JV Partner Clontarf Issues Bolivia Update At Their Annual Meeting

Rhea-AI Summary

On July 10, 2024, NEXT-ChemX provided an update on their joint venture with Clontarf Energy. Clontarf, managing negotiations with the Bolivian State Lithium Company, presented a corporate update on July 9, 2024. They announced advancing to Phase 4 of a 5-phase lithium extraction process, initially placing them in Stream 3 but now potentially promoting them to Stream 2 due to their advancing technology. The joint venture awaits bulk samples from Bolivian salares for production testing in Mumbai, India. Successful results could expedite negotiations and potential contracts for deploying lithium extraction plants. NEXT-ChemX CEO highlighted the milestone but noted remaining challenges and the need for successful pilot testing.

Positive

• Advancement to Phase 4 of the 5-phase process.
• Potential promotion from Stream 3 to Stream 2.
• Pending receipt of high-grade lithium and magnesium samples from Bolivian salares.
• Immediate start of production testing upon sample arrival.

Negative

• Challenges ahead with no assurances of final approvals.

Las Vegas, Nevada, July 10, 2024 (GLOBE NEWSWIRE) -- NEXT-ChemX Corporation (OTC: CHMX), (“NEXT-ChemX”) is pleased to provide a summary of the Clontarf Energy plc (“Clontarf”) corporate update released on July 9, 2024.

Clontarf is our joint venture partner managing negotiations with the Bolivian State Lithium Company on behalf of our joint venture in the Bolivian convocatoria or ‘call for expressions of interest’ in developing Bolivian lithium brines. Clontarf presented a corporate update at their annual meeting held July 9, 2024, in London, UK stating: “Clontarf is now in Phase 4 of a 5 Phase process, which now focuses on maturity of the offered technologies. Stream 1 covers companies claiming to be already operating Direct Lithium Extraction plants. Stream 2 includes operators with an existing technology and plants being commissioned. Clontarf was initially placed in Stream 3, but now expects to be treated as Stream 2, since the joint venture’s plant now awaits bulk samples for production testing.”
NEXT-ChemX, is currently assembling, and commissioning its iTDE pilot plant that it expects will demonstrate its direct extraction of lithium. The plant is being readied to conduct preliminary testing of synthetic brines based on chemical compositions recorded from the priority Bolivian salares.

The Clontarf release continued stating the joint venture had “applied for bulk samples to be collected on its behalf, by the State Lithium Company under applicable rules, from at least two salares. One of these is expected to be high-grade Lithium, and the other including major Magnesium content, as well as attractive Lithium content. This may confirm the output, purity and operating costs of the likely range of brines to be processed. On receipt, these samples will be sea-freighted to our joint venture’s pilot plant near Mumbai, India.”

Actual production testing will start immediately after arrival at site, as a priority. Bolivian technical experts are invited to attend the production testing, to confirm results.

Clontarf noted: “Reflecting the current maturity of our joint venture’s Direct Lithium Extraction pilot plant, Clontarf expects sample delivery to be expedited and Clontarf to be effectively promoted to Stream 2 of the technology confirmation process. This may immediately follow negotiations with the 3 Chinese and one Italian company who state that they already have DLE operations.”

“Signing of convenios, and possibly contracts, may follow successful testing and negotiations of terms and conditions. We anticipate deploying plants to one or more Bolivian salares thereafter.”

NEXT-ChemX Corporation CEO, Mr. Wilcoxon, commented, “Our Joint Venture Partnership’s acceptance into Phase 4 of the 5-phase process is a significant milestone for our iTDE technology. There are still challenges ahead of us and while there can be no assurances we will receive final approvals; we remain confident in our technology and are waiting upon pilot plant testing of the selected brines to confirm the cost effectiveness of our environmentally friendly solution.”

About NEXT-ChemX Corporation

NEXT-ChemX Corporation is an innovative technology company preparing to introduce its proprietary, patented novel Membrane-Based Ion Extraction Technology, known as iTDE technology (ion Targeting Direct Extraction) that has been proven to extract very low concentrations of certain ions from liquid solutions, while reducing the harmful impact to the environment using current processes. Our system uses a unique hollow fiber technology to extract lithium directly from brines, leach solutions, or recycled battery solutions. The extraction process is continuous, proven and can be used for a range of metal ions and radioactive ions. In addition, the system performs exceptionally well and more economically when purifying bio-oils and biodiesel. Our unique technology is easily scalable, and we are currently developing a modular extraction pilot plant which would allow for the rapid deployment of an extraction facility and its onsite assembly even in remote and difficult environments.

NEXT-ChemX Corporation, is a Nevada company trading on OTC Markets as “CHMX”. Please visit the Company’s website at www.next-chemx.com

Safe Harbor and Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. Making such forward looking statements involves substantial risks and uncertainties. Our actual results, performance or achievements may differ materially from those expressed or implied by our forward-looking statements. You can usually identify these statements by the use of forward-looking terminology such as “may,” “could”, “will,” “should,” “expect,” “likely,” “anticipate,” “project,” “estimate,” “potential,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us, are inherently uncertain. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. In spite of the difficulties associated with making forward looking statements, we believe that it is important to communicate our future expectations to our investors even though there may be events in the future that we are not able to predict accurately or control. Any forward-looking statement made by us in this press release speak only as of the date on which we make it. Factors or events that could cause our actual results to differ may emerge from time to time, for a number of reasons including, without limitation, economic, political, access to capital, competition and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. It is not possible for us to predict all of these factors or events. We caution you, therefore, not to place undue reliance on any forward-looking statements. We undertake no obligation to update, revise or modify publicly any forward-looking statements, whether as a result of changes in assumptions, new information, future events or otherwise, except as required by law. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those same or other forward-looking statements in the future.

Contact:
J. Michael Johnson,
President, NEXT-ChemX Corporation
Phone: +1 725-867-0789
email: info@next-chemx.com

FAQ

What recent update did NEXT-ChemX (CHMX) provide?

NEXT-ChemX provided an update on their joint venture with Clontarf Energy, which is advancing in the Bolivian lithium extraction process.

What phase is the NEXT-ChemX (CHMX) joint venture currently in?

The joint venture is currently in Phase 4 of a 5-phase process for lithium extraction.

What is the significance of NEXT-ChemX (CHMX) being promoted to Stream 2?

Being promoted to Stream 2 signifies Clontarf's advancing technology and readiness for production testing of lithium extraction.

Where will the lithium extraction production testing for NEXT-ChemX (CHMX) take place?

Production testing will take place at the joint venture's pilot plant near Mumbai, India.

What samples are NEXT-ChemX (CHMX) and Clontarf awaiting?

They are awaiting bulk samples from Bolivian salares, including one high-grade lithium sample and another with major magnesium content.

What are the next steps for NEXT-ChemX (CHMX) after receiving the samples?

Upon receiving the samples, production testing will start immediately, and successful results may lead to contracts and plant deployments in Bolivia.