Plymouth Minerals Ltd (ASX:PLH) intends to divest its non-core potash assets in Gabon to fully focus on the flagship San Jose Lithium-Tin Project in Spain.
The company is also seeking to change its name to Infinity Lithium Corporation Limited to better reflect the focus following its recent, $6.5 million capital raising.
Plymouth will seek shareholder approval for these changes at a general meeting on 28 February 2018.
Corporate development appointment
In line with the new focus, Plymouth has appointed Ryan Parkin as general manager of corporate development to spearhead ongoing lithium offtake and strategic investor initiatives.
Parkin has specific experience in mergers and acquisitions, capital raisings and start-ups, in the public and private corporate sectors.
Positive scoping study
A recent scoping study confirms the company’s decision to focus fully on the San Jose project at which it is earning an initial 50% interest.
The study displays robust economic results at conservative prices to produce lithium carbonate on site.
The company has also submitted a mining licence application and has independent verification of battery-grade lithium carbonate production.
Aim to increase project stake
Plymouth aims to increase to a 75% project level interest in 2018 and to complete a feasibility study.
With the intention to dispose of the potash assets, non-executive director Christian Cordier has resigned from the Board.
He joined the company as part of the acquisition of the potash assets in April 2016.