04.05.2022

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

Operations and Corporate Update for Mines and Money Conference

CleanTech Lithium (AIM:CTL), an exploration and development company, advancing the next generation of sustainable lithium projects in Chile, announces an operations and corporate update.

CleanTech Lithium's CEO, Aldo Boitano, is attending the Mines and Money Conference in London on 4th and 5th May 2022, supported by the Company's Chairman, Steve Kesler and CFO, Gordon Stein.  The following update will be referred to during the conference which also includes a short presentation which may be seen in the following link http://www.rns-pdf.londonstockexchange.com/rns/1689K_1-2022-5-3.pdf

Highlights:

·    Resource drilling at its two projects, Laguna Verde and Francisco Basin, located in the lithium triangle - the world´s centre for battery grade lithium production, continues to exceed the expected drilling depths and aquifer thickness

·    Two drill rigs now in operation at the Francisco Basin project to accelerate the drilling programme

·    An upgraded JORC compliant resource estimate for Laguna Verde and a maiden resource estimate for Francisco Basin remains on track for Q2 2022

·    Leading Chilean environmental consultants MYMA appointed to undertake Environmental Impact Assessments at both projects, baseline studies to commence immediately

·    Lithium sector process engineering company Ad-Infinitum appointed to lead a scoping study for the Laguna Verde project

·    Operations team in Chile strengthened by appointments of experienced Chief Operating Officer, Finance Manager and Legal Manager, as we continue to build the team. 

Commenting, Aldo Boitano, Chief Executive Officer, of Cleantech Lithium PLC, said: "The resource drilling programmes, which commenced in January 2022 at Laguna Verde and in March 2022 at Francisco Basin, continue to progress well. The Francisco Basin programme has been accelerated with the addition of the second rig, bringing the total number of rigs operating across both sites to three. We are also pleased to have appointed leading consultants to progress key work programmes covering Environmental Impact Assessments at both projects, and the Laguna Verde scoping study.  This allows us to maintain momentum on our planned work activities for the year ahead. 

"In addition, we have strengthened our team in Chile, with the appointment of key individuals that have significant relevant experience in country and internationally. I am delighted to welcome them to our team and to them bolstering our operating, legal and financial capabilities in country."

Further Information

Laguna Verde Drill Programme Progress Update:

The Laguna Verde project has an existing JORC compliant resource estimate of 77,834 tons of Lithium Carbonate Equivalent (LCE) in the Measured category, which comprises the surface resource, and 1.16 million tonnes LCE in the Inferred category, which comprises the sub-surface resource.   A resource drilling programme commenced at Laguna Verde in January 2022 to upgrade the sub-surface resource from Inferred to Measured and Indicated in accordance with JORC Code.  This will provide the basis for undertaking a Pre-Feasibility Study on the project which we plan to commence later in 2022.

The current drilling programme comprises four drill holes, with the third hole LV03 recently completed to 547 metres. Further details on the completed holes LV01 and LV02 were provided in the RNS dated 4 April 2022.  CleanTech Lithium´s geology team considers hole LV03 to be most representative of the Laguna sub surface stratigraphy, as unlike LV01 and LV02 it is not influenced by the steep mountain along the southern Laguna perimeter.  The depth of LV03 and recorded aquifer thickness exceeded the model used for the JORC Inferred sub-surface resource estimate.  Hole LV03 is currently being cased and developed and the drill rig will move to the final hole in the programme, LV04, this week.

Francisco Basin Drill Programme Progress Update:

A resource drilling programme at Francisco Basin, consisting of 4 wells in total, is aimed at producing a maiden resource estimate. Two wells are planned during the current drilling season that will form the basis for a JORC Inferred resource estimate, based on a 2.5km radius around each of the drill holes.   The drill hole FB01 has recently been completed to 338 metres with the hole currently being cased. 

A second drill rig was recently mobilised to the project which has commenced drilling of the second hole, FB02, the location of which is approximately 4km southeast of FB01.  FB02 will test a low resistivity zone based on a geophysical survey completed in 2018.  That survey showed low resistivity zones appearing consecutively to the southeast from FB01, providing an interpretation that the aquifer between FB01 and FB02 is connected.

