Canadian-focused multi-asset lithium business Green Technology Metals Ltd (ASX:GT1, OTC:GTMLF) has announced the resignation of CEO Luke Cox, effective July 19.
Cox successfully led GT1 through its initial public offering, exploration and resource development phases.
Search for new CEO
Executive director Cameron Henry will assume Cox's responsibilities while the search for a new CEO is underway, with a focus on financing and investment decisions.
GT1 continues to advance its projects in Ontario. The province’s supportive government policies and well-developed infrastructure make it an ideal location for establishing a lithium supply chain.
In particular, the company’s assets in Northwest Ontario are poised to supply lithium concentrates and proposed chemicals for decades.
The company's strategy, ‘Ontario Made, First to Market’, leverages Ontario’s advantages, including a full end-to-end supply chain, abundant critical minerals, supportive government, streamlined permitting procedures and proximity to chemical, battery and EV manufacturers.
Seymour on track
The Seymour Project remains on track, with the company completing the first phase of its optimised preliminary economic assessment (PEA), confirming the project's economic feasibility. Permitting activities are also moving quickly.
Key modifications include increasing the overall slope angle of the pit and adopting a US$1,000 optimised pit shell, which will deliver cost savings and improved project economics.
Additionally, the company continually reviews and refines its geological models, leading to a reinterpretation of some downdip pegmatite host rocks, vastly improving exploration potential.
Multiple workstreams are underway, including an updated mineral resource estimate, geotechnical data interpretation and metallurgical test work.
The company aims to secure the necessary permits and approvals by the end of the year to commence early works. Its commitment to fostering respectful relationships with Traditional Owners remains a priority.
The 2024 exploration field season has kicked off, with field teams mobilised and a maiden drilling campaign imminent.
Funding talks and partnerships
GT1 is in talks with potential partners as it looks to capitalise on further investments by leading electric vehicle (EV) companies in Ontario, where C$43 billion has been invested to date.
The company is exploring various financing strategies, including minority asset-level investments from strategic partners and a structured debt funding package.
It is engaging with government funding agencies such as the Critical Minerals Infrastructure Fund (CMIF), Export Development Canada and the Canadian Infrastructure Bank to support the Seymour project’s development.
GT1’s application to the CMIF for funding to support essential road infrastructure development for the project has advanced to the next round of review.
The funding, estimated to be around C$7.5 million and covering 50% of the total project expenditure, will be allocated towards enhancing and revitalising essential access roads that link the Seymour mine site to the neighbouring community of Armstrong.
This road upgrade is expected to bring substantial benefits to local communities and users, further derisking the financing structure for the overall project.
Emerging global leader
"GT1 strategically operates in Ontario, Canada, a region emerging as a global leader in the Critical Minerals sector,” said executive director Cameron Henry.
“With abundant lithium resources, supportive government policies and a complete end-to-end supply chain, Ontario offers unparalleled advantages for establishing chemical and conversion businesses.
“We are committed to advancing the lithium potential in Ontario, tapping into the region's growth opportunities, and contributing to the flourishing Ontario critical minerals supply chain.
“On behalf of the company and management, I extend my gratitude to Luke for his leadership since our IPO three years ago. The intangible value we've added to the company is significant, and we thank Luke for his part in the story to date.”
Read more on Proactive Investors AU
