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What Has Been De-Risked
1. Definitive Feasibility Study (DFS) CompletedDFS for Phase 1 (25,000 tpa LCE) completed in December 2023Confirms robust economics and feasibility of development
2. Pilot and Demonstration WorkDirect Lithium Extraction (DLE) tech (via partner Lilac Solutions) demonstrated at pilot scaleHigh-purity output achieved: 99.97% lithium carbonate
3. Offtake Framework SecuredConditional offtake agreement with SK On for up to 25,000 tpa LCEIncludes a 10% equity investment framework — signals commercial validation
4. Strong Resource Base10.6 million tonnes LCE — among the largest undeveloped lithium brine resources globallyResource is scalable and long-life (>25 years based on Phase 1 alone)
5. Cost Rationalisation & Funding ManagementDivested non-core assets to bolster cash reservesReduced overheads and focused capital on core developmentNo debt as of Q1 2025, with ~USD 9.5 million in cash
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