Chairman's Address to Shareholders
Ladies and gentlemen, welcome to Lithium Power International Limited's Annual General Meeting for 2018.
My name is David Hannon and I will chair the meeting today.
I would like to introduce you to the Company's Executive Directors:
- Cristobal Garcia-Huidobro;
- Richard Crookes;
- Andrew Phillips;
And its Non-Executive Directors
- Russell Barwick;
- Ricky Fertig; and
- Martin Borda
I would also like to introduce you to Scott Nichols representing the Company's auditors EY.
This is my second Annual General Meeting as Chairman of the Company and over the past twelve months, LPI's primary focus has been on the exploration and development of our flagship Maricunga project through our joint venture company MSB.
The Company has contributed significant funds throughout the year to MSB to complete the earn-in to the Maricunga project.
In January 2018 we released the Preliminary Economic Assessment Study (PEA). Due to the excellent results documented in the PEA the decision was made to bring forward the Company's final earn-in payments, under the Investment Agreement.
This, in effect, allowed the Company to complete its earn-in obligations and make us a fully paid up 50% shareholder of MSB in February 2018.
In August 2018 LPI acquired an additional 1% of MSB, bringing our interest to 51% showing our commitment to the joint venture company.
MSB submitted the Environmental Impact Assessment (EIA) for Maricunga in September 2018. This moved through the first part of the approval process on 26 November 2018 and now enters into the more comprehensive "page by page" approval process. With 11,400 pages to review, an approval will follow a comprehensive review process.
We are on track to complete the Definitive Feasibility Study (DFS) in December 2018.
We made positive steps toward the awarding of all required licences, and other strategic relationships within the Chilean business environment which will further enhance and de-risk the Maricunga project. As with all corporate to corporate and corporate to government negotiations, these things take time but we anticipate these to be finalised in the first half of 2019.
Outside the Chile project, we have finalised a 70/30 joint venture for our Argentine Centenario Salar project, with Centenario Lithium Limited. We have completed a pre-drilling exploration program accompanied with all the necessary permitting requirements relating to the Centenario Project and expect to commence a drilling program in 2019.
Our Western Australian properties show promise, particularly Tabba Tabba and the Pilgangoora. We have completed extensive assessments for possible exploration drilling targets and further announcements will be made in early 2019.
In October 2018 we were pleased to announce the appointment of Non-Executive Director Cristobal Garcia-Huidobro as Managing Director and Chief Executive Officer of the Company. Mr Garcia-Huidobro will continue as the CEO and Director of MSB. Mr Garcia-Huidobro has an excellent reputation and a strong network in Chile and his appointment has been approved by LPI's joint venture partners in MSB.
We were also delighted to announce the appointment of Richard Crookes as Executive Director - Corporate Finance in October 2018. Mr Crookes is a highly regarded and well-known resource industry and investment professional in Australia, with more than 30 years' experience in the mining and finance sectors. He has a unique blend of broad resource industry operations experience coupled with a successful career in mining finances and investment management.
The Company also added Mr Martin Borda to its Board in September 2018, in order to further enhance its relationship with MSB. Mr Borda is the owner of LPI's Chilean joint venture partner. LPI will continue to put the right people in the right place at the right time as the Company advances the Maricunga Project and its other assets.
We would like to acknowledge the efforts of our founding CEO, Martin Holland, who departed the Company in June 2018. Martin was instrumental to the growth and success of the Company. We would also like to acknowledge the efforts of Dr Luis Ignacio Silva, who resigned from the Board in September 2018.
In the new year we will update the market on a number of strategic and operational matters that both LPI and MSB have underway. LPI looks forward to an exciting 2019.
To view Annual General Meeting and Investor Meetings Presentation, please visit:
About Lithium Power International Ltd
Lithium Power International Limited (ASX:LPI) (FRA:24L) is a pure-play lithium explorer and developer, focusing on developing and fast-tracking to production the high-grade Maricunga lithium brine project in Chile.
LPI has a well known performing technical team with the experience to take the Maricunga project all the way through the development stages to production.
The regions that LPI is currently focussed on are:
1. Maricunga JV (Chile) – On 13th September 2016, Lithium Power announced the creation of a new JV to develop the world-class Maricunga lithium brine deposit in northern Chile.
2. Pilbara (Western Australia) – LPI has one granted exploration tenement and two pending exploration applications covering 203km2 in the Pilbara region of northern Western Australia. The largest granted exploration tenement is at Pilgangoora-Houston Creek is 2-3km west of the Pilbara Minerals (ASX:PLS) and Altura Mining (ASX:AJM) lithium deposits.
3. Greenbushes (Western Australia) – LPI has two granted exploration tenements covering 400km2 in the Greenbushes area of southern Western Australia. The tenements are adjacent to the world’s largest hard rock lithium mine owned & operated by Tianqi/Talison.
4. Centenario (Argentina) –Through its Argentinian subsidiary, Lithium Power holds a total of 6 granted tenements in the Centenario lithium brine salar within the Salta province of the Puna Plateau. In total, the 6 granted tenements cover an area of 61.52km2. In addition, there is 1 further tenement in the grant review stage.
With the exception of the Maricunga JV, all tenements are 100% owned by LPI or LPSA (including rights to the Centenario tenement which is the subject of review by the Argentinian mining authorities).
Link: Annual General Meeting and Investor Meetings Presentation
Lithium Power International Ltd