12th April 2024
CleanTech Lithium
PLC
("CleanTech Lithium", "CTL"
or the "Company")
CEO Resignation
Following the announcement dated
9th April 2024, the Board of Directors of CleanTech
Lithium (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and
development company advancing lithium
projects in Chile, has accepted the
resignation from Mr Aldo Boitano as CEO and director of the Company
with immediate effect.
Steve Kesler will continue as CEO on
an interim basis. This will ensure no impact to the Company's
operations including ongoing activities at CTL's most advanced
development project, Laguna Verde. As Executive Chairman, Steve has
been working closely with Mr Boitano and is well placed to ensure
ongoing continuity and progress.
The Company received Mr Boitano's
letter of resignation where he apologised for his actions and the
impact to the Company and its shareholders. In the Company's best
interests, the Board of Directors of CleanTech Lithium has decided
that Mr Boitano will work with the Company as a consultant for an
initial period to support the recently announced Special Lithium
Operating Contract ("CEOL") application procedure and relationships
with the Chilean government and local communities. The Company is
updating the CEOL applications for resubmission in accordance with
the updated guidance from the Government, as part of the National
Lithium Strategy.
Steve Kesler, Executive Chairman and
interim CEO of CleanTech Lithium, commented:
"The Board of Directors recognises
the work done by Mr Aldo Boitano during his tenure as CEO and
thanks Aldo for his contribution since co-founding the Company. We
hold ourselves accountable to the highest governance policies and
the Board has acted decisively and with the duty of care for all
our stakeholders. Having Aldo´s continuing support, on a consulting
basis, with the Company's CEOL resubmissions and with government
and local community relations will ensure continuity in these
areas.
"The fundamentals for our lithium
brine projects in Chile are strong. We continue to advance the
Laguna Verde project, where we are expecting to finish our PFS in
Q3 2024, and we will be producing battery-grade product from
our operational DLE pilot plant to send to potential offtakers.
Additionally, we are working towards the successful receipt of the
CEOLs for both the Laguna Verde and Francisco Basin
projects."
-ENDS-
The information communicated within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No 596/2014
which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. Upon publication of this announcement, this
inside information is now considered to be in the public domain.
The person who arranged for the release of this announcement on
behalf of the Company was Gordon Stein, Director and
CFO.
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For
further information contact:
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Celicourt Communications
Felicity Winkles/Philip Dennis/Ali
AlQahtani
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+44 (0) 20 7770 6424
cleantech@celicourt.uk
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Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish/Asia
Szusciak
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+44 (0) 207 628 3396
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Canaccord Genuity (Joint Broker)
James Asensio
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+44 (0) 207 523 4680
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Fox-Davies Capital Limited (Joint Broker)
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+44 20 3884 8450
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Daniel Fox-Davies
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daniel@fox-davies.com
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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.
About CleanTech Lithium
CleanTech Lithium (AIM:CTL,
Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development
company advancing sustainable lithium projects
in Chile for the clean energy transition. Committed to
net-zero, CleanTech Lithium's mission is to produce material
quantities of sustainable battery grade lithium products using
Direct Lithium Extraction technology powered by renewable energy.
The Company plans to be a leading supplier of 'green' lithium to
the EV and battery manufacturing market.
CleanTech Lithium has two key
lithium projects, Laguna Verde and Francisco Basin, and hold
licences in Llamara and Salar de Atacama, located in the
lithium triangle, a leading centre for battery grade lithium
production. The two major projects: Laguna Verde and Francisco
Basin are situated within basins controlled by the Company,
which affords significant potential development and operational
advantages. All four projects have direct access to existing
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 with reinjection of spent brine. Direct Lithium
Extraction is a transformative technology which removes lithium
from brine, with higher recoveries than conventional processes. The
method offers short development lead times with no extensive site
construction or evaporation pond development so there is minimal
water depletion from the aquifer. www.ctlithium.com
