Green Technology Metals (ASX:GT1) primed for Ontario production
December 7, 2023Green Technology Metals has finished its Preliminary Economic Assessment, confirming robust economics for two development options for its Seymour and Root projects and its potential to become Ontario’s first producer of lithium concentrates and chemicals.
A combined mine and concentrator development delivered a Net Present Value of $1.364 billion and a meagre payback period of just 1.3 years.
And a Mining Lease has been granted over a proposed mine site at Seymour for 21 years, where a Definitive Feasibility study is now underway for a Financial Investment Decision ahead of planned construction in 2024.
“We are pleased to deliver our PEA which initially includes the Mines and Concentrators in Northwestern Ontario, confirming a strong NPV and robust project delivery strategy with low capital hurdles to get GT1 first into production within the province of Ontario,” Green Technology Metals Chief Executive Officer Luke Cox said.
“The second part of the PEA includes the conversion of Lithium concentrates to Lithium chemicals which are currently unavailable in North America and will play a critical role in closing the supply chain from mine to electric vehicle, all Ontario Made.
“The success of GT1’s Strategy includes collaboration between Indigenous Partners, Communities, Government, Industry, and all Stakeholders. Working together, the actions in this strategy will build a stronger, more resilient business and promote local communities.”
The assessment considered two options, a mine and concentrator development of both projects producing saleable concentrates or an integrated project with construction of a converter to produce battery grade lithium hydroxide.
Either way, strategic funding options are now being assessed alongside potential operators for a Lithium Conversion facility and the Perth-based company has lodged an application for the Strategic Innovation Fund and will look at further potential funding and tax rebate options.
GT1 is looking at near-term development but is hardly done exploring, planning a substantial drilling campaign in the new year with an eye on production expansion and increases to its mineral resources – with a fresh discovery 1.3km east of Root returning intercepts as high as 23.3 @ 1.16 Li20 worthy of further investigation.
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