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LPI Completes First Steps of Maricunga Consolidation

December 20, 2022

HIGHLIGHTS The Salar Blanco (SBD) Transaction (31.31% interest portion) has now completedLPI now owns 82.86% of MaricungaFinal condition to allow the Bearing Transaction (17.14% interest portion) now satisfiedCompletion of the Bearing Transaction to occur within the coming days SYDNEY, Australia, Dec. 20, 2022 (GLOBE NEWSWIRE) --  Lithium Power International Limited (ASX: LPI) (“LPI” or the “Company”) provides an update on the consolidation of 100% ownership of LPI’s flagship Maricunga lithium brine project in Chile (“Maricunga” or the “Project”). As announced on 16 December 2022, the scheme meeting and the second court hearing for the transaction with Minera Salar Blanco SpA (“MSB SpA” and 31.31% interest) has occurred. MSB SpA contributed its 31.31% interest in Maricunga to Salar Blanco, LLC (“SBD”) and LPI has now completed the merger with SBD to consolidate 82.86% ownership of Maricunga (“SBD Transaction”). Completion of the SBD Transaction satisfies the final condition to the transaction with Bearing Lithium Corp. (BRZ:TSXV) (“Bearing” and 17.14% interest) (individually the “Transaction” or together the “Transactions”). The Bearing Transaction is expected to complete by 22 December which will result in LPI taking ownership of 100% of Maricunga. Advisors Treadstone Resource Partners acted as strategic and financial advisor to LPI in respect of the Transactions. Ashurst acted as the Australian legal advisor, Stikeman Elliott LLP acted as the Canadian legal advisor, and Pillsbury Winthrop Shaw Pittman acted as the US legal advisor to LPI. EY acted as the Australian, US and Canadian tax advisor to LPI. Maricunga Lithium Brine Project The Maricunga Project is located 170km north-east of Copiapó in Salar de Maricunga in the Atacama Region of northern Chile. In January 2022, LPI announced the results of its updated Definitive Feasibility Study (“DFS”) for the Stage One Maricunga Lithium Brine Project1, which supports 15,200 t/a production of battery grade lithium carbonate for 20 years. The DFS provides for a project NPV (leveraged basis) of US$1.4B (after tax) at an 8% discount rate, providing an IRR of 39.6%, a 2-year payback and estimated steady-state annual EBITDA of US$324 million. The study confirmed that Maricunga could be one of the world’s lowest-cost producers of lithium carbonate, with an operating cost of US$3,718 per tonne not including revenue credits from a potassium chloride by-product. The project will have an exceptional ESG profile, aiming to achieving carbon neutrality once the operation beds down, setting new standards for social relationships. Authorised for release by the Board of Directors of Lithium Power International Limited. For further information, please contact: Cristobal Garcia-Huidobro – CEO; or Andrew Phillips – CFO Lithium Power InternationalE: info@lithiumpowerinternational.com Ph: +612 9276 1245www.lithiumpowerinternational.com@LithiumPowerLPI Jane Morgan – Investor and Media Relations+ 61 (0) 405 555 618jm@janemorganmanagement.com.au For U.S. and other international investor relations enquiries: Arrowhead Business and Investment Decisions, LLCThomas Renaud | Managing Director42 Broadway, 17th FloorNew York, NY 10004 Office: +1 212 619-6889enquire@arrowheadbid.com 1 Refer to the Company's ASX announcement entitled ‘Maricunga Stage One DFS delivers an after tax NPV of US$1.4B’ dated 20 January 2022. The Company confirms that all material assumptions underpinning the production targets, and the forecast financial information derived from such production targets, in this Announcement, continue to apply and have not materially changed.

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