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Australian lithium developer Lake Resources NL (LKE.AX) said on Thursday short seller J Capital Research’s report criticising partner Lilac Solutions Inc’s extraction technology had “inaccurate assertions” and pertained to the wrong process.
“The report’s description of DLE (direct lithium extraction) processes does not pertain to Lilac’s ion exchange technology. It is criticising the wrong process,” the New South Wales-based lithium miner said.
Lilac is among the most-prominent developers of DLE technologies aiming to extract the battery metal from brine using a range of equipment, though none have worked at commercial scale.
J Capital’s report outlined several alleged missteps by Lake’s management and claimed that technology developed by Lilac is too costly to run and uses too much freshwater.
Lake intends to deliver lithium chemicals from its Kachi lithium project in Argentina using Lilac’s ion exchange chemical process that can be operated with zero net usage of fresh water, the company said in a statement.
Lake, who signed a deal with privately-held Lilac last September to jointly develop the Kachi project, said Lilac’s operating team would arrive at the Kachi project site on July 14 and demonstration plant modules would be delivered on July 20, when commissioning will commence.
Shares in Lake Resources were down 15.6 % at A$0.57 at 0024 GMT.
(By Himanshi Akhand; Editing by Rashmi Aich)
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