Arizona Lithium cashes in on noncore Prairie project land
Australia-listed Arizona Lithium has announced it will raise A$11-million in cash by selling noncore acreage and data at the Prairie lithium project, in Canada, to Homestead Energy.
Homestead is a Saskatchewan-based privately owned and operated oil and gas company.
In total, Arizona Lithium will divest of 16 200 ha of crown mineral titles and about 4 700 net acres of freehold mineral title, alongside data from the project.
The divestment, the company says, represents a small undeveloped portion of the 156 000 ha that it holds as part of the Prairie project.
“The sale of noncore acreage and data is an effective and efficient capital management tool as it provides A$11-million to the company without diluting shareholders,” says MD Paul Lloyd.
Proceeds from the transaction will be used to advance the development of Arizona’s core acreage and undertake more work towards its stated goal of commercial production at the Prairie project next year, he adds.
The Prairie project uses conventional oil and gas drilling and completion methods to access lithium-rich brine from aquifers about 2.3 km underground. Through direct lithium extraction (DLE) technology, the company will separate lithium from the brine. The extracted lithium concentrate will be converted onsite to an upgraded high-purity material. The remaining lithium-depleted brine will be disposed of back underground into a different aquifer. The DLE process uses less land and fresh water while also generating less waste in comparison to hard rock and evaporation mining.
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