Aim-listed lithium exploration and development company CleanTech Lithium (CTL), headed by mining veteran Steve Kesler, has announced its planned dual-listing on the ASX next month, along with an intended capital raise of A$20-million.

The company believes the ASX is a “natural fit”, considering that its current shareholder base features Australian shareholders, including Regal Funds Management at about 15%.

"We're excited of the prospect to join the ASX which is home to many of the world's leading lithium companies. In addition to our existing Aim listing, the dual-listing in Australia will provide us with access to a broader collection of security holders and stakeholders who have a deep understanding of the lithium industry and its importance in supporting the world's ambitions for net-zero,” said Kesler.

CTL is developing direct lithium extraction- (DLE-) based lithium brine projects in Chile, where the use of DLE is strongly encouraged by the government to increase lithium production.

Kesler said he was excited to introduce CTL to the Australian market, providing Australian investors the opportunity to invest in an emerging producer of battery-grade lithium from a country with an established lithium industry, a free-trade agreement with the US and a preferential trade agreement with the EU.

CTL’s two core projects host, in aggregate, total resources of more than 2.7-million tonnes of LCE and the company is advancing the use of DLE technology, which is said to feature higher recovery rates and less environmental impact compared with conventional forms of lithium extraction.

Scoping studies completed for the flagship Laguna Verde project and the company’s second project, Viento Andino, in 2023 showed lowest quartile operating costs and robust economics for a potential 20 000 t/y lithium carbonate operation at each project.

A prefeasibility study for Laguna Verde will be completed by the end of 2024.

CTL has a sector-leading DLE pilot plant in Chile with a capacity of one tonne a month of lithium carbonate equivalent. The company expects to produce significant quantities of battery-grade lithium carbonate in the second half of 2024 for product qualification testing by potential customers.

"Harnessing DLE and renewable energy positions CTL to be a leader in a more efficient method of producing lithium in Chile, and we believe this will give us an advantage in supplying a premium lithium product to the market,” said Kesler.

In connection with the company's proposed dual-listing on the ASX, the fundraising seeks to raise at least A$10-million and up to A$20-million by issuing chess depositary interests (CDIs) at an issue price of A$0.30 per CDI, together with one free-attaching option exercisable at $0.375.

The fundraising is being conducted at the issue price of A$0.30, being the equivalent to £0.1579, which represents a discount of about 7.1% to the closing price per ordinary share on August 12. The attaching option at A$0.375 represents a premium of 25% to the issue price of A$0.30.