20th Oct 2025 15:05
(Alliance News) - CleanTech Lithium PLC on Monday said it has deferred the second and third licence payments for its flagship Laguna Verde project.
The Chile-focused lithium explorer maintained that this will not affect its project ownership, even though the deferrals enable Laguna Verde's vendors to acquire a minority interest in the project.
The company's shares fell 7.5% to 5.55 pence on Monday afternoon in London, and have slipped 75% in the past year.
CleanTech Lithium acquired an interest in the project via its subsidiary, CleanTech Laguna Verde Spa. Back in April 2024, it entered a USD35 million sale and purchase agreement for an additional 23 Laguna Verde option licences, which would give it control of all 108 licences that made up the site at the time.
The total has since increased, with the company owning 160 across Laguna Verde as of Monday.
The agreed payment structure was for USD10.5 million in fixed payments over five years and USD24.5 million in deferred payments, due according to production milestones, or ten years after signing.
The company made the first USD1.3 million payment upon execution, but on Monday said it "has chosen not to make the second and third payments at this time."
The second payment, originally due October 2024, was postponed to allow the company to complete its dual listing on the Australian Securities Exchange, which is yet to proceed.
This means the licence vendors can acquire up to 49% of CleanTech Laguna Verde.
Its parent noted: "This will ultimately have no material economic impact on CleanTech Lithium as the company retains the right to buy back any transferred shares."
CleanTech Lithium added that it retains 100% ownership of the licences which may be included in a future application for a special lithium operation contract, or CEOL, from the Chilean government.
The firm in June said it would prioritise a CEOL over its planned dual listing. Later that month, Chile denied its CEOL application, which was submitted at the beginning of the year by another subsidiary, Atacama Salt Lakes Spa. CleanTech Lithium responded by saying it would pursue a public tender.
Consultations with Laguna Verde's indigenous communities began in August, and "are in the process of being concluded," the firm noted. It plans to engage with the vendors awaiting payment and to update further "in due course".
By Holly Munks, Alliance News reporter
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