Appointment of Australian NED and Board Changes

CleanTech Lithium PLC

21 June 2023

 

21 June 2023

CleanTech Lithium PLC ("CleanTech Lithium" or "CTL" or the "Company")

Appointment of Australian Independent Non-Executive Director ahead of planned ASX dual-listing

Changes to the Board and Board Committees structure

CleanTech Lithium PLC (AIM:CTL, Frankfurt:T2N, OTC:CTLHF), an exploration and development company advancing next-generation sustainable lithium projects in Chile for the EV transition, announces the appointment of an Australian-based Independent Non-Executive Director and other changes to the Board and Board Committees structures with immediate effect.

·      Tommy McKeith, based in Perth, Australia, appointed as an additional independent Non-Executive Director ('NED') with immediate effect ahead of the Company's planned listing on the Australian Securities Exchange (ASX) in Q3 2023

·      Jonathan Morley-Kirk becoming Senior Independent Non-Executive Director, previously Non-Executive Director, following Dr. Steve Kesler's moving to the Executive Chairman position earlier this year

Appointment of an Australian-based Independent Non-Executive Director:

Mr McKeith is an experienced public company director and geologist with over 30 years of mining company leadership, corporate development, project development and exploration experience. He's held roles in an international mining company and across several ASX listed mining companies. Mr McKeith currently serves as Non-Executive Director of Evolution Mining Limited and as Non-Executive Chairman of Arrow Minerals Limited. Having worked in bulk, base and precious metals across numerous jurisdictions, including operations in Canada, Africa, South America and Australia, Mr McKeith brings strategic insights to CTL with a strong focus on value creation that will support the leadership of the Company's Chief Executive Officer, Aldo Boitano, alongside Dr. Kesler as Executive Chairman.  

Mr McKeith holds a B.Sc (Geology), a Graduate Diploma in Engineering and an MBA (all from University of the Witwatersrand in South Africa).  He has also been a Fellow of the Australian Institute of Mining and Metallurgy since 2009.    

Other Board Structure Changes:

Jonathan Morley-Kirk has become Senior Independent Non-Executive Director following Dr. Steve Kesler's moving to the Executive Chairman position earlier this year. This decision has been made to continue the open dialogue with shareholders and offer an alternative point of contact for investors and the Company. Jonathan Morley-Kirk will play a more active role in nurturing these relationships should shareholders have any concerns, while continuing to work closely with the executive team.  

Steve Kesler, Executive Chairman of CleanTech Lithium, said:

"Tommy McKeith has considerable Board experience in Australia and a wealth of knowledge, including developing and operating mining projects around the world, including Chile, and as our Australian resident Independent Non-Executive Director will greatly help the Company gain the most it can from the planned listing on the ASX.

"I am delighted that he is joining our Board as we look to expand our reach into the Australian market, which has an established reputation for supporting junior mining companies and where we already have a strong shareholder base.

"The appointment of Tommy, alongside the other changes to the Board, will also help us deliver on our aim to become a material supplier of green lithium to the global EV market and grow the value of the Company, as we progress the next phase of our development, including the construction of a DLE pilot plant, updating our lithium resources and concluding the scoping study at Fransisco Basin and the PFS at Laguna Verde."

Tommy McKeith, Non-Executive Director of CleanTech Lithium, said:

"The significant progress that's already been made at CleanTech Lithium, combined with the capabilities and skills of the Company's senior management team and partners, was a great attraction and the reason I was delighted to be asked to join the Board. As we prepare to list on the ASX, having a presence here in Australia will bring new opportunities for CTL as we advance towards commercial production. It is a jurisdiction that values the vital role mining and the commodities industries play in providing the materials to develop our global economies.  I look forward to opening doors for CTL in Australia through my strong network of investors, banks and various other stakeholders.

"Lithium is experiencing unprecedented demand, largely driven by the transition to decarbonise transport through electrification. CTL's proposition of green lithium via sustainable extraction methods excites me and I am looking forward to be part of the team who will strive to deliver this."

Board Composition

With the appointment of Mr McKeith, the Company's Board is now made up of 6 directors as follows:

·      Executive Chairman - Steve Kesler

·      CEO - Aldo Boitano

·      CFO - Gordon Stein

·      Senior Independent Non-Executive Director - Jonathan Morley-Kirk

·      Independent Non-Executive Director - Maha Daoudi

·      Independent Non-Executive Director - Tommy McKeith

The Company's Board now comprises three Executive Directors and three Independent Non-Executive Directors, in full compliance with the QCA Code on Board composition, as referred to in the Company's recently released Annual Report & Financial Statement for 2022.

Board Committees:

The Board has made the following changes to the Board Committee structure to better reflect the Directors' skills:

·      Tommy McKeith will become a member of the Audit Committee, with Jonathan-Morley Kirk remaining as Chairman.

·      Tommy McKeith will chair the Remuneration Committee, with Maha Daoudi as the other member.

·      Maha Daoudi will chair the newly created ESG Committee, with Jonathan Morley-Kirk and Aldo Boitano as the other members. 

