Lithium and Niobium Anomalies Outlined at Mt Gordon

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF), an exploration and improvement firm advancing lithium initiatives in Chile, is happy to announce its audited Ultimate Outcomes for the twelve months to 31 December 2023.

Highlights

Operational

•	Two Scoping Research accomplished: Laguna Verde and Francisco Basin Scoping Research present strong economics, with post-tax NPV8 ~US$3bn and IRR >43% supporting 20,000tpa LCE manufacturing for +30-year and +12-year operations respectively.
•	JORC useful resource improve: Accomplished extra 7 effectively drilling programme – Laguna Verde, 1.8 million tonnes of LCE (Measured & Indicated Useful resource elevated by 39% to 1.1 million tonnes LCE) and Francisco Basin 0.92 million tonnes of LCE of which 0.44 million tonnes was upgraded to Indicated.
•	DLE pilot plant: Plant working forward of expectations, with first prime quality lithium eluate produced post-period finish, after construct and commissioning undertaken in 2023 and early 2024.
•	CEOL submission: Purposes for working permits for Laguna Verde and Francisco Basin submitted in Sept 2023 and now being up to date according to the brand new administrative process introduced by the Authorities post-period finish in April 2024.
•	Ongoing drilling programme at Laguna Verde: 5 effectively drilling programme commenced post-period finish, outcomes of which can feed into additional useful resource replace and Pre-Feasibility Examine (PFS).
•	Laguna Verde PFS and EIA: Underway and focused for completion Q3 2024 and finish of 2024 respectively.
•	Exploration belongings: Low-cost work programme undertaken at Llamara challenge to check floor and subsurface samples.
•	Expanded footprint in Chile: Obtained extra Salar de Atacama licence areas.
•	First Co-Developed Mining Mannequin: For lithium extraction signed with Ercilia Araya Altamirano, Ancestral Authority of the Colla Pai-Ote group, and representatives from the Río Jorquera and Pastos Grandes communities.
•	Native Operations & Group workplace: Opened in Copiapó in Q3 2023, with native employees employed to handle repairs and actions with native stakeholders.
•	Well being & Security: Zero-harm security tradition centered on steady enchancment to attain an harm free and wholesome work setting – no LTIs, main incidents or close to misses recorded in 2023 or 2024 to this point.
•	Administration & Employees: 22 full time workers, with as much as an extra 5 specialist consultants employed by the Firm by the top of 2023.

Company

•	Funding: Raised £8 million within the calendar 12 months 2023.
•	Board adjustments: Maha Daoudi and Tommy McKeith appointed as impartial non-executive administrators; Jonathan Morley-Kirk turned Senior Unbiased Director and Steve Kesler assumed the position of Government Chairman and publish interval finish as Interim CEO following the resignation of Aldo Boitano.
•	OTCQX: Commenced buying and selling within the U.S. making it simpler for North American traders.
•	ESG Committee: Established in mid 2023 and reporting to the Board to make sure the Firm is being held accountable throughout all ESG components. The Committee meets repeatedly and is producing an ESG Evaluate.
•	Signatory of UN International Compact: In August 2023, supporting the Ten Ideas of the United Nations International Compact on human rights, labour, setting and anti-corruption.
•	Awarded: Inexperienced Achievement Grand Prix Award at Huawei’s – ‘Inexperienced & Sensible Mining: the Future is Right here!’ Inexperienced Achievement Awards 2023, Chile.
•	Money Place: £6.2 million at year-end 2023.

Steve Kesler, Chairman and Interim Chief Government Officer, CleanTech Lithium PLC, mentioned:

“2023 noticed CTL make significant progress in the direction of reaching business lithium manufacturing. Through the 12 months CTL considerably superior challenge supply, reaching a number of milestones which embrace the publication of optimistic scoping research on the Firm’s two core-development belongings, Laguna Verde (LV) and Francisco Basin (FB), and the completion of drilling programmes on each belongings, totalling 7 new wells. JORC compliant assets had been upgraded at each initiatives.

“A DLE pilot plant was constructed in Copiapó and CTL is now amongst a small variety of corporations set to provide significant portions of battery grade lithium product at demonstration scale utilizing DLE. The pilot plant is working effectively and above expectations, representing a really important milestone for the Firm and reflecting the progress we’ve got made within the comparatively quick time since itemizing on AIM simply over two years in the past.

“Within the 12 months forward CTL will ship battery grade lithium samples to potential strategic companions and off-takers to start out product qualification, as a part of the event of the development finance to carry Laguna Verde into operation. The present drilling programme at LV will feed into an additional useful resource evaluation and a maiden reserve estimation this 12 months, supporting the pre-feasibility research (PFS), which is underway and focused for completion in Q3 2024. This paves the best way for the following part of improvement, because the Firm advances in the direction of the ambition to ship a premium ´inexperienced´ lithium product right into a market that is more and more eager to display a sustainable provide chain of battery supplies”.

A full model of the annual report and accounts will shortly be obtainable on the Firm’s web site, accessible by way of the hyperlink and with extracts set out beneath: https://ctlithium.com/traders/latest-presentation-report/

For additional info contact:

CleanTech Lithium PLC Steve Kesler/Gordon Stein/Nick Baxter	Jersey workplace: +44 (0) 1534 668 321 Chile workplace: +562-32239222 Or by way of Celicourt
Celicourt Communications Felicity Winkles/Philip Dennis / Ali AlQahtani	+44 (0) 20 7770 6424 cleantech@celicourt.uk
Beaumont Cornish Restricted (Nominated Adviser) Roland Cornish / Asia Szusciak	+44 (0) 207 628 3396
Canaccord Genuity (Joint Dealer) James Asensio	+44 (0) 207 523 4680
Fox-Davies Capital Restricted (Joint Dealer) Daniel Fox-Davies	+44 (0) 20 3884 8450 daniel@fox-davies.com

The data communicated inside this announcement is deemed to represent inside info as stipulated underneath the Market Abuse Laws (EU) No 596/2014 which is a part of UK legislation by advantage of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside info is now thought of to be within the public area. The one who organized for the discharge of this announcement on behalf of the Firm was Gordon Stein, Director and CFO.

Beaumont Cornish Restricted (“Beaumont Cornish”) is the Firm’s Nominated Adviser and is authorised and controlled by the FCA. Beaumont Cornish’s obligations because the Firm’s Nominated Adviser, together with a accountability to advise and information the Firm on its obligations underneath the AIM Guidelines for Firms and AIM Guidelines for Nominated Advisers, are owed solely to the London Inventory Alternate. Beaumont Cornish shouldn’t be performing for and won’t be accountable to another individuals for offering protections afforded to clients of Beaumont Cornish nor for advising them in relation to the proposed preparations described on this announcement or any matter referred to in it.

Notes

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and improvement firm advancing sustainable lithium initiatives in Chile for the clear vitality transition. Dedicated to net-zero, CleanTech Lithium’s mission is to provide materials portions of sustainable battery grade lithium merchandise utilizing Direct Lithium Extraction expertise powered by renewable vitality. The Firm plans to be a number one provider of ‘inexperienced’ lithium to the EV and battery manufacturing market.

CleanTech Lithium has two key lithium initiatives, Laguna Verde and Francisco Basin, and holds licences in Llamara and Salar de Atacama, positioned within the lithium triangle, a number one centre for battery grade lithium manufacturing. The 2 main initiatives: Laguna Verde and Francisco Basin are located inside basins managed by the Firm, which affords important potential improvement and operational benefits. All 4 initiatives have direct entry to current infrastructure and renewable energy.

CleanTech Lithium is dedicated to utilizing renewable energy for processing and decreasing the environmental impression of its lithium manufacturing by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative expertise which removes lithium from brine, with larger recoveries than typical processes. The tactic provides quick improvement lead instances with no intensive web site development or evaporation pond improvement so there’s minimal water depletion from the aquifer. www.ctlithium.com

Chairman and Interim CEO Assertion

2023 noticed CTL make significant progress in the direction of reaching business lithium manufacturing. It’s recognised that some deliverables have taken longer than anticipated however that is typically the case with initiatives making use of applied sciences which require new learnings. Through the 12 months CTL considerably superior challenge supply, reaching a number of milestones which embrace the publication of optimistic scoping research on the Firm’s two core-development belongings, Laguna Verde (LV) and Francisco Basin (FB), and the completion of drilling programmes on each belongings, totalling 7 new wells. JORC compliant assets had been upgraded at each initiatives.

A DLE pilot plant was constructed in Copiapó and CTL is now amongst a small variety of corporations set to provide significant portions of battery grade lithium product at demonstration scale utilizing DLE. The pilot plant is working effectively and above expectations, having been used to provide an preliminary 24m³ of concentrated eluate, for conversion into battery grade lithium carbonate, publish commissioning in Q2 2024. The composition of the concentrated eluate reveals a lithium adsorption restoration fee of 94% and rejection charges over 99% for key contaminants calcium, magnesium, potassium, sodium and sulphate. The outcomes reported publish interval finish in Might 2024 demonstrates that the plant can function on the designed capability of concentrated eluate manufacturing enough for conversion to a minimum of 1 tonne per 30 days of battery grade lithium carbonate. The DLE pilot plant outcomes signify a really important milestone for the Firm and displays the progress CTL has made within the comparatively quick time since itemizing on AIM simply over two years in the past.

Within the 12 months forward CTL will ship battery grade lithium samples to potential strategic companions and off-takers to start out product qualification, as a part of the event of the development finance to carry Laguna Verde into operation. The present drilling programme at LV will feed into an additional useful resource evaluation and a maiden reserve estimation this 12 months, supporting the pre-feasibility research (PFS), which is underway and focused for completion in Q3 2024. This paves the best way for the following part of improvement, because the Firm advances in the direction of the ambition to ship a premium ´inexperienced´ lithium product right into a market that is more and more eager to display a sustainable provide chain of battery supplies.

