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Infinity goes beyond with low carbon lithium production milestone

15 November 2021
ASX: IMI
Rueben Hale

The company has underscored low carbon production of high-grade lithium production, the company will receive EIT InnoEnergy funding in three payments during the first financial quarter of next year in recognition of achieving predetermined project milestones at its world class San José project in Spain. 

“The ability to collaborate with EIT InnoEnergy and deliver this significant milestone reinforces the commitment of the European Battery Alliance to develop a fully integrated value chain,” chief executive and managing director Ryan Parkin said.  

 “We are appreciative of the progress despite the challenges of the pandemic and the support of both project partners in progressing the test work.” 

EIT InnoEnergy project agreement.  

EIT InnoEnergy has already demonstrated support for San José with the initial investment aligned to the generation of shared IP in a first of a kind innovative technological refining process.  

The final and 3rd tranche commitment under the Project Agreement totals a further €200,000, payable upon completion of the test work.  

The Company and Dorfner Anzaplan have planned for the test work to be completed in Q1 2022.  

Funds Warrants Issued Average Price Tranche 1 €400,000 13,182,938 A$0.050 Tranche 2(1) €200,000 1,705,672 A$0.183 Total €600,000 14,888,610 Table 1: Summary of Warrants issued/ to be issued to EIT InnoEnergy Note (1) Exchange rate AUD: EUR 0.64074211, 30-day VWAP A$0.183.  

Bench-scale test work relating to the sulphate roast process flow sheet has progressed to treating recycling solutions and will soon move to close-circuit test work.  

Concurrently, pilot-scale test work has successfully progressed beyond impurity removal and evaporation in preparation for lithium, potassium, and sodium recovery.  

European Battery Alliance central participant Volkswagen Group has formalised their commitment to EIT InnoEnergy through a direct investment announced earlier this month.  

The investment follows the July announcement that confirmed VW’s commitment to locate one of their six lithium-ion battery plants in Spain.  

INF’s Australian Stock Exchange-listed share price was trading at 22.5c today (2:12pm UTC8+ hours) 

COMPANY OVERVIEW

Infinity Mining Limited (IMI) (previously known as Macarthur Lithium Pty Ltd) holds 100% interest in the Australia Pilbara tenements and in return, Macarthur Australia Limited (currently the sole shareholder) will retain equity in IMI, which will create the listing entity. In addition, the Central Goldfields assets of Zanil Pty Ltd will be acquired by IMI for equity.

COMPANY INFORMATION

ASX: IMI

Website

https://infinitymining.com.au/
https://www2.asx.com.au/markets/company/imi

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