Lake Resources NL (ASX:LKE, OTCQB:LLKKF) has been granted a trading halt pending the release of an announcement in relation to the negotiation of a material agreement with technology partner Lilac Solutions Inc.
LKE is expected to be back on the boards by the start of normal trading on Wednesday, September 22, 2021, or when an announcement is released to the market.
The company has a market cap of approximately $571.3 million and shares last traded at A$0.515 having risen from A$0.21 at market close on May 13.
Clean technology
The company intends to utilise proven ‘clean’ direct extraction technology to produce high-purity, sustainable lithium from its flagship Kachi Project within the Lithium Triangle in Argentina.
LKE’s Kachi Project has leased rights to 70,000 hectares with an expandable resource of 4.4 million tonnes of lithium carbonate equivalent and only 20% of the resource has been slated for extraction so far, at 25,500 tonnes per annum for 25 years of production.
Method produces promising results
Lake’s lithium is processed through a disruptive clean technology developed by Lilac Solutions.
This direct extraction method is designed to deliver high purity battery material and more sustainable, responsibly sourced materials, providing solutions for two of the most pressing issues affecting rising lithium demand and especially electric vehicle batteries – quality and sustainability.
Lilac Solution’s technology uses processed brine with high recoveries from the Kachi Project to produce lithium chloride, successfully producing lithium carbonate product with 99.9% purity.
UK Export Finance interest
Lake Resources’ Kachi Project is well on the way to achieving full financial support for the Kachi Project after an Expression of Interest to the tune of approximately 70% of total requirements from the United Kingdom’s official Export Credit Agency, UK Export Finance.