Operations

Initiatives:

Laguna Verde (‘LV’)

A Scoping Examine was accomplished and the outcomes introduced in January 2023. Though such a research is low stage and doesn’t present certainty that the conclusions will probably be reached, it projected strong economics and ESG credentials. The research assumed that the useful resource may help a manufacturing fee of 20,000tpa lithium carbonate. Estimated working prices at underneath US$4,000/t had been within the decrease quartile of lithium producers, with estimated capital price round US$400 million. Utilizing a long-term value of US$22,500/t lithium carbonate, the research estimated a post-tax NPV of US$1.8 billion and post-tax IRR of 45%. The outcomes of this Scoping Examine had been optimistic sufficient to display that progress to a PFS will be fairly justified. The PFS is underway and the Firm goals to finish it in Q3 2024.

By the top of the primary quarter 2023, the Firm had drilled two extra wells on Laguna Verde, bringing the overall variety of wells drilled to 6. Wells accomplished in 2023 included LV04 (drilled in 2022), LV05 and LV06, with depths of 320m, 434m and 405m respectively, one purpose of which was to help an improve to the Measured and Indicated JORC compliant useful resource to be used within the PFS. LV04 confirmed solely low lithium values, which demonstrated it to be outdoors the realm of lithium brine of curiosity and was discarded from the useful resource estimation.

Massive samples had been additionally taken from LV05 and LV06 to supply brine feed for the DLE course of trials. Pump assessments had been accomplished on these wells in Might 2023 with calculated transmissivity supporting the usage of effectively stream charges of 30l/s used within the LV Scoping Examine.

The finished drilling programme resulted within the declaration of a JORC compliant useful resource improve in July 2023 of 1.8 million tonnes LCE at a grade of 200mg/l Li, of which the Measured & Indicated class was 1.1 million tonnes, representing a 39% improve over the prior estimate, at a grade of 196 mg/l Li. This useful resource was thought of enough to fairly help analysis within the Scoping Examine of a manufacturing state of affairs of 20,000 tpa lithium carbonate for 30 years.

Publish interval finish, an additional 5 effectively drill programme commenced, with two rigs in simultaneous operation. This programme is essentially geared toward changing Inferred useful resource to extra Measured & Indicated useful resource which can then have technical and financial modifying components utilized from the PFS to find out a maiden reserve. The programme may also embrace extra pump testing and reinjection testing with outcomes serving to to calibrate the hydrogeological mannequin of the basin. This mannequin will assist additional outline the brine extraction and reinjection wellfield design and the sustainable manufacturing fee from LV. Main consultants, Montgomery & Associates have been engaged to handle the drill programme, JORC useful resource and reserves reporting and design of the extraction and reinjection wellfields.

In April 2024, CTL additionally accomplished the deliberate acquisition of 23 licences at Laguna Verde which had been beforehand topic to an choice settlement and are positioned on the coronary heart of the challenge space. With CTL now proudly owning 100% of all of the 108 licences protecting the Laguna Verde Challenge it will each help CTL’s CEOL purposes and additional clear the trail for the deliberate ASX itemizing. The phrases of the acquisition within the Administrators’ opinion had been extra beneficial to CTL shareholders than the earlier choice settlement. Fee quantities at the moment are identified with the higher half due solely when the Firm is income producing in manufacturing. The earlier choice settlement trusted an estimate of ´commercially extractable lithium merchandise´ with full cost due at first of development and because it was an open-ended association it didn’t conform to present ASX itemizing necessities.

Francisco Basin (‘FB’)

5 extra wells had been drilled on FB early 2023 – FB02, FB03/03A, FB04, FB05 and FB06 – with depths starting from 320m to 462m, bringing the overall variety of wells drilled to 6. The outcomes from these wells fed into an upgraded useful resource estimate, introduced in August, and supported the next Scoping Examine, introduced in September 2023.

The JORC useful resource improve attributed 0.92 million tonnes of LCE at a grade of 207 mg/l Li as Indicated and Inferred, representing a 74% improve over the prior estimate. Within the Indicated class, the report attributed an improve to 0.44 million tonnes at a grade of 221mg/l Li. The Scoping Examine thought of that the useful resource estimate may help manufacturing of 20,000 tpa of lithium carbonate for 12 years. Additional drilling is deliberate to extend the useful resource and the projected lifetime of the Francisco Basin challenge.

A sampling programme was undertaken on FB01 with 1000 litres for DLE course of trials utilizing the Firm’s lab-based unit in Copiapó. A pump check was additionally accomplished on FB01, with the outcomes introduced in Might 2023, recording a excessive stage of transmissivity, supporting a effectively pumping fee of 30l/s used within the FB Scoping Examine.

The Scoping Examine, albeit low stage and doesn’t present certainty that the conclusions will probably be reached, projected strong economics for FB. The research assumed that the useful resource may help a manufacturing fee of 20,000tpa lithium carbonate. Estimated working prices had been decrease quartile and fewer than US$4,000/t lithium carbonate and capital prices had been estimated at about US$450 million. Utilizing a long-term value of US$22,500/t lithium carbonate the research estimated a post-tax NPV of US$1.1 billion and a post-tax IRR of 43%.

It was determined to droop additional work at FB this present day and utilise obtainable funds to advance the LV challenge as quickly as potential. Design parameters for LV when it comes to extraction and reinjection effectively design, DLE and conversion course of design in addition to different infrastructure will probably be immediately relevant to FB. It will likely be extra environment friendly to optimise these for LV after which replicate them at FB.

Greenfield Exploration Property

Through the 12 months CTL invested in its long-term future by means of the low-cost work programme on the Llamara exploration licences and by acquiring extra licences on the periphery of Salar de Atacama. These belongings provide materials alternatives and supply potential upside for the Firm whereas requiring comparatively small quantities of near-term capital.

Llamara is a big exploration space for which the Firm acquired the exploration licences at low price as an choice providing good prospectivity to enhance CTL’s two core-development belongings.

The work programme on Llamara in 2023 aimed to check floor and subsurface samples. Drilling commenced as deliberate however needed to be suspended for security causes because of encountering a gasoline pocket. A second effectively then commenced and was efficiently drilled however subsurface sampling from the effectively indicated depleted ranges of lithium. The outcomes of floor sampling additionally confirmed comparatively low lithium values. Additional work at Llamara and Salar de Atacama have been suspended while obtainable funds are targeting advancing Laguna Verde.

DLE Pilot Plant

A lab scale DLE plant was put in in our Copiapó amenities in This autumn 2022 and used throughout 2023 for testing of varied adsorbents on the LV brine. CTL then proceeded with commissioning of a pilot plant scale DLE plant. The plant was ordered from Sunresin’s facility in Europe earlier within the 12 months and set up began in Q3 2023. Development was accomplished in November and the DLE pilot plant totally commissioned in Q1 2024 with technical consultants on web site from Puritech, a subsidiary of Sunresin. The Firm introduced, in March 2024, that the pilot plant is producing lithium chloride eluate from LV brine with the eluate to be additional processed downstream to provide battery-grade lithium carbonate.

After testing of varied adsorbents to find out which carried out greatest on the LV brine it was determined to buy adsorbent from Lanshen, one other giant Chinese language producer of adsorbents and resins, to load the pilot plant columns.

The pilot plant is designed to provide as much as 1 tonne/month of LCE and has demonstrated it may well ship greater than this in preliminary operations. The pilot plant is now processing brine into purified lithium chloride eluate and exhibiting encouraging outcomes with excessive lithium restoration charges whereas rejecting impurities. Publish interval finish, in Q2 2024, the concentrated eluate has been additional concentrated by reverse osmosis at CTL’s pilot plant and the primary batch of 24m3 shipped to Conductive Power in Chicago for conversion to battery grade lithium carbonate. The Firm will initially scale manufacturing in batches for the beginning of product qualification testing by potential off-takers and strategic companions and ramp up manufacturing as required by the qualification course of. The pilot plant may also present design information for the Laguna Verde PFS. This represents a big milestone for CTL because it materially de-risks the dimensions up of business DLE primarily based manufacturing, for the Firm, its traders and potential offtake companions forward of shifting in the direction of business manufacturing.

Particular Lithium Operation Contracts (CEOLs)

Purposes for Particular Lithium Operation Contracts, or CEOLs, for LV and FB had been submitted in September 2023 in compliance with Chilean legislation and as inspired by the related authorities after common dialogue. Upon award, CEOLs present the authority for the CEOL holder to use, produce and promote lithium on behalf of the State which is paid an agreed royalty primarily based on web earnings arising from the challenge.

In April 2023 the Authorities issued its Nationwide Lithium Technique whereby it signalled its intent to develop into an energetic participant in lithium manufacturing in Chile and never only a passive receiver of royalties. There was preliminary uncertainty as to how this could unfold however the Authorities offered extra readability in April 2024 by confirming its intent to develop into majority shareholder within the strategic belongings of Salar de Atacama and Maricunga by means of a newly created lithium subsidiary of Codelco. It was additionally confirmed, that the State mining corporations Codelco and Enami, who’ve pursuits in six different salars, would search participation from the non-public sector underneath JV preparations that made the very best sense for every challenge. Moreover, one other 26 salars thought of non-strategic, together with Laguna Verde and Francisco Basin, had been confirmed to be opened for improvement by the non-public sector.

