TRR.L Share News (TRR)

(Sharecast News) - Trident Royalties reported progress on the Thacker Pass lithium project in Nevada on Friday, made by the project's operator, Lithium Americas Corporation (LAC).

The AIM-traded firm holds a 60% interest in a gross revenue royalty over the entirety of the project.

It said early works construction remained on track to start in 2022, with all permits to commence construction currently in place.

An appeal of the Federal Record of Decision was ongoing, with briefings scheduled to end on 11 August, and oral arguments and a final decision expected shortly thereafter.

The project feasibility study was also expected to be delivered in the second half of 2022, targeting total production capacity of 40,000 tonnes per annum of lithium carbonate in the first phase, with a second-stage expansion targeting total production capacity of 80,000 tonnes per annum.

LAC also recently opened the 30,000 square foot Lithium Technical Development Center in Reno, which had been fully commissioned and was operating as planned to replicate the Thacker Pass flowsheet from raw ore to final product.

Trident said the centre had achieved battery-quality specifications with product samples being produced for potential customers and partners.

Finally, a formal application was submitted to the US Department of Energy in April through the Advanced Technology Vehicles Manufacturing loan programme, which LAC expected to fund the majority of the Thacker Pass capital costs.

"We are delighted to see that Thacker Pass remains on track for construction to commence in 2022 and to note the success that Lithium Americas has had in achieving battery-quality samples in trial processing at the new Lithium Technical Development Center," said chief executive officer Adam Davidson.

"We await the decision of the court regarding the final appeal, expected shortly following final briefings on 11 August.

"The progression of Thacker Pass to construction will be a transformational event for Trident, both in exposure to battery materials and future cash flow generation."

At 1115 BST, shares in Trident Royalties were down 3.31% at 39.16p.

Reporting by Josh White at Sharecast.com.