Granting of share options:

As part of the remuneration package and in accordance with the Company's remuneration strategy on joining the Company Mr McKeith is today awarded 204,000 share options at a 57p/share exercise price, vesting on a time-basis over a two-year period. This is in line with the share options awarded to the other two Non-Executive Directors Maha Daoudi and Jonathan Morley-Kirk, who joined the Company earlier.

In addition, 200,000 options have also been awarded to one new member of the Company's senior management team. These options are subject to performance measures linked to the Company's strategic milestones namely, the successful achievement of JORC resource upgrades, a successful PFS at Laguna Verde and the success of the pilot plant producing battery grade lithium carbonate or lithium hydroxide ("Vesting Criteria"), consistent with the performance measures already established for other members of the executive senior management team. 

Directors, management, staff and contractors	Number of options	Exercise price	Expiry date
Tommy McKeith	204,000	57 pence	*
Other management - 1 staff member	200,000	57 pence	**
Total	404,000

*  The fifth anniversary after the relevant vesting dates

** The fifth anniversary after the Vesting Criteria have been fully met

Following these grants, there are currently 8,732,000 share options outstanding representing 8.29% of the existing issued share capital of the Company.

The information contained in Appendix 1 below is disclosed in accordance with Article 19 of the Market Abuse Regulation.

Further AIM disclosures relating to Mr McKeith's appointment:

Mr Thomas ("Tommy") David McKeith, aged 59, has held the following directorships and/or partnerships in the past 5 years:

Current:	Past:
Arrow Minerals Limited	Genesis Minerals Limited
Arrow (Strickland) Pty Ltd	Prodigy Gold NL
Arrow (Deralinya) Pty Ltd	Callidus Resource Capital Pty Ltd
Arrow (Plumridge) Pty Ltd	Plutonic Limited
Arrow (Pardoo) Pty Ltd	ABM Resources NL (now knows as Rare Resources NL)
Arrow (Leasing) Pty Ltd	Ulysses Mining Pty Ltd
Boromo Gold Pty Ltd	Angloba Pty Ltd
Evolution Mining Ltd	Swift Exploration Pty Ltd
GeoAlliance SARL
GenGold Resources Cote D'Ivoire
GenGold Resource Capital Pty Ltd
Kouroufaba Gold Ltd
McKeith Super Pty Ltd
Ordell Minerals Limited

Ms McKeith currently holds no ordinary shares in the Company and has been awarded 204,000 options as per the above.

There is no further information on Mr McKeith required to be disclosed under Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies.

**ENDS** For further information contact: CleanTech Lithium PLC Aldo Boitano/Gordon Stein Jersey office: [phone] Chile office: [phone] Or via Celicourt Celicourt Communications          [phone] Felicity Winkles/Philip Dennis/Ali AlQahtani [e-mail] Dr. Reuter Investor Relations Dr. Eva Reuter Harbor Access - North America Jonathan Paterson/Lisa Micali Porter Novelli - Chile Ernesto Escobar Beaumont Cornish Limited (Nominated Adviser) Roland Cornish/Asia Szusciak [phone] [phone] [phone] [e-mail] [phone] Fox-Davies Capital Limited (Joint Broker) Daniel Fox-Davies Canaccord Genuity Limited (Joint Broker) James Asensio Gordon Hamilton [phone] [e-mail] [phone]

Notes

About CleanTech Lithium

CleanTech Lithium (AIM:CTL, Frankfurt:T2N, OTC:CTLHF) is an exploration and development company, advancing the next generation of sustainable lithium projects in Chile.  The Company's mission is to produce material quantities of battery grade lithium by 2026, with near zero carbon emissions and low environmental impact, offering the EV market a green lithium supply solution.

CleanTech Lithium has three prospective lithium projects - Laguna Verde, Francisco Basin, and Llamara - located in the lithium triangle, the world's centre for battery grade lithium production. They are situated within basins entirely controlled by the Company, which affords significant potential development and operational advantages. The projects have direct access to excellent infrastructure and renewable power.

CleanTech Lithium is committed to using renewable power for processing and reducing the environmental impact of its lithium production by utilising Direct Lithium Extraction. Direct Lithium Extraction is a transformative technology which only removes lithium from brine, with higher recoveries and purities. The method offers short development lead times, low upfront capex, with no extensive site construction and no evaporation pond development so there is no water depletion from the aquifer or harm to the local environment.

Appendix 1

Notification of Transactions of Directors/Persons Discharging Managerial Responsibility and Connected Persons

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Tommy McKeith
2	Reason for notification
a)	Position / status	Independent Non-Executive Director
b)	Initial notification/Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	CleanTech Lithium Plc
b)	LEI	213800Y3TN5JQCDA9U59
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of GBP 0.01 ISIN: JE00BPCP3Z37
b)	Nature of the transaction	Grant of options
c)	Price(s) and volumes(s)	Price(s) Volumes(s) 57 pence 204,000
d)	Aggregated information Aggregate volume Price(s)	N/A
e)	Date of the transaction	2023-06-21
f)	Place of the transaction	Outside a trading venue

 

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