CleanTech Lithium's chief executive Aldo Boitano has resigned as chief executive and director of the company with immediate effect.
Boltano was suspended earlier in the week after it came to light that he had entered into a personal loan arrangement guaranteed by his holding in Cleantech Litihium without telling the board.
In a statement, CTL said that Boitano had apologised for his actions and the impact on the company and its shareholders.
He will remain as a consultant for an initial period to support the recently announced Special Lithium Operating Contract application procedure and relationships with the Chilean government and local communities.
Executive chairman Steve Kesler will continue as CEO on an interim basis to ensure there is no impact on the company's operations.
Kesler has been working closely with Boitano, CTL said, and is well-placed to ensure ongoing continuity and progress.
“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,” Kesler added.
“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.”