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Standard Lithium Ltd. (NYSE American: SLI) provides an update on several corporate and project developments.
- Key management additions to drive project execution
- Master Service Agreement with Telescope Innovations to perform CO2 R&D sequestration
- DFS/FEED scholarship
- Senior management increases its shareholding
The company recently added key personnel to the executive and leadership team in newly created positions to expand project delivery expertise in support of its commercial-scale developments. Jason Tielker P.Eng. assumed the role of Vice President of Project Delivery, and Angus Remfry CEng started as Director of Project Delivery. Mr. Tielker’s initial goal is to deliver Standard Lithium’s first plant to commercial operation, currently planned for the Lanxess South facility. Mr. Remfry’s primary responsibility is to develop the Southwest Arkansas project to the PFS stage and lead several ongoing project development initiatives. Together, Mr. Tielker and Mr. Remfry have decades of experience managing major energy, mining and infrastructure projects through design and construction in North America and other parts of the world. .
The Company is currently reviewing pre-FEED deliverables related to the first commercial plant (see press release from January 2022) with the aim of awarding the work of the FEED and the definitive feasibility study no later than August.
As part of the Company’s ongoing efforts to reduce carbon intensity (see press releases September 2021and May 2022), it signed a Master Services Agreement (“MSA”) with Telescope Innovations Corp. (“TELI”) to conduct new CO2-focused R&D. TELI is an innovative chemical technology company led by Professor Jason Hein. Professor Hein has previously worked successfully with Standard Lithium and is the inventor of the company’s proprietary SiFT lithium carbonate crystallization technology. TELI is first working to understand how CO2 can be permanently sequestered by the Company as part of normal brine reinjection activities. This R&D program will then expand to examine how CO2 can also be used as an alternative reagent at several points in the company’s flowsheet.
Dr Andy Robinson, President and COO of Standard Lithium, said:Standard Lithium and our subcontractors worked diligently throughout the pre-FEED process to refine the designs and work towards the award of the FEED and DFS contract. We’ve added several key internal resources and are thrilled to have Jason and Angus on board to help us accelerate all of our projects; they bring invaluable major project delivery expertise that will be needed as we move toward building our first commercial project and continue to advance our portfolio of development projects. As we ponder the increasingly important role of CO2 in the future economy, our engagement with Telescope Innovations is very timely. We have the potential to actively decarbonize our business and sequester significant amounts of CO2 deep underground as part of our future lithium mining and brine recycling operations, and as such a thorough understanding of the chemistry and technology required is paramount. Standard Lithium has already benefited from Professor Hein’s expertise and is delighted to work with him and the world-class team at Telescope to better understand this potential future stream of value creation.
The Company also announces that Robert Mintak, the Company’s Chief Executive Officer, Dr. Andy Robinson, the Company’s President, and Kara Norman, the Company’s Chief Financial Officer, exercised a total of 1,400,000 stock options. incentive actions (the “Choice”) was previously scheduled to expire on June 16, 2022. The Company received proceeds of $1,344,000 from the exercise of the options. To partially fund the option exercise and withholding tax obligations, Mr. Mintak, Mr. Robinson and Ms. Norman disposed of a total of 449,545 common shares from their existing holdings and could at future have additional shares in order to satisfy the tax obligations associated with the options. Following the exercise of the options and subsequent dispositions, Mr. Mintak, Mr. Robinson and Ms. Norman increased their aggregate ownership in the Company by 950,455 common shares.
About Telescope Innovations Corp.
Telescope is a chemical technology company that develops scalable manufacturing processes and tools for the pharmaceutical and chemical industry. The company builds and deploys new enabling technologies, including flexible robotic platforms and artificial intelligence software that improve experimental throughput, efficiency and data quality. Dr. Andy Robinson, Chairman of the Company and Robert Mintak, CEO of the Company are also independent directors of TELI. However, the MSA is not considered a related party transaction within the meaning of the 61-101 multilateral instrument – Protection of holders of minority securities in special transactionsand has been reviewed and approved by the independent directors of the Company.
About Standard Lithium Ltd.Standard Lithium is an innovative lithium technology and development company. The company’s flagship project is located in southern Arkansas, where it is engaged in testing and proving the commercial viability of extracting lithium from more than 150,000 acres of licensed brine operations. . The company operates its first utility-scale Direct Lithium Extraction (DLE) demonstration plant at the Lanxess South Plant in southern Arkansas. The demonstration plant uses the company’s proprietary LiSTR technology to selectively extract lithium from Lanxess tail brine. The demonstration plant is used for proof of concept and commercial feasibility studies. The scalable, environmentally friendly process eliminates the use of evaporation ponds, reduces processing time from months to hours, and dramatically increases efficient lithium recovery. The Company is also pursuing resource development of more than 30,000 acres of separate brine leases located in southwest Arkansas, called the Southwest Arkansas Lithium Project, and approximately 45,000 acres of mining claims located in the Mojave Desert of San Bernardino County, California.
Standard Lithium is jointly listed on the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at https://www.standardlithium.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “expect”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. Such forward-looking statements or information may relate to Lanxess Southern Facility and Southwest Arkansas Project plans, FEED and DFS contract award, engagement with TELI, future commodity prices, the accuracy of mineral exploration activities or resources, reserves or resources, regulatory or governmental requirements or approvals, the reliability of third party information, the continued access to mining properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulations in Canada and the United States, and other factors or information. These statements represent the Company’s current views with respect to future events and are necessarily based on a number of assumptions and estimates which, although considered reasonable by the Company, are inherently subject to significant commercial, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and undertakes no obligation, to update such forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other event affecting such statements and information other than those required by laws, rules and regulations.
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LHA Investor Relations
Source: Standard Lithium