Desktop Metal Announces First Quarter 2024 Financial Results

Desktop Metal Announces First Quarter 2024 Financial Results

  • Revenue of $40.6 million, down less than 2% year over year
  • 1Q 2024 net loss of $(52.1) million, impacted by one-time noncash charges related to accelerated amortization and depreciation on certain intangible and fixed assets
  • Adjusted EBITDA of $(13.6 million), a year-over-year improvement of 44%
  • Ongoing cost reduction efforts continue to yield improvements to adjusted EBITDA, gross margins, non-GAAP gross margins, operating expenses, and operating cash flow
  • Quarterly GAAP operating expenses declined 7% year over year. Quarterly non-GAAP operating expenses declined for nine consecutive quarters to $28.6 million, down 45% from the quarter before start of DM's cost reduction initiative
  • Continue to explore strategic alternatives for Desktop Metal's photopolymer portfolio to accelerate the path to positive adjusted EBITDA

Desktop Metal, Inc. (NYSE: DM), a global leader in Additive Manufacturing 2.0 technologies for mass production, today announced its financial results for the first quarter ended March 31, 2024.

"We started 2024 on a solid foot, despite persistent challenges across the capital investment backdrop, which has been a headwind to our overall demand function. The DM team has shown a continued ability to improve operational performance as we decrease our operating expenses for the ninth consecutive quarter," said Ric Fulop, Founder and CEO of Desktop Metal.

"We are continuing to see strong demand for our production binder jet systems that produce metal, sand and ceramic parts, as well as a constructive environment for the value of Additive Manufacturing 2.0 systems. Looking ahead to the balance of 2024, we are confident in achieving positive adjusted EBITDA in the second half of 2024. Given our strategic cost-outs, we expect strong leverage as sales growth returns."

First Quarter 2024 Recent Business Highlights:

Corporate

  • Continued execution of cost reduction plans with expectation of positive adjusted EBITDA in the second half of 2024

Product Performance

  • Desktop Health launches ScanUpâ„¢ digital dentistry adoption subscription program to modernize dental practice efficiency and patient care
  • Desktop Metal and Evonik expand partnership, announce qualification of INFINAM® ST 6100 L on large format Additive Manufacturing 2.0 systems for high-performance, high-temperature products
  • Desktop Healthâ„¢ announces Flexceraâ„¢ Base Ultra+ dental resin for stronger, more comfortable 3D Printed dentures

First Quarter 2024 Financial Highlights

  • Revenue of $40.6 million, down from $41.3 million in the same quarter a year ago.
  • GAAP gross margin of (5.4)%; Non-GAAP gross margin of 30.5%, a year-over-year improvement of 69.9%. GAAP gross margins impacted by one-time noncash charges related to accelerated amortization and depreciation on certain intangible and fixed assets
  • 1Q 2024 net loss of $(52.1) million, impacted by one-time noncash charges related to accelerated amortization and depreciation on certain intangible and fixed assets
  • Adjusted EBITDA of $(13.6) million, a year-over-year improvement of 44.3%
  • Cash, cash equivalents, and short-term investments closed first quarter 2024 at $66.3 million, as rate of cash consumption declined 47% compared to the same year-ago quarter

Financial Outlook

Reaffirm 2024 full year guidance of:

  • Revenue expectation of between $175 million to $215 million for 2024
  • Adjusted EBITDA of between $(30) million to $(10) million for full-year 2024

Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See "Non-GAAP Financial Information."

Conference Call Information:

Desktop Metal will host a conference call on Thursday, May 9, 2024 at 8:30 am ET to discuss first quarter 2024 results. Participants may access the call at 1-888-886-7786, international callers may use 1-416-764-8658, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com . A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We're the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world's toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com .

