Global Geoscience Limited (ASX:GSC) has unveiled plans to rename the lithium-boron development company Ioneer Ltd (ASX:INR).
The company’s shareholders will be asked to back the rebrand at an annual general meeting on October 31.
READ: Global Geoscience’s PFS confirms Nevada lithium-boron resource can support a 30-year mine life
Global Geoscience chairman James Calaway said: “Our new name is derived from the combination of ion and pioneer.
“It reflects our aim to be pioneers in producing the ions for a sustainable future.”
The company’s flagship project is the Rhyolite Ridge Lithium-Boron Project in the US state of Nevada which Calaway said provided a substantial foundation for its goal to responsibly and sustainably produce materials for a sustainable future.
Global Geoscience’s prefeasibility study confirmed its 92 million tonne mineable resource, which is graded 1,735ppm lithium and 1.23% boron, can support a 30-year mine life.
The company successfully raised $53 million in a fully underwritten placement earlier this year to fund the company through to a decision to mine by the end of next year.
The company plans to develop Rhyolite Ridge into a profitable long-term asset to facilitate the use of lithium and boron for planet-friendly uses such as clean technologies.
Calaway said: “We look forward to obtaining shareholder approval to change the company’s name to Ioneer Ltd and becoming a leader in this global transition to a future where all people and the environment are thriving.”
The company released its annual report to shareholders this morning and affirmed it had $80 million cash at hand on June 30, with Calaway reporting Global Geoscience was “well funded to rapidly progress our project towards production”.
The chairman affirmed its agenda for the next 12 months was to complete a definitive feasibility study, operate a pilot plant, drill and extend is resource, build its team and negotiate capital and business arrangements.
Global Geoscience’s AGM will be held in Sydney on October 31 at 10am in the Beaumont Room of the Sheraton on the Park hotel at 161 Elizabeth Street.