West Perth, Western Australia – Arizona Lithium Limited (ASX: AZL, AZLO; OTC: AZLAF) ("Arizona Lithium" or "the Company") is pleased to announce significant momentum at its flagship Prairie Lithium Project in Saskatchewan, Canada, following the successful closure of its Share Purchase Plan (SPP), raising $4.25 million – more than double the initial target – and the receipt of key regulatory approvals for Phase 1 production.
The oversubscribed SPP reflects strong investor confidence and positions Arizona Lithium to accelerate development at the Prairie Lithium Project, now officially the first lithium brine project in Saskatchewan – and one of the first in North America – to receive Phase 1 production approval.
“With the SPP now closed, we are very excited to announce an oversubscription of over two times on the SPP. We greatly appreciate the support received from the shareholders and are encouraged by shareholders’ election to increase their investment as the Company begins to unlock shareholder value. To create maximum shareholder alignment, Directors elected to take up the full allowable amounts on the SPP. Directors, Management and Shareholders are all completely aligned. Fabrication of the commercial-scale DLE unit with Koch is progressing on track and is anticipated to be completed by October 2025. Even in a very difficult lithium market, we remain committed to project development. We believe the Prairie Lithium Project can play a key role in global supply as the demand for lithium continues to grow year over year.”
— Paul Lloyd, Managing Director, Arizona Lithium
The funds will directly support engineering, procurement, and construction activities for the commercial-scale proof-of-concept Direct Lithium Extraction (DLE) facility at Pad #1. Work includes continued fabrication of the Li-Pro DLE unit, installation of utility infrastructure, earthworks, and procurement of key processing components. Fabrication of the DLE unit remains on schedule for October 2025 completion.
Adding to the momentum, Arizona Lithium recently received regulatory approval for Phase 1 operations from Saskatchewan’s Ministry of Energy and Resources. The milestone marks Prairie as the vanguard of Saskatchewan's burgeoning lithium sector, with a commercial-scale DLE unit set to produce 150 tonnes per annum (TPA) of lithium carbonate equivalent (LCE).
Resource upgrades from the 2024 drilling program have further enhanced the project’s outlook, with the Indicated Resource increasing to 4.6 million tonnes LCE and annual producible volumes rising 120% to 17,000 TPA LCE.
“These approvals are another massive milestone in project development,” said Mr. Lloyd. “The regulatory framework in Saskatchewan provides project developers with a clear permitting path and ability for projects to establish operations. In addition to this, our updated well network model provides us a clear path as to how we can continue to increase production from across the Prairie Project.”
The Prairie Lithium Project benefits from strong government support, proximity to key infrastructure, and Arizona Lithium’s commitment to environmental sustainability. With approvals secured and funding in place, the Company is strategically positioned to deliver on its goal of becoming a key North American lithium producer.
About us:
About the Prairie Lithium Project
AZL’s Prairie Lithium Project is located in the Williston Basin of Saskatchewan, Canada. Located in one of the world’s top mining friendly jurisdictions, the projects have easy access to key infrastructure including electricity, natural gas, fresh water, paved highways and railroads. The projects also aim to have strong environmental credentials, with Arizona Lithium targeting to use less use freshwater, land and waste, aligning with the Company’s sustainable approach to lithium development.
Contact details:
Jane Morgan
[email protected]