Directorate Change

CleanTech Lithium PLC

12 April 2024

 

12^th April 2024

CleanTech Lithium PLC

("CleanTech Lithium", "CTL" or the "Company")
CEO Resignation

Following the announcement dated 9^th April 2024, the Board of Directors of CleanTech Lithium (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, has accepted the resignation from Mr Aldo Boitano as CEO and director of the Company with immediate effect.

Steve Kesler will continue as CEO on an interim basis. This will ensure no impact to the Company's operations including ongoing activities at CTL's most advanced development project, Laguna Verde. As Executive Chairman, Steve has been working closely with Mr Boitano and is well placed to ensure ongoing continuity and progress.

The Company received Mr Boitano's letter of resignation where he apologised for his actions and the impact to the Company and its shareholders. In the Company's best interests, the Board of Directors of CleanTech Lithium has decided that Mr Boitano will work with the Company as a consultant for an initial period to support the recently announced Special Lithium Operating Contract ("CEOL") application procedure and relationships with the Chilean government and local communities. The Company is updating the CEOL applications for resubmission in accordance with the updated guidance from the Government, as part of the National Lithium Strategy.

Steve Kesler, Executive Chairman and interim CEO of CleanTech Lithium, commented:

"The Board of Directors recognises the work done by Mr Aldo Boitano during his tenure as CEO and thanks Aldo for his contribution since co-founding the Company. We hold ourselves accountable to the highest governance policies and the Board has acted decisively and with the duty of care for all our stakeholders. Having Aldo´s continuing support, on a consulting basis, with the Company's CEOL resubmissions and with government and local community relations will ensure continuity in these areas.  

"The fundamentals for our lithium brine projects in Chile are strong. We continue to advance the Laguna Verde project, where we are expecting to finish our PFS in Q3 2024,  and we will be producing battery-grade product from our operational DLE pilot plant to send to potential offtakers. Additionally, we are working towards the successful receipt of the CEOLs for both the Laguna Verde and Francisco Basin projects."

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The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain. The person who arranged for the release of this announcement on behalf of the Company was Gordon Stein, Director and CFO.

For further information contact:
Celicourt Communications Felicity Winkles/Philip Dennis/Ali AlQahtani	[phone] [e-mail]
Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak	[phone]
Canaccord Genuity (Joint Broker) James Asensio	[phone]
Fox-Davies Capital Limited (Joint Broker)	[phone]
Daniel Fox-Davies	[e-mail]

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

About CleanTech Lithium

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTCQX:CTLHF) is an exploration and development company advancing sustainable lithium projects in Chile for the clean energy transition. Committed to net-zero, CleanTech Lithium's mission is to produce material quantities of sustainable battery grade lithium products using Direct Lithium Extraction technology powered by renewable energy. The Company plans to be a leading supplier of 'green' lithium to the EV and battery manufacturing market.

CleanTech Lithium has two key lithium projects, Laguna Verde and Francisco Basin, and hold licences in Llamara and Salar de Atacama, located in the lithium triangle, a leading centre for battery grade lithium production. The two major projects: Laguna Verde and Francisco Basin are situated within basins controlled by the Company, which affords significant potential development and operational advantages. All four projects have direct access to existing infrastructure and renewable power.

CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction with reinjection of spent brine. Direct Lithium Extraction is a transformative technology which removes lithium from brine, with higher recoveries than conventional processes. The method offers short development lead times with no extensive site construction or evaporation pond development so there is minimal water depletion from the aquifer. www.ctlithium.com

 

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