The Lake Resources NL (ASX: LKE) share price is rising today amid the company's quarterly activities report.
Lake shares are up 2.48% and are currently fetching 82.5 cents apiece. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is up 0.48% at the time of writing. Core Lithium Ltd (ASX: CXO) shares are climbing 1.79%, while Pilbara Minerals Ltd (ASX: PLS) shares have slipped into the red, down 0.2%.
Let's take a look at what Lake Resources reported to the market today.
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$133 million available
Highlights from Lake's quarterly report included:
- $133,266,000 of total cash balance at the end of the quarter
- Mineral resource estimate of 2.2 million tonnes of lithium carbonate equivalent (LCE)
- Inferred resources of 3.1 million tonnes of LCE
- $383,000 in payments to related parties of the entity and their associates
What else did Lake Resources report?
Lake Resources reported it is well funded with more than $133 million in cash available and no debt at the end of 2022.
The company reported a 100% boost in its mineral resources estimate during the quarter.
Another highlight was signing two offtake agreements with WMC Energy and SK On for up to 50,000 tonnes per annum of lithium carbonate from Lake's Kachi project in Argentina.
Lake's project extraction technology partner Lilac Solutions also managed to operate the demonstration plant at Kachi for 1,000 consecutive hours, producing 40,000 litres of lithium chloride eluate as at 31 December.
The company is aiming to deliver high-quality lithium to the battery materials supply chain using Lilac's disruptive, ion exchange extraction technology.
Lake "strengthened" its executive team, appointing Scott Munro as senior vice president of technology, strategy, and risk. Karen Greene has also taken on the role of senior vice president of investor relations and communications.
What's ahead?
Lake Resources is planning to complete a definitive feasibility study (DFS) by mid-2023. Demonstration plant validation will continue prior to completion of the DFS.
Lithium chloride eluate from the Kachi project, extracted by Lilac, is being shipped to Saltworks to make lithium carbonate.
More drilling is underway at Kachi to further define the resource at the project.
Lake is also continuing drilling at the Cauchari, Olaroz and Paso lithium brine projects in Argentina. Lake is aiming to "accelerate the drilling program with the intention to advance all three projects rapidly toward defined resources".
Share price snapshot
The Lake Resources share price has returned 64% in the last year.
Lake Resources has a market capitalisation of about $15.5 billion based on the current share price.