An administrative process was later printed whereby “Expressions of Curiosity” are to be submitted by mid-June 2024 with the Authorities anticipated to announce the leads to early July and to substantiate which initiatives are to be prioritised for the award of CEOLs. Afterwards, CTL was suggested to replace its submissions for CEOLs throughout the new administrative process. The Firm is updating the CEOL purposes with latest info able to submit. The resubmission course of is anticipated to haven’t any impression on the anticipated challenge timeline.

The Authorities has additionally introduced that it desires to see 3 or 4 new lithium initiatives operational by 2026. CTL’s two superior initiatives are effectively forward of another lithium initiatives of comparable scale in Chile and may subsequently be anticipated to be prioritised by the Authorities.

To help the CEOL purposes, the Firm has continued to position CTL in the easiest potential place by means of a technique of regional engagement and help for the native financial system. The Firm has a coverage of using native folks the place potential and making certain the financial advantage of growing its belongings is felt throughout the area and that any considerations and impression are sensitively managed. The Firm introduced a ground-breaking settlement in December 2023, for the primary co-created mining mannequin for lithium extraction within the area, working along with Ercilia Araya Altamirano, Ancestral Authority of the Colla Pai-Ote group, and representatives from the Río Jorquera and Pastos Grandes communities. The communities have agreed to collaborate with CTL on drafting related sections of the EIA for Laguna Verde, which is the primary time this strategy has been adopted in Chile for lithium extraction. This can be a optimistic issue that CTL is hopeful will speed up the approval technique of the EIA as demonstrating area people help, which is of crucial significance to the authorities.

Moreover, the Firm’s deal with DLE, because the mechanism to provide LCE, is consistent with the Nationwide Lithium Technique to make sure sustainable lithium manufacturing as introduced by President Boric in April 2023. Having been an early adopter of the expertise, CTL is effectively positioned to ship on profitable DLE primarily based brine initiatives in Chile.

The granting of the CEOLs in 2024 will probably be an necessary stepping stone to manufacturing and the supply of a strategic companion to help commercialisation of the Firm’s initiatives. CTL will proceed to work with the related authorities throughout the scope of the Nationwide Lithium Technique, which the Firm sees as a welcome mannequin for public-private partnership, as serving to de-risk the supply of lithium initiatives in Chile.

Company Exercise

CTL has regularly sought to fastidiously allocate capital to fulfill its wants and obtain the purpose of delivering business manufacturing and cashflows as early as potential. CTL has, subsequently, sought to lift funds from traders solely when wanted to advance challenge improvement and so minimising dilution to traders. The technique has been to fund exploration and early challenge improvement by means of fairness after which, following completion of the PFS and commissioning of the pilot plant, herald a strategic investor. The deliberate itemizing on the ASX in Australia is consistent with this. Along with CTL having key traders already in Australia, the ASX market additionally advantages from a robust understanding of the mining {industry} and lithium sector with deep swimming pools of capital obtainable for good initiatives and the place most of the Firm’s lithium friends are listed.

ESG

In-line with the event of CTL’s initiatives, the staff in Chile expanded in the course of the 12 months and the Firm opened an operational workplace in Copiapó. On the finish of the 12 months the staff amounted to 22 full time workers, with as much as an extra 5 specialist consultants employed by the Firm over the course of 2023.

The broader staff contains operational, technical, authorized and administration employees. It additionally contains sustainability help which is vital to CTL’s proper to function and skill to ship. The group relations staff made a direct and optimistic impression on the Firm driving initiatives which assist inform and hold native and nationwide events supportive of our aims.

These efforts had been supported by the creation of an ESG Board committee in the course of the 12 months, which has oversight of sustainability initiatives and studies to the broader Board. The Firm profitable the ‘Inexperienced Achievement Grand Prix Award’ at Huawei’s ‘Inexperienced & Sensible Mining: the longer term is right here’ awards, which occurred in Chile in December, is an efficient reflection of this work.

Key to creating progress is efficient resolution making and accountability throughout the enterprise. On this regard CTL has in place a robust Board with a great steadiness of govt and impartial non-executive administrators every of whom comes with invaluable and differing expertise which makes a fabric distinction to the strategic path and operating of the enterprise.

Through the 12 months, I used to be delighted to see the Board strengthen additional with the appointment of Maha Daoudi and Tommy McKeith as impartial non-executive administrators. Maha has a few years of expertise in commodity advertising and buying and selling with a deep information of working in China. Tommy has appreciable expertise in exploration and challenge improvement and comes with intensive mining listed firm expertise in Australia. Each have already made invaluable contributions. Through the 12 months, Jonathan Morley-Kirk additionally stepped as much as develop into the Senior Unbiased Director, following my change of position to an govt place.

Publish-period finish I’ve taken on the obligations of CEO, on an interim foundation, following the resignation of Aldo Boitano. Regardless of the circumstances of his departure he, as co-founder, did an amazing quantity to develop a imaginative and prescient for the Firm and create the chance for traders. For this we’re all grateful.

I wish to take the chance to thank the Board, the broader staff, shareholders, and suppliers for his or her continued help over the past 12 months. The Firm is on a journey and a great distance down the trail to delivering on its ambitions. That is totally all the way down to the expertise, ability set, help and tireless effort put in by all these concerned.

Outlook

CTL has an thrilling 12 months forward of us main as much as discussions with strategic companions later within the 12 months. Quite a bit has been achieved and in a comparatively quick time and, as such, the Firm is effectively positioned to understand the worth of its portfolio to the good thing about its traders and different stakeholders. That progress has accelerated additional in 2024 with the commissioning of the pilot plant, the LV PFS progressing, the CEOL course of in prepare and with the lithium market exhibiting indicators of restoration. We look ahead to the rest of 2024 with continued confidence.

Steve Kesler,

Government Chairman and Interim CEO

20 Might 2024

Monetary Evaluate

Key Drivers for 2023

Within the context of managing CTL’s funds in an environment friendly and efficient method, the main focus throughout 2023 was primarily twofold: to keep up progress and momentum on the Group’s two primary belongings, particularly: LV and FB; and to hold out the work wanted for an preliminary technical evaluation of the Llamara licences.

The Board has made clear its dedication to bringing LV into manufacturing as a precedence, with FB to comply with as quickly thereafter as possible. As well as, the Board has set targets and programmes to fulfill these aims that are each formidable but in addition achievable. With enough funds the Board is assured the technical, feasibility, environmental, regulatory and different approvals will be mixed to permit CTL to fulfill its goal of transitioning into a number one lithium manufacturing firm.

Doubtless, CTL has been essentially the most energetic lithium exploration and improvement participant in Chile over the previous two to a few years:

•	Endeavor geophysical and a number of technical research in preparation for subsequent phases on every asset
•	Drilling 14 wells in three difficult environments to ship a mixed whole of two.7 million tonnes LCE JORC Useful resource – together with endeavor pump assessments and different hydrogeological research
•	Finishing two detailed scoping research which display thrilling and strong economics at industry-standard ahead lithium costs; in flip enabling the preparation of a PFS for LV which CTL plans to finish in Q3 2024
•	Procuring, delivery, establishing after which commissioning a 1 tonne per 30 days DLE pilot plant – acquired from a Sunresin subsidiary in Belgium
•	Commencing the work required to help the EIAs for LV and FB – involving intensive baseline research
•	Conducting metallurgical assessments – each at lab-scale stage and in addition on the bottom at LV and FB, and
•	Constructing a talented and skilled administration, operational and technical staff in Chile to have the ability to ship on the deliberate aims, together with the usage of varied consultants and specialist service corporations.

All of this comes at a price and requires the funds to keep up momentum in the direction of assembly the Board’s aims. On the time of writing, CTL has spent greater than £16 million in Chile on its work programmes over latest years.

Funding in 2023 and Technique Past

CTL started 2023 with £12.4 million cash-in-hand after finishing a £12.3 million fundraise (earlier than bills) in November 2022. That funding allowed CTL to undertake the intensive work programme, referred to above, all year long. While the Firm initially supposed to twin checklist on the ASX in the course of the second half of 2023, the speed at which a number of regulatory necessities with ASX might be addressed was slower than CTL would have preferred, and so CTL had little alternative however to defer any deliberate itemizing on the ASX till 2024. The requirement for CTL to need to make business adjustments to the LV Choice Settlement, as introduced on 22 April 2024, additionally held up the deliberate ASX itemizing.

To maintain up momentum on the a number of capital programmes being run, CTL accomplished an over-subscribed inserting on AIM in December 2023, elevating £8.5 million (earlier than bills). This included £0.5 million raised by means of an open provide which allowed eligible shareholders to subscribe for putting shares on comparable phrases to these institutional traders which had participated. That funding allowed CTL to commit assets on the finish of 2023 to permit it to start an in depth programme in Q1 2024 (together with a five-well drilling marketing campaign at LV, a continuation of its EIA monitoring and evaluate necessities, a extra activated PFS course of and the development of CTL’s DLE pilot plant by means of to commissioning and eluate manufacturing), all within the context of prioritising LV towards manufacturing. The Firm ended 2023 with £6.2 million cash-in-hand.

The Firm nonetheless plans to twin checklist on ASX in 2024; with the vast majority of the executive and regulatory hurdles now addressed, the itemizing course of is taken into account to be in a fairly superior stage on the time of writing. The Firm might want to undertake an fairness increase as a part of that course of, largely to fulfill an ASX requirement to have a sure variety of new Australian primarily based shareholders. The quantity of any fundraising on ASX shouldn’t be but determined and can invariably be thought of within the context of different funding choices.

The Board, which has intensive expertise in funding main initiatives, seems ahead to discussions with potential strategic companions and events in search of offtake later in 2024, understanding the Firm will probably be negotiating from a place of power at the moment and with a product such events will wish to safe.

