CleanTech Lithium (CTL) lost £4.6m in the year to 31 December 2023, as the company continued to progress with its projects in Chile.
The company had £6m in cash at the year end.
During the period it completed two scoping studies, one at Laguna Verde, and the other at Fransisco Basin.
Permitting applications for both these projects are now being updated, and drilling remains ongoing at Laguna Verde. A pre-feasibility study and environmental impact assessment is expected for Laguna Verde later this year.
"2023 saw CTL make meaningful progress towards reaching commercial lithium production,” said chairman Steve Kesler.
“During the year CTL significantly advanced project delivery, achieving several milestones which include the publication of positive scoping studies on the company's two core-development assets, Laguna Verde and Francisco Basin, and the completion of drilling programmes on both assets, totalling seven new wells. JORC compliant resources were upgraded at both projects.”
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More significant than these results has been the post year-end proof of concept from the company’s direct lithium extraction pilot plant in Copiapó.
This puts CleanTech among a small number of companies able to produce meaningful quantities of battery grade lithium product at demonstration scale using DLE.
CleanTech can now send battery grade lithium samples to potential strategic partners and off-takers to start product qualification, as part of the development of the construction finance to bring Laguna Verde into operation.