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Lake Resources NL (ASX:LKE) provided an update on the company’s activities and financials.
Lake Resources NL (ASX:LKE) provided an update on the company’s activities and financials. According the the Quarterly Report, “Lake Resources held cash of $0.1 million as at 30 September 2019 (in AUD, USD and Argentine Pesos). An additional $1.5 million was provided to Lake in October.”
The company also announce the Annual General Meeting of Shareholders at 11:00AM AEDT on 26 November 2019 at Automic Group, Level 5, 126 Phillip Street, Sydney NSW 2000.
Highlights from the report included the following:
Targeting pre-production in early 2020 from pilot plant (under construction) using partner Lilac Solutions’ efficient, direct extraction ion exchange process to produce a premium low impurity lithium product in lower part of industry cost curve. First pilot plant module completed.
Sample product available from pilot plant production to be sent for customer qualification purposes for off-takers and potential project partners in South Korea, Japan, China.
High quality, low impurity product expected, capable of attracting premium pricing in current market.
Pre-Feasibility Study (PFS) near completion fort the Kachi Lithium Brine Project, a Top 10 global lithium brine project, using direct lithium extraction process.
SD Capital Advisory Limited appointed to secure debt funding of up to US$25 million for initial lithium production from its Kachi Lithium Brine Project and Cauchari Lithium Brine Project in Argentina, together with completion of the DFS.
Confirmation of significant high grade lithium brine discovery over 506m interval at Cauchari Lithium Brine Project, with results up to 540 mg/L lithium, averaged 493 mg/L (over 343m).
A likely extension to the adjoining world-class project has been identified, which has similar results of 580mg/L lithium average grade in Indicated resource (1) and is under construction for production next year(Ganfeng/Lithium Americas (NYSE:LAC)).
An additional $1.5 million provided to Lake in October.
For the full report, click here.
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