetry study detailed on Section 4.2.
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a
description of computer software and parameters used.
· Lithium sample values are in general homogeneously distributed
· The availability of check estimates, previous estimates and/or mine along the lagoon, thus the lithium content in the lake was not estimated via
production records and whether the Mineral Resource estimate takes appropriate kriging or another geostatistical method. The average lithium value of 246
account of such data. mg/L was used for the surface brine resource estimate.
· The assumptions made regarding recovery of by-products.
· Estimation of deleterious elements or other non-grade variables of · The subsurface resource was updated using a block model in the
economic significance (eg sulphur for acid mine drainage characterisation). Leapfrog software (Seequent, 2023). During the resource estimation process,
the CPs considered the Canadian Institute of Mining (CIM, 2012) Best Practice
· In the case of block model interpolation, the block size in relation for Reporting of Lithium Brine Resources and Reserves as well as the Houston
to the average sample spacing and the search employed. et al. (2011) guidelines for brine deposits.
· Any assumptions behind modelling of selective mining units.
· Any assumptions about correlation between variables. · Leapfrog is an industry-standard software program which uses a
3-D implicit modeling approach (Seequent, 2023); with Leapfrog Geo, the
· Description of how the geological interpretation was used to control geological model was created, and subsequently, the resource block model
the resource estimates. construction and mass calculations were undertaken using the Edge extension.
Considering the horizontal and vertical spacing of obtained field samples, the
· Discussion of basis for using or not using grade cutting or capping. block model discretization was 150 m by 150 m (horizontal spacing), with a
vertical spacing of 5 m, and the total number of blocks corresponds to
· The process of validation, the checking process used, the comparison 1,926,123.
of model data to drill hole data, and use of reconciliation data if available.
· Lithium brine concentration results obtained from sampling were
utilized as an input for the resource block model; original ALS results from a
variety of sampling methods (including packer, airlift, and pumping tests)
were used for a majority of the wells. Packer samples were prioritized for the
resource estimate, as they result in depth-specific concentrations, and other
methods were used where packer samples were not available.
· Drainable porosity values for the hydrogeologic units in Laguna
Verde were estimated based on the results of Daniel B. Stephens &
Associates, Inc. (DBS&A) laboratory (LV01, LV02, LV03 and LV04) and GSA
Laboratory (LV07 and LV11) testing, and their reasonableness was confirmed
based on lithology of the unit.
· Prior to the resource block modeling, an exploratory data
analysis (EDA) phase was undertaken for lithium concentrations to identify
trends such as univariate statistics and histograms, box plots, and spatial
correlations.
· Ordinary kriging was employed for the interpolation of lithium
concentrations within the subsurface block model.
· The resource block model was validated by visual inspection and
comparison of the measured and block model concentrations. Swath plots were
also utilized.
Moisture · Whether the tonnages are estimated on a dry basis or with natural · Moisture content is not relevant for the estimation of brine
moisture, and the method of determination of the moisture content. resources.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · A lithium cut-off grade of 100 mg/L was applied to the resource
applied. estimate based on the chosen DLE processing method, as Lanshentec has
reportedly recovered lithium content as low as 80 mg/L from raw brine.
Furthermore, the applied cut-off grade of 100 mg/L is reasonable based on an
assumed projected LCE price of $15,000 USD, capital expenditure of $800
million USD, and operating expenses of $6,000 USD per tonne of LCE. Only
blocks with interpolated lithium grades equal to or greater than the applied
cut-off grade (100 mg/L) were considered for the resource estimate.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Mining will be undertaken by pumping brine from vertical production
dimensions and internal (or, if applicable, external) mining dilution. It is wells and re-injection of spent brine will subsequently occur back in the
always necessary as part of the process of determining reasonable prospects aquifer.
for eventual economic extraction to consider potential mining methods, but the
assumptions made regarding mining methods and parameters when estimating
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions
made.
· Pumping tests conducted to date support individual well flow
rates of up to 15 L/s.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential · The metallurgical capacity of lithium recovery in the process has
metallurgical methods, but the assumptions regarding metallurgical treatment been estimated at 90% to obtain battery grade lithium carbonate (Lanchentec,
processes and parameters made when reporting Mineral Resources may not always 2024).
be rigorous. Where this is the case, this should be reported with an
explanation of the basis of the metallurgical assumptions made.
· The planned process for obtaining lithium carbonate considers the
following stages:
o The lithium is obtained using selective adsorption of lithium-ion from
Laguna Verde brine using the DLE process.
o The spent solution (without lithium) will be reinjected back into the Laguna
Verde aquifer.
o The DLE process allows impurity removal waste to be minimal.
o The diluted lithium solution recovered from the DLE process is concentrated
using reverse osmosis water removal. The removed water is recovered and
returned to the process to minimize the water consumption requirements.
o Ion exchange stages remove minor impurities such as magnesium, calcium, and
boron to obtain a clean lithium solution.
o Lithium carbonate is obtained with a saturated soda ash solution to
precipitate it in the carbonation stage.
o The lithium carbonate obtained is washed with ultra-pure water to obtain
battery grade product with minimum impurities.
o From the carbonation process, a remaining solution (mother liquor) is
obtained, which is treated to concentration utilizing evaporators to
recirculate in the carbonation process and ensure the greatest possible
recovery of lithium. The removed water is recovered and reintegrated into the
process.
· The selected DLE process has been tested by Beyond Lithium LLC at its
facilities in the city of Salta, Argentina. The stages of removal of
impurities and carbonation have been tested, obtaining a representative
sample. The sample was analyzed in Germany by the laboratory Dorfner Anzaplan
showing 99.9% pure Li(2)CO(3).
