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Printed Sep 20, 2024 • 6 minute learn
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LEWISVILLE, Ark., Sept. 20, 2024 (GLOBE NEWSWIRE) — Customary Lithium Ltd. (“Customary Lithium”) (TSXV:SLI) (NYSE:A:SLI), a number one near-commercial lithium growth and expertise firm and Equinor, a world power chief, at present introduced that its jointly-owned U.S. subsidiary, SWA Lithium LLC has been chosen for as much as US$225 million award negotiation from the U.S. Division of Power (“DOE”). This choice, overseen by the DOE’s Workplace of Manufacturing and Power Provide Chains (MESC), is among the largest ever awarded to a U.S. crucial minerals challenge and is a part of the second wave of funding underneath the Infrastructure Funding and Jobs Act aimed toward increasing home manufacturing of all segments of the battery provide chain and growing manufacturing of crucial minerals within the U.S. The provisional grant depends on finishing profitable remaining negotiations with the DOE.
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Key Highlights:
- Conditional Award: The $225 million funding by the DOE will help the development of the Central Processing Facility (“CPF”) for Section 1 of the South West Arkansas challenge. The CPF for Section 1 is being designed to yearly produce 22,500 tonnes of battery-quality lithium carbonate, using Direct Lithium Extraction (“DLE”) expertise. The U.S. Authorities’s important value share demonstrates its dedication to the challenge, underscoring the strategic significance of growing a home provide chain for crucial minerals.
- Mission Improvement and Enlargement: The South West Arkansas challenge, positioned in Lafayette and Columbia Counties, Arkansas, is being developed in partnership with Equinor, with possession shared at 55% by Customary Lithium and 45% by Equinor. The challenge’s design is being up to date from its unique Preliminary Feasibility Research (PFS), and now targets a bigger whole output of 45,000 tonnes every year of lithium carbonate, to be developed in two phases of twenty-two,500 tonnes every. A Definitive Feasibility Research (DFS) and Entrance-Finish Engineering Design (FEED) are at the moment underway to help this growth.
- Location and Neighborhood Impression: The SWA challenge’s DLE and lithium carbonate amenities are deliberate to be positioned on a 118-acre property in rural Lafayette County, roughly 7 miles south of Lewisville, Arkansas. The brine unit that may supply lithium-bearing brine for the challenge amenities spans lands in Lafayette and Columbia Counties. Along with creating as much as 300 building and 100 direct jobs, the challenge will considerably profit the area people by means of infrastructure enhancements, group well being initiatives, instructional partnerships, and workforce growth applications.
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Customary Lithium’s CEO David Park said: “The numerous value share from the U.S. Authorities demonstrates their continued help for investing in safe and sustainable provide chains of home lithium manufacturing. This choice by the Division of Power validates the caliber of the challenge we’re constructing by means of our de-risked strategy to challenge growth, sturdy partnerships, methodical testing, and purpose-built processes tailor-made to satisfy the particular calls for of large-scale lithium manufacturing within the Smackover Formation. Furthermore, it displays the extremely proficient and devoted group we’ve constructed to execute this imaginative and prescient, and most significantly the relationships we’ve inbuilt our group and throughout the state to make sure it is a win for Arkansas.”
Allison Thurmond, Vice President of US Lithium at Equinor, mentioned “The U.S. Division of Power’s help for the South West Arkansas challenge demonstrates how necessary lithium is to America’s power transition. This award underscores the industrial readiness of our initiatives and the power of our partnership. We sit up for working with the U.S. Division of Power and alongside native communities in southwest Arkansas to develop this crucial mineral and construct the subsequent era of lithium manufacturing.“
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Dr. Andy Robinson, President and COO of Customary Lithium, added, “We’re honored to have been chosen for this important grant from the U.S. Division of Power. This funding is a powerful endorsement of the South West Arkansas challenge and our efforts to develop a safe and sustainable home lithium provide chain. The grant will allow us to speed up the event of this world-class useful resource and place the challenge as a cornerstone of the U.S. battery supplies business.”
About Customary Lithium Ltd.
Customary Lithium is a number one near-commercial lithium growth firm targeted on the sustainable growth of a portfolio of huge, high-grade lithium-brine properties in america. The Firm prioritizes initiatives characterised by the best high quality sources, strong infrastructure, expert labor, and streamlined allowing. Customary Lithium goals to realize sustainable, commercial-scale lithium manufacturing by way of the appliance of a scalable and absolutely built-in Direct Lithium Extraction (“DLE”) and purification course of. The Firm’s flagship initiatives are positioned within the Smackover Formation, a world-class lithium brine asset, targeted in Arkansas and Texas. In partnership with international power chief Equinor ASA, Customary Lithium is advancing the South West Arkansas challenge, a greenfield challenge positioned in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Moreover, the Firm is advancing the Section 1A challenge in partnership with LANXESS Company, a brownfield growth challenge positioned in southern Arkansas. Customary Lithium additionally holds an curiosity in sure mineral leases within the Mojave Desert in San Bernardino County, California.
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Customary Lithium is collectively listed on the TSX Enterprise Change and the NYSE American underneath the buying and selling image “SLI”. Please go to the Firm’s web site at
https://www.standardlithium.com.
About Equinor
Equinor is a world power firm dedicated to long-term worth creation in a low-carbon future. Equinor’s portfolio of initiatives encompasses oil and gasoline, renewables and low-carbon options, with an ambition of turning into a net-zero power firm by 2050. Headquartered in Norway, Equinor is the main operator on the Norwegian continental shelf and is current in round 30 international locations worldwide. Our partnership with Customary Lithium to mature DLE initiatives builds on our broad US power portfolio of oil and gasoline, offshore wind, low carbon options and battery storage initiatives.
For extra info on Equinor within the US, please go to: Equinor within the US – Equinor
About DOE’s Workplace of Manufacturing and Power Provide Chains (MESC)
MESC performs a crucial and distinctive function in catalyzing investments in America’s power future to help the re-shoring, skilling, and scaling of U.S. manufacturing throughout power provide chains. MESC serves because the frontline of unpolluted power deployment and accelerates America’s transition to a resilient, equitable power future by means of data-driven investments in manufacturing capability and workforce growth. Be taught extra at www.power.gov/mesc or LinkedIn.
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Neither the TSX Enterprise Change nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.
This information launch might include sure “Ahead-Trying Statements” inside the that means of america Non-public Securities Litigation Reform Act of 1995 and relevant Canadian securities legal guidelines. When used on this information launch, the phrases “anticipate”, “imagine”, “estimate”, “count on”, “goal, “plan”, “forecast”, “might”, “schedule” and different comparable phrases or expressions establish forward-looking statements or info. These forward-looking statements or info might relate to supposed growth timelines, future costs of commodities, accuracy of mineral or useful resource exploration exercise, reserves or sources, regulatory or authorities necessities or approvals, the reliability of third occasion info, continued entry to mineral properties or infrastructure, fluctuations available in the market for lithium and its derivatives, adjustments in exploration prices and authorities regulation in Canada and america, and different components or info. Such statements signify the Firm’s present views with respect to future occasions and are essentially based mostly upon a variety of assumptions and estimates that, whereas thought of cheap by the Firm, are inherently topic to important enterprise, financial, aggressive, political and social dangers, contingencies and uncertainties. Many components, each identified and unknown, might trigger outcomes, efficiency or achievements to be materially totally different from the outcomes, efficiency or achievements which are or could also be expressed or implied by such forward-looking statements. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements or info to mirror adjustments in assumptions or adjustments in circumstances or another occasions affecting such statements and knowledge aside from as required by relevant legal guidelines, guidelines and laws.
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