Green Technology Metals (ASX:GT1) is making some personnel changes as it advances towards a final investment decision (FID) at its flagship Seymour Lithium Project in Ontario, Canada.
CEO Luke Cox is stepping down as CEO from 19 July 2024 and executive Director Cameron Henry will assume the role of acting CEO until a permanent replacement is named.
Green Technology says the stage one development is on track with the Definitive Feasibility Study (DFS) and permitting activities moving forward.
“As we progress towards DFS and FID the business requires enhanced management presence in Canada,” Cox says.
“So, it’s time to clear the path and hand over the baton heralding the next stage of project development to shore up the integrated supply chain in Ontario, Canada”.
According to Green Technology, investment by electric vehicle makers in Ontario is ramping up, leading the North American market for development with C$43 billion ($47.2 billion) so far injected into the region.
Henry says Ontario is emerging as a global leader in the critical minerals sector.
“With abundant lithium resources, supportive government policies, and a complete end-to-end supply chain, Ontario offers unparalleled advantages for establishing chemical and conversion businesses,” he says.
“We are committed to advancing the lithium potential in Ontario, tapping into the region’s growth opportunities, and contributing to the flourishing Ontario critical minerals supply chain.”
To increase its Canadian presence, Green Technology’s head of corporate development has relocated to Toronto to foster existing strategic partnerships as well as explore potential downstream investments and new business opportunities.
The company is aiming to have the Seymour Project construction ready this year.
Over the past six months, Green Technology has been investigating ways to improve the project’s economics and extend the mine life in response to changing lithium market dynamics.
The first phase of the optimised Preliminary Economic Assessment has been completed, which the company says confirms the economic feasibility of the Seymour project as a standalone operation.
A resource update incorporating the latest infill drilling from the Seymour project is in the pipeline as part of the DFS.
Green Technology will soon begin a maiden drilling program at the Junior Project to assist in increasing the resource and extending the life of the Eastern Hub and Seymour mine.
Write to Angela East at Mining.com.au
Images: Green Technology Metals
