Lake Resources Provides Quarterly Report

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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