12th Jun 2025 16:47
(Alliance News) - CleanTech Lithium PLC on Thursday said its loss widened in 2024 as it continued to advance the Laguna Verde project in Chile and said "the coming months ahead bring major value drivers".
The Jersey-based lithium exploration company, focused on Chile, said its pretax loss widened to GBP7.2 million in 2024 from GBP5.9 million a year prior.
The company did not record any income in either year as it continues to develop the exploration projects.
It faced finance costs of GBP1.3 million, an impairment loss of GBP499,293 and a GBP332,946 cost from foreign exchange on financing transactions, compared to none in the prior year.
Administrative costs fell 12% to GBP3.7 million from GBP4.2 million.
CleanTech said it submitted its application for a special lithium operation contract for its flagship asset, Laguna Verde, in January.
It has appealed a decision by the Chilean government not to admit the application into the streamlined process.
If the appeal is not successful, CleanTech has the option to enter the public tender process.
The firm said the timing of its plan for a dual listing on the Australian Securities Exchange is linked to the outcome of the application and results of the ongoing pre-feasibility study at Laguna Verde.
"I'm very impressed by how much CleanTech has advanced the Laguna Verde project despite challenging lithium market conditions to navigate. The past 12 months has seen significant milestones being achieved including the commissioning and operation of our [direct lithium extraction] pilot plant and the production of lithium carbonate, proving the entire process from brine to lithium product," said Chief Executive Officer Ignacio Mehech.
Mehech said the priorities of the business are to complete the PFS at Laguna Verde, scale battery-grade lithium production and work with the Chilean government for the granting of the licence before restarting work on the ASX dual-listing.
"The coming months ahead bring major value drivers and why I'm excited to keep this momentum going as I take on the responsibilities of CEO, keeping CleanTech on track to be a front runner in Chile for advancing direct lithium extraction to responsibly produce lithium for the growing demand for batteries," CEO Mehech concluded.
Shares in CleanTech Lithium were up 7.0% at 7.00 pence in London on Thursday afternoon.
By Michael Hennessey, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Cleantech Lithium