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The Lake Assets NL (ASX: LKE) share worth is rising as we speak amid the corporate’s quarterly actions report.
Lake shares are up 2.48% and are presently fetching 82.5 cents apiece. For perspective, the S&P/ASX 200 Supplies Index (ASX: XMJ) is up 0.48% on the time of writing. Core Lithium Ltd (ASX: CXO) shares are climbing 1.79%, whereas Pilbara Minerals Ltd (ASX: PLS) shares have slipped into the crimson, down 0.2%.
Let’s check out what Lake Assets reported to the market as we speak.
$133 million obtainable
Highlights from Lake’s quarterly report included:
- $133,266,000 of whole money stability on the finish of the quarter
- Mineral useful resource estimate of two.2 million tonnes of lithium carbonate equal (LCE)
- Inferred sources of three.1 million tonnes of LCE
- $383,000 in funds to associated events of the entity and their associates
What else did Lake Assets report?
Lake Assets reported it’s properly funded with greater than $133 million in money obtainable and no debt on the finish of 2022.
The corporate reported a 100% increase in its mineral sources estimate through the quarter.
One other spotlight was signing two offtake agreements with WMC Vitality and SK On for as much as 50,000 tonnes every year of lithium carbonate from Lake’s Kachi undertaking in Argentina.
Lake’s undertaking extraction know-how accomplice Lilac Options additionally managed to function the demonstration plant at Kachi for 1,000 consecutive hours, producing 40,000 litres of lithium chloride eluate as at 31 December.
The corporate is aiming to ship high-quality lithium to the battery supplies provide chain utilizing Lilac’s disruptive, ion alternate extraction know-how.
Lake “strengthened” its govt workforce, appointing Scott Munro as senior vp of know-how, technique, and threat. Karen Greene has additionally taken on the function of senior vp of investor relations and communications.
Lake Assets is planning to finish a definitive feasibility examine (DFS) by mid-2023. Demonstration plant validation will proceed previous to completion of the DFS.
Lithium chloride eluate from the Kachi undertaking, extracted by Lilac, is being shipped to Saltworks to make lithium carbonate.
Extra drilling is underway at Kachi to additional outline the useful resource on the undertaking.
Lake can be persevering with drilling on the Cauchari, Olaroz and Paso lithium brine tasks in Argentina. Lake is aiming to “speed up the drilling program with the intention to advance all three tasks quickly towards outlined sources”.
Share worth snapshot
The Lake Assets share worth has returned 64% within the final yr.
Lake Assets has a market capitalisation of about $15.5 billion primarily based on the present share worth.