From latest presentation.... Possibly something about this....
JOINT DEVELOPMENT AGREEMENT WITH MINERAL RESOURCES LIMITED NEAR COMPLETION During the quarter, Lithium Australia drew down a further ~A$1.2m of the A$4.5m convertible note, issued by Mineral Resources Limited (“MinRes”) as part of the joint development agreement (“JDA”) announced on 7 August 2023 related to disruption lithium processing technology, LieNA®. The proceeds funded final stage piloting activities and the demonstration plant engineering study. As of Q1 FY25, the Company has drawn ~A$4.2m of the A$4.5m convertible note. Lithium Australia has also announced that the operation of the pilot plant is now complete, with the lithium phosphate produced being analysed to determine final product specifications in preparation for refining. This analysis and associated refining are expected to be completed by the end of 2024.In addition, the engineering study and layout development are largely complete, with cost estimation activities well progressed. Subject to the results of final product analysis and completion of the engineering study, Lithium Australia and MinRes will form a 50:50 joint venture (“JV”) to commercialise the LieNA® technology through a licensing model. The JV will wholly own the LieNA® technology and expects to license the technology to third parties at a target headline gross product royalty rate of 8%. The first license issued by the JV is expected to be for the demonstration plant. Following this initial license, the JV expects to issue licenses to greenfield and brownfield spodumene mines globally.
LIT Price at posting:
1.6¢ Sentiment: Buy Disclosure: Held
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