Pursuit Minerals Ltd acquires Lithium Carbonate Plant in Argentina

SYDNEY, AUSTRALIA: Pursuit Minerals Ltd announced the acquisition of a Lithium Carbonate Pilot Plant located in the city of Salta, Argentina.

In relation to the Pilot Plant acquisition, Pursuit COO, Aaron Revelle, said: “With the acquisition of the Pilot Plant, Pursuit Minerals confirms its position as the newest pre-eminent Lithium development company in Argentina. The plant will allow Pursuit to begin immediately developing a chemical process pathway that is efficient and scalable for the Rio Grande Sur Project, fast tracking production.”

Pursuit holds five tenements collectively known as the Rio Grande Sur Project that are prospective for lithium located near Salta, Argentina.

The five tenements cover approximately 9,233 hectares. The plant was originally constructed in 2013 and purchased by the vendor at a cost of US$3.6 million. When in previous operation the plant achieved a run rate of 750kg/d+ / 100tpa nameplate capacity and employed 33 people for a period of 12 months.

Pursuit’s primary focus and principal Stage 1 production milestone is to produce consistent technical and battery grade Lithium Carbonate Equivalent (“LCE”) production for on-going operations, whilst also confirming the chemical engineering and block flow process is efficient, cost effective and scalable for all development stages of the Rio Grande Sur Project.

The Pilot Plant has a nameplate production capacity of 100 tonnes of Lithium Carbonate per annum. Throughout this development stage, the Company will additionally evaluate a circuit for Lithium Hydroxide production from Lithium Carbonate in line with growing market demand for both products.

Pursuit Minerals is confident that historical process test works, along with concurrent engineering studies will form the basis to optimise the production process for Rio Grande brines for market acceptable Lithium products along with subsequent initial commercial sales of Lithium Carbonate products as a result.

Whilst the plant will remain in its current location, Pursuit Minerals will also investigate moving this plant to the Rio Grande Salar in conjunction with construction of evaporation ponds following the initial drilling campaign targeted for the second half of 2023.

On 5 May 2023, the Company entered into a 90-day option agreement to acquire 100% of the Pilot Plant in consideration of payment of the sum of $365,000 USD. Settlement of the acquisition is subject to the Company being satisfied with its due diligence enquiries, and entry into transaction documentation.

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