Lithium Australia and MinRes complete final LieNA® piloting stage

Proactive - Interviews for investors

Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CFO Stuart Tarrant joins Proactive’s Jonathan Jackson to discuss completing the final stage of piloting the LieNA® lithium processing technology at ANSTO resulting in the production of lithium phosphate. This final stage began in June 2024 with partner Mineral Resources Ltd (MinRes) and included ongoing analysis of pilot plant performance and lithium phosphate production. LIT has received an additional A$1.2 million, the fourth drawdown of a A$4.5 million convertible note from MinRes, to fund the demonstration plant engineering study, which remains on track for completion this year. Under the agreement with MinRes, a milestone was the production of lithium phosphate from spodumene concentrate provided by MinRes. The lithium phosphate produced is being analysed to determine final product specifications for refining, expected to complete by the end of 2024. The fourth drawdown from MinRes brings the total to A$4.2 million, funding activities for Q1 FY25, including completed piloting and the engineering study by Carnac Project Delivery Services. Subject to analysis and the engineering study, Lithium Australia and MinRes plan to form a 50:50 joint venture to commercialise the LieNA® technology through licensing, with a target royalty rate of 8%. The first licence will be for the demonstration plant, with plans to extend licences globally to spodumene mines. The company has also secured an initial investment of A$1.8 million from The Lind Partners, with total funding of up to A$7.5 million following two agreements with the asset management firm. By mutual agreement, an additional aggregate amount of approximately A$5.7 million in funding will be available. The funds will accelerate operational improvements within the battery recycling division and support business development activities in the battery materials division. Additionally, LIT has launched a share purchase plan (SPP) to provide further funding. #ProactiveInvestors #LithiumAustralia #ASX #MineralResources, #LieNA, #LithiumProcessing, #LithiumPhosphate, #ANSTO, #ConvertibleNote, #EngineeringStudy, #SimonLinge, #JointVenture, #Commercialisation, #Spodumene, #PilotingProgram, #GreenfieldMines, #BrownfieldMines, #LicensingModel, #RoyaltyRate, #TechnologyInnovation, #MiningIndustry, #Q1FY25 #invest #investing #investment #investor #stockmarket #stocks #stock #stockmarketnews