STRATEGIC UPDATE - BUILDING A VERTICALLY INTEGRATED SUPPLY CHAIN IN WESTERN ONTARIO
PERTH, Australia, Oct. 9, 2023 /CNW/ -- HIGHLIGHTS - Advancing integrated strategy to become the first lithium concentrates and chemical producer in Ontario
- Delivering Vertically Integrated Scoping Study in Q4 2023 incorporating a staged development of multiple mine and process hubs feeding a central lithium conversion facility
- Stage 1: Spodumene Concentrate production 2025: Eastern Hub Seymour mine and Concentrator. Progressing towards a financial investment decision in 2024 to commence development at Seymour
- Stage 2: Lithium Hydroxide Production 2028: Conversion Facility, Thunder Bay. Downstream Strategy advanced and strategically positioned industrial land undergoing full due-diligence for potential conversion facility
- Stage 3: Expansion 2029: Western Hub mine and Concentrator, Root Bay.
- Funding discussions progressing with Canadian Government
- Strategic Innovation Funding application lodged undergoing Canadian Federal Government assessment
- $1.5B allocated to critical minerals projects
- Strategic partnering
- Discussions ongoing for evaluation of strategic partners on conversion
- Interest received from groups on consolidated strategy for funding and operational involvement
- Indigenous engagement remains a priority as we progress towards development of our key projects
- Integrated Preliminary Economic Assessment to include:
- Seymour, Root and Converter Projects, collectively the Integrated Project
- Combined project layout, flowsheet, design and development timelines
- Competitive project economics - capital and operating costs
- Favourable infrastructure, logistics and future growth opportunities
- Showcasing a complete Lithium supply chain, mine to chemical production for multiple decades
- In parallel to development activities, GT1 will continue to invest in exploration and high-impact drilling campaigns to grow the resource base and extend the mine life across both hubs
Green Technology Metals Limited (ASX: GT1) a Canadian-focused multi-asset lithium business, is pleased to provide an update on the advancement of the Company's integration strategy to become the first lithium producer in Ontario, Canada.
"We're on a path to become Ontario's first lithium concentrates and chemical producer with our integrated strategy that involves a strategic staged development plan positioning us to achieve crucial milestones and prepare for initial production by 2025.
Our team has undertaken an extensive amount of work over the past 12 months to evaluate to advance GT1's integrated supply chain strategy ready for the eagerly anticipated Integrated Preliminary Economic Assessment (PEA) set for release this quarter. That we are confident will enhance shareholder and stakeholder value.
- GT1 Chief Executive Officer, Luke Cox