The lithium miner advised on the progress of its Kachi Project in Argentina in quarterly results released today.
The post Why is the Lake Resources share price up today? appeared first on The Motley Fool Australia. –
The Lake Resources NLĀ (ASX: LKE) share price is in the green today after the lithium miner released its quarterly results for the three months ended 30 June 2022.
The Lake Resources share price is trading 2.8% higher at 79 cents at the time of writing, after hitting an intraday high of 84 cents in early trade.
Lake Resources share price lifts from quarterly
Key takeouts from the report include:
Lake Resources is continuing discussions with US-based Ford Motor Company and Japanās Hanwa Co Ltd for the offtake of lithium carbonate from its flagship Kachi Lithium Brine Project in Argentina
The company is advancing its Definitive Feasibility Study (DFS), and expects the final drafts to be ready toward the end of the third quarter of 2022
Discussions on supporting around 70% of the total finance required for KachiĆ¢ĀĀs expanded production continue with UK Export Finance (UKEF) and Export Development Canada (EDC)
Lake continues its push for āmulti-asset lithium expansionā, with a second drilling rig now at its lithium brine projects at Olaroz, Cauchari and Paso in Argentina
The company aims to start production at its Kachi Project in 2024.
What else happened during this period?
The company noted that its demonstration plant has arrived in Argentina and is now being assembled prior to commissioning.
Lake says the modular design allows for a Ć¢ĀĀplug and playĆ¢ĀĀ approach once brine feed, power and reagents are connected.
The demonstration plant will operate for around three-four months to produce lithium chloride. This will be converted into āhigh purity battery quality lithium carbonateā, ready for sale to potential off-takers.
The company also left the quarter with $173 million in cash on the balance sheet due to the conversion of $62 million options in June.
Lake Resources share price snapshot
In the past 12 months, the Lake Resources share price has clipped a 84% gain, despite sliding more than 22% into the red this year-to-date.
The post Why is the Lake Resources share price up today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australiaās parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
