Green Technology Metals Limited (ASX: GT1) (GT1 or the Company), a Canadian-focused multi-asset lithium business, is pleased to provide an operations update for its projects located in Ontario, Canada.
It's been a challenging 12 months for the lithium sector, but our long-term strategy remains unchanged. While market conditions have required us to slow down, we continue to have strong conviction in the quality of our assets, their location, and our vertically integrated approach in Canada, underpinned by tier-one strategic partnerships with EcoPro Innovation and other lithium focussed businesses.
The LOI from Export Development Canada, unwavering Canadian government support, delivery of key project milestones, and a robust +30Mt resource are all achievements in the past 12 months that have added significant value to the Company. These foundations place us in a strong position to respond when the market recovers and we'll be ready.
Although slowing the DFS was a difficult but necessary decision, we remain focused on advancing the critical development work required to ensure the Seymour Project moves towards completion of permitting in consultation with our Indigenous partners and will be ready for investment decisions. This period of disciplined capital preservation also provides an opportunity to explore new avenues to create value for shareholders, including a full review of our tenement portfolio and technical database, which may unlock further strategic opportunities aligned with current market demands and our long-term vision.'
GT1 Managing Director, Cameron Henry
Cost Control and Cash Preservation Initiatives
GT1 remains committed to delivering long-term value while navigating near-term market headwinds through strategic cost control and financial discipline. In response to current conditions, the Company has been undertaking cost reductions over the past six months and implemented a range of measures to preserve capital and focus resources on critical development activities at the Seymour Project. These have included: Material reduction in contractor expenditure and instituted payment plan initiatives with key creditorsa Non-payment (deferred and accrued) of all Executive Management and Director fees (including associated superannuation) by agreement with those concerned Suspension of exploration activities across all projects Demobilisation of exploration camps Delaying major cost items for the remainder of the Definitive Feasibility Study (DFS) work streams (currently 70% complete) Restructuring of the workforce, retaining only essential roles to support key development activities These initiatives will delay the Seymour Project development timeline; however, the Company continues to advance permitting and remain in close consultation with our Indigenous partners. These efforts will strategically position GT1 to recommence development as market conditions improve. GT1 remains focused on executing its long-term growth strategy while maintaining the financial flexibility to respond to future opportunities. The Company continues to explore alternative funding initiatives across the company's various assets and projects. GT1 maintains close dialogue with its strategic partners EcoPro Innovation and LG Energy Solution. EcoPro, GT1's largest shareholder continues to express strong confidence in the Company's progress and long-term potential during our ongoing recent discussions.
Exploration Strategy
Historically, GT1's exploration efforts have been primarily focused on the Root and Seymour projects. A strategic review is currently underway across GT1's broader portfolio of nine projects, which collectively span approximately 41,638 hectares across Ontario. While previous fieldwork has been conducted on several of these tenements, many areas have not yet been fully assessed. This review is intended to evaluate the broader geological potential of the full portfolio. As part of the review, the Company is also assessing the potential for other critical minerals within its holdings. This includes a comprehensive re-evaluation of historical drilling data, field mapping, and assay results. Early indications from previous work highlight encouraging potential for additional strategic elements within the region, presenting a compelling opportunity for value creation beyond lithium.
Indigenous Partner Acknowledgement
We would like to say Gchi Miigwech to our Indigenous partners. GT1 appreciates the opportunity to work in the Traditional Territory and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Green Technology Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering, and encouraging a respectful relationship with Indigenous Peoples based upon principles of mutual trust, respect, reciprocity, and collaboration in the spirit of reconciliation.
Contact:
Cameron Henry
Managing Director
Email: ir@greentm.com.au
Tel: +61 8 6557 6825
Jacinta Martino
Investor Relations Manager
Email: info@greentm.com.au
Tel: +61 8 6557 6825
Forward Looking Statements
Certain information in this document refers to the intentions of Green Technology Metals Limited (ASX: GT1), however these are not intended to be forecasts, forward looking statements or statements about the future matters for the purposes of the Corporations Act or any other applicable law. Statements regarding plans with respect to GT1's projects are forward looking statements and can generally be identified by the use of words such as 'project', 'foresee', 'plan', 'expect', 'aim', 'intend', 'anticipate', 'believe', 'estimate', 'may', 'should', 'will' or similar expressions. There can be no assurance that the GT1's plans for its projects will proceed as expected and there can be no assurance of future events which are subject to risk, uncertainties and other actions that may cause GT1's actual results, performance or achievements to differ from those referred to in this document. While the information contained in this document has been prepared in good faith, there can be given no assurance or guarantee that the occurrence of these events referred to in the document will occur as contemplated. Accordingly, to the maximum extent permitted by law, GT1 and any of its affiliates and their directors, officers, employees, agents and advisors disclaim any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement and do not make any representation or warranty, express or implied, as to the accuracy, reliability or completeness of the information in this document, or likelihood of fulfilment of any forward-looking statement or any event or results expressed or implied in any forward-looking statement and disclaim all responsibility and liability for these forward-looking statements (including, without limitation, liability for negligence.