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal's future results of operations and financial position, financial targets, business strategy, and plans and objectives for future operations, are forward-looking statements. Forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: demand for Desktop Metal's products and services; the global macro-economic environment; impacts of rapid technological change in the additive manufacturing industry; Desktop Metal's ability to realize the benefits from cost saving measures; and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal's business, financial condition, results of operations and prospects generally, please refer to Desktop Metal's reports filed with the SEC, including without limitation the "Risk Factors" and/or other information included in the Form 10-K filed with the SEC on March 15, 2024, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

March 31,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

65,559

$

83,845

Current portion of restricted cash

216

233

Short-term investments

495

625

Accounts receivable

35,420

37,690

Inventory

83,097

82,639

Prepaid expenses and other current assets

11,008

11,105

Assets held for sale

1,528

—

Total current assets

197,323

216,137

Restricted cash, net of current portion

612

612

Property and equipment, net

31,651

35,840

Intangible assets, net

146,545

168,259

Other noncurrent assets

35,899

37,153

Total Assets

$

412,030

$

458,001

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable

$

18,332

$

18,190

Customer deposits

4,271

5,356

Current portion of lease liability

7,793

7,404

Accrued expenses and other current liabilities

24,936

27,085

Current portion of deferred revenue

14,179

11,739

Current portion of long-term debt, net of deferred financing costs

276

330

Total current liabilities

69,787

70,104

Long-term debt, net of current portion

58

89

Convertible notes

112,747

112,565

Lease liability, net of current portion

22,563

23,566

Deferred revenue, net of current portion

3,564

3,696

Deferred tax liability

3,202

3,523

Other noncurrent liabilities

2,771

2,806

Total liabilities

214,692

216,349

Commitments and Contingencies (Note 17)

Stockholders' Equity

Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively

—

—

Common Stock, $0.0001 par value—500,000,000 shares authorized; 329,705,193 and 325,277,419 shares issued at March 31, 2024 and December 31, 2023, respectively, 329,705,193 and 325,271,670 shares outstanding at March 31, 2024 and December 31, 2023, respectively

33

33

Additional paid-in capital

1,917,506

1,908,504

Accumulated deficit

(1,684,323

)

(1,632,225

)

Accumulated other comprehensive loss

(35,878

)

(34,660

)

Total Stockholders' Equity

197,338

241,652

Total Liabilities and Stockholders' Equity

$

412,030

$

458,001

See notes to condensed consolidated financial statements

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)

Three Months Ended

March 31,

2024

2023

Revenues

Products

$

35,631

$

36,697

Services

4,969

4,619

Total revenues

40,600

41,316

Cost of sales

Products

39,019

38,891

Services

3,787

3,789

Total cost of sales

42,806

42,680

Gross loss

(2,206

)

(1,364

)

Operating expenses

Research and development

19,813

23,144

Sales and marketing

11,153

9,607

General and administrative

16,217

18,202

Total operating expenses

47,183

50,953

Loss from operations

(49,389

)

(52,317

)

Interest expense

(1,491

)

(811

)

Interest and other expense, net

(1,416

)

(71

)

Loss before income taxes

(52,296

)

(53,199

)

Income tax benefit

198

$

557

Net loss

$

(52,098

)

$

(52,642

)

Net loss per share—basic and diluted

(0.16

)

(0.16

)

Weighted average shares outstanding, basic and diluted

327,124,115

319,095,656

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(in thousands)

Three Months Ended

March 31,

2024

2023

Net loss

$

(52,098

)

$

(52,642

)

Other comprehensive loss, net of taxes:

Unrealized gain (loss) on available-for-sale marketable securities, net

(451

)

189

Foreign currency translation adjustment

(767

)

1,549

Total comprehensive loss, net of taxes of $0

$

(53,316

)

$

(50,904

)

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(UNAUDITED)

(in thousands, except share amounts)

Three Months Ended March 31, 2024

Accumulated

Other

Common Stock

Additional

Comprehensive

Total

Voting

Paid-in

Accumulated

(Loss)

Stockholders'

