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LAKE RESOURCES N.L. - Corporate Spotlight

Lake Resources NL (LKE) is a mineral exploration company focusing on exploration and... Lake Resources NL (LKE) is a mineral exploration company focusing on exploration and development of lithium brine projects and lithium hard rock projects.More

Corporate Spotlight

Lake Resources NL (LKE) is a mineral exploration company focusing on exploration and development of lithium brine projects and lithium hard rock projects.
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BILL GATES BACKS LAKE'S PARTNER LILAC

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 BILL GATES-LED FUND BACKS LAKE’S TECHNOLOGY PARTNER LILAC

ASX Announcement 21th February 2020


HIGHLIGHTS

  • Lake Resources planned sustainable lithium production using direct extraction technology provider – Lilac Solutions – has gained the investment support of the Bill Gates -led fund, Breakthrough Energy, leading an investment round of US$20 million. 
  • Breakthrough Energy Ventures looks to invest in startups that are capable of cutting emissions. The fund's investors include Jeff Bezos, founder of Amazon.com Inc., and Jack Ma, co-founder of Alibaba Group Holding Ltd and Michael Bloomberg, the founder of Bloomberg LP. MIT’s The Engine fund is another key investor in Lilac. 
  • Lilac Solutions has partnered with Lake Resources and the first pilot plant using Lilac’s technology will start in Argentina later this year. 

Lithium explorer and developer Lake Resources NL (ASX: LKE) is pleased to announce that Lake’s technology provider of a direct extraction ion exchange process, Lilac Solutions, has raised US$20 million in Series A funding. Led by Breakthrough Energy Ventures, a $1 billion fund established by many of the world’s top business leaders to support companies with the potential to significantly reduce greenhouse gas emissions, the round includes participation from MIT’s The Engine fund, Lowercarbon Capital, and The Grantham Foundation. 


Lilac is commercialising a new ion exchange technology for lithium extraction from brine resources that is significantly faster, cheaper, and more scalable than existing technology. The process does away with the need for large evaporation ponds and is able to return the lithium-depleted brine back underground. Lilac’s funding will enable the expansion of its engineering team, scale up production of its unique ion exchange beads, the core of the company’s lithium extraction system, and deploy the Lilac technology. 


“This is a great vote of confidence in Lake’s strategy from known successful investors to use direct extraction methods to produce high purity lithium. This is quality, third party validation in Lake selecting Lilac as our technology provider providing increased efficiency in recoveries and a shorter time to market with sustainable lithium products and a smaller environmental footprint without expansive evaporation ponds”, said Lake’s Managing Director Steve Promnitz. “These investors made money by investing in disruptive technologies, seeing opportunities and promoting higher efficiencies with greater environmental outcomes.” 


Carmichael Roberts of Breakthrough Energy Ventures stated that “While the electrification of vehicles is one of the most promising opportunities to reduce global emissions, today’s limited supplies of battery raw materials like lithium and cobalt challenge this transition. Lilac Solutions’ novel technology can change the supply and demand equation by helping lithium producers extract much larger quantities at a significantly lower cost, and from new sources. This is the type of industrial innovation required to support a transition to EVs at scale.” 


David Snydacker, Chief Executive Officer of Lilac Solutions, stated that “Other companies have tried to build these ion-exchange beads in the past, but they were either not selective enough at picking lithium out of the mixture of minerals or fell apart after just a few cycles.”


Lake aims for sustainable lithium production at its Kachi Lithium Brine Project producing a high quality, low impurity product capable of attracting premium pricing. The PFS which is almost completed is anticipated to show production costs in the lower part of the global cost curve. 


The direct extraction process, together with the Kachi project, offers a sustainable solution for the downstream battery makers by extracting lithium from brines using ion exchange without traditional evaporation ponds. Brine is returned to the aquifer once the lithium has been extracted without changing the brine chemistry. This addresses increasing interest from electric vehicle makers (OEM’s) and battery makers to demonstrate they have access to a sustainable scalable supply chain for raw materials. 


Brine samples are being transported from Kachi and expected to arrive late next week to the docks in Oakland, California. These brine samples will be initially used to complete the commissioning of a Lilac Solutions pilot-scale ion exchange module. High-purity lithium chloride will be produced for conversion to battery-grade lithium carbonate. Deliveries of lithium carbonate samples to downstream groups are being planned to start the qualification process with off takers. 


Lake looks forward to reporting on progress through to first large samples being produced late next month.


