Infinity Lithium Corporation non-exec chairman Adrian Byass will soon take on the roles of executive chairman and interim CEO as the company shifts its operational focus to Spain for its San José lithium project.
Byass will take on the new positions following the company’s annual general meeting, scheduled for November 14. It follows the resignation of Ryan Parkin from the CEO and managing director roles.
Infinity has been pushing hard in recent times to obtain the relevant project approvals and is currently working with the Mines Department to establish a public consultation period, hoping to work with stakeholders and finalise the approval process.
It says the regulatory authorities and the company have developed a positive working relationship and Infinity was recently awarded PREMIA status, in recognition of the project being of “regional and general interest” to the community.
The company believes the change in corporate structure will allow for a more streamlined focus to assess the project’s potential, in addition to the rationalisation of resources whilst it works through the permitting process.
During the approval and permitting process, Infinity plans to continue to assess any possible opportunities that could add value to the company, recognising the need to conserve expenditure and preserve capital.
It has amended the remuneration agreements with some directors which included a reduction in income for some, in exchange for shares issued to the same amount with the price being determined by the 20-day volume weighted average price of the company’s shares.
The San José lithium project is focused on the production of battery grade lithium chemicals from a mica feedstock that represents the European Union’s second-biggest JORC compliant hard rock lithium deposit.
The company believes the project, in which it has a 75 per cent stake, would be a valuable contributor to the development in Europe of a vertically-integrated lithium-ion electric-vehicle (EV) battery supply chain.
Whilst lithium has been in the doldrums the past 18 months, recent signs are that is starting to emerge from its downturn with headline-grabbing corporate activity and minor price improvements across the past few weeks. If the positive momentum continues, it could all fall into place for Infinity if it can wrangle the permits and approvals it needs.
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By Craig Nolan
