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Lithos books revenues, applies for $30m (U.S.) grant

2024-02-01 10:48 ET - News Release

Mr. Scott Taylor reports

LITHOS ANNOUNCES RECEIPT OF FIRST CUSTOMER PAYMENT AND PROVIDES OPERATIONAL UPDATE

Lithos Group Ltd. is providing an operational update for the operating period ending Jan. 31, 2024.

First customer revenues

Lithos has booked its first revenues from several lithium producers.

This solidifies multiple strategic relationships which will validate several customized Acqua pretreatment flowsheets based upon actual customer reservoir brines.

These customer-driven pilot processing programs span the upstream segments of the value chain including: conditioning, pretreatment, optimizing wash water recovery and direct lithium extraction (DLE).

Sales pipeline

Lithos's patent-pending, environmentally friendly lithium extraction technology is now under contract with four of the largest lithium brine producers in the world.

Lithos has engineered 17 customized Acqua flowsheets based upon the chemistry of actual customer reservoir brines spanning upstream segments of the value chain including: conditioning, pretreatment, optimizing wash water recovery and direct lithium extraction (DLE).

Further, the company's Acqua technology is being vetted by one of the largest engineering procurement construction and commissioning (EPCC) firms for multiple, multibillion-dollar lithium projects.

$30-million (U.S.) Department of Energy grant funding application

Based upon the company's performance with the previously announced $1.3-million (U.S.) Department of Energy grant, it was prequalified for submission of a follow-on $30-million (U.S.) grant application which application was completed on Dec. 20, 2023.

The grant application received written support from U.S. Senator Katie Britt, U.S. Senator Tommy Tuberville, U.S. Congresswoman Terri A. Sewell, U.S. Congressman Gary Palmer, Alabama Mobility and Power Center, The University of Alabama, and the City of Bessemer, Economic and Community Development Department.

The grant proposes to upgrade the 55,000-square-foot Bessemer complex capacity to produce pilot scale polished and purified battery-grade lithium hydroxide. This extends Lithos's participation in the complete value chain through to delivery of battery-grade lithium feedstock.

The facility is strategically located next to Mercedes-Benz U.S. International Inc., Honda Manufacturing of Alabama LLC and Hyundai Motor Manufacturing Alabama LLC. The Alabama site is Hyundai's first U.S. manufacturing plant and ranks as the state's third-largest industrial employer tied with Mercedes-Benz. It is in regional proximity to the LARGE Smackover brine reservoir and all major U.S. automobile manufacturers including Tesla, G.M. and Ford.

Bessemer complex commissioning

The Bessemer complex is now processing multiple field brines from the largest, highest-quality salars in production.

The 55,000-square-foot Bessemer complex triples Lithos's capacity to onboard new customers and deliver results spanning the complete value chain -- from pretreatment to DLE to a polished and purified hydroxide.

"The company surpassed all its internal goals set for Q4 2023. Sales process accelerated as customers realized our technology will save them incredible amounts of time and money. We booked the company's first customer revenues for lithium processing," said Scott Taylor, chief executive officer.

"We also hosted one of the largest lithium producers at our Bessemer facility and demonstrated the value of our Acqua technology. We are excited for 2024 where we have 17 separate flowsheet test results to deliver to our customers spanning pretreatment, conditioning, optimizing wash water recovery, to DLE. Our data driven demonstration of the compelling value to customized conditioning and pretreatment prior to the DLE phase will make lithium production cheaper, faster and much more environmentally friendly."

About Lithos Group Ltd.

Lithium is now among one of the world's most in-demand metals as the world electrifies to limit CO2 emissions, led by continuing growth in electric vehicle sales and the installation of hundreds of gigawatts of intermittent solar power generation capacity requiring partial battery storage solutions.

The company's mission is to deliver sustainable lithium production without the use of evaporation ponds. Acqua is Lithos's patent-pending technology that spans the complete value chain from the conditioning and pretreatment of raw brines through the DLE phase into the polishing and purification of battery grade lithium feedstock. Lithos has two fully operational processing facilities: a 4,000-square-foot lab in Denver, Colo., and a 55,000-square-foot complex in Bessemer, Ala.

Lithos is working under contract with multiple strategic mineral resource owners and processing brines from the largest salars in Chile and Argentina, and the Smackover reservoir in the southeastern United States. Its wholly owned subsidiary, Aqueous Resources LLC, is a U.S. Department of Energy grant awardee and a Colorado Advanced Industries grant awardee.

We seek Safe Harbor.

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