The Lake Resources N.L. (ASX: LKE) share price won't be going anywhere on Monday after the company requested a trading halt.
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What's the trading halt for?
The trading halt was requested in relation to the negotiation of a material agreement with the company's technology partner, Lilac Solutions Inc.
The company advised that its shares will remain halted until Wednesday, 22 September or upon the release of the announcement.
The Lake Resources share price was flat last Friday, closing the session at 51.5 cents.
About Lilac Solutions
Lake Resources believes the company is positioned to deliver the "world's cleanest lithium", with higher purity, cleaner technology and a pathway to large, scalable production.
Lake Resources has partnered up with California-based Lilac Solutions to fast-track its lithium production process.
The company explains that the conventional lithium extraction for brine involves pumping salt-rich waters to the surface into large ponds, where solar evaporation reduces the liquid content. This process can take up to anywhere between nine months to two years, with lithium recoveries below 50%.
Lilac has proven a high-purity extraction method that produce lithium brines "in under three hours" and with "minimal environmental impact".
Without the need for traditional evaporation ponds, Lake Resources believes this "addresses the increasing interest from EV makers and battery makers to demonstrate they have access to a sustainable scalable supply chain for raw materials".
The company believes Lilac's proprietary extraction process could put "Lake ahead of rival projects in terms of consistent, battery quality production …".
Lake Resources share price snapshot
The Lake Resources share price has surged 543% year-to-date thanks to the recent boom in lithium prices.
The company is busy on multiple fronts, from drilling at its flagship Kachi Project to discussions with potential offtake partners.
A number of near-term milestones are on the horizon according to the company's July investor presentation. This includes the anticipated completion of its definitive feasibility study in Q2 2022 and final investment decision on construction finance in mid-2022.
