09:25 AM EDT, 04/29/2024 (MT Newswires) -- Century Lithium ( CYDVF ) on Monday reported "positive" results of a feasibility study completed on its Clayton Valley Lithium Project in Nevada.

The company said a three-phase production plan will generate a life-of-mine average of 34,000 tonnes per annum (tpa) of battery-quality lithium carbonate. The feasibility study is supported by 2-plus years of testing at the company's pilot plant, Century Lithium ( CYDVF ) said.

Measured and Indicated resources totaled 1,207.33 million tonnes (Mt) at an average grade of 957 parts per million (ppm) lithium (Li); and a proven and probable mineral reserve estimate totaling 287.65 Mt at an average grade of 1,149 ppm Li; and a Phase 1 capital cost US$1.537 billion for production capacity of 13,000 tpa LCE.

Monday's statement also said the project is designed for expansion: Phase 2 US$651 million for 28,000 tpa LCE, and Phase 3 $1.34 billion for 41,000 tpa LCE; project expansions are capitalized with project cash flow.

The statement cited low operating costs and after-tax IRR of 17.1% at $24,000 per tonne ithium carbonate.

"The study indicates our project has robust economics, made possible with our unique chlor-alkali and DLE processes," said Bill Willoughby, President, and CEO. "Our process technology was developed by way of many trials and successes at our pilot plant in Amargosa Valley. As one of the few lithium-focused pilot plants in North America, we continue to operate safely and recently passed two years of testing."

With the feasibility study completed, the company said it will now direct its focus to engineering and permitting. The company added it is concurrently advancing discussions with government agencies, strategic partners, and other interested parties to provide funding to advance the project and maximize the value to the company's shareholders that is reflected in the feasibility study.