Tantalex Lithium Resources (CSE:TTX, OTC:TTLXF) said it is making progress in its TiTan plant optimization program with the arrival of a new scrubber at the project site this week.
Installation of the scrubber is set to commence in the coming weeks, targeting a resumption of tin and tantalum concentrate production within six to eight weeks, the company told shareholders.
The optimization program, which includes installing the new scrubber and increasing water volumes to the plant, aims to operate the plant at 130 t/h for 16 hours per day and enable the company to achieve its initial production targets.
Additionally, Tantalex plans to close further tranches of its non-brokered private placement, initially announced on April 29, 2024. The private placement aims to issue approximately 117,090,857 common shares at $0.035 per share, for gross proceeds up to US$3 million.
The number of shares to be issued will be adjusted based on the USD to CAD exchange rate on the closing date, Tantalex said.
The company previously closed two tranches, on May 6 and May 27, 2024, and expects to close additional tranches soon.
Proceeds from the private placement will fund the TiTan plant optimization and general working capital.