Sampling and Resource Estimation Update:

A large number of brine samples from the completed holes at both projects are being collected for laboratory analysis.  Results are expected in the current quarter and will be announced to the market after internal review.  Based on completion of the four-hole drilling programme at Laguna Verde and two holes at Francisco Basin in the current drilling season, an upgraded resource estimate for Laguna Verde and a maiden resource estimate for Francisco Basin is expected to be completed by the end of the current quarter.

Environmental Impact Assessments to Commence:

CleanTech Lithium has appointed environmental consultants MYMA Ltda to undertake Environmental Impact Assessments (EIA) at the Laguna Verde and the Francisco Basin projects. MYMA offers environmental management services for companies in the mining, energy and water sectors, and has completed EIA´s for some of the largest operating mines in Chile. Baseline environmental studies at both projects will commence imminently.

Scoping Study on Laguna Verde to Commence:

CleanTech Lithium has appointed Ad-Infinitum, a leading process engineering company in the lithium sector, to lead a Scoping Study for the Laguna Verde project. The principal of Ad-Infinitum, Marcelo Bravo, is the former head of processing at SQM´s Atacama project, the world´s largest lithium production base, and is a part of CleanTech Lithium´s technical advisory board. Ad-Infinitum have consulted for many of the largest companies in the sector and contributed to lithium project feasibility studies. The scoping study will provide an order of magnitude technical and economic study of the potential viability of the project, necessary to demonstrate that progress to a Pre-Feasibility Study (PFS) can be reasonably justified. The Company expects, post the completion of the Scoping Study, to immediately progress to a PFS.

Update on DLE:

The results of the laboratory scale DLE work that aims to produce 1Kg of battery grade lithium from the Laguna Verde project, are now expected late May, with pilot plant construction to commence thereafter.

Operations Team in Chile Strengthened with High Quality Appointments:

CleanTech Lithium has recently made a number of key appointments who will contribute to the Chile-based management team, as follows: 

·    Sergio Videla has been appointed Chief Operating Officer and will commence his role in June 2022.  Sergio is a Civil Engineer and has extensive experience in project management, construction and project control - as owner, manager and director of different mining companies and construction contractors in Chile.  Since 2017, he has been working as director of Strategic Projects at CODELCO El Teniente Division, the Chilean State copper mining company. 

·    Alvaro Florez Keim has been appointed Legal Manager, Chile. Alvaro is a lawyer qualified in Chile and Australia, with 12 years of experience focused on mining, corporate matters and project development in Chile and Australia.   

·    Olivier Loyer has been appointed Finance Manager for an interim period to 31 July 2022.  Olivier is an industrial engineer with finance (CFA level-1) and also holds an MBA.  He has provided consultancy services to various Chile based organisations and has also worked for Deloitte in Chile.    

Group Corporate and Commercial Officer, Luke Jarvis, who played an important role in the Group´s financing up to and including the successful listing on AIM, has by mutual agreement left the Company on 30 April 2022 to pursue other interests.  Luke continues to hold 4,000,000 shares and 1,100,000 share options that will expire on 29 April 2023.  

The Company wishes Mr Jarvis every success and thanks him for the progress on financing over the last three years and to help CleanTech Lithium get listed in London.  

Competent Person

The information in this release relates to Exploration Results based on information compiled by Christian Gert Feddersen Welkner, who is an independent Qualified Person to the Company and is a Member of Comision Calificadora de Competencias en Recursos y Reservas Mineras Chile that is a 'Recognised Professional Organisation' (RPO). Mr Feddersen has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Feddersen consents to the inclusion in the press release of the matters based on his information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310).

Notes

CleanTech Lithium (AIM:CTL) is an exploration and development company, advancing the next generation of sustainable lithium projects in Chile.  The Company's mission is to produce material quantities of battery grade lithium by 2024, with near zero carbon emissions and low environmental impact, offering the EU EV market a green lithium supply solution.

CleanTech Lithium has two prospective lithium projects - Laguna Verde and Francisco Basin projects located in the lithium triangle, the world's centre for battery grade lithium production. They are situated within basins entirely controlled by the Company, which affords significant potential development and operational advantages. The projects have direct access to excellent infrastructure and renewable power.

CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction. Direct Lithium Extraction is a transformative technology which only removes lithium from brine, with higher recoveries and purities. The method offers short development lead times, low upfront capex, with no extensive site construction and no evaporation pond development so there is no water depletion from the aquifer or harm to the local environment.

**ENDS**