ASX:CXL

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PLS Group Starts Commissioning of Mid-Stream Demonstration Plant, Reports Higher March Quarter Production

PLS Group (ASX:PLS) started commissioning of its Mid-Stream Demonstration Plant in Western Australia, with the first product expected in the September quarter, according to a Friday filing with the Australian bourse.The move follows the company securing up to AU$38.1 million in funding from the Australian Renewable Energy Agency to support the plant's operation, and entering an offtake agreement with Ningbo Ronbay New Energy Technology for lithium phosphate produced at the plant.PLS Group also acquired Calix's (ASX:CXL) stake in the plant to gain full ownership and operational control of the facility, per the filing. Calix remains a technology partner in the project, which aims to test more efficient and lower-carbon processing pathways for hard-rock lithium.Separately, PLS Group reported March quarter production of 232,400 tonnes and revenue of AU$567 million.In the year-ago period, the company reported production of 125,000 tonnes and revenue of AU$150 million, an earlier filing showed.

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Asia56d ago

Calix, PLS Finalize Western Australia Lithium Project Restructuring Deal

Calix (ASX:CXL) executed final transaction documents with PLS Group (ASX:PLS) to complete the restructuring of the lithium Mid-Stream Project and confirm an updated commercialization framework under binding terms, according to a Monday Australian bourse filing.The deal results in an immediate cash payment of AU$5.7 million to the company, with an additional AU$5.7 million payable unconditionally by July 31, per the filing.PLS is granted a perpetual, royalty-free license to use the company's technology in its own or joint venture lithium operations, while the company retains upside via a 20:80 royalty split on any third-party applications, the filing said.The agreement strengthens the company's cash and liquidity position and sharpens its focus on major market opportunities for its platform technology in iron and steel, cement and lime, alumina, and magnesia, the filing added.Calix shares rose past 2% in recent Monday trade, while PLS shares fell around 1%.

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