Shares

Amount

Capital

Deficit

Income

Equity

BALANCE—January 1, 2024

325,271,670

$

33

$

1,908,504

$

(1,632,225

)

$

(34,660

)

$

241,652

Exercise of Common Stock options

—

—

—

—

—

—

Vesting of restricted Common Stock

5,749

—

—

—

—

—

Vesting of restricted stock units

4,963,667

—

—

—

—

—

Repurchase of shares for employee tax withholdings

(535,893

)

—

(328

)

—

—

(328

)

Issuance of common stock related to share-based liability awards

—

—

1,997

—

—

1,997

Stock-based compensation expense

—

—

7,333

—

—

7,333

Net loss

—

—

—

(52,098

)

—

(52,098

)

Other comprehensive income (loss)

—

—

—

—

(1,218

)

(1,218

)

BALANCE—March 31, 2024

329,705,193

$

33

$

1,917,506

$

(1,684,323

)

$

(35,878

)

$

197,338

Three Months Ended March 31, 2023

Accumulated

Other

Common Stock

Additional

Comprehensive

Total

Voting

Paid-in

Accumulated

(Loss)

Stockholders'

Shares

Amount

Capital

Deficit

Income

Equity

BALANCE—January 1, 2023

318,133,434

$

32

$

1,874,792

$

(1,308,954

)

$

(38,368

)

$

527,502

Exercise of Common Stock options

495,876

—

597

—

—

597

Vesting of restricted Common Stock

25,375

—

—

—

—

—

Vesting of restricted stock units

1,808,422

—

—

—

—

—

Repurchase of shares for employee tax withholdings

(61,718

)

—

(99

)

—

—

(99

)

Stock-based compensation expense

—

—

8,474

—

—

8,474

Net loss

—

—

—

(52,642

)

—

(52,642

)

Other comprehensive income (loss)

—

—

—

—

1,738

1,738

BALANCE—March 31, 2023

320,401,389

$

32

$

1,883,764

$

(1,361,596

)

$

(36,630

)

$

485,570

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

Three Months Ended March 31,

2024

2023

Cash flows from operating activities:

Net loss

$

(52,098

)

$

(52,642

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

24,185

13,433

Stock-based compensation

7,838

9,313

Amortization (accretion) of discount on investments

—

(382

)

Amortization of deferred costs on convertible notes

182

183

Provision for bad debt

123

179

Loss on disposal of property and equipment

30

519

Net decrease in accrued interest related to marketable securities

—

(8

)

Net unrealized loss on equity investment

130

402

Deferred tax benefit

(198

)

(557

)

Foreign currency transaction loss (gain)

488

(25

)

Changes in operating assets and liabilities:

Accounts receivable

2,001

2,792

Inventory

(1,763

)

(6,892

)

Prepaid expenses and other current assets

9

(4,664

)

Other assets

2,317

991

Accounts payable

87

(3,011

)

Accrued expenses and other current liabilities

(418

)

878

Customer deposits

(1,046

)

705

Current portion of deferred revenue

2,397

1,127

Change in right of use assets and lease liabilities, net

(1,684

)

(1,493

)

Other liabilities

11

1,806

Net cash used in operating activities

(17,409

)

(37,346

)

Cash flows from investing activities:

Purchases of property and equipment

(93

)

(1,011

)

Proceeds from sale of property and equipment

—

3,071

Purchase of marketable securities

—

(4,973

)

Proceeds from sales and maturities of marketable securities

—

64,840

Cash paid for acquisitions, net of cash acquired

—

(500

)

Net cash (used in) provided by investing activities

(93

)

61,427

Cash flows from financing activities:

Proceeds from the exercise of stock options

—

597

Payment of taxes related to net share settlement upon vesting of restricted stock units

(328

)

(99

)

Repayment of loans

(79

)

(250

)

Net cash (used in) provided by financing activities

(407

)

248

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(394

)

217

Net increase (decrease) in cash, cash equivalents, and restricted cash

(18,303

)

