Join our daily newsletter At The Bell to receive exclusive market insights
- Lake Resource (LKE) ends the quarter with a cash balance of $133 million following an extensive drilling program at its Kachi lithium project in Argentina
- The funds will be used to continue progressing the project, after the company reported a 100 per cent boost to its mineral resource estimate
- The quarterly review also highlighted the signing of two offtake agreements with WMC Energy and SK On for up to 50,000 tonnes per annum of lithium carbonate from Kachi
- Lake Resources says it will now work towards completing a definitive feasibility study for the project by mid-2023
- Lake Resources is up 1.86 per cent, trading at 82 cents at 3:45 pm AEDT
Lake Resource (LKE) has ended last quarter with a cash balance of $133 million following an extensive drilling program at its Kachi project in Argentina.
The company reported a total balance of $133,266,000 for the quarter ending December 31, 2022, and no debt.
The funds will be used to continue progressing Lake’s Kachi lithium project, after the company reported a 100 per cent boost to its mineral resource estimate, which now sits at 2.2 million tonnes of lithium carbonate equivalent of measured and indicated, and 3.1 million tonnes of inferred resources.
The site remains open to a depth of around 700 metres, with drilling now underway to further define the resource extent.
The quarterly report also highlighted the signing of two offtake agreements with WMC Energy and SK On for up to 50,000 tonnes per annum of lithium carbonate from Kachi.
Lilac Solutions, Lake’s project extraction technology partner who is earning into the project, operated the demonstration plant at Kachi for 1000 consecutive hours, producing 40,000 litres of lithium chloride eluate, meeting key milestones.
Meanwhile, the company said it strengthened its leadership team with the appointment of Scott Munro as Senior Vice President of Technology, Strategy and Risk, Karen Greene as Senior Vice President of Investor Relations and Communications, and John Freeman as Chief Legal Officer and General Counsel.
Lake Resources said it will now work towards completing a definitive feasibility study for Kachi by mid-2023.
Lake Resources was up 1.86 per cent, trading at 82 cents at 3:45 pm AEDT.