For further information please contact: 

Steve Promnitz, Managing Director Follow Lake on Twitter: https://twitter.com/Lake_Resources 

+61 2 9188 7864 Follow on LinkedIn: https://www.linkedin.com/company/lake-resources/ 

[email protected] Website: http://www.lakeresources.com.au 


About Lilac Solutions 

Lilac Solutions is a mining technology company based in Oakland, California. Lilac has developed a patented ion exchange technology that facilitates production of lithium from abundant brine resources with minimal cost and ultra-low environmental footprint. Lilac’s mission is to increase lithium supplies needed for electric vehicles and renewable energy storage. 

http://www.lilacsolutions.com/news/lilac-solutions-raises-series-a


READ THE FULL ANNOUNCEMENT HERE


LAKE APPOINTS CFO

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LAKE APPOINTS CFO TO DRIVE PROJECT FUNDING 

ASX Announcement 31 October 2019 


  • Experienced CFO appointed as joint Company Secretary, with focus on successfully securing funding for initial lithium production. 
  • Start of series of changes to better position company for the transition to pre-production.


Lithium explorer and developer Lake Resources NL (ASX:LKE) announced today the appointment of an experienced chief financial officer (CFO), Garry Gill to help ensure successful funding of the Company’s planned initial lithium production in Argentina.


Mr Gill will serve as joint Company Secretary, supported by Automic which will continue as Joint Company Secretary and Lake’s share registry. A chartered accountant with more than 30 years’ experience in all facets of corporate, financial and administrative functions, Mr Gill has served in a range of positions including as CFO, company secretary and other senior executive positions for a number of listed and unlisted public companies. These have included serving as finance director and company secretary of Jupiters Limited, CFO/Corporate Services Manager of South Bank Corporation in Brisbane, before forming a consultancy service for small cap ASX companies over the last decade. He has delivered improved strategic analysis and financial management, streamlined budgets, refinancing, and stakeholder management of small/mid cap resource companies. 


Welcoming his appointment, Lake’s Managing Director, Steve Promnitz said: “Garry has a wealth of experience, particularly in the small cap sector, key to supporting Lake’s drive for initial production at our Kachi and Cauchari projects.


This transition has created a need for a dedicated financial person to interact with service providers and financial institutions, including SD Capital Advisory Limited, currently seeking to secure debt funding of up to US$25 million for pre-production. Lake thanks the current outsourced accountants for their work to date.”


Lake is continuing to assess a range of funding solutions including debt or investment directly at the project level to minimise any potential dilution to the Company’s equity investors.


Click here to view the full announcement

PRE-PRODUCTION

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LAKE TARGETS 2020 PRE-PRODUCTION AT KACHI WITH PILOT PLANT CONSTRUCTION 

ASX Announcement 23 September 2019 


  • Lake is targeting early 2020 pre-production of initial lithium products at Kachi Lithium Brine Project, Argentina. 
  • First pilot plant module completed, with delivery expected soon after year-end using Lilac Solutions’ direct extraction ion exchange process. 
  • Plant designed to produce 50-60,000 mg/L lithium concentrate, more than 10 times the concentration of conventional processes, within a few hours, based on six months of successful lab processing of lithium brines from Kachi. 
  • Lake plans to produce a high quality, low impurity product capable of attracting premium pricing in current market for lithium. 
  • Sample product to be available from pilot plant production process in first quarter 2020 for customer qualification purposes for off-takers and potential project partners.


Lithium explorer and developer Lake Resources NL (ASX: LKE) announced today plans for pre-production in early 2020 of initial lithium productsfrom its flagship Kachi Lithium Brine Project in Argentina, using a pilot plant under construction with delivery to site expected soon after calendar year-end.


The pilot plant, which has been designed by Silicon Valley-backed Lilac Solutions and international engineering company Hatch, will demonstrate Lilac Solutions’ groundbreaking direct extraction ion exchange process on brines produced at Kachi.


The first module of the plant has already been completed. Results from lab testing have been incorporated into the pre-feasibility study (PFS) at Kachi, which is currently 75% complete, on time and on budget, and scheduled for release by year-end.


Lake expects to produce a high quality, low impurity product that is likely to attract premium pricing in the current market for lithium, amid rising demand for electric vehicles (EVs) and increasing interest in the project from potential off-takers and project partners. Intermediate products will also be prepared.


Lab testing has shown that lithium concentrations of 30-60,000 mg/L lithium can be produced from brines of ~300 mg/L lithium in a few hours after dewatering, more than 10 times the concentration of conventional processes, together with lower impurities.


