Funding will likely be used towards exploration initiatives being undertaken by the company.
These include the Paradox Brine Project located in Utah and the Four Corners lithium prospect.
On track for first lithium carbonate in April
The Paradox brine project is a priority as the company makes good progress in bringing it into production by April 2018.
Another important development with this project is the identification of an existing oil well which may be utilised by its in-field pilot plant.
Transitioning to production
Funds raised through the placement of options will assist in progressing the company’s project from bench-top test work to a feasibility study
A bulk brine sample collected from Gold Bar Unit 2 will be processed in a bench-top plant to validate magnesium can be removed and lithium carbonate can be produced.
While the transition to production will be an important step for the company, additional funds will also assist in progressing towards a feasibility study.
In-field pilot plant to contribute to feasibility study
The results of the bench top pilot plant will be used in the design of an in-field pilot plant, before moving to further drilling, feasibility study, and ultimately full-scale production.
The in-field pilot plant is intended to be a key part of a feasibility study to validate the process designed and tested in the laboratory scale bench-top plant.