Highlights:

  • Vendors of Laguna Verde mining concessions have initiated legal action against CTL’s subsidiary.
  • The lawsuit claims delayed payment of the second instalment under the 2024 SPA.
  • CLV has petitioned for annulment, citing improper service and lack of opportunity to defend.

CleanTech Lithium PLC (LSE:CTL), an exploration and development company focused on lithium projects in Chile, has disclosed that its wholly owned subsidiary, CleanTech Laguna Verde SpA (CLV), is facing a legal claim. The vendors of 23 mining concessions acquired under a sale and purchase agreement (SPA) announced on 22 April 2024 initiated the claim, seeking payment of the second instalment.

The payment had been previously delayed, as noted in the company announcement on 22 October 2024. The continued delay has led to the current legal proceedings.

Proceedings Held Without CLV’s Knowledge

The directors confirmed that CLV was not legally served with the claim. As a result, court proceedings took place without CLV being aware, which prevented the subsidiary from presenting a defense. A judgement was issued in CLV’s absence, awarding a lien over the issued share capital of the subsidiary.

Petition Submitted for Annulment

CLV has filed a petition before the relevant Chilean court seeking annulment of the prior proceeding, citing improper service of the lawsuit. The petition aims to ensure that due process is followed, and the directors expressed confidence in a favorable resolution.

Impact on Special Lithium Operating Contract

The directors clarified that the non-payment of the second instalment does not affect the application for the special lithium operating contract (“CEOL”) for Laguna Verde. This application will be made through a different CleanTech subsidiary once the process recommences.

Share Price Snapshot
CTL was trading 8.85% lower at GBX 5.15 per share as of 01 December 2025.