MetalsTech announces new venture

Perth-based Canadian lithium miner MetalsTech has announced a spin-out of its lithium assets in a bid to accelerate development in the now booming battery metals sector.

The new venture, entitled Newco, will encompass the company’s Quebec-based high-grade lithium projects Cancet and Adina, as well as its Sirmac-Clapier project.

The ASX announcement this morning prompted a 17 per cent increase in the share price, with the company currently trading at 20 cents.

MetalsTech hopes to raise more than $5 million to progress the plans, which will be dependent on shareholder approval.

Chris Evans has been appointed executive of the company’s lithium operations, tasked with facilitating the commercialisation strategy the company announced just days ago.

Mr Evans previously served as chief operating officer for the company and was instrumental in the development of the recently acquired Pilgangoora Lithium Mine.

With the recent shortage of spodumene expected to increase exponentially in the coming years, MetalsTech chairperson Russell Moran said it was important for the company to take advantage of the renewed interest in prospective hard rock lithium assets.