· The process has been modelled by Ad infinitum using the SysCAD
simulation platform and their AQSOL thermodynamic property package. With the
model, simulations of the process were made to obtain the appropriate mass
balances.
Environmen-tal factors or assumptions · Assumptions made regarding possible waste and process residue · The main environmental impact that could occur at Laguna Verde is a
disposal options. It is always necessary as part of the process of determining reduction of the surface water features due to brine pumping; however,
reasonable prospects for eventual economic extraction to consider the reinjection will be aimed to sustain the surface water features and limit
potential environmental impacts of the mining and processing operation. While impacts from production pumping. Other potential environmental factors may be
at this stage the determination of potential environmental impacts, associated with the main plant installation.
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the
assumptions. If determined, the method used, whether wet or dry, the frequency
of the measurements, the nature, size and representativeness of the samples.
· The bulk density for bulk material must have been measured by methods
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit.
· Discuss assumptions for bulk density estimates used in the evaluation · Bulk density is not relevant to brine resource estimation.
process of the different materials.
Classification · The basis for the classification of the Mineral Resources into
varying confidence categories.
· The preferential concession area used for the resource calculation,
· Whether appropriate account has been taken of all relevant factors which corresponds to licenses held by CleanTech as the preferential holder
(ie relative confidence in tonnage/grade estimations, reliability of input (with no conflicting applications or concessions from other mining companies).
data, confidence in continuity of geology and metal values, quality, quantity The area outside the preferential licenses that could be converted to
and distribution of the data). CleanTech's control (based on the Government CEOL polygon) was considered as
potential upside.
· Whether the result appropriately reflects the Competent Person's view
of the deposit.
· The areal extent of the resource categories was largely based on the
suggestions of Houston et al. (2011) for immature salt flats:
o Measured resources were limited to within 1.25 km from the exploration
well
o Indicated resources were limited to within 2.5 km from the exploration
well
o Inferred resources were limited to within 5 km from the exploration well
· The determination of the Indicated resource areas was dependent
on the availability of depth-specific brine analyses, drainable porosity
measurements and QA/QC. Differentiation between these areas and Measured areas
was largely dependent on the well spacing, amount and reliability of field
data, pumping test results, and overall lithologic and grade continuity
between wells.
· An extension of the Inferred resources to 5 km is supported by
the conducted geophysics which indicates probable brine in sediments
underlying the young volcanic outcrops surrounding the lake. Furthermore,
inclusion of the lower volcanic rock unit is supported by the following: (i)
it was possible to obtain packer samples in the deepest portion of LV07; (ii)
the density contrast used to set the upper contact of the lower volcanic rock
(-0.35 gr/cc) was intermediate and not the deepest density contrast; (iii)
conceptually, Laguna Verde is found in a tectonically active region with
fractures in the host rock, as indicated by hydrothermal activity along the
eastern side of the lake.
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates.
· The July 2021 JORC technical report were reviewed by Montgomery
& Associates Vice President Michael Rosko, MS PG SME Registered Member
#4064687.
· In the report he concludes that "The bulk of the information for
the Laguna Verde exploration work and resulting initial lithium resource
estimate was summarized by Feddersen (2021). Overall, the CP agrees that
industry-standard methods were used, and that the initial lithium resource
estimate is reasonable based on the information available".
· The September 2022 JORC Report Laguna Verde Updated Resource
Estimate, and data acquisition and QA/QC protocols were audited in October
2022 by Don Hains, P. Geo. from Hains Engineering Company Limited (D. Hains
October 2022 QA/QC Procedures, Review, Site Visit Report).
· In the report, Hains concludes that "The overall QA/QC procedures
employed by CleanTech are well documented and the exploration data collected
and analysed in a comprehensive manner. There are no significant short comings
in the overall programme".
· With respect to the exploration program Hains' comments are "The
overall exploration program has been well designed and well executed. Field
work appears to have been well managed, with excellent data collection. The
drill pads have been restored to a very high standard. The TEM geophysical
work has been useful in defining the extensional limits of the salar at Laguna
Verde".
· With respect to the specific yield estimates, Hains' comments are
"RBRC test work at Daniel B. Stevens Associates has been well done. It is
recommended obtaining specific yield data using a second method such as
centrifuge, nitrogen permeation or NMR. The available RBRC data indicates an
average Sy value of 5.6%. This is a significant decrease from the previously
estimated value of approximately 11%. The implications of the lower RBRC value
in terms of the overall resource estimate should be carefully evaluated".
· Several recommendations were made by Mr. Hains in his report to
improve the QA/QC protocols, data acquisition, assays, presentation and
storage. His recommendations have been considered and included in the
exploration work schedule since October 2022.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · The estimated tonnage represents the in-situ brine with no recovery
level in the Mineral Resource estimate using an approach or procedure deemed factor applied. It will not be possible to extract all the contained brine by
appropriate by the Competent Person. For example, the application of pumping from production wells. The amount which can be extracted depends on
statistical or geostatistical procedures to quantify the relative accuracy of many factors including the permeability of the sediments, the specific yield,
the resource within stated confidence limits, or, if such an approach is not and the recharge dynamics of the aquifers.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · No production data is available yet for comparison.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be
relevant to technical and economic evaluation. Documentation should include · Potential sources of uncertainty related the resource estimate
assumptions made and the procedures used. include:
· These statements of relative accuracy and confidence of the estimate · Potential permitting restrictions, including the approval of the
should be compared with production data, where available. CEOL and environmental limitations related to eventual extraction of the
surface brine resource in the lake.
· The modeled concentration distribution and lower lithium grades
associated with hydrothermal upwelling to the east of Laguna Verde.
· The assigned drainable porosity of the lower volcanic rock (1%),
which is based on limited core testing of that unit; additional deep
exploration and sampling would help resolve uncertainty regarding the Inferred
Resource at depth.
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