Cosmos Locks In Vulcan Lithium Plant, Bolivia Path Still Hazy

The Bolivia pathway remains early stage. EAU Lithium said in a February 2026 filing that it had signed a Negotiation Agreement with Yacimientos de Litio Bolivianos (YLB), Bolivia's state-owned lithium company. That agreement outlined a process for potential future contracts using VULSORB technology. The filing made clear it was non-binding and did not grant land, production rights or operational approvals. Negotiations are to occur under Bolivian sovereignty and regulatory frameworks.

Funding remains part of the picture. Cosmos' January 2026 quarterly showed A$169,000 cash at 31 December 2025 and estimated funding of 0.57 quarters at that time. A later March 2026 filing outlined a A$5.0 million placement and the company's intention to exercise its option to acquire 100% of EAU Lithium, including the issue of about 108.5 million consideration shares and A$525,000 cash to vendors, subject to shareholder approval at an extraordinary general meeting.

The immediate milestone is acceptance testing for PP4, followed by more detailed deployment planning. The broader investment case still depends on funding, acceptance testing, shareholder and transaction steps around EAU, and whether Bolivia discussions with YLB move beyond non-binding groundwork.

Cosmos has taken a more concrete operational step by locking in Vulcan's PP4 pilot plant through EAU Lithium, giving its Bolivia strategy a defined test asset rather than just a licensing and negotiation framework. What it does not yet provide is a completed Bolivia rollout, a fully detailed funding path for every component, or a final regulatory endpoint.