Overview of 2023 expenditure

Capex: Exploration & Analysis belongings

A complete money capex of £8.9 million was incurred in 2023 (2022: £4.4 million), made up as follows:

Capital expenditure	Remark	2023 £ million	2022 £ million
Drilling	In 2023, 7 wells accomplished on LV & FB. 1 on LL	6.19	3.43
Hydrogeology	Pump assessments	0.57	0.07
DLE Pilot Plant	Preliminary acquisition and resin prices	0.57	0.12
EIA	Baseline & different research	0.38	0.30
Communities	Contributions and workplace refurb.	0.19	–
Scoping & Feasibility	LV and FB Scoping Research, LV PFS	0.29	0.09
Licences	All belongings	0.56	0.30
Different	–	0.10	0.09
Money price		8.85	4.40

Earnings assertion

Administrative prices totalled £5.9 million in 2023 (£3.8 million: 2022), with £4.2 million being money prices.

Key prices in 2023 included:

Administrative prices		2023 £ million	2022 £ million
Folks	Jersey, London & Chile	1.21	0.57
Itemizing & Compliance	AIM and company governance	0.34	0.17
Journey	Conferences, advertising, journey in Chile	0.88	1.33
PR/IR	Contains consulting prices & conferences	0.58	0.12
Authorized, finance, tax & audit	Together with accounting providers	0.68	0.33
Different G&A	Different overhead prices throughout the group	0.51	0.09
Money prices		4.20	2.61
VAT provision	Be aware 12	1.24	0.6
Truthful-value of share choices	Be aware 14	0.45	0.59
Non-cash prices		1.69	1.19
Complete		5.89	3.8

As well as, different complete earnings contains international alternate prices of roughly £ 1.0 million, which have arisen because of translational and transactional adjustments in GBP relative to USD and CLP foreign money actions.

Assertion of economic place

The Group maintains a wholesome assertion of economic place at 31 December 2023, with web present belongings of £6.1 million (2022: £12.1 million) reflecting present belongings of £6.8 million (2022: £12.6 million) and £0.7 million (2022: £0.6 million) of present liabilities.

Monetary Management

The Group maintains management over its day-to-day funds by means of a robust finance staff primarily based within the UK and Chile, supported by outsourced back-office accounting and tax compliance processes. A Group Monetary Controller, Dermot Boylan, primarily based within the UK, works alongside our Chile-based Finance Supervisor, Geraldine Carmona, who manages the funds for our work programmes in Chile.

Publish Stability Sheet Occasions

On 12 April 2024 the Firm introduced the resignation of Aldo Boitano after he made the Firm conscious that he had entered into a private mortgage underneath which he agreed to supply safety over his shareholding. The granting of safety and subsequent transfers of Strange Shares are thought of notifiable occasions which ought to have been notified by Mr Boitano to the Firm on the related time.

On 22 April 2024 the Firm introduced it had accomplished the deliberate acquisition of the 23 Laguna Verde licences beforehand topic to an choice settlement ensuing within the Firm now having full possession, in addition to management, of the complete 108 mining licences comprising the Laguna Verde challenge.

On 22 April 2024, the Firm additionally introduced it issued convertible mortgage notes to lift gross proceeds of £1 million for the Firm on what the Administrators consider are advantageous phrases. Additional particulars of the convertible mortgage notes are set out within the announcement.

On 8 Might 2024 the Firm introduced so far as it may well decide, Mr Boitano has ceased to have any useful possession of shares within the Firm.

Gordon Stein

Chief Monetary Officer

20 Might 2024

Consolidated Assertion of Complete Earnings

	Notes		Audited 12 months ended 31-Dec-2023	Audited 12 months ended 31-Dec-2022
			£	£
Earnings			–	–
Administrative prices	5		(4,646,803)	(3,149,184)
Provision for Chilean VAT recoverable	5		(1,238,798)	(644,602)
Working loss			(5,885,600)	(3,793,786)
Finance price			–	(6,751)
Loss earlier than tax			(5,885,600)	(3,800,537)
Earnings tax	7		–	–
Loss for the 12 months after tax			(5,885,600)	(3,800,537)
Different complete (loss) / earnings:
Overseas alternate variations arising on translation of purposeful currencies			(1,021,070)	337,604
Complete complete loss for the 12 months			(6,906,670)	(3,462,933)
Loss per share
Primary and diluted (GBP £)	8		(0.054)	(0.048)

The accompanying notes are an integral a part of these consolidated monetary statements.

All quantities are derived from persevering with operations

Consolidated Assertion of Monetary Place

			Audited as at 31-Dec-23	Audited as at 31-Dec-22
	Notes		£	£
Exploration and analysis belongings	11		13,710,413	5,317,412
Non-current belongings			13,710,413	5,317,412
Money and money equivalents			6,202,028	12,368,265
Commerce and different receivables	12		610,898	278,339
Present belongings			6,812,926	12,646,604
Commerce and different payables	16		(351,637)	(440,338)
Provisions and accruals	16		(378,713)	(193,408)
Present liabilities			(730,350)	(633,746)
Web belongings			19,792,989	17,330,270
Share capital	13		26,310,625	21,076,155
Capital reserve			(77,237)	(77,237)
Share primarily based cost reserve			5,713,259	1,578,340
Overseas alternate reserve	17		(705,375)	315,695
Gathered losses	17		(11,448,283)	(5,562,683)
Fairness and reserves			19,792,989	17,330,270

The accompanying notes are an integral a part of these consolidated monetary statements.

These monetary statements had been authorised and authorised for situation by the Board of administrators on 20 Might 2024 and had been signed on its behalf by:

Gordon Stein

Chief Monetary Officer

20 Might 2024

Consolidated Assertion of Modifications in Fairness

	Share Capital	Capital Reserve	Share primarily based funds reserve	Overseas alternate reserve	Gathered losses	Complete
	£	£	£	£	£	£
At 1 January 2022	–	5,313,295	–	(21,909)	(1,762,146)	3,529,240
Loss for the 12 months	–	–	–	–	(3,800,537)	(3,800,537)
Different complete earnings	–	–	–	337,604	–	337,604
Complete complete loss	–	–	–	337,604	(3,800,537)	(3,462,933)
Share choices and warrants	(989,115)	–	1,578,340	–	–	589,225
Share-for-share alternate	5,051,201	(5,051,201)	–	–	–	–
Shares issued in subsidiaries	–	(339, 331)	–	–	–	(339, 331)
Shares issued	17,014,069	–	–	–	–	17,014,069
31 December 2022	21,076,155	(77,237)	1,578,340	315,695	(5,562,683)	17,330,270
At 1 January 2023	21,076,155	(77,237)	1,578,340	315,695	(5,562,683)	17,330,270
Loss for the 12 months	–	–	–	–	(5,885,600)	(5,885,600)
Different complete loss	–	–	–	(1,021,070)	–	(1,021,070)
Complete complete loss	–	–	–	(1,021,070)	(5,885,600)	(6,906,670)
Share choices and warrants	(3,074,767)	–	4,134,919	–		1,060,152
Shares issued	8,309,237	–	–	–		8,309,237
31 December 2023	26,310,625	(77,237)	5,713,259	(705,375)	(11,448,283)	19,792,989

The accompanying notes are an integral a part of these consolidated monetary statements.

Consolidated Assertion of Consolidated Money Flows

		Audited 12 months ended 31-Dec-2023	Audited 12 months ended 31-Dec-2022
		£	£
Loss after tax for the interval		(5,885,600)	(3,800,537)
Non-cash objects:
Truthful worth recognition of share choices and warrants		527,931	443,690
Motion in commerce and different receivables		(313,355)	(226,877)
Motion in payables, provisions and accruals		262,447	115,412
Finance prices		–	6,751
Web money utilized in working actions		(5,408,577)	(3,461,561)
Expenditure on exploration and analysis belongings	11	(8,851,684)	(4,403,228)
Web money utilized in investing actions		(8,851,684)	(4,403,228)
Web proceeds from situation of odd shares	13	8,192,346	17,014,069
Finance prices		–	(6,751)
Web money generated from financing actions		8,192,346	17,007,318
Web money stream		(6,067,915)	9,142,529
Money and money equivalents introduced ahead		12,368,265	3,230,997
Web money stream		(6,067,915)	9,142,529
Impact of alternate fee adjustments		(98,322)	(5,261)
Money and money equivalents carried ahead		6,202,028	12,368,265

The accompanying notes are an integral a part of these consolidated monetary statements.

Notes to the Monetary Statements

1. GENERAL INFORMATION

CleanTech Lithium Plc (“CTL Plc”, or the “Firm”)

The consolidated monetary statements of CleanTech Lithium Plc for 12 months ended 31 December 2023 had been authorised for situation in accordance with a decision of the Board on 20 Might 2024.

CleanTech Lithium Plc was integrated and registered as a personal firm, initially with the title CleanTech Lithium (Jersey) Ltd, in Jersey on 1 December 2021 with registered quantity 139640. It was subsequently reregistered as a public restricted firm on 20 January 2022 and on 2 February 2022 it modified its title to CleanTech Lithium Plc.

On 14 February 2022, a share-for-share alternate between the shareholders of CleanTech Lithium Ltd (CTL Ltd, or the U.Okay. entity) and CTL Plc accomplished, leading to CTL Plc buying and changing into the mother or father firm of CTL Ltd and its wholly owned subsidiaries, collectively “CleanTech Lithium Group” or the “Group”.

Through the 12 months to 31 December 2023, there have been no adjustments to the construction of the CleanTech Lithium Group.

2. BASIS OF PREPARATION

The monetary statements have been ready in accordance with U.Okay.-adopted worldwide accounting requirements (UK IAS). These monetary statements are for the 12 months 1 January 2023 to 31 December 2023 and the comparatives are for the 12 months 1 January 2022 to 31 December 2022.

