Final environmental approvals are in for Lithium Energy Ltd following regulatory sign-off on its Environmental Impact Assessment (EIA) for the next phase of exploration and evaluation at Solaroz Lithium Brine Project in Argentina.
Approval covers bulk of resource
The approval covers activities in the Central Block (Chico I, V and VI, Payo 2 South and Silvia Irene) and the Northern Block (Payo 1 and Payo 2 North), encompassing a combined 10,666 hectares where the bulk of the existing lithium resources are located.
The latest approval follows earlier EIA clearance for the Mario Angel and Payo concessions in December 2024, effectively greenlighting exploration and evaluation across all concessions at Solaroz.
Solaroz is strategically situated within the Salar de Olaroz Basin, sharing lithium rights with producers Arcadium Lithium plc and Lithium Argentina Corporation.
The next phase of activities aligns with an amended sale agreement between Lithium Energy and CNGR Netherlands New Energy Technology B.V. (CNNET), a subsidiary of Chinese-listed CNGR Advanced Material Co Ltd.
Solaroz funding
Under the US$63 million (around A$97 million) sale terms, CNNET will fund Solaroz operations and upcoming development phases from January 2025, leveraging up to US$15 million in loan funding.
Lithium Energy and CNNET are finalising a work program in line with the approved EIAs and will provide updates as the project progresses.
Pending sale completion, the company continues to advance its Axon Graphite Limited spin-out and explore new opportunities in the battery minerals sector.
Lithium Energy shares remain suspended from trading on the ASX until the company demonstrates sufficient operational activity to satisfy listing rules.