09:52 AM EDT, 05/02/2024 (MT Newswires) -- Lithium Ionic ( LTHCF ) , which gained 5.5% yesterday, on Thursday reported that it has received approval to draw water from the Piaui River for its Bandeira Lithium project in Minas Gerais, Brazil.

The Minas Gerais Institute of Water Management authorized a flow rate of 101.6 m3/hour, meeting the typical maximum consumption needs of the future Bandeira lithium operation.

"This approval marks another significant step towards our goal of becoming a near-term lithium producer," said Blake Hylands, CEO of Lithium Ionic ( LTHCF ), said in a statement. "Securing water rights for the Bandeira Project is an important permitting milestone."

A Feasibility Study for Bandeira is expected to be completed this month. The company anticipates getting approval for the concomitant environmental and installation license early in the third quarter, which would provide authorization to begin construction.

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