All through the reporting interval, together with the comparatives, the historic price foundation of preparation is used, aside from sure monetary belongings measured at truthful worth.

The quantities on this doc are offered in British Kilos (GBP), except famous in any other case. Attributable to rounding, numbers offered all through these monetary statements might not add up exactly to the totals offered and percentages might not exactly replicate absolutely the figures.

As permitted by Firms (Jersey) Regulation 1991 solely the consolidated monetary statements are offered.

Going Concern

The Group is in a pre-revenue part of improvement and till its transition to income era and profitability the Group will probably be required to depend on externally sourced funding to proceed as a going concern, the Board recognises this situation might point out the existence of fabric uncertainties, which can forged important doubt concerning the Group’s potential to proceed as a going concern. However, the Administrators have a demonstrated file of efficiently elevating capital for initiatives and ventures of this nature and are assured in having the ability to safe the funding wanted for the Group to ship on its commitments and proceed as a going concern.

As part of its Going Concern evaluation, consideration has been given to the Group’s anticipated actions which have been included within the monetary forecast. The Group has no capital commitments and so the Administrators are of the opinion that the Group has enough monetary assets to permit it to proceed for a minimum of 12 months from the date of the approval of those monetary statements. Moreover, the Administrators have thought of draw back situations together with the occasion the place there’s a delay to the anticipated era of money. Within the occasion of economic misery, the Administrators are assured that the implementation of austerity measures, the confirmed success in elevating capital, the financing and strategic choices obtainable, will allow the Group to proceed as a going concern. Subsequently, the going concern foundation is adopted in getting ready the monetary statements.

The monetary statements don’t embrace the changes that may outcome if the Group and the Firm had been unable to proceed as a going concern.

3. MATERIAL ACCOUNTING POLICIES

The preparation of the Group’s monetary statements is completed in compliance with U.Okay. adopted Worldwide Accounting Requirements and the next summarises the Group’s materials accounting insurance policies.

Requirements and interpretations issued however not but utilized

On the date of the Group’s monetary statements, the Administrators have reviewed the requirements in situation by the UK Endorsement Board and the Worldwide Monetary Reporting Interpretations Committee by the Worldwide Accounting Requirements Board, that are efficient for durations starting on or after the acknowledged efficient date however haven’t but been utilized. Of their view, these requirements wouldn’t have a fabric impression on the monetary reporting of the Group.

Overseas foreign money

Useful and presentation foreign money

Gadgets included within the monetary statements of every of the Group’s entities are measured utilizing the foreign money of the first financial setting through which the entity operates (the “purposeful foreign money”). The consolidated monetary statements are offered in pound sterling, which is the Group’s presentation foreign money.

Transactions and balances

Overseas foreign money transactions are translated into the related purposeful foreign money utilizing the alternate charges prevailing on the date of the transaction. Overseas alternate positive factors and losses ensuing from the settlement of such transactions and from the retranslation at period-end alternate charges of financial belongings and liabilities denominated in foreign exchange are recognised within the earnings assertion.

Group corporations

The outcomes and monetary place of the Chilean entities are recorded in CLP $ and, the place related of the Australian entities from AUD $, are translated into Kilos Sterling (GBP £), the presentation foreign money, as follows:

•	belongings and liabilities on the Assertion of Monetary Place are translated on the closing fee at every reporting date;
•	earnings and bills within the Assertion of Complete Earnings are translated at common alternate charges, except the common shouldn’t be an inexpensive approximation of the cumulative impact of the charges prevailing on the transaction dates, through which case earnings and bills are translated on the fee on the dates of the transactions; and
•	all ensuing alternate variations are recognised in “different complete earnings”.

On consolidation, alternate variations arising from the interpretation of the online funding within the Chilean entities are recognised in “different complete earnings”. When a international operation is bought, the related alternate variations are reclassified to revenue or loss, as a part of acquire or loss on gross sales.

Earnings taxes

Earnings tax expense consists of present and deferred tax expense. Earnings tax expense is recognised within the earnings assertion.

Present tax expense is the anticipated tax payable on the taxable earnings for the 12 months, utilizing tax charges enacted or enacted substantively on the interval finish, and adjusted for amendments to tax payable on the subject of earlier years. The tax charges that apply in every international jurisdiction are disclosed in Be aware 7

Deferred tax belongings and liabilities are recognised for future tax penalties attributable to variations between the carrying quantities of current belongings and liabilities on the Assertion of Monetary Place and their respective tax bases. Deferred tax belongings and liabilities are measured utilizing the enacted or enacted substantively tax charges anticipated to use when the asset is realised, or the legal responsibility settled.

The impact on deferred tax belongings and liabilities of a change in tax charges is recognised within the earnings assertion within the interval that substantive enactment happens.

A deferred tax asset is recognised to the extent that it’s possible that future taxable earnings will probably be obtainable towards which the asset will be utilised.

The next non permanent variations don’t end in deferred tax belongings or liabilities:

•	the preliminary recognition of goodwill;
•	the preliminary recognition of an asset or legal responsibility in a transaction which isn’t a enterprise mixture;
•	the preliminary recognition of an asset or legal responsibility in a transaction which on the time of the transaction, impacts neither accounting revenue nor taxable revenue (tax loss); and
•	the preliminary recognition of an asset or legal responsibility in a transaction which on the time of the transaction, doesn’t give rise to equal taxable and deductible non permanent variations.

Deferred tax belongings and liabilities are offset when there’s a legally enforceable proper to set off present tax belongings towards present tax liabilities and once they relate to earnings taxes levied by the identical taxation authority and the Group intends to settle its present tax belongings and liabilities on a web foundation.

Exploration and analysis belongings

Exploration and analysis belongings are capitalised as intangible belongings on a person prospect foundation till such time as an financial quantity is outlined or the prospect is deserted. No prices are capitalised till the authorized proper to discover the property has been obtained. When it’s decided that such prices will probably be recouped by means of improvement and exploitation, the capitalised expenditure is first examined for impairment, then transferred to tangible belongings and depreciated over the anticipated productive lifetime of the asset.

Prices for a producing prospect are amortised on a unit-of-production methodology, primarily based on the estimated lifetime of the reserves, whereas prices for the prospects deserted are written-off.

Impairment evaluations for deferred exploration and analysis belongings are carried out on a project-by-project foundation, with every challenge representing a single money producing unit. An impairment evaluate is undertaken when indicators of impairment come up however usually when a number of of the next circumstances apply:

•	surprising geological occurrences are recognized that render the useful resource uneconomic;
•	title to the asset is compromised;
•	fluctuations in commodity costs render the challenge uneconomic; or
•	lack of accessible financing to progress the challenge.

The place the Group enters into exploration choice agreements with third events, the Group might purchase or get rid of mineral rights and sure advantages connected to these mineral rights. Since these choices are exercisable totally on the discretion of the optionee, the quantities payable or receivable should not recorded. Choice funds are recorded as exploration and analysis belongings when funds are made, or as recoveries when funds are obtained, both towards exploration and analysis belongings or as earnings throughout the earnings assertion relying on the character of the choice settlement.

The recoverability of the quantities capitalised for the undeveloped exploration and analysis belongings depends upon the dedication of economically recoverable ore reserves, affirmation of the Group’s curiosity within the underlying mineral claims, the flexibility to develop its exploration and analysis belongings, the flexibility to acquire the required financing to finish their improvement and future worthwhile manufacturing.

Capitalising of individuals prices

The related portion of worker and contractor prices (together with the share-based cost cost) incurred for service and exercise deemed to narrate to the analysis, technical feasibility and business viability of extracting a mineral useful resource are capitalised.

Environmental rehabilitation

An obligation to incur restoration, rehabilitation and environmental prices arises when environmental disturbances are attributable to the exploration or improvement of exploration and analysis belongings because of statutory, contractual, constructive, or authorized obligations.

On the reporting date, the Group has no environmental rehabilitation obligations in Laguna Negro Francisco SpA, Laguna Escondida SpA, Laguna Brava SPA, Atacama Tierras Blancas SpA, or Atacama Salt Lakes SpA; as such, no provision has been recognised within the Group’s monetary statements.

The Administrators evaluate yearly for adjustments in regulatory necessities with respect to environmental rehabilitation obligations.

Impairment

On the finish of every reporting interval, the carrying quantities of the Group’s belongings are reviewed to find out whether or not there’s any indication that these belongings are impaired. If any such indication exists, the recoverable quantity of the asset is estimated to find out the extent of the impairment, if any.

The recoverable quantity is the upper of truthful worth much less prices to promote and worth in use. Truthful worth is set as the quantity that may be obtained from the sale of the asset in an arm’s size transaction between educated and prepared events. In assessing worth in use, the estimated future money flows are discounted to their current worth utilizing a pre-tax low cost fee that displays present market assessments of the time worth of cash and the dangers particular to the asset. If the recoverable quantity of an asset is estimated to be lower than its carrying quantity, the carrying quantity of the asset is lowered to its recoverable quantity and the impairment loss is recognised within the earnings assertion.

For an asset that doesn’t generate impartial money inflows, the recoverable quantity is set for the money producing unit to which the asset belongs.

The place an impairment loss subsequently reverses, the carrying quantity of the asset (or money producing unit) is elevated to the revised estimate of its recoverable quantity, however to an quantity that doesn’t exceed the carrying quantity that may have been decided had no impairment loss been recognised for the asset (or money producing unit) in prior years. A reversal of an impairment loss is recognised instantly within the earnings assertion.

