GT1 progresses towards final investment decision at Seymour lithium project

Green Technology Metals CEO Luke Cox hands over the baton
GT1 begins search for new CEO as it progreses towards DFS and FID
Stage 1 development of Seymour remains on track with DFS and permitting activities

Special report: Green Technology Metals prepares for its next stage of project development and begins search for new CEO.

Green Technology Metals (ASX:GT1) is looking to become Ontario’s first vertically integrated battery-grade lithium producer from its Root and Seymour deposits

GT1 is advancing its Flagship Seymour project towards construction readiness by the end of this year, located to the north of the industrial hub of Thunder Bay, where GT1 is planning to construct a downstream processing hub.

The company has been working towards further optimization of the Seymour project following the release of their Integrated Preliminary Economic Assessment last year. They have confirmed that the first phase of this study has been completed, establishing the project as economically viable as a standalone operation.

The GT1 team is now focused on further optimizations by potentially integrating underground and open-pit mining. Preliminary findings from a planned underground drilling program suggest that this option is technically viable.

Additionally, the company is confident that it can potentially add more tonnes to the proposed Seymour mine with the commencement of exploration and a maiden drilling program at its recently acquired Junior Project, located just 20 km from Seymour.

Search for new CEO begins

As GT1 advance Seymour into construction readiness, GT1’s primary focus is now shifting to securing financing and finalising investment decisions as it moves ahead with its strategy to develop a lithium supply chain in Ontario.

After steering the company through its IPO, exploration and resource development phases, GT1 CEO Luke Cox has tendered his resignation with his final date of employment being 19 July.

GT1 executive director Cam Henry will assume the duties being performed by Cox whilst preparing for a new incoming CEO.

The company’s corporate development head has also relocated to Toronto to oversee development activities, capitalise on GT1’s existing strategic partnerships and explore potential downstream investments and new business opportunities.

Leading through next stages of development

“As the company continues to advance, we have recognised the differing requirements for leading the company through the next stages of development,” GT1 executive director Cam Henry says.

“On behalf of the company and management, I extend my gratitude to Luke for his leadership since our IPO three years ago.

“The intangible value we’ve added to the company is significant, and we thank Luke for his part in the story to date.”

Permitting, approvals and project timeline

GT1 says it maintains its commitment to engage with Indigenous communities to secure the necessary permits for initiating construction at the project site.

At this stage, GT1 hopes all the appropriate permits and approvals will be in place by the end of the year to begin timber harvesting in the winter months and begin early works.

Finance and partnering strategy

Initial capital for the Seymour mine will be staged over an 18-month development timeframe and will be sourced through a number of different strategies to ensure procurement and construction milestones are met.

There is substantial demand for long-term offtake in North America and it’s the company’s strategic objective to maximise the value of this offtake to support a balanced capital structure and an alignment of interest between enduser partners and key financial stakeholders.

Minority asset-level investment from strategic groups associated with the battery minerals supply chain in Ontario will be sourced and a debt funding package will be structured to complement asset-level investments in collaboration with selected strategic partners and their financiers.

Seymour DFS

The Seymour DFS is progressing as planned with multiple workstreams underway including a resource update, mine geotechnical data interpretations, metallurgical test work and mining cost development.

This article was developed in collaboration with Green Technology Metals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.