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Amani Gold (ASX: $ANL) acquires Authium for lithium project development

Amani Gold Limited's Acquisition of Authium


Amani Gold Limited (ASX: $ANL) has signed an agreement to acquire 100% of Authium, holder of the 2.5Mt Lithium Carbonate Equivalent (LCE) Clayton Ridge Sedimentary Lithium Project in Nevada. The project is an advanced lithium project with a substantial JORC Resource of 2.5Mt LCE, located in the world-class lithium mining region Clayton Valley. A bankable feasibility study is planned to commence in 2024, with two-stage lithium production targeting 5ktpa LCE in 2027 followed by a 25ktpa plant. The Authium technical team, responsible for the development of the Rincon Project, will join Amani to develop the resource to meet production goals. Amani intends to raise a minimum of $5,000,000 via a Public Offer to support the development and exploration of the Clayton Ridge Lithium Project. The company also plans to re-list on the ASX, change its name to 'Authium Minerals Limited', and re-comply with Chapters 1 and 2 of the ASX Listing Rules.

Executive Commentary on Acquisition and Development Plans


The acquisition of Authium and the Clayton Ridge Lithium Project marks a strategic shift for Amani Gold Limited. We are excited about the potential of this advanced lithium project and the opportunity to leverage the expertise of the Authium technical team. The planned feasibility study and subsequent lithium production stages demonstrate our commitment to becoming a significant player in the lithium market. The Public Offer and re-listing on the ASX signify our dedication to securing the necessary funding and regulatory compliance for this transformative venture.

Overview of Acquisition and Future Plans


Amani Gold Limited's acquisition of Authium, holder of the 2.5Mt Lithium Carbonate Equivalent (LCE) Clayton Ridge Sedimentary Lithium Project in Nevada, signals a strategic shift towards lithium exploration and development. The company aims to commence a bankable feasibility study in 2024, with two-stage lithium production targeting 5ktpa LCE in 2027 followed by a 25ktpa plant. By raising a minimum of $5,000,000 via a Public Offer, Amani intends to support the development and exploration of the Clayton Ridge Lithium Project. Additionally, the company plans to re-list on the ASX, change its name to 'Authium Minerals Limited', and re-comply with Chapters 1 and 2 of the ASX Listing Rules. The acquisition represents a significant change in the nature and scale of Amani Gold Limited's activities, positioning the company for growth and prominence in the lithium market.

Sourcehttps://announcements.asx.com.au/asxpdf/20231221/pdf/05ytldq68c8nxl.pdf

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