Monetary devices

The place relevant, the Administrators classify the Group’s monetary belongings within the following classes:

•	monetary belongings at “truthful worth by means of earnings assertion”; or
•	loans and receivables

The classification will depend on the aim for which the monetary belongings had been acquired. The classification of the Group’s monetary belongings is set at preliminary recognition and will depend on the character and goal of the monetary instrument.

Monetary belongings carried at truthful worth by means of earnings assertion are recognised and recorded initially at truthful worth and transaction prices are expensed within the earnings assertion.

Liquidity danger

Liquidity danger is the chance that the Group won’t be able to fulfill its obligations as they develop into due. The Group’s potential to proceed as a going concern depends on the Administrators’ potential to lift the funds required. The Group has no common money influx from its working actions.

The Administrators handle the Group’s liquidity danger by:

•	sustaining enough money reserves by means of the usage of the Group’s money obtained from fairness placings a;
•	constantly monitoring precise money flows to make sure the Group maintains an applicable quantity of liquidity; and
•	forecasting money stream necessities for the Group’s deliberate exploration and improvement work programmes and its related company actions. Primarily based on this evaluation, the Administrators safe enough extra funding to make sure an applicable stage of liquidity is maintained.

Failure to understand extra funding, as required, may outcome within the delay or indefinite postponement of additional exploration of the Group’s mineral properties and will outcome within the Group being unable to fulfill the continued itemizing necessities following admission to the London Inventory Alternate.

All of the Group’s liabilities are on demand or fall due in lower than one 12 months.

Overseas foreign money danger

The Group has its solely important publicity to international foreign money danger by means of expenditures incurred on the Chilean entities’ exploration and analysis belongings in Chile, denominated in Chilean Pesos. Money balances held throughout the Group entities are denominated of their respective purposeful currencies though US greenback accounts are additionally held for advert hoc expenditure denominated sometimes in US {dollars}; the monetary devices denominated in US {dollars} held by the Group are minimal at every reporting 12 months.

A ten% motion within the GBP £ / CLP $ alternate charges would improve/(lower) web belongings of the Group by the quantities proven beneath. This evaluation assumes that every one different variables, particularly rates of interest, stay fixed.

At 31 December 2023 Impact on web belongings of the Group:	£
Strengthened by 10%	15,369
Weakened by 10%	(15,369)
At 31 December 2022 Impact on web belongings of the Group:	£
Strengthened by 10%	478,845
Weakened by 10%	(478,485)

Commodity value danger

Fluctuations on prevailing commodity market costs current a potential danger for the Group. Such commodity costs may impression the price of energy for manufacturing processes and the market value for battery-grade lithium carbonate. The pre-production standing of the Group means publicity to those dangers has minimal monetary impression on the Group. The Group doesn’t use commodity ahead contracts and futures to hedge towards value danger in commodities as they don’t seem to be but applicable for the Group.

Loans and receivables

Different receivables and borrowings which have fastened or determinable funds that aren’t quoted in an energetic market are categorized as “loans and receivables”. “Loans and receivables” are recognised initially on the transaction worth and carried subsequently at amortised price much less impairment losses. The impairment lack of receivables is predicated on a evaluate of all excellent quantities at 12 months finish.

The Administrators have categorized the Group’s different receivables and borrowings as “loans and receivables”.

Share primarily based funds

The truthful worth of share choices or warrants granted is charged to the earnings assertion or capitalised within the assertion of economic place, with a corresponding improve in a share-based cost reserve. The truthful worth of share choices is measured at grant date, utilizing the Black-Scholes pricing mannequin, and unfold over the interval as much as the purpose the vesting situation is met. Upon train, the share-based cost reserve is launched to the accrued revenue or loss. The warrant devices granted to any counterparty are measured and recognised in the identical means as share choices on the date of situation.

Different monetary liabilities

“Different monetary liabilities” are measured initially at truthful worth, web of transaction prices, and are measured subsequently at amortised price utilizing the efficient curiosity methodology, with curiosity expense recognised on an efficient yield foundation. The efficient curiosity methodology is a technique of calculating the amortised price of a monetary legal responsibility and of allocating curiosity bills over the corresponding interval. The efficient rate of interest is the speed that precisely reductions estimated future money funds over the anticipated lifetime of the monetary legal responsibility, or, the place applicable, a shorter interval.

The Administrators have categorized the Group’s different payables as “different monetary liabilities”.

4. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of economic statements confirming with adopted IFRSs requires the Administrators to make judgements, estimates and assumptions that have an effect on the reported quantities of belongings and liabilities, in addition to the disclosure of contingent belongings and liabilities as on the reporting date and the reported quantity bills in the course of the interval. Precise outcomes might differ from these estimates. The important thing sources of uncertainty in estimates which have a danger of inflicting materials adjustment to the carrying quantities of belongings and liabilities, throughout the subsequent monetary 12 months, are the impairment of belongings and the Group’s going concern evaluation, as described in be aware 2. As well as, judgement is required to be exercised in figuring out a purposeful foreign money, together with assessing the underlying transactions, occasions and circumstances that are related to an entity.

Impairment

The Administrators apply important judgment in assessing every of the Group’s cash-generating models and belongings for the existence of indicators of impairment on the reporting date. Inside and exterior components are thought of in assessing whether or not indicators of impairment are current that may necessitate impairment testing. The indications of impairments and their evaluation are set out in Be aware 11.

VAT receivables

Included inside commerce and different receivables is an quantity roughly £1.8 million in Chilean VAT recoverable. Though the Chilean VAT is anticipated to be eligible for refund in future, as a result of uncertainty over the timing of future manufacturing and revenues, which might set off the Group’s eligibility to get better that VAT, the Administrators have made full provision towards this similar quantity, as disclosed in be aware 12.

5. ADMINISTRATION EXPENSES

Administration bills within the 12 months to 31 December 2023 totalled £5.9 million, of which roughly £1.8 million displays non-cash objects. Extra particularly, roughly £1.2 million displays a provision made towards VAT in Chile which CleanTech having the ability to get better as soon as manufacturing begins (Be aware 12 supplies additional element). Along with the non-cash VAT provision, roughly £0.5 million has been recorded as a share-based funds for share choices awarded to employees and contractors (additional element is about out in Be aware 14).

Of the £4.2million in money prices, roughly £1.2 million pertains to employees prices (2022: £1.1 million), £0.7 million pertains to promotion, public and investor relations (2022: £0.3 million), roughly £0.6 million pertains to journey (2022: £0.1 million), £0.8 million pertains to authorized {and professional} help (2022: £1.4 million), and roughly £0.5 million pertains to itemizing and compliance and insurance coverage prices(2022: £0.2 million), the steadiness of £0.4 million includes quite a lot of different and normal administrative prices (2022: £0.1 million).

6. STAFF AND DIRECTORS

		Audited 12 months ended 31-Dec-23	Audited 12 months ended 31-Dec-22
Common variety of workers and long-term contractors		22	9
Administrators		6	4
Complete		28	13

Throughout 2023 the Group’s the common variety of workers elevated as operational necessities expanded, however notably was primarily unchanged from the place the Group’s variety of workers (a quantity which incorporates longer-term consultants) was on the finish of 2022.

Throughout 2023, the Board additionally expanded following the appointment of two Non-Government Administrators; particulars of these appointments are set out in additional element in each the Strategic Report and Governance sections of this Annual Report.

Particulars of Administrators remuneration are set out Administrators’ Remuneration part on web page 37 within the report.

7. INCOME TAX

The accrued earnings tax expense continues to be £nil because the Group stays in a loss-making place.

Earnings tax expense

		Audited 12 months ended 31-Dec-23	Audited 12 months ended 31-Dec-22
		£	£
Present tax		–	–
Complete present tax expense		–	–

Reconciliation of the tax expense

The usual fee of company tax in Jersey is nil % (2022: nil %) which differs from the tax charges in international jurisdictions as follows: Chile tax fee of 27% (2022: 27%); and U.Okay. tax fee of 19% (2022: 19%).

However the Group has price centres in a number of tax jurisdiction, for tax reconciliation functions, the Administrators have determined to make use of the Chilean company tax fee as most applicable given the operations and future manufacturing of the Group is positioned in Chile.

		Audited 12 months ended 31-Dec-23	Audited 12 months ended 31-Dec-22
		£	£
Loss earlier than taxation		(5,885,600)	(3,800,537)
Tax on the aggregated relevant tax fee of 27% (2022: 27%)		2,561,166	1,720,384
Bills not deductible for tax functions		(1,331,581)	(951,012)
Losses carried ahead on which no deferred tax is recognised		(1,229,585 )	(769,372)
Complete present tax expense		–	–

Not all losses incurred are allowable for taxation functions. At 31 December 2023, the Group had £ 3,469,383 of accrued tax losses (2022: £ 2,239,798). An indefinite carry-forward of web working losses is permitted underneath Chilean tax guidelines. Losses primarily relate to these incurred by the Chilean entities, which aren’t anticipated to be transferrable to UK or JE jurisdictions.

No deferred tax asset is recognised on these losses as a result of uncertainty over the timing of future earnings and positive factors.

8. LOSS PER SHARE

The calculation of fundamental loss per odd share is predicated on the loss after tax and on the weighted common variety of odd shares in situation in the course of the interval.

Diluted loss per share assumes conversion of all doubtlessly dilutive Strange Shares arising from the share choices schemes and warrant devices detailed in Be aware 14. Potential odd shares ensuing from the train of warrants, and choices have an anti-dilutive impact as a result of Group being in a loss place. In consequence, diluted loss per share is disclosed as the identical worth as fundamental loss per share.

