Infinity Lithium Corporation Ltd (ASX:INF) has soared after subsidiary Extremadura New Energies was granted a key exploration permit over the San José Lithium Project in Spain, which the company describes as a “major milestone”.
This permitting milestone reinforces government and stakeholder commitment to the project, which focuses on the production of battery-grade lithium and hosts the EU’s second-largest JORC-compliant hard rock lithium deposit.
Investors have responded strongly with shares as much as 76.2% higher on the ASX intraday to A$0.185.
“The award of this key permit validates Infinity’s administrative rights to advance San José and provides the momentum to accelerate towards the next stages of the project in concert with the Extremadura Lithium Decree Law,” said managing director Ryan Parkin.
“Major milestone”
Extremadura CEO Ramón Jiménez said: "The granting of the Exploration Permit is a major milestone for the Project, providing clarity on the permitting and administrative process for a fully integrated lithium project in the heart of Cáceres.
“The Regional Government of Extremadura has pre-empted Europe’s move to accelerate the permitting process through the adoption of the Lithium Decree Law and we will continue to collaborate with major stakeholders to deliver a strategically essential project for the local and regional community, Spain and broader Europe."
About San José Project
The proposed fully integrated industrial project is focused on the production of battery-grade lithium chemicals from a mica feedstock that represents the EU’s second-largest JORC-compliant hard rock lithium deposit.
The project would provide an essential component in the EU’s development of a vertically integrated lithium-ion battery supply chain.
The availability of critical raw materials and the production of battery-grade lithium hydroxide in the EU is essential to ensure the long-term production of lithium-ion batteries for electric mobility and the transition of the EU’s automotive industry towards electric vehicles.