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Patagonia Lithium Limited ( (AU:PL3) ) has provided an update.
Patagonia Lithium reported strong results from a 72-hour pump test at its JAM26-06 well on the Formentera project in Argentina, with 225,325 litres of brine pumped at an average rate of 3,206 litres per hour through a 19mm hose. The company said brine level declines in nearby wells indicated strong hydraulic connectivity and high porosity across the aquifer, while rapid water level recovery after shutdown underscored robust recharge characteristics.
Executive chairman Phillip Thomas said the data support targeting roughly 13,500 litres per hour from full-diameter production wells for the planned 1,000-tonne-per-year lithium carbonate demonstration plant. Upcoming work includes a BMR gamma porosity survey, a 7km seismic program, drilling of a new well JAM26-07 with packer tests and assays, an updated mineral resource estimate, and shaker tests on brines as precursors to pilot plant trials.
The most recent analyst rating on (AU:PL3) stock is a Hold with a A$0.11 price target. To see the full list of analyst forecasts on Patagonia Lithium Limited stock, see the AU:PL3 Stock Forecast page.
More about Patagonia Lithium Limited
Patagonia Lithium Ltd is an Australia-listed lithium exploration and development company focused on brine resources in the Formentera project area. The company aims to develop lithium carbonate production capacity, including a planned 1,000-tonne-per-year demonstration plant using Ekosolve solvent exchange technology to process lithium-rich brines.
Average Trading Volume: 640,915
Technical Sentiment Signal: Buy
Current Market Cap: A$44.52M
Learn more about PL3 stock on TipRanks’ Stock Analysis page.