24,546

Cash, cash equivalents, and restricted cash at beginning of period

84,690

81,913

Cash, cash equivalents, and restricted cash at end of period

$

66,387

$

106,459

Supplemental disclosures of cash flow information

Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:

Cash and cash equivalents

$

65,559

$

101,252

Restricted cash included in other current assets

216

4,595

Restricted cash included in other noncurrent assets

612

612

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

$

66,387

$

106,459

Supplemental cash flow information:

Interest paid

$

—

$

—

Taxes paid

$

—

$

—

Non-cash investing and financing activities:

Net unrealized gain on investments

$

—

$

(189

)

Additions to right of use assets and lease liabilities

$

863

$

1,531

Purchase of property and equipment included in accounts payable

$

190

$

183

Purchase of property and equipment included in accrued expense

$

—

$

32

Transfers from property and equipment to inventory

$

—

$

275

Transfers from PP&E to Asset Held-For-Sale

$

1,528

6,040

Transfers from inventory to property and equipment

$

772

$

1,067

See notes to condensed consolidated financial statements.

Non-GAAP Financial Information

This press release contains non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA.

  • We define non-GAAP gross margin as GAAP gross margin excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, acquisition-related and integration costs, and inventory step-up adjustments
  • We define non-GAAP operating loss as GAAP operating loss excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, inventory step-up adjustments, and acquisition-related and integration costs
  • We define non-GAAP net loss as GAAP net loss excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, inventory step-up adjustments, acquisition-related and integration costs, and change in fair value of investments
  • We define non-GAAP operating expense as GAAP operating expense excluding the effect of stock-based compensation, amortization of acquired intangible assets, restructuring, and acquisition-related and integration costs including in operating expenses
  • We define EBITDA as GAAP net income (loss) excluding interest, income taxes, and depreciation and amortization expense
  • We define Adjusted EBITDA as EBITDA excluding change in fair value of investments, inventory step-up adjustments, stock-based compensation, restructuring, and acquisition-related and integration costs

In addition to Desktop Metal's results determined in accordance with GAAP, Desktop Metal's management uses this non-GAAP financial information to evaluate the Company's ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal's operating performance.

We believe that the use of Non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation and warrants, and provides investors with a means to compare Desktop Metal's financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, investors should be aware that when evaluating non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these measures may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion.

Because of these limitations, non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using non-GAAP gross margin, non-GAAP operating loss, non-GAAP net loss, non-GAAP operating expense, EBITDA and Adjusted EBITDA on a supplemental basis. Management uses, and investors should consider, our non-GAAP financial measures only in conjunction with our GAAP results. Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts.

Set forth below is a reconciliation of each non-GAAP financial measure used in this press release to its most directly comparable GAAP financial measure.

DESKTOP METAL, INC.

NON-GAAP RECONCILIATION TABLE

(in thousands)

For the Three Months Ended

March 31,

(Dollars in thousands)

2024

2023

GAAP gross margin

$

(2,206

)

$

(1,364

)

Stock-based compensation included in cost of sales (1)

568

680

Amortization of acquired intangible assets included in cost of sales (2)

14,340

6,927

Restructuring expense in cost of sales (2)

(309

)

717

Acquisition-related and integration costs included in cost of sales

—

479

Non-GAAP gross margin

$

12,393

$

7,439

GAAP operating loss

$

(49,389

)

$

(52,317

)

Stock-based compensation (2)

7,838

9,313

Amortization of acquired intangible assets

21,047

10,442

Restructuring expense (3)

3,007

3,618

Acquisition-related and integration costs

1,255

1,406

Non-GAAP operating loss

$

(16,242

)

$

(27,538

)

GAAP net loss

$

(52,098

)

$

(52,642

)

Stock-based compensation (2)

7,838

9,313

Amortization of acquired intangible assets

21,047

10,442

Restructuring expense (3)

3,007

3,618

Acquisition-related and integration costs

1,255

1,406

Change in fair value of investments

1,317

179

Non-GAAP net loss

$

(17,634

)

$

(27,684

)

(1) Includes immaterial and $0.2 million of liability-award stock-based compensation expense for the three months ended March 31, 2024 and 2023.

