Stjepan Kalinic
Tue, Aug 27, 2024,
Volt Lithium Installs A Field Unit In Permian Basin, Takes
A Major Step Toward Commercial Production
Volt Lithium (OTC:VLTLF) has announced the deployment and installation of its first Field Unit in the Permian Basin, Texas. After over a year of discussions with major oil companies in the region, this development represents a major milestone for the company.
"Our team is thrilled to share that we have successfully deployed, installed and commenced function-testing of the Field Unit on-site at our strategic partner's Permian Basin location in West Texas," said Alex Wylie, President & CEO of Volt Lithium.
"The introduction of this initial Field Unit marks the achievement of another critical milestone of our strategy to become one of North America's first commercial producers of lithium from oilfield brine," he added.
Volt Lithium (OTC:VLTLF) has announced the deployment and installation of its first Field Unit in the Permian Basin, Texas. After over a year of discussions with major oil companies in the region, this development represents a major milestone for the company.
"Our team is thrilled to share that we have successfully deployed, installed and commenced function-testing of the Field Unit on-site at our strategic partner's Permian Basin location in West Texas," said Alex Wylie, President & CEO of Volt Lithium.
"The introduction of this initial Field Unit marks the achievement of another critical milestone of our strategy to become one of North America's first commercial producers of lithium from oilfield brine," he added.
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The newly deployed Field Unit can process over 200,000 liters (approximately 1,250 barrels) of oilfield brine daily, doubling the company's previous processing capability.
It is a significant scale-up from the previously announced 96,000 liters per day, aligning with the company's goal of reaching full commercial production.
This modular unit is designed not only to meet the current processing demands but also to be scalable for future expansions. By adding modules or optimizing lithium extraction times, Volt aims to increase its processing capacity further, eventually targeting commercial production levels of 100,000 barrels per day.
"Our upfront cost to go full-scale commercial is $20 million for phase one production plans. To scale up, you just build more. Our footprint this summer will be 50 feet by 50 feet. The full-scale commercial might be 100 feet by 150 feet," Wylie previously told Benzinga.
Volt completed successful tests in its Field Simulation Centre in Calgary, Alberta. However, the company's ability to scale up its extraction process at a competitive cost is a significant advantage.
According to Wylie, even when working with low-grade brine, production costs only $2,900 per ton—well below the current spot price of around $9,600 per ton, per Shanghai's exchange closing price on August 26.
"It is a $6 billion cash flow opportunity within the next three to five years, and we're a $20 million company," Wylie told Benzinga in June.
Since then, the stock has soared 240%, rising to CA$0.48 per share.
The newly deployed Field Unit can process over 200,000 liters (approximately 1,250 barrels) of oilfield brine daily, doubling the company's previous processing capability.
It is a significant scale-up from the previously announced 96,000 liters per day, aligning with the company's goal of reaching full commercial production.
This modular unit is designed not only to meet the current processing demands but also to be scalable for future expansions. By adding modules or optimizing lithium extraction times, Volt aims to increase its processing capacity further, eventually targeting commercial production levels of 100,000 barrels per day.
"Our upfront cost to go full-scale commercial is $20 million for phase one production plans. To scale up, you just build more. Our footprint this summer will be 50 feet by 50 feet. The full-scale commercial might be 100 feet by 150 feet," Wylie previously told Benzinga.
Volt completed successful tests in its Field Simulation Centre in Calgary, Alberta. However, the company's ability to scale up its extraction process at a competitive cost is a significant advantage.
According to Wylie, even when working with low-grade brine, production costs only $2,900 per ton—well below the current spot price of around $9,600 per ton, per Shanghai's exchange closing price on August 26.
"It is a $6 billion cash flow opportunity within the next three to five years, and we're a $20 million company," Wylie told Benzinga in June.
Since then, the stock has soared 240%, rising to CA$0.48 per share.
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