Tech Metals: Lithium play Lake gets serious about project funding
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Lithium explorer Lake Resources (ASX:LKE) will hire experienced chief financial officer (CFO) Garry Gill to help drive funding for its advanced Argentinean projects.
Lake is currently transitioning from explorer into the all-important pre-production phase at its Kachi and Cauchari projects.
A Pre-Feasibility Study (PFS) is due by the end of the year, while a pilot plant – a smaller version of the real thing – will be operational in 2020 to provide qualification samples for battery makers.
Lake managing director Steve Promnitz said Gill’s wealth of experience, particularly with small caps, will support Lake’s drive for initial production at the Kachi and Cauchari projects.
“This transition has created a need for a dedicated financial person to interact with service providers and financial institutions, including SD Capital Advisory, currently seeking to secure debt funding of up to $US25 million for pre-production,” Promnitz says.
The appointment is the start of series of changes to better position company for the transition to pre-production, the company says.
Stockhead contacted Lake for additional comment.
Hastings Technology Metals (ASX:HAS) announces a 13 per cent boost to measured plus indicated resources at the (almost) construction ready Yangibana rare earths project in WA.
This updated resource now hosts about 60,000 tonnes of neodymium and praseodymium oxide — an increase of 7 per cent — which “forms the basis of the company’s main economic driver”, Hastings says.
Neodymium and praseodymium are used in permanent magnets integral to the manufacture of electric vehicles, wind turbines and military hardware.
Archer Exploration (ASX:AXE) will change its name to Archer Materials.
The company wants to build an industry-leading materials technology company.
That includes commercialising its 12CQ quantum computing chip, patenting printable graphene biosensors, and integrating the Campoona graphite project into the lithium-ion supply chain.
In August, Archer also released a maiden exploration target for its Eyre Peninsula high purity alumina project (EPHPA), about 115km from Andromeda’s (ASX:ADN) project in South Australia.