Primary and diluted loss per share		Audited 12 months ended 31-Dec-2023	Audited 12 months ended 31-Dec-22
		£	£
Loss after taxation		(5,885,600)	(3,800,537)
Primary weighted common variety of odd shares (tens of millions)		109.74	78.56
Primary loss per share (GBP £)		(0.054)	(0.048)

9. SEGMENTAL INFORMATION

The Group operates in a single enterprise section, being the exploration and analysis of mineral properties. These actions are undertaken in Chile, alongside administrative operations within the U.Okay., Jersey and previously in Australia.

31 December 2023	Chile	Remainder of World	Complete
	£	£	£
Exploration and analysis belongings	13,710,413	–	13,710,413
Non-current belongings	13,710,413	–	13,710,413
Commerce and different receivables	484,252	126,646	610,898
Associated social gathering and intra-group receivables	94,826	(94,826)	–
Money and money equivalents	48,609	6,153,419	6,202,028
Present belongings	627,687	6,185,239	6,812,926
Commerce and different payables	(230,439)	(121,198)	(351,637)
Associated social gathering and intra-group payables	(14,094,942)	14,094,942	–
Provisions and accruals	(166,411)	(212,302)	(378,713)
Present liabilities	(14,491,792)	13,761,442	(730,350)
Web Property	(153,692)	19,946,681	19,792,989
31 December 2022	Chile	Remainder of World	Complete
	£	£	£
Exploration and analysis belongings	5,317,412	–	5,317,412
Non-current belongings	5,317,412	–	5,317,412
Commerce and different receivables	186,273	92,066	278,339
Associated social gathering and intra-group receivables	102,985	(102,985)	–
Money and money equivalents	174,311	12,193,954	12,368,265
Present belongings	463,569	12,183,035	12,646,604
Commerce and different payables	369,756	70,582	440,338
Associated social gathering and intra-group payables	510,767	(510,767)	–
Provisions and accruals	115,609	77,799	193,408
Present liabilities	996,132	(362,386)	633,746
Web Property	4,784,848	12,545,421	17,330,270

10. WIND UP OF AUSTRALIAN ENTITIES

On 25 March 2022 the Australian Entities had been wound-up and formally deregistered. There was no web change to the general financial substance of the Group, nor had there been a change to the last word useful house owners of the Group arising from the company restructurings which finally led to the deregistrations of the Australian entities.

11. EXPLORATION AND EVALUATION ASSETS

Bills incurred to this point by the Chilean entities on feasibility research, mineral exploration and delineation had been capitalised as “exploration and analysis belongings” inside “non-current belongings” in accordance with the Group’s accounting coverage.

Exploration and analysis belongings		Audited 12 months ended 31-Dec-2023	Audited 12 months ended 31-Dec-22
		£	£
Opening steadiness		5,317,412	765,115
Additions		9,383,902	4,316,747
Impact of international alternate translations		(990,901)	235,550
Closing steadiness		13,710,413	5,317,412

Of the additions, roughly £0.5 million is non-cash in nature, which displays the accounting adjustment for share-based funds made to employees and contractors, about which additional element is about out in Be aware 14

Impairment assessments

The Administrators assess for impairment when details and circumstances counsel that the carrying quantity of an exploration & analysis asset (E&E) might exceed its recoverable quantity. In making this evaluation, the Administrators have regard to the details and circumstances famous in IFRS 6 paragraph 20. In performing their evaluation of every of those components, at 31 December 2023, the Administrators have:

•	reviewed the time interval that the Group has the suitable to discover the realm and famous no cases of expiration, or licences which are anticipated to run out within the close to future and never be renewed;
•	decided that additional E&E expenditure is both budgeted or deliberate for all licences;
•	not determined to discontinue exploration exercise because of there being an absence of quantifiable mineral useful resource; and
•	not recognized any cases the place enough information exists to point that there are licences the place the E&E spend is unlikely to be recovered from profitable improvement or sale.

Primarily based on the above evaluation, the Administrators should not conscious of any details or circumstances that may counsel the carrying quantity of the E&E asset might exceed its recoverable quantity. Consequently, the Administrators don’t think about there’s any indication of impairment.

In 2024, the DLE pilot plant was commissioned, consequently the Administrators will think about whether or not expenditure referring to the DLE pilot plant needs to be reclassified as tangible belongings in 2024. Nonetheless, at 31 December 2023, expenditure associated to DLE had been categorized as intangible pending affirmation as to its technical and business feasibility.

12. TRADE AND OTHER RECEIVABLES

Commerce and different receivables	Audited As at 31-Dec-2023	Audited As at 31-Dec-22
	£	£
Prepayments and deposits	570,936	194,712
VAT	13,385	4,988
Different receivables	26,577	78,639
Complete	610,898	278,339

Prepayments and deposits largely replicate prepayments with respect to with capital initiatives in Chile and pay as you go insurance coverage and different business subscriptions which renew variously and yearly in addition to workplace rental deposit quantities paid.

Though VAT reveals a steadiness of roughly £13,000 at 31 December 2023, at that date roughly £1.8 million in Chilean VAT recoverable shouldn’t be proven within the desk above. Though the Chilean VAT is anticipated to be eligible for refund in future, as a result of uncertainty over the timing of future manufacturing and revenues, which might set off the Group’s eligibility to get better that VAT, the Administrators have made full provision towards this similar quantity. Accordingly, roughly £1.2 million provision has been mirrored within the earnings assertion for the 12 months ended 31 December 2023 (£0.6 million in 2022).

Different receivables comprise a number of smaller working capital balances.

13. SHARE CAPITAL

Share capital

		Variety of shares	£
At 1 January 2022		2	0.02
Share for share alternate CTL Ltd		60,366,573	5,051,201
Money obtained for shares held in collectors		–	194,917
Fundraise shares issued		44,766,925	17,867,122
Commissions on fundraise shares issued		–	(1,047,970)
Warrant shares truthful worth adjustment		–	(989,115)
Fairness settled transactions		200,000	–
At 31 December 2022		105,333,500	21,076,155
At 1 January 2023		105,333,500	21,076,155
Share choices exercised		1,100,000	396,000
Fundraise shares issued		38,728,826	8,520,341
Commissions on fundraise shares issued		–	(607,104)
Warrant shares truthful worth adjustment		–	(3,074,767)
At 31 December 2023		145,162,326	26,310,625

In 2022, CTL Plc accomplished its formal acquisition of the Underlying Group by means of a share- for-share settlement with the shareholders of CTL Ltd. As well as, shares had been issued by CTL Plc as part of the IPO inserting, and as part of the inserting which accomplished in November 2022. Of the share capital raised, roughly £1.0 million was offset by fundraising commissions.

In 2023, roughly £0.4 million was raised by means of the train of share choices from a earlier worker (see Be aware 14). As well as, CTL Plc accomplished a fundraise of roughly £8.5 million, which included £0.1 million of non-cash settled share primarily based funds, and of which roughly £0.6 million was offset by fundraising commissions.

14. SHARE BASED PAYMENTS

Through the 12 months ended 31 December 2023, share choices have been granted to sure Administrators, employees and suppliers.

As well as, in the course of the 12 months, 1,100,000 share choices had been exercised by a former worker at an train value of 36p per share, giving rise to a £396,000 money influx to the Firm.

		12 months ended 31-Dec-23	12 months ended 31-Dec-22
		#	#
Excellent at begin of the 12 months		10,984,745	–
Share choices granted		3,283,000	6,670,000
Warrant shares granted		21,876,005	4,314,745
Share choices exercised		(1,100,000)	–
Share choices revoked or forfeited		(681,000)	–
Excellent at finish of the 12 months		34,362,750	10,984,745

All warrants have vested, the excellent share choices have varied vesting circumstances, a few of which have vested, others which haven’t.

		Audited 12 months ended 31-Dec-23	Audited 12 months ended 31-Dec-22
		#	#
IPO share choices	vested	2,900,000	2,900,000
Efficiency associated choices	Milestone 1 (see be aware beneath: M1)	1,238,334	1,103,667
Efficiency associated choices	Milestone 2 (see be aware beneath: M2)	1,418,334	1,103,667
Efficiency associated choices	Milestone 3 (see be aware beneath: M3)	1,418,332	1,103,666
Non-Government Director Choices	Time (see be aware beneath: time)	697,000	595,000
Different contractor choices	Absolutely vested nil-cost choices	500,000	–
Share choices excellent at finish of the 12 months	8,172,000	6,670,000

Notes on vesting circumstances
M1	This vesting situation is met when the Board publishing a JORC ‘measured and indicated’ useful resource whole of 1m tonnes (or extra) of Lithium Carbonate Equal; this situation was met in the course of the 2023
M2	This vesting situation is met when the Board agrees to the publication of a Pre-Feasibility Examine (PFS)
M3	This vesting situation is met when proposed pilot plant testing course of has met its aims to provide enough battery grade lithium carbonate and/or lithium hydroxide to allow the Firm to produce materials for offtake buyer testing and to supply course of design information for the Definitive Feasibility Examine (DFS)
Time	Refers to annual anniversary time vesting factors

All choices and warrants are granted within the Firm’s title. Share choices granted have a weighted common train value of 47 pence and warrants granted have a weighted common train value of 33 pence.

