CleanTech Lithium PLC (AIM:CTL, OTCQX:CTLHF) has announced a leadership transition following the resignation of CEO Aldo Boitano, who failed to disclose a loan secured against his holdings in the company. Dr Steve Kesler, the executive chairman, has stepped in as interim CEO, assuring stakeholders that the company's projects in Chile will proceed without interruption. These projects include critical activities such as drilling, hydrogeology, pilot plant operations, and environmental assessments.
Dr Kesler, leveraging his three decades of experience in the Chilean mining sector, expects a smooth transition. Boitano will remain with the company as a consultant to ensure the continuity of key relationships during this period. CleanTech Lithium is also in the process of preparing for an ASX listing and is actively searching for a new CEO to lead these efforts.
The company has recently achieved a significant milestone in its lithium production process, successfully producing lithium chloride through its direct lithium extraction method. The focus now shifts to refining this product at the pilot plant to achieve battery-grade lithium carbonate, with plans to ship the product to Chicago for further conversion. Dr Kesler mentioned that substantive discussions with potential off-takers would commence following the completion of the Pre-Feasibility Study (PFS), which will showcase the resource size and economic viability of their operations.
Despite the volatile lithium market, Dr Kesler expressed confidence in CleanTech Lithium's competitive edge, attributed to its low operational costs. The company believes it can sustain profitability across various price scenarios, supported by a cost structure that remains well below current market prices. For more information on CleanTech Lithium's advancements and market positioning, visit https://www.cleantechlithium.com.
