LITHIUM STOCKS AND CHARTS

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CNGR moves into lithium with Solaroz project bid
May. 16, 2024
Exploring DLE
Lithium Energy announced it has executed a share purchase agreement with CNGR for the sale of Solaroz S.A., a wholly owned subsidiary with a 90% interest in the Solaroz project, located in Jujuy, Argentina. The total cash consideration is $63M, a roughly 70% premium to recent trading levels seen for the ASX listed company.

The sale is subject to several conditions, including shareholder approval. The board is considering distributing the cash consideration and/or organic opportunities in the battery minerals sector.

Solaroz is on the northern flanks of the Olaroz salar, where Arcadium’s Olaroz facility lies. The project’s MRE stands at 3.3 Mt LCE grading 305 mg/L Li, with a 1.3 Mt LCE high-grade core grading 400 mg/L Li. A 2023 PEA contemplated both 20 ktpa and 40 ktpa LCE evaporation pond operations, estimated at $705M and $1.28B CAPEX, respectively (including 30% contingency).

The company was also exploring DLE using technology provider Xi’An Lanshen New Material Technology, who had agreed to fund and build a 3 ktpa LCE pilot plant at Solaroz.
https://www.adamasintel.com/cngr-moves-into-lithium-with-solaroz-project-bid/