CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) said it is on track to make its Special Lithium Operating Contract (CEOL) application for the Laguna Verde project in Chile imminently.
It noted that the Chilean Mining Ministry had extended the CEOL application deadline to January 31.
CleanTech said it intends to submit its application in early January, supported by extensive technical and financial data accumulated over the past three to four years.
The mine developer expressed optimism about meeting the Ministry’s criteria, which could allow direct discussions and bypass a public tender.
"The company is encouraged by recent progress on its CEOL application," investors were told.
"The application itself will be a substantial document, supported by an extensive collection of technical, operational and financial data produced and gathered from activities at Laguna Verde over the last three to four years.
"The company believes it is well-placed to secure the award of the CEOL and meet specific criteria, established by the Ministry, to allow applicants to enter into direct discussions with the Ministry and avoid the need for any subsequent public tender process."
In the same update, the market learned that prep work for its planned ASX listing saw CleanTech’s financial results independently reviewed, leading to a revised treatment of Loan Notes.
The updated recognition method reduced the Loan Note liability to £1.5 million from £2.1 million and adjusted the operating loss to £2.2 million from £2.8 million. The changes reflect a more precise application of accounting standards.