Aim-listed CleanTech Lithium has, through its Chile-based subsidiary Atacama Salt Lakes (ASL), submitted the application for a Special Lithium Operating Contract (CEOL) for the Laguna Verde project.

This submission to the Chilean government to enter the streamlined process is ahead of the deadline of January 30.

The Ministry of Mining will now start the review process of the application and the company assures that it will be in regular dialogue with the Ministry during that time.

The award of a CEOL would mean the recipient can commercially produce lithium from the specified project for the duration of the economic life of the project.

The Chilean government set out criteria for applicants to apply for a CEOL at selected salars, including Laguna Verde, under the National Lithium Strategy.

These criteria include holding more than 80% of mining concessions for the proposed polygon area, experience in the mining and lithium extraction industry and audited financial accounts with a minimum accounting equity of $30-million held by the applicant or as a consortium.

ASL’s application confirms that it holds well over 80% of the mining concessions in the Chilean government’s defined CEOL polygon area and is supported in the application by a consortium partner which the company believes will enable CleanTech Lithium to comfortably meet the financial capability criteria.

CleanTech Lithium holds more than 97% of the relevant mining concessions of the polygon area and therefore does not expect any applications from third parties for this CEOL.

ASL has also formed a consortium with a partner, who requested anonymity, to comfortably satisfy the financial requirements of the Chilean government.

The partner is an experienced minerals company, and will received an agreed fee and acquire a minority shareholding in ASL (significantly less than 0.01%) at the time of the award of the Laguna Verde CEOL.

CleanTech Lithium will have the exclusive right to require the partner to transfer that shareholding to another party of the company’s choosing at any time for the same price as the acquisition. It is intended that this transfer will involve a strategic partner or partners at some point this year.

In the interim, as part of the application, the partner has also acted as a joint guarantor for the project’s financial obligations for the period that they hold that minority stake in ASL.

CleanTech Lithium is confident it meets the criteria to enter the CEOL streamlined process, leading to the award of the CEOL, and is expecting to receive feedback on its application in February.

“We believe we are the only applicant eligible to apply for the CEOL at Laguna Verde under the Ministry’s streamlined process. We hold well over the 80% of the mining concessions in the CEOL polygon required by the Ministry, we have formed a consortium with a financially strong partner, and we bring extensive experience in the mining and lithium extraction industry, both in Chile and globally.

“Our application has been submitted a month before the deadline, and we can expect to the hear back from the government in February 2026, if not before. This is a pivotal moment in CleanTech Lithium's pathway to developing a high-quality lithium project at Laguna Verde,” CEO Ignacio Mehech comments.

The prefeasibility study (PFS) for Laguna Verde is being finalised and if the company is admitted into direct negotiations within the streamlined process, the PFS will be published shortly afterwards.

“This is being led by international recognised engineering firm Worley and will contain the operational and economic factors to develop a high-quality lithium project at Laguna Verde using low-impact extraction technologies. This will also enable the company to initiate more meaningful conversations with potential strategic partners in the coming months. . .” Mehech explains.

A legal case related to certain Laguna Verde licences, announced late last year, is not expected to impact ASL’s CEOL application, as these licences are held in a separate CleanTech Lithium subsidiary, which is not part of the application. The licences are not required to enable CleanTech Lithium to meet the minimum 80% threshold for mining concessions in the proposed polygon area.