- Clean TeQ Water (CNQ) enters the North American lithium market through a partnership between LithumBank Resources Corp and Go2Lithium
- Go2Lithium is a 50/50 JV working to commercialise CNQ’s cDLE process
- Through this deal, LithiumBank will acquire access to CNQ’s tech, aiming to significantly improve the economics of North American lithium brine projects
- CNQ CEO Peter Voigt labels the agreement as a “significant and potentially transformational transaction”
- CNQ shares are up 17.1 per cent, trading at 41 cents at 2:06 pm AEST
Clean TeQ Water (CNQ) has entered the North American lithium market through a partnership between LithiumBank Resources Corp and Go2Lithium.
Formed earlier this year, Go2Lithium is a 50/50 joint venture between Clean TeQ Water and Computational Geosciences.
Its purpose is to unlock significant value in lithium brine assets using CGI’s modelling capability and CNQ’s cDLE (continuous direct lithium extraction) technologies. In essence, it was established to commercialise Clean TeQ’s cDLE process.
Now, LithiumBank will gain access to CNQ’s technologies, which aim to significantly improve the economics of North American lithium brine projects.
This partnership will provide exposure to some of the continent’s largest brine assets, including the Boardwalk project, which holds more than 6 million tonnes of contained lithium carbonate equivalent.
Go2Lithium will become a strategic shareholder in LithiumBank through the issuance, upon satisfaction of certain milestones, of up to 14 million shares, equivalent to 25 per cent of LithiumBank.
CNQ CEO Peter Voigt said the technology-for-equity agreement was a “significant and potentially transformational transaction” for the company.
“Results from our test work on LithiumBank brines give us confidence that we can not only accelerate the development of the Boardwalk and Park Place projects but also position them as the most efficient and sustainable sources of lithium supply for the North American market,” he said.
Clean TeQ is aiming to ship its cDLE pilot plant to Canada in the next few months to accelerate piloting on LithiumBank brines.
The company anticipates that this transaction will be the first of many potential transactions for Go2Lithium with developers of lithium brine assets.
CNQ shares were up 17.1 per cent, trading at 41 cents at 2:06 pm AEST.