The Clayton Valley project, which is located adjacent to Albemarle's Silver Peak lithium brine operation, has a resource of lithium-bearing claystone. All major components for the pilot plant are now on site at the project, including the Chemionex portion of the process.

Cypress is waiting for the key electrical subcomponents to arrive, as they have been delayed due to supply constraints related to the Covid-19 pandemic.

Claystone samples have been collected and are currently being prepared and analysed at Cypress' site in Tonopah, Nevada before being shipped to the pilot plant site in the Amargosa Valley. Cypress plans to commission the pilot plant next month.

In May, Cypress entered in a Letter of Intent (LOI) with Nevada Sunrise Gold Corp subsidiary Intor Resources Corp to purchase Intor's water rights in the area. Cypress has now made the payments that were in the terms of the LOI, and the companies are progressing with the preparation of a definitive agreement.

The company has also appointed Spiros Cacos as vice president, investor relations, beginning August 1.