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VANCOUVER , BC , Sept. 6, 2023 /PRNewswire/ - LiTHOS Energy Ltd. (the "Company") (CSE: LITS) is pleased to announce that LiTHOS Technology LLC ("LiTHOS"), a wholly-owned subsidiary of the Company, has signed a non-binding indicative term sheet (this "Term Sheet") with Sand Spirit LLC ("Sand Spirit") to develop, construct, own and operate a testing and production facility to handle raw brine and upgrade it into a final yield product of lithium hydroxide monohydrate ("LiOH H2O"), inclusive of, but not limited to, the following key operations (collectively, the "System") and ancillary equipment and services to be located at Sand Spirit's Buildings 1, 2 and 3 located in Bessemer, Alabama (the "Site"): Lab Freeze Dryer
(i) Storage of raw, intermediate, and processed brines;
(ii) Pre-treatment processing systems and operations;
(iii) Lithium chloride ("LiCl") concentration processing systems and operations; and
(iv) Direct lithium extraction ("DLE") processing systems and operations;
(v) Lithium chloride treatment and refining activities ("Refining") into LiOH H2O.
Ancillary equipment and services will include all operations necessary for the completion of a successful lithium pre-treatment processing, LiCl concentration, DLE, and Refining operations including power, reagent, and water supply.
Scott Taylor CEO of LiTHOS stated: "The Crimson Tide facility will be the first Lithium Hydroxide Monohydrate ("LiOH-H20") production facility in the Southeastern United States . Fortunately, we found a phenomenal partner in Sand Spirit who bring engineering expertise, a large complex, and the necessary environmental permits to produce LiOH-H20. We can be nimble and quickly get this facility producing LiOH-H20. The facility is strategically located next to the Smackover which is the most prospective lithium enriched brine reservoir in the US. ExxonMobil (NYSE:XOM), Standard Lithium (NYSE:SLI), Galvanic Energy, TerraVolta, and Vital Energy, Inc. (NYSE: VTLE) are all actively developing Smackover lithium projects which present production offtake opportunities for the Crimson Tide facility. The Crimson Tide facility will leverage a license to LiTHOS's patent-pending pre-treatment to LiOH-H20 process."
Scott Taylor CEO of the LiTHOS commented: "Sand Spirit is led by two brilliant, seasoned chemical engineering entrepreneurs Rusty Sutterlin , Ph.D and Mark Tegen , Ph.D. Both are skilled in organic materials, inorganic materials, biofuels, synthesis, extraction, separations, biomass, rare earths, and patent law. What initially caught my eye a couple months ago was Rusty's and Mark's experience and performance under direct extraction. The objective of this U.S Department of Energy small business innovation research project was to locate coal overburden material that had rare earth elements ("REEs") at concentrations of 300 ppm or higher. After securing the feedstock the next goal was to efficiently extract and purify the feedstocks to a purity of greater than 95%. A techno economic analysis was conducted to determine the economic viability of mining and processing REEs associated with Appalachian coal deposits. All aspects of mining, mineral processing, by-product potential, waste management, permitting and economics were examined including. They designed and implemented a REE separation system based upon a continuous ion exchange process [see Figure 1 below]. Attention was paid to the separation, degree of purification and marketing of REEs. Along with REEs Rusty and Mark also evaluated the economics of the recovery of other metals of interest along with the REEs."
Rusty and Mark have a demonstrated track record of repeatedly delivering and maturing patented technologies from bench to pilot to commercial scale rapidly. Some highlights of success include:
The term sheet sets out certain preliminary terms for a potential joint development agreement ("JDA") between LiTHOS and Sand Spirit LLC (the "Transaction"), which the parties will seek to negotiate and enter within 180 days of date of entry of the Term Sheet.
The JDA will contemplate the establishment of a governance structure for the Transaction as well as the allocation of the following duties and responsibilities of the parties for the development of each aspect of the Site in the following three phases (collectively, the "Project Phases"):
Phase 1: Site Development Strategy
Phase 2: Site Contracting and Implementation
Phase 3: Final Investment Decision
Facilities and Equipment are in downtown Bessemer, Alabama . Bessemer is an adjacent city to Birmingham, Alabama and only 30 miles to the University of Alabama . The complex consists of 3 buildings that are 6,000, 7,000, and 42,000 sq. ft. each. Each building has an office, laboratory, and warehouse space. Two buildings have fume hoods for solvent related work. Fire Extinguishers and eye-wash / safety showers are located throughout the buildings.
The Company's mission is to deliver sustainable lithium production without the use of evaporation ponds. Our wholly owned subsidiary Aqueous Resources is a US Department of Energy FAST TRACK grant Winner and a Colorado Advanced Industries grant winner. AcQUA™ is our patent-pending electro-pressure membrane process and method for recovery and concentration of lithium chloride from aqueous sources. This process spans the pre-treatment of raw brines through the DLE concentration of lithium chloride. We have a fully commissioned brine processing facility in Denver, Colorado . The Company is currently focused on processing continental brines from several strategic resource owners located in the United States , Argentina , and Chile .
ON BEHALF OF THE BOARD
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the final terms of the Transaction and the execution of a JDA in respect of thereof, receipt of any necessary third-party of governmental approvals with respect of the Transaction and any statements related to the anticipated timing of the Transaction. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the successful negotiation of the JDA and the Company's ability to obtain any necessary approvals for the Transaction. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, but are not limited to, the inability of the Company to change its name. Further, the ongoing labour shortages, inflationary pressures, rising interest rates, the global financial climate and the conflict in Ukraine and surrounding regions are some additional factors that are affecting current economic conditions and increasing economic uncertainty, which may impact the Company's operating performance, financial position, and future prospects. Collectively, the potential impacts of this economic environment pose risks that are currently indescribable and immeasurable. Other factors may also adversely affect the future results or performance of the Company, including those risk and concerns more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
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