VANCOUVER, BC, Sept. 20, 2024 /PRNewswire/ - LiTHOS Group Ltd. ("LiTHOS" or the "Company") (CBOE CA: LITS) (OTCQB: LITSF) (FSE: YU8) (WKN: A3ES4Q), today announces an important update to its executive and management compensation strategy. In a strategic move to preserve capital and align leadership with the Company's long-term success, the LiTHOS Board has approved the grant of Restricted Share Units (RSUs) and Performance Share Units (PSUs) to its management and key consultants.
The Company will issue an aggregate of 1,422,350 RSUs to executive officers, Independent Board Members, Advisory Board Members, and strategic consultants as compensation in lieu of cash. This decision demonstrates LiTHOS' commitment to safeguarding its cash resources while incentivizing performance and dedication from its leadership team. By choosing equity-based compensation, the management team is underscoring its confidence in the Company's future success and its groundbreaking AcQUA™ technology.
Corporate Announcement: Passing of Seth Coblentz
With great sadness, LiTHOS announces the passing of Seth Coblentz, who served as the Company's Vice President, General Counsel, and Corporate Secretary. The Company extends its deepest condolences to Seth's family, friends, and colleagues. Hannah Benson will be taking over the role of Corporate Secretary.
Operational Highlights: Progress with AcQUA™ Technology
LiTHOS continues demonstrating substantial progress in its AcQUA™ technology, a cutting-edge solution for Direct Lithium Extraction (DLE). The AcQUA™ system has proven highly effective in lithium brine processing, optimizing lithium chloride concentration while significantly reducing fresh water and chemical consumption. These results are critical in advancing the sustainability of lithium extraction processes, particularly in resource-rich areas such as the Salar de Atacama.
Through collaboration with key partners, including some of the world's leading lithium producers, AcQUA™ has undergone rigorous testing and field trials. These have showcased the system's scalability and efficiency across diverse brine compositions, positioning LiTHOS at the forefront of lithium extraction technology. The Company is now in the advanced stages of commercializing this technology, which will support the increasing demand for lithium in battery production.
As part of its strategic plan, LiTHOS will continue refining the AcQUA™ process for large-scale deployment. The success of these trials strengthens LiTHOS' ability to offer innovative, field-ready solutions for lithium production that not only meet but exceed environmental and economic standards. These operational advancements mark an exciting chapter in LiTHOS' mission to transform lithium extraction technology globally.
About LiTHOS
LiTHOS Group Ltd. is a mining technology company focused on the selective extraction of aqueous minerals. The Company's AcQUA™ technology allows lithium to be extracted from continental brine reservoirs without additional freshwater or any added chemicals or reagents. Lithium is now among the world's most in-demand metals as the world "electrifies" to reduce CO2 emissions, led by continuing growth in EV sales and the installation of hundreds of gigawatts of intermittent solar power generation capacity requiring partial battery storage solutions.
The Company's mission is to produce sustainable lithium without evaporation ponds. AcQUA™ is LiTHOS's patent-pending technology that spans the complete value chain from the conditioning and pre-treatment of raw brines through the DLE phase into the polishing and purification of battery-grade lithium feedstock. LiTHOS has two processing facilities: a 4,000 sq ft lab in Denver, CO, and a 50,000+ sq ft complex in Bessemer, AL., where LiTHOS has flexible expansion options.
LiTHOS is working with multiple strategic mineral resource owners, including brines from the largest Salars in Chile and Argentina and the Smackover reservoir in the Southeastern United States. Our wholly-owned subsidiary, Aqueous Resources LLC, is a US Department of Energy grant awardee and a Colorado Advanced Industries grant awardee. For more information, please get in touch with LiTHOS Investor Relations at 1-877-LITHOS1 / 1-877-548-4671 or via email at info@LiTHOStechnology.com.
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ON BEHALF OF THE BOARD
Scott Taylor - CEO
Forward-Looking Statements:This news release contains certain forward-looking statements within the meaning of Canadian securities legislation, including with respect to: the plans of the Company; the purposed use of funds of the Second Tranche; and statements relating to the closing of additional tranches of the offering. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and involve several risks and uncertainties, including additional tranches of the offering may not close on the terms announced or at all; that the Company may use the proceeds of the Second Tranche for purposes other than those disclosed in this news release; adverse market conditions; and other factors beyond the control of the Company. Consequently, there can be no assurances that such statements will prove to be accurate, and that actual results and future events could differ materially from those anticipated in such statements.
Important factors that could cause future results to differ materially from those anticipated in these forward-looking statements include: limited operating history; research and development activities; effect of general economic and political conditions; and other risk factors set forth in the Company's public filings which are available on SEDAR+ at www.sedarplus.ca. Accordingly, the reader is urged to refer to the Company's such filings for a more complete discussion of such risk factors and their potential effects. Except to the extent required by applicable securities laws and the policies of Cboe Canada Inc., the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors should change.
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SOURCE Lithos Group Ltd.
