19:50:18 EDT Thu 31 Oct 2024
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or Name
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Hertz Lithium Inc
Symbol HZ
Shares Issued 32,733,381
Close 2023-09-06 C$ 0.27
Market Cap C$ 8,838,013
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Hertz Lithium talks Li extraction tech development

2023-09-07 15:03 ET - News Release

Mr. Kal Malhi reports

HERTZ LITHIUM INC. PROVIDES UPDATE ON PENN STATE LITHIUM EXTRACTION TECHNOLOGY AND IR PROVIDER CONTRACTS

Hertz Lithium Inc. has provided an update on its patent-pending lithium extraction technology being developed in partnership with Penn State University (PSU).

The technology is designed to be a novel process for the extraction of lithium from alpha spodumene. Spodumene mineral is the major source of high-purity lithium, however, current technologies do not allow leaching of lithium from alpha spodumene, and therefore most of the methods of lithium extraction from spodumene are focused on modifying the crystal structure of concentrated spodumene mineral using conventional heating (roasting) at 950 to 1,100 degrees celsius. However, such high-temperature roasting processes are very energy intensive and have been the bottleneck of the economic extraction of lithium from ores. Thus, there is a need for more energy-efficient and environmentally friendly methods for a high-yield extraction of lithium. Penn State discovered a method designed to satisfy these needs.

The technology begins with taking spodumene concentrate, introducing sodium hydroxide and then proceeding with conventional or microwave roasting which transforms the spodumene into a soluble phase. Next, the water leaching is used to recover water-soluble lithium and remove unwanted chemicals. A final acid leach and purification results in 90-per-cent recovery of lithium.

The company recently executed the sponsored research agreement with Penn State University moving the technology into the next phase of development. The primary objectives of the research project are to optimize the process conditions to maximize the recovery of lithium in water leaching to eliminate the acid leaching process or reduce the chemical consumption as well as conduct a kinetic study to obtain the required data for pilot scale testing.

Kal Malhi, chief executive officer and director of Hertz Lithium, states: "As the lithium mineral deposits get discovered and the demand for lithium for electric batteries continues to surge, the focus is now shifting to developing lithium extraction technologies that are more economical and environmentally friendly. Hertz Lithium and Penn State are pleased to be fast tracking the development of our hard rock lithium extraction technology and take this to the next stage of development."

Additionally, the company has entered into three service agreements for investor relations services.

The first is a service agreement dated Aug. 8, 2023, with Think Ink Marketing Data and Email Services. Pursuant to the terms and conditions of the Think Ink service agreement, Think Ink has agreed to provide public relations services to the company in an effort to increase public awareness of the company and its products, services and securities, including product branding. The services may include facilitating the creation and distribution of marketing materials and paid advertisements. The Think Ink service agreement remains in effect from Aug. 8, 2023, for an indefinite term unless terminated by mutual agreement of the parties upon 30 days of notice. In accordance with the terms and conditions of the Think Ink service agreement and as consideration for the services provided by Think Ink, the company has agreed to provide Think Ink with a budget of $40,000 (U.S.) to cover the costs associated with the public relations campaign and related services. Think Ink shall retain the excess sums above the costs expended as its sole compensation for services provided. Think Ink and its principals are arm's length from the company and do not have any interest, direct or indirect, in the company or its securities nor do they have any right or intent to acquire such an interest.

The second is a service agreement dated Aug. 15, 2023, with Milky Way Marketing Inc. + Blue Sun Productions Inc. (BTV). Pursuant to the terms and conditions of the service agreement, BTV has agreed to provide the company with a marketing package that includes TV ad spots and 50 BNN Bloomberg broadcasts. BTV will provide its services for a period of approximately six weeks, which began on or around Aug. 15, 2023. In accordance with the terms and conditions of the BTV service agreement and as consideration for the services provided by BTV, the company has agreed to pay BTV a cash fee of $30,050. BTV and its principals are arm's length from the company and do not have any interest, direct or indirect, in the company or its securities nor do they have any right or intent to acquire such an interest.

The third is a service agreement dated Aug. 23, 2023, with Maximus Strategic Consulting Inc. Pinnacle Digest and PinnacleDigest.com are business names of Maximus Strategic Consulting Inc. Maximus will produce and distribute via Pinnacle Digest's weekly e-mail newsletter, YouTube channel, social feeds and on-line advertising on Google platforms engaging video content intended to explain the company's achievements and development plans for the future. Additionally, all of the company's news releases during the term of the marketing program will be featured in Pinnacle Digest's weekly e-mail newsletter. Maximus and its principals are arm's length from the company and do not have any interest, direct or indirect, in the company or its securities, nor do they have any right or intent to acquire such an interest.

For the four-month marketing program listed herein, Hertz Lithium will pay Maximus Strategic Consulting a one-time fee of $65,000 plus GST. Pinnacle Digest's website and its contact is Aaron Hoddinott at e-mail support@pinnacledigest.com.

Kal Malhi, chief executive officer, states: "As we progress Hertz from our recent public listing and U.S. DTC eligibility and development on our projects, we felt this is the perfect time to engage a strong IR team to help us deliver our business message to the investment community. We plan to launch various plans under these agreements in the coming weeks and months."

About Hertz Lithium Inc.

Hertz Lithium is a British Columbia-based mineral exploration company primarily engaged in the acquisition and exploration of mineral properties. The company currently has one material mineral property, the Lucky Mica project, located in the Arizona pegmatite belt in the Maricopa county of Arizona, United States, which is in the exploration stage. The company is also working with the PSRF in the development of a novel lithium extraction technology.

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