{"id":12398,"date":"2024-07-18T04:21:20","date_gmt":"2024-07-18T04:21:20","guid":{"rendered":"https:\/\/economicherald.net\/?p=12398"},"modified":"2024-07-18T04:21:20","modified_gmt":"2024-07-18T04:21:20","slug":"arizona-lithium-eyes-21m-incentive-boost-for-prairie-brine-project","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=12398","title":{"rendered":"Arizona Lithium eyes $21m incentive boost for Prairie brine project"},"content":{"rendered":"<p>Future funding for Arizona Lithium\u2019s Prairie lithium brine project in Canada just got a major boost<br \/>\nIts Pad #1 site has been conditionally approved for up to $21.6m worth of investment incentive credits<br \/>\nThe Saskatchewan government is behind the incentives scheme and appears to be backing the project in as a major lithium discovery<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report: <\/em><\/strong><strong>Arizona Lithium has just been conditionally approved for a major Saskatchewan government capital investment incentive of up to $21.6m for its Prairie lithium brine project in Canada<\/strong><strong>. <\/strong><\/p>\n<p><a href=\"https:\/\/stockhead.com.au\/company\/arizona-lithium-azl\/\"><strong>Arizona Lithium\u2019s (ASX:AZL) <\/strong><\/a>Prairie lithium brine project \u2013 in the Williston Basin in Canada\u2019s Saskatchewan province \u2013 is back in the news today with a major, provincial government-backed capital investment incentive, which will see eligible exploration expenses returned as credits on crown royalties once the development is in production.<\/p>\n<p>This adds further positivity on top of strong recent exploration and drilling updates.<\/p>\n<p>Specifically, the project\u2019s Pad #1 site has been conditionally approved for an investment incentive of up to $21.6m under the Saskatchewan Government\u2019s Oil &amp; Gas Processing Investment Incentive Program (OGPII). More on that in a moment.<\/p>\n<p>Prairie is one of Arizona Lithium\u2019s (ASX:AZL) North American lithium development projects, the other being the Big Sandy project in Arizona.<\/p>\n<p>Recently, Arizona commenced well-drilling and \u201ccompletion activities\u201d at Pad #1, where Well #1 was drilled into the Souris River Formation being converted into a Duperow Formation production well.<\/p>\n<p>The Souris River Formation \u2013 where the 86 mg\/L sample was found \u2013 directly underlies the Duperow Formation across the entire 391,000 acres of the project area.<\/p>\n<p>The company expects a world-class lithium resource to grow from this discovery, and today\u2019s announced investment incentive only further boosts the economic case for its development.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>The investment incentive scheme <\/strong><\/h2>\n<p>The conditionally approved incentive scheme details up to $21.6 million in transferable royalty credits under the OPGII Program, which highlights the province of Saskatchewan\u2019s long-term commitment to bringing new lithium resources into production.<\/p>\n<p>According to details published by AZL this morning, credits can be claimed at a rate of 20% in the first calendar year of operations, 30% in the second calendar year, and 50% in the third calendar year against government royalties.<\/p>\n<p>The company notes that the OGPII incentives will form a crucial part of Prairie\u2019s future funding and development.<\/p>\n<p>OGPII credits are earned on eligible expenditures and can only be claimed once the project becomes commercially operational.<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Big opportunity in \u2018top-ranked jurisdiction\u2019<\/strong><\/h2>\n<p>Arizona Lithium MD Paul Lloyd provided further context, noting: \u201cSaskatchewan is a top-ranked jurisdiction and is committed to responsible economic development of its resources.<\/p>\n<p>\u201cThis conditional approval under the OGPII Program is a testament to how the province works with industry to find solutions to economic growth, and we are grateful to work with the governing bodies and operate our project there.<\/p>\n<p>\u201cThis is one of the many development funding tools we have access to, which is a non-dilutive benefit to shareholders.\u201d<\/p>\n<p>AZL\u2019s Prairie Lithium holds a resource of 6.3Mt of LCE, comprised of 4.5Mt LCE Indicated and 1.8Mt LCE Inferred.<\/p>\n<p><em>\u00a0<\/em><em>\u00a0<\/em><\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Arizona Lithium, a Stockhead advertiser at the time of publishing.<\/em><\/p>\n<p>\u00a0<\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/arizona-lithium-eyes-21m-incentive-boost-for-prairie-brine-project\/\">Arizona Lithium eyes $21m incentive boost for Prairie brine project<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Future funding for Arizona Lithium\u2019s Prairie lithium brine project in Canada just got a major boost Its Pad #1 site has been conditionally approved for <a href=\"https:\/\/economicherald.net\/?p=12398\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":12399,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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