The accounting requirements and CTL’s accounting insurance policies present that the price of issuing fairness devices (warrants or share choices) is measured at its truthful worth. Within the case of share choices, truthful values are charged to the earnings assertion or the exploration asset, with a corresponding improve in fairness. The truthful worth of share choices is measured at grant date, utilizing a Black-Scholes pricing mannequin and unfold over the interval throughout which the worker turns into unconditionally entitled to the award (the vesting interval). The cost is adjusted to replicate the anticipated variety of shares or choices that vest. The truthful worth of every choice granted within the interval was estimated utilizing the Black Scholes choice pricing mannequin with the next assumptions:

			Share Choices
Truthful worth of name choice per share			£0.12 – 0.38
Share value at grant dates			£0.39 – 0.55
Train value			£0.01 – 0.57
Anticipated volatility			116%
Vesting interval			4.7-5.0 years from vesting
Danger-free rate of interest (primarily based on authorities bonds)			4.16%

The truthful worth of warrants can also be measured at grant date, utilizing a Monte Carlo simulation the place vesting dates rely on efficiency associated standards, or utilizing the Black-Scholes pricing mannequin the place extra applicable. As with the therapy of share choices, the truthful worth is unfold over the interval throughout which the warrant holder has entitlement to the award. The cost is adjusted to replicate the variety of warrants that vest. Within the case of warrants, truthful values are charged to an fairness reserve.

The overall share choice truthful worth cost for 12 months ended 31 December 2023 is £1,060,152 (£588,713 in 2022), of which roughly £528,000 has been recorded within the earnings assertion as a non-cash worker expense; the steadiness has been recorded inside E&E. The overall warrant truthful worth cost for 12 months ended 31 December 2023 is roughly £3,074,000 (2022: £989,114).

All the warrants granted in the course of the 12 months vested on or shortly after the grant date. The warrants which had been awarded to subscribers of the two-tranche inserting and open provide which was authorised by shareholders and accomplished on 14 December 2023 have a vesting date of 14 December 2024 and expire on the second annual anniversary. Dealer warrants issued as part of the two-tranche inserting in the course of the interval had a vesting date of 15 December 2024 and expire on 15 December 2028.

As famous, these truthful worth estimates are non-cash accounting entries.

15. CONTINGENT LIABILITIES

Laguna Verde Choice Settlement

At 31 December 2023, the Group held an oblique curiosity within the Laguna Verde concessions pursuant to the Laguna Verde Choice Settlement which was entered into on 23 April 2021. Pursuant to the Choice Settlement, the Distributors have granted Atacama Salt Lake SpA (Atacama) the choice to buy the concessions at any time previous to the expiry of the settlement, being 20 April 2026.

In consideration for the grant of the Choice, Atacama is required to make funds to the distributors comprising: (i) a hard and fast value of US$334,000 (of which US$204,000 has been paid as at 30 June 2023, with the steadiness payable in annual instalments); and (ii) a variable value, as calculated in reference to the valuation of lithium carbonate and different commercially extractable merchandise from the concessions. The variable value is payable with a mixture of money and shares as follows: 20% payable in money and 80% payable by means of the problem of shares in CleanTech Lithium Plc. The minimal variable value payable underneath the Choice Settlement is USD $3.5 million. Atacama might discard the choice to buy the related Laguna Verde properties and within the occasion of such a call no additional funds can be due.

Subsequent to the 12 months finish, the Firm introduced the buy-out of the LV choice settlement. This buy-out formalises CleanTech’s authorized possession of the mining concessions of curiosity within the Laguna Verde asset, particulars of that are set out in Be aware 21.;

16. PAYABLES, PROVISIONS AND ACCRUALS

		12 months ended 31-Dec-23	12 months ended 31-Dec-22
		£	£
Commerce and different payable		(291,369)	(321,476)
Provisions		(106,451)	(86,007)
Different taxes and social safety		(59,027)	(118,862)
Accruals		(272,262)	(107,401)
Complete		(730,350)	(633,746)

Commerce and different payables embrace routine commerce collectors.

The provisions steadiness largely displays the availability for taxes related on the bills categorized as Director charges for Mr Boitano. Previous to 2021, Mr. Boitano offered advert hoc financing help to the Group to fund working capital and exploration and analysis expenditure. Associated social gathering transactions involving Mr. Boitano comprised settlements of liabilities on behalf of the Group or on behalf of Mr. Boitano and transfers by Mr. Boitano to or from the Group underneath casual finance preparations. No such funding preparations had been made between the Group and Mr. Boitano after 2020. In historic durations, web quantities owing to the Group had been waived and expensed to the Earnings Assertion and totalled roughly £33,000 in 2020. These quantities had been categorized as Director charges and a provision for taxes referring to similar was made. Any quantities superior by or to Mr. Boitano had been deemed repayable on demand and didn’t carry an rate of interest.

Different taxes and social safety balances largely relate people-related prices and taxes balances on the interval finish.

Accruals embrace routine accruals for skilled providers rendered not invoiced at interval finish.

17. OTHER RESERVES

Overseas alternate reserve

The international alternate reserve represents the variations arising on the interpretation of transactions from the purposeful currencies.

Gathered losses

The accrued losses signify the consolidated losses of the Group. Actions in the course of the 12 months signify the consolidated complete loss for that 12 months.

18. CAPITAL MANAGEMENT

The capital of the Group consists of the objects included inside “fairness” on the Assertion of Monetary Place. The Administrators handle the Group’s capital construction primarily based on the character and availability of funding and the timing of anticipated or dedicated expenditures. The Administrators’ capital administration coverage is to keep up enough capital to help the acquisition, exploration and future improvement of the Group’s exploration and analysis belongings and to supply enough funds for the Group’s company actions.

The Group’s exploration and analysis belongings are within the exploration part of improvement, consequently, the Group is unable to finance its operations by means of manufacturing revenues. The Group has relied traditionally on fairness financings and on debt funding, or a mix thereof, to finance its actions. The Administrators challenge the Group’s future capital necessities by planning the exploration and future improvement actions to be undertaken on its exploration and analysis belongings and assessing the extent of company actions which are essential to help the expansion and improvement of the Group. The Group shouldn’t be topic to any capital necessities imposed externally.

19. RELATED PARTY TRANSACTIONS

On the 12 months finish, Firm had one receivable owing from one of many administrators totalling roughly GBP £18,000 which has been totally repaid in January 2024. There have been no associated social gathering transactions in the course of the 12 months apart from transactions with Administrators as disclosed within the Administrators remuneration part of the report on web page 30. As well as, in the course of the 12 months, one month’s charges for one of many administrators was settled in shares. In 2022, the Firm procured skilled images of the Board for publication functions from a associated social gathering of one of many Administrators. The transaction had a worth of £750 and was paid in full in 2022.

20. SUBSIDIARY UNDERTAKINGS

At 31 December 2023, CleanTech Lithium Plc has the next subsidiary undertakings, all of that are wholly owned, immediately or not directly:

Title of firm	Nation of incorporation	Possession
CleanTech Lithium Ltd	England & Wales	Wholly owned by CleanTech Lithium Plc
CLS Chile SpA	Chile	Wholly owned by CleanTech Lithium Ltd
Laguna Negro Francisco SpA	Chile	Wholly owned by CleanTech Lithium Ltd
Atacama Salt Lakes SpA	Chile	Wholly owned by CleanTech Lithium Ltd
Laguna Escondida SpA	Chile	Wholly owned by CleanTech Lithium Ltd
Atacama Tierras Blancas SpA	Chile	Wholly owned by CleanTech Lithium Ltd
Laguna Brava SpA	Chile	Wholly owned by CleanTech Lithium Ltd
Llamara SpA	Chile	Wholly owned by CleanTech Lithium Ltd

CleanTech Lithium Ltd acts as holding firm (for the Chilean entities) and administration service supplier to the Group. CLS Chile SpA primarily acts as service supplier to the opposite Chilean entities, that are themselves are asset and mining licence corporations.

The monetary info offered by the Group on this report additionally accommodates info referring to the 2 Australian entities, noting these had been wound-up and formally deregistered on 25 March 2022. There been a change to the last word useful house owners of the Group arising from the company restructurings and subsequent deregistrations of the Australian entities.

Title of firm	Nation of incorporation	Possession
Chilean Lithium Salars Holdings Restricted	Australia	Wholly owned by CleanTech Lithium Ltd
Chilean Lithium Salars Pty Restricted	Australia	Wholly owned by CleanTech Lithium Ltd

21. SUBSEQUENT EVENTS

Issues referring to occasions occurring since Interval finish are reported within the part entitled Chairman Assertion and set out beneath:

On 12 April 2024, the Firm introduced it had accepted the resignation of Aldo Boitano as CEO and director of the Firm with rapid impact. This announcement adopted his suspension after he did not disclose entered right into a mortgage settlement with a monetary establishment, underneath which he agreed to supply safety over odd shares which he had held in his title. Steve Kesler will proceed as CEO on an interim foundation to make sure no impression on the Firm’s ongoing actions. To make sure continuity, Steve Kesler, as Government Chairman has been working carefully with Mr Boitano and is effectively positioned to make sure ongoing continuity and progress.

On 22 April 2024 the Firm introduced it had accomplished the deliberate acquisition of the 23 Laguna Verde licences beforehand topic to an choice settlement ensuing within the Firm securing full possession, in addition to management, of the complete 108 mining licences comprising the Laguna Verde challenge.

Additionally on 22 April 2024, the Firm introduced it issued convertible mortgage notes to lift gross proceeds of £1 million for the Firm on what the Administrators consider are advantageous phrases.

On 8 Might 2024 the Firm introduced that, so far as it may well decide, Mr Boitano has ceased to carry a useful curiosity in shares within the Firm.

On 14 Might 2024 the Firm introduced that the DLE pilot plant had produced prime quality eluate with low impurities. DLE primarily acts as a purification stage, recovering lithium chloride from the brine while rejecting different impurities. The pilot plant in Copiapó has demonstrated that it may well function on the designed capability of concentrated eluate manufacturing enough for conversion to 1 tonne per 30 days of battery grade lithium carbonate. This locations CleanTech Lithium on the forefront of exploration corporations in Chile and the broader sector, in its potential to make obtainable giant samples of lithium carbonate product to potential strategic and offtake companions in search of to start out product qualification.

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