ESS: Drilling completed at Pioneer Dome Lithium Project

ESSENTIAL METALS LIMITED

• No spodumene-bearing pegmatites were intersected during the drilling.
• The multi-element assays are expected to be available in August.
• Trace amounts of lepidolite were observed in some of the holes.

2023-07-17 08:15:00

ESS: Pioneer Dome Lithium Project & Corporate Update

ESSENTIAL METALS LIMITED

• Pioneer Dome Lithium Project feasibility study and exploration activities are ramping up, with metallurgical testwork and drilling programs planned.
• Re-engagement with potential off-take and funding partners has commenced, following termination of the Scheme Implementation Agreement with TLEA.
• Mineral Resources Limited now holds 19.55% of issued shares in Essential, as the company focuses on lithium opportunities in the Mt Marion region.

2023-05-11 08:15:00

ESS: Termination of TLEA Scheme implementation agreement

ESSENTIAL METALS LIMITED

• Essential Metals announced that the Scheme Implementation Agreement with Tianqi Lithium Energy Australia (TLEA) has been terminated.
• The resolution for the scheme of arrangement, under which TLEA proposed to acquire all shares in Essential for $0.50 per share in cash, was not approved by Essential shareholders.
• Essential will now re-energize its focus on the Pioneer Dome Lithium Project and can engage with other parties, including those who participated in the Expressions of Interest process.

2023-04-21 08:55:00

ESS: Results of Scheme Meeting

ESSENTIAL METALS LIMITED

• The proposed scheme of arrangement for Tianqi Lithium Energy Australia to acquire all shares in Essential Metals at $0.50 per share was not approved by Essential shareholders, having met only one of two necessary voting thresholds.
• Both parties must now determine their next steps per their Scheme Implementation Agreement, with a consultation notice expected to be given by Essential to discuss alternative means for the transaction.
• If no agreement is reached by April 21, 2023, either party may terminate the Agreement before April 24, 2023, with no "break fee" payable by either party.

2023-04-20 12:38:00

ESS: Results of First Court Hearing

ESSENTIAL METALS LIMITED

• Essential Metals Limited has provided an update regarding the proposed acquisition by Tianqi Lithium Energy Australia Pty Ltd.
• The Federal Court of Australia has ordered Essential to convene a meeting of its shareholders to vote on the Scheme, and approved the dispatch of an explanatory statement and notice of the Scheme Meeting to shareholders.
• The Scheme involves the acquisition of all shares in Essential for $0.50 per share in cash.

2023-03-17 19:35:00

ESS: Dome North mining lease granted

ESSENTIAL METALS LIMITED

• Mining lease application lodged in September 2022, based on Mineralisation Report and Supporting Statement by SRK.
• The area of the mining lease (M15/1896) encompasses 2,408 hectares, with term of 21 years commencing 16 February 2023.
• Key next steps include lodgement of Mining Proposal, generated from detailed feasibility studies.

2023-02-20 08:03:00

ESS: Pioneer Dome Scoping Study

ESSENTIAL METALS LIMITED

• The Scoping Study of the Pioneer Dome Lithium Project demonstrates potential viability of a standalone mining and processing operation.
• It resulted in a Base Case NPV10% (real, after tax) of $367 million, based on 11.2Mt @ 1.16% Li 2O containing 129,000 lithium tonnes.
• The positive results of the Scoping Study support the commencement of detailed studies for the proposed acquisition of 100% of Essential by Tianqi Lithium.

2023-02-07 12:53:00

ESS: Essential And TLEA To Enter Into Scheme Of Arrangement

ESSENTIAL METALS LIMITED

1. Tianqi Lithium Energy Australia Pty Ltd (TLEA) proposes to acquire 100% of Essential Metals Limited (Essential) by way of a Scheme of Arrangement.
2. TLEA is an incorporated joint venture owned 51% by Tianqi Lithium Corporation and 49% by IGO Limited.
3. The Scheme Consideration is A$0.50 in cash per ESS share, implying a fully diluted equity value for Essential of ~A$136 million.

2023-01-09 08:28:00