(2) Includes $0.5 million and $1.6 million of liability-award stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively.

(3) Includes $0.4 million of depreciation classified as restructuring charges.

DESKTOP METAL, INC.

NON-GAAP OPERATING EXPENSE RECONCILIATION TABLE

(in thousands)

For the Three Months Ended

March 31,

(Dollars in thousands)

2024

2023

GAAP operating expenses

$

47,183

$

50,953

Stock-based compensation included in operating expenses (1)

(7,270

)

(8,633

)

Amortization of acquired intangible assets included in operating expenses

(6,707

)

(3,515

)

Restructuring expense included in operating expenses

(3,316

)

(2,901

)

Acquisition-related and integration costs included in operating expenses

(1,255

)

(927

)

Non-GAAP operating expenses

$

28,635

$

34,977

(1) Includes $0.5 million and $1.6 million of liability-award stock-based compensation expense for the three months ended March 31, 2024 and 2023, respectively.

DESKTOP METAL, INC.

NON-GAAP ADJUSTED EBITDA RECONCILIATION TABLE

(in thousands)

For the Three Months Ended

March 31,

(Dollars in thousands)

2024

2023

Net loss attributable to common stockholders

$

(52,098

)

$

(52,642

)

Interest expense

1,491

811

Income tax benefit

(198

)

(557

)

Depreciation and amortization (2)

24,185

13,433

EBITDA

(26,620

)

(38,955

)

Change in fair value of investments

1,317

179

Stock-based compensation expense (1)

7,838

9,313

Restructuring expense (2)

2,592

3,618

Acquisition-related and integration costs

1,255

1,406

Adjusted EBITDA

$

(13,618

)

$

(24,439

)

(1) Includes $0.5 million and $1.6 million of liability-award stock-based compensation for the three months ended March 31, 2024 and 2023, respectively.

(2) In connection with the Photopolymer Initiative, we recorded incremental depreciation of $0.4 million and incremental amortization of $11.2 million for the shortened useful life various fixed assets and intangibles to restructuring charges. These amounts are listed in the depreciation and amortization line.

Investor Relations:  
(857) 504-1084
DesktopMetalIR@icrinc.com

Media Relations:  
Sarah Webster
(313) 715-6988
sarahwebster@desktopmetal.com

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    • 27.1 m at 1.02% Li 2 O including 7.6 m at 2.39% Li 2 O (CV24-513).
    • 32.1 m at 0.78% Li 2 O , including 10.7 m at 2.17% Li 2 O (CV24-499).
  • Vega Zone is open in several directions with multiple step-out holes remaining to be reported.
    • High-grade mineralization is relatively flat-lying to shallow dipping and has now been delineated over a significant area and thickness.
  • Highest individual core sample assay reported to date at Corvette – 1.7 m at 7.01% Li 2 O (CV24–507, Vega Zone).
  • Along the western arm at CV13, mineralized pegmatite has been extended down-dip to over 400 m (~190 m vertical depth from surface) with intercepts including 13.5 m at 1.15% Li 2 O (CV24-497), and 8.6 m at 1.21% Li 2 O (CV24–518).
  • Results for 32,149 m (83 holes) remain to be reported from the 2024 winter drill program – 27,611 m (67 holes) at CV5, and 4,538 m (16 holes) at CV13.
  • The Vega Zone will be a key target for the upcoming summer drill program, with details of the program to be released to the market in the coming weeks.

