Canada-based junior explorer Advance Lithium is seeking to tap the potassium potential of its deposits in Mexico, after the country’s recent mining law changes that will place all activities related to lithium in the hands of a yet-to-be-formed lithium company.

Advance Lithium, whose share price on the TSX-V has plummeted 58% in recent months, said on Thursday that the composition of its deposits’ mineralisation was about equal parts lithium and potassium.

Potassium is in high demand as a fertiliser and all potassium needed by Mexican farmers is currently imported.

Advance Lithium noted that its project would use a patent-pending extraction method to produce sulphate of potash, which is used to enhance certain crops for growth.

The lithium and potassium extraction method was invented by Roberto Pérez Garibay and his team at the Center of Research and Advanced Studies of the National Polytechnic Institute in Saltillo.

The company explained that the method of using electrical separation, which could benefit from using solar power, had several benefits over known methods to extract lithium from clay and fine sand deposits. After the electrical separation of the lithium, potassium and water an organic compound is applied and then the water is removed to be recycled and used many times.

“The potential of near-term production of both lithium and potassium products puts the company in a unique position with its salars/salt lakes deposits and looks forward to discussing the lithium opportunities with the newly formed Mexican national lithium company,” said Advance Lithium.

The company’s stock rose sharply on Thursday, trading at C$0.028 a share.