This direct extraction process will be a major advance for the lithium brine industry, producing high quality low impurity lithium products, flexible and scalable to suit end user needs.


The pilot plant has been designed in modules to produce concentrate for either lithium hydroxide or lithium carbonate, or intermediate products of lithium sulphate and/or lithium chloride, at approximately 10 tonnes per year, sufficient to supply samples to selected downstream battery plants and cathode plants. 


The design is based on more than 6 months (1,000 cycles) of successful lab processing of brines from Kachi which have shown excellent performance over an extended period, with high selectivity and durability.


Significantly, the Lilac technology is environmentally friendly, as the salty water (brine) is reinjected into the aquifer once the lithium has been removed. Traditional evaporation ponds are not required. This offers a potential ethical, sustainable solution for an industry at the forefront of the global clean energy revolution.


The Kachi project ranks amongst the top 10 global lithium brine resources, with a maiden resource estimate of 4.4 million tonnes lithium carbonate equivalent (LCE) (Indicated 1.0 Mt and Inferred 3.4 Mt) within a much larger exploration target (refer ASX announcement 27 November 2018).


A Phase 1 Engineering Study completed in December 2018 showed its potential to cut production costs to the lowest cost quartile globally, with high recoveries (80 to 90%) compared to conventional brine operations in South America with typical lithium recoveries below 50%. The Lilac technology could also potentially slash production times compared to the lengthy nine to 24-month waiting period for standard evaporation processes to produce a suitable concentrate for processing. 


Lake’s Managing Director Steve Promnitz said: “We are pleased to see the excellent results at lab scale will be demonstrated with the pilot plant and look forward to seeing it on site as part of our PFS for Kachi.


“The production of samples from the plant will give potential partners, including battery makers and cathode makers, increased confidence in the technology to produce consistent high quality, low impurity products that suit the downstream market amid an increased focus on the cost-competitiveness of lithium brines 


“This will be potentially a disruptive force for the lithium supply chain by delivering a quick, efficient, flexible, scalable and sustainable extraction method compared to traditional evaporation methods that are coming under increased scrutiny due to their impact on local ecosystems.


Lilac’s CEO Dave Snydacker commented: “The performance of the Lilac method on the Kachi brines has been exceptional – a fast, low impurity product has been produced with the ion exchange beads performing even better than expected. 


“We look forward to continuing to demonstrate the high potential for low cost premium lithium product in partnership with Lake Resources, which has shown its readiness to adopt industry-leading solutions for the benefit of all stakeholders.” 


Click here to view the full announcement 

RAISES $2M

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LAKE RAISES $2M IN PLACEMENT 

ASX Announcement 4 September 2019


Kachi PFS and Exploration enters new stage 

  • Lake welcomes investor support with commitments for a private placement of A$2 million to sophisticated and professional investors. 
  • Funds to advance PFS and pilot plant at Kachi Lithium Brine project and exploration at Cauchari and Olaroz projects.


Lake Resources NL (ASX: LKE) welcomed today the support of investors to advance its key projects with commitments to raise A$2 million, before costs, in a private placement to sophisticated and professional investors. Lake’s projects are in the heart of the Lithium Triangle, home to the world’s lowest cost lithium production. 


Under the placement, the Company will issue approximately 45,000,000 new fully paid ordinary LKE shares (Offer Shares) at $0.045 cents per share (Placement) to sophisticated and professional investors using its existing placement capacity under ASX Listing Rules 7.1 and 7.1A.


Funds raised through the Placement will be used by Lake to complete the Pre-Feasibility Study (PFS) and advance the construction of a pilot plant using the Lilac direct extraction process at the Kachi Project, together with exploration at Olaroz and Cauchari Lithium Brine Projects, and additional working capital. Funds will also be used towards closing the remaining convertible Notes with a temporary halt on conversions while being negotiated.


Lake’s Managing Director Steve Promnitz commented: “Lake welcomes the support of investors at this critical time in the advancement of the Company’s key projects, with the Kachi PFS set for completion in the next few months followed by the launch of the planned pilot plant. This will demonstrate the compelling nature of a flexible process that produces high quality lithium products at the low end of the cost curve, with potentially industry-leading recovery rates.”


“Low costs and consistent quality product have been a focus by downstream players in the lithium market. The new discovery at Cauchari has demonstrated the successful approach to exploration which augers well for Olaroz. Our discussions continue with potential development partners. These are exciting times for Lake and we are focused on seizing the opportunity for the benefit of all shareholders.”


Click here to view the full announcement

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