CEOL Applications

CleanTech Lithium PLC (AIM:CTL, Frankfurt: T2N, OTCQX: CTLHF), an exploration and development company advancing lithium projects in Chile, following a meeting with representatives of Chile´s Mining Ministry last week, will be resubmitting the applications for Special Lithium Operating Contracts (CEOLs) for Laguna Verde and Francisco Basin updating them in line with the latest requirements. The resubmission process has no impact on the expected project timeline. This follows the recent announcement made by the Chilean Government which outlined the new approach for private companies to "express interest" in non-strategic salars.

Highlights:

• Chilean Government outlined a new process for private companies to express interest to develop non-strategic salars for lithium production in Chile starting from April 2024.
• CTL regards the new announcement as extremely positive for the both the Company and the development of the Lithium Industry in Chile because there is now a clearer timeline.
• CTL to resubmit CEOL applications in line with the new process with minor changes to be made to the previous submission with no impact to expected project timeline.
• The Government will carry out local community consultations before any CEOL application is approved, which CTL is very well positioned for.
• CTL has a signed partnership with the local communities forming a co-designed mining model. This is a pioneering agreement in the lithium exploration sector in Chile.
• It is expected that by July 2024 the Minister of Mining will list the salars where there is private sector interest in leading exploration projects for lithium production.
• CEOLs are then expected to be awarded by the State for these salars.
• The Government has stated it expects four new lithium projects to be in production in 2026. CTL´s Laguna Verde is among the most advanced new lithium projects in Chile.

On Thursday 28th of March, CTL´s CEO Aldo Boitano held a very productive and positive meeting with the Mining Undersecretary (equivalent to Deputy Minister) of Chile´s Mining Ministry, Mrs Suina Chahuán, along with representatives of the Ministry, to discuss the recent announcement by the Government of Chile regarding the Protected Salars network and salars open to development (see CTL's 27th March RNS for further information).

Considering the Government's announcement and clarification that CTL's assets would not fall under strategic assets, CTL is withdrawing the current CEOL applications which were submitted under the previous arrangements. The Company will resubmit both applications once updated to meet the requirements of the National Lithium Strategy and be in line with the new process.

Aldo Boitano, Chief Executive Officer of CleanTech Lithium, said:

"We were delighted to attend this meeting with the Mining Ministry so soon after the new approach had been announced by the Government, one of the first companies to have such conversations. Under this new guidance from the Government, we will proceed with our project's CEOL applications and continue our constant coordination with the government to develop our projects into production.

"Following the resubmission, consultations with local communities hosted by the Government will commence. CTL has an established partnership with the local communities and our approach to early engagement, we believe, will help speed up the CEOL approval process. We will update the market when the resubmission has been made."

"This is happening in tandem with the progress we have made with the Pre-Feasibility Study for Laguna Verde and the Environment Impact Assessment which are both critical milestones for 2024 and on our path to lithium production. The Government expects four new lithium projects to be in production in 2026 and our Laguna Verde is among the most advanced new projects in Chile".

CTL already expressed interest by submitting the CEOLs in September 2023 for Laguna Verde and Francisco Basin with unified support from the local communities in the region. The Company expects the updated applications for Laguna Verde and Francisco Basin will be approved in due course with no impact on the project timeline.

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