CleanTech Lithium (AIM:CTL) (AIM: CTL), an exploration and development company advancing lithium projects in Chile, has disclosed that ratification of its Special Lithium Operating Contract (CEOL) for the Laguna Verde project will not complete in the second quarter as previously guided, with the delay attributed to the Chilean Comptroller General's Office working through a backlog of CEOL decrees filed by the previous government.
CEO Ignacio Mehech has held multiple meetings with representatives of the new Chilean administration and described their attitude toward the company's Laguna Verde ambitions as supportive, with ratification now expected before the end of the year.
Separately, the company has extended the consulting agreement of Gordon Stein, who stepped down as a board director in August 2025 but retained the CFO title, from 30 June to the end of September, when the arrangement will be reviewed again.
Stein is leading two workstreams: identifying a strategic partner to fund the next stage of project development at Laguna Verde, and progressing a dual listing on the Australian Securities Exchange.
Both processes remain ongoing, making the extension necessary, the company said.
The next review point for Stein's arrangement is the end of September, with the CEOL ratification now expected sometime in the second half of 2026.
