@KarangaThanks for following me onto the LIT thread. Good to see you here.
I've been posting on this company since 2018. In that time I've read through the vast majority of the announcements from this company, including some going back to 2016. The company used to average 150 announcements per annum. It's a lot to read. The vast majority of retail investors do not do that kind of Due Diligence on a company. I have, and so I post on the threads of Lithium Australia.
Here is a bit of a back story on this company and its successes (or lack there of)
SiLeachThe company invented a hydrometalurgical process to process Lithium Micas. The process was invented by a guy back in 2016. The company released a PFS for this process and that PFS had quite reasonable OPEX/CAPEX. The company attempted on multiple occasions to pilot the process, and made multiple announcements about its commercial viability and its "clean" credentials. The inventor of the process left the company years ago, and went on to work for the then Galaxy resources. I have read the patents. For years, SiLeach was spruiked by the company, and holders of the stock on these threads, and for years, people were calling out the process for what it is....a dud.
This year, the company finally announced it would do nothing with Sileach and wrote if off the books
SolunaA few years ago, the company announced they were getting into a joint venture with DLG, a Chinese manufacturer of Lithium batteries. That joint venture was called Soluna. Soluna was meant to be a retail arm of selling DLG batteries, branded as Soluna, into the Australian Market. It was a 50/50 partnership. Again, the company and forum members spruiked that Soluna would be cash flow positive within 12 months. They announced how amazing the batteries were, and that DLG would "evaluate" LIT's cathode powders.
Multiple people warned that the venture would not be successful. Late last year, the company announced it would be getting out of the Soluna business, and would be attempting to "limit liabilities" related to that venture.
SadisdorfA number of years ago, the company announced it was buying an old tin mine in Germany called Sadisdorf. At the time it paid $3.5M for the mining rights. The tin mine was Zinnwaldite mineralisation. Zinnwaldite is a lithium bearing mineral (that contains tin). The company attempted to release a PFS to the market for Sadisdorf to mine, and then process the ore with SiLeach. The ASX blocked the PFS. After which, nothing happened with Sadisdorf, and it was ultimately scrubbed from the books.
Again, the company and holders spruiked Sadisdorf for years, whilst non-holders called out the fact nothing would happen.
LieNa5-6 years ago, the company invented a high-pressure, caustic process to process spodemene. It uses high volumes of Sodium Hydroxide at elevated temperature and pressure. The person that invented the process (same inventor of Sileach) left the company. Since then, nothing has happened with the process. They have announced on several occasions they would pilot the process, but to date, have not been successful. Again, I have read the patents.
For years, the company and holders spruiked LieNa. For years, I (and others) have been calling it out for what it is. The company announced in March 2021 that they would have a pilot plant operational in September 2021. It is now October 2022, and to this date, there is no operating pilot plant.
EnvirostreamIn March/April 2019, the company announced they were buying into an existing battery recycling business in Melbourne called Envirostream. What they did not announce to the market was that Envirostream had recently had a major fire at one of its premises in Jan 2019. The business still has outstanding legal proceedings against it in relation to that fire.
That battery recycling business operating with licence or council permits for years
That battery recycling business did not meet EPA guidelines when it applied for a permit
So you make up your mind if you think I'm a troll.
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