REG - Clontarf Energy PLC - Result of AGM and Corporate Update

Clontarf EnergyAnnouncement

13/07/2023 12:45

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RNS Number : 9622F  Clontarf Energy PLC  13 July 2023

 

13(th) July 2023

 

Clontarf Energy plc

("Clontarf" or "the Company")

 

Result of AGM and Corporate Update

 

The Directors of Clontarf Energy plc (AIM: CLON) announce that, at the Annual
General Meeting held today, all resolutions put to shareholders were duly
passed.

 

The Clontarf Energy plc Chairman updated shareholders on Clontarf's lithium
projects in South America's "lithium triangle", as well as on petroleum
projects in Ghana, Australia, and elsewhere.

 

Previous work had identified priority brines, with attractive grade and
manageable impurities.  Any exploration and development must be in
partnership with the authorities, taking into account the interests of local
communities, in accordance with applicable law.

 

The Direct Lithium Extraction ("DLE") technology developed by our joint
venture partner in Bolivia, NEXT-ChemX Corporation (iTDE process), has
continued to perform well in processing synthetic brines modelled on the
chemical composition of key Bolivian salares.  This has boosted our
confidence level, and ability to advance to the next stage.

 

The next step is to field-test our iTDE process for the authorities, on the
larger scale (40kg) samples received by our team, with all necessary
permitting in accordance with law, from the 5 priority salares (salt-lakes).

 

The first phase of this process includes exhaustive laboratory test-work,
testing several processing sequencing combinations, which is expected to be
completed during the Q3 2023.

 

Based on the volumes delivered, we then expect to conduct preliminary
pilot-plant testing at the joint venture's facility, which is now being
assembled in Austin, Texas.

 

Provided this initial pilot-plant test-work yields results as expected, we
plan to collect much larger (possibly up to 60,000kg) volumes of the highest
yielding brines for full pilot-plant processing.  This detailed work may
allow us to fine-tune the iTDE process for some or all of the targeted brines,
with the objective of high yields, low impurities, low cost and especially a
limited environmental foot-print.

 

By facilitating new lithium supplies, the cost-effective and environmentally
conscious iTDE process should help meet rapidly growing lithium demand without
the cost and environmental issues with hard rock processing.

 

Chairman David Horgan explained:

 

"There will be no 'Green Energy Transition' without greatly expanded and purer
supplies of lithium."

 

"Direct Lithium Extraction technology offers a better alternative to
evaporation pools in South America's lithium triangle, because of its faster
throughput, higher yields, better grades and lower impurities."

 

"DLE is more sustainable than burning hard-rock, since it uses less energy,
has a limited environmental footprint, and produces negligible emissions."

 

"Based on work to date, we expect the joint venture's proprietary iTDE
technology to boost lithium recoveries, while overcoming challenges related to
the magnesium content of certain brines."

 

"As the joint venture's Austin, Texas pilot plant is erected, we are
overcoming component supply challenges, and becoming more confident that DLE
can be scaled at a reasonable cost, even in remote locations.  The detailed
process plant-work underway during 2023 is an important input into final plant
design."

 

"Natural resources are always sensitive, and we are committed to working
closely with the authorities and local communities in strict accordance with
applicable rules.  Projected demand for clean lithium cannot be met without
such projects."

 

 

 

 

For further information please visit http://clontarfenergy.com
(http://clontarfenergy.com) or contact:

 

 Clontarf Energy                    +353 (0) 1 833 2833

 David Horgan, Chairman

 Jim Finn, Director

 Nominated & Financial Adviser      +44 (0) 20 7409 3494

 Strand Hanson Limited

 Rory Murphy

 Ritchie Balmer
 Broker                                     +44 (0) 207 399 9400

 Novum Securities Limited

 Colin Rowbury

 Public Relations                   +44 (0) 207 138 3206

 BlytheRay

 Megan Ray

 Teneo                              +353 (0) 1 661 4055

 Luke Hogg

 Alan Tyrrell

 

 

 

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