CleanTech Lithium PLC confirmed the drilling of the second well has started in the recently commenced drilling programme at Laguna Verde. Two drill rigs are now operating simultaneously with the first well already reaching a depth of 300 metres and samples being collected for analysis. The drilling programme at Laguna Ver de aims to convert resources into reserves, to upgrade the existing JORC resource estimate of 1.8 million tonnes of lithium carbonate equivalent (LCE) and further establish the commercial opportunity for CTL's brine-based lithium project.

Highlights: First well LV07 started on 4th January and to date has reached 300 metres of the target 730 metres, the deepest target depth drilled at the project; Second well LV11 started on 17th January with a targeted depth of 550 metres; Two drill rigs are now operate simultaneously and running 24 hours a day to accelerate the drilling programme; The programme has been designed in collaboration with Montgomery & Associates, a leading hydrogeology and resource evaluation consultancy; Results from the drilling and planned pump test and reinjection tests will be reported to the market on an ongoing basis during firstH 2024; Generation of updated JORC reserve report is targeted for July 2024. At Laguna Verde there is an existing Measured and Indicated resources of 1.1 million tonnes LCE which makes up the majority of the total JORC compliant resource estimate of 1.8000 tonnes LCE. The drill programme aims to convert the Measured and Indicated component of the resource estimate into Reserves.

The existing resource is based on six wells completed in 2022 and 2023. A further five wells are planned to be completed in the first half of 2024, which will contribute to a new JORC compliant reserve report targeted for completion in July 2024. The Company has engaged Montgomery & Associates (M&A), a leading hydrogeological consultant, for the 2024 programme with technical staff from both CTL and M&A running a 24-hour operation at the project site.