CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) shares dropped in Monday morning's trade after announcing it had deferred payments under a purchase agreement for 23 Laguna Verde licences in Chile.
An original agreement, signed in April 2024, included milestone-based payments totalling US$35 million. The first payment of US$1.25 million has already been made, the company noted.
The agreement covered 108 of the current project's 160 licences.
"This update does not impact our licence holding position at Laguna Verde or our ongoing progress toward securing the CEOL for the project," said chief executive Ignacio Mehech.
CleanTech Lithium noted that vendors under the original purchase agreement could potentially gain minority interests in licences. The company added that it intends to engage with the vendors of the relevant licence blocks and will update the market in due course.
In London, Cleantech shares were down 8.3% changing hands at 5.5p.