VANCOUVER, British Columbia, Nov. 15, 2022 (GLOBE NEWSWIRE) — Goat Industries Ltd. (the “Company” or “GOAT”) (CSE: GOAT) is pleased to provide the following guidance in relation to ongoing corporate development initiatives focused on its Canadian Lithium Solvent Extraction Technology License.
GOAT controls a Canadian license to use a leading lithium solvent extraction technology (the “Technology”) in Canada from Australia-based Ekosolve Ltd. (“Ekosolve”). The technology is the result of four years of research and development by the Faculty of Chemical Engineering at the University of Melbourne. The technology is positioned as a lower cost extraction technology than fractional crystallization, membrane filtration, MOFs, adsorption, reverse osmosis and ion exchange.
One of the key advantages of the technology is the high target rate of lithium recovery, proven to exceed 95% in some cases. It has also been shown that operating costs are reduced by more than 90% as much of the solvent is recovered. Other systems such as adsorption traditionally achieve between 72 and 80% yield, fractional crystallization 50 to 70% and ion exchange up to 80%. In addition, no evaporation ponds are required, which the company believes will provide a more environmentally friendly solution than traditional extraction methods.
Since acquiring the technology on October 27, 2022, GOAT has launched a dedicated corporate development and education campaign focused on the goal of partnering with high potential Canadian companies and lithium brine rich asset stacks. To date, the company is engaged in several mature discussions regarding potential sub-licensing opportunities for the technology. In addition, GOAT is supporting the shipment of brine solution from an exploration and development company focused on lithium-enriched brine projects in western Canada to Ekosolve’s laboratory at the University of Melbourne for testing. The company will continue to report significant updates regarding the technology as they emerge.
ABOUT GOAT INDUSTRY
GOAT Industries is an investment issuer focused on investing in high potential companies operating across a variety of sectors. The Company’s primary goal will be to generate maximum returns on its investments.
The definitive prospectus, financial statements, management’s discussion and analysis and other documents are all available on the Company’s profile page on SEDAR at www.sedar.com.
The CSE has neither approved nor disapproved the contents of this press release. Neither the CSE nor its market regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
WARNING REGARDING “FORWARD LOOKING” INFORMATION
This press release contains certain forward-looking statements within the meaning of such statements under applicable securities laws. Forward-looking statements are often identified by words such as “anticipate”, “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”. “, “potential”, “proposed”, “positioned” and other similar words or statements that certain events or conditions “may” or “will” occur. The Company has made the forward-looking statements based on assumptions it believes are reasonable at this time. All of these forward-looking statements involve significant known and unknown risks and uncertainties (including those risk factors discussed in the Company’s prospectus dated February 15, 2022), some of which are beyond the Company’s control. These risks and uncertainties include, but are not limited to, technology; expectations regarding the company’s use of the technology; the anticipated benefits of the technology; and the advantages of the technology over traditional lithium extraction processes. The reader is cautioned that the assumptions used in preparing the forward-looking statements may prove to be incorrect and actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. Accordingly, there can be no assurance that any of the events anticipated in the forward-looking statements will or will occur, or, if any, what benefits, including the amount of proceeds, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. The Company undertakes no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
GOAT Industries Ltd.
Email: [email protected]
Copyright 2022 GlobeNewswire, Inc.