American Lithium (TSXV: LI) has received a government grant related to the development of a lithium extraction and hydroxide pilot plant in Nevada from the US Department of Energy. The firm was a co-receipt of the grant, which was awarded to both the company as well as its partners, including American Battery Technology.
The grant will cover 50% of the capital cost associated with the firms proposed US$4.5 million lithium processing plant. The funds are to be used to complete field demonstrations of selective leaching, targeted purification and electro-chemical production of battery grade lithium hydroxide precursor.
Effectively, the funding is part of an initiative by the US government to reduce the reliance on foreign supply of critical minerals, which includes those metals used in battery metals for energy storage. The plant itself will be used to extract lithium from the firms TLC lithium claystone deposits, located near Tonopah, Nevada, while using the extraction tech provided by American Battery Metals.
American Lithium last traded at $2.93 on the TSX Venture.
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