If a resource upgrade milestone was met, which it recently has been, an additional 62.5 million shares were to be issued to the vendor and 7.8 million shares were to be issued to the corporate advisor.
During November, the company declared a total JORC resource of 6.3 million tonnes at 1.17% lithium oxide at Wolfsberg.
This represented a 75% increase in resource tonnes and 33% increase in contained lithium.
The majority of the shares issued are subject to escrow periods with 43.1 million shares escrowed until 20 September 2017 and 25.5 million shares escrowed until 20 September 2018.
Resource drilling at Wolfsberg, which has paused for the Christmas break will restart on 9 January, 2017.
Results will be reported as received.
The indicative development timetable for Wolfsberg is as follows:
- Q2 2017: Increase resource;
- Q2 2017: Finalise pre-feasibility study;
- H1 2018: Finalise definitive feasibility study;
- H2 2018: Complete baseline/EIS/permitting;
- H2 2018: Fast track, proposed to commenced production of concentrate for glass-ceramic industry; and
- Q4 2019/2020: Commence operations for production of lithium concentrate for battery factories.