June 11, 2024 Sydney, Australia

Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSX: PMET) (ASX: PMT) (OTCQX: PMETF) (FSE: R9GA) is pleased to announce the next batch of core assay results from the CV13 Spodumene Pegmatite, including holes targeting the recently discovered high-grade zone (herein termed the "Vega Zone"), from its recently completed 2024 winter drill program at Corvette. The Corvette Property (the "Property" or "Project"), wholly owned by the Company, is located in the Eeyou Istchee James Bay region of Quebec . The CV13 Spodumene Pegmatite is located approximately 3 km west-southwest of the CV5 Spodumene Pegmatite, which hosts a maiden mineral resource estimate ("MRE") of 109.2 Mt at 1.42% Li 2 O inferred 1 and is situated approximately 13.5 km south of the regional and all–weather Trans-Taiga Road and powerline infrastructure.

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Desktop Metal to Effect a Reverse Stock Split

Desktop Metal to Effect a Reverse Stock Split

DM common stock expected to begin trading on a 1-to-10 split-adjusted basis on June 11, 2024

Desktop Metal, Inc. (NYSE: DM) (the "Company") announced today that its Board of Directors has approved a 1-for-10 reverse stock split of the Company's Class A common stock. The reverse stock split will become effective at 5:00 p.m. Eastern Time on June 10, 2024, after close of trading on the New York Stock Exchange ("NYSE"). The Company's Class A common stock is expected to commence trading on a split-adjusted basis when the markets open on June 11, 2024 under the existing trading symbol "DM." The new CUSIP number for the Company's Class A common stock following the reverse stock split will be 25058X 303.

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Desktop Metal Introduces PureSinter - a High-Purity Vacuum Furnace that Delivers Premium Debind-and-Sinter Performance at an Affordable Price

Desktop Metal Introduces PureSinter - a High-Purity Vacuum Furnace that Delivers Premium Debind-and-Sinter Performance at an Affordable Price

  • PureSinter offers one-run debinding and sintering of metal parts produced with either Additive Manufacturing or traditional manufacturing methods in a 15.8L retort
  • In development for five years, this all-new furnace was designed for ease-of-use, premium performance, reliability, and low cost of acquisition and operation
  • PureSinter features a revolutionary, patent-pending machine design that delivers parts-per-billion levels of purity in a high-efficiency, airtight processing environment — ensuring a clean and reliable furnace with low operating costs
  • With more than 17 fans and a pop-out ceiling vent, PureSinter can cool from 1,420°C to 200°C in less than four hours without expensive water-cooled walls
  • Titanium parts sintered in PureSinter demonstrate better performance results for density, tensile strength, and elongation than an all-metal retort third-party furnace with lower energy consumption and without complex setup requirements and getter materials
  • The first PureSinter Furnace has been installed at FreeFORM Technologies, a metal binder jet contract manufacturer based in St. Marys, Pennsylvania, and the largest owner of a Super Fleet of 24 Desktop Metal 3D printers, to validate new materials
  • Standard shipments of the PureSinter Furnace — which is now validated with 14 metal powder and binder combinations, with more to follow — are slated to begin in Q3
  • The Desktop Metal PureSinter Furnace will make its global debut June 25-27 in Los Angeles at Rapid + TCT, North America's largest additive manufacturing and industrial 3D printing event

Desktop Metal (NYSE: DM), a global leader in Additive Manufacturing 2.0 technologies for mass production, today announced the launch of the all-new PureSinterâ„¢ Furnace for high-purity, one-run debinding and sintering of powder metal parts.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240604917213/en/

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Lithium Ionic Announces Feasibility Study Results for the Bandeira Lithium Project, Minas Gerais, Brazil

Lithium Ionic Announces Feasibility Study Results for the Bandeira Lithium Project, Minas Gerais, Brazil

  • 178,000tpa of spodumene concentrate production (5.5% Li 2 O)
  • 14-year mine life
  • After-tax NPV 8 of US$1.3B; IRR of 40%
  • All-in operating costs of $444/t SC5.5

*All amounts expressed in U.S. dollars unless otherwise noted

Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) ("Lithium Ionic" or the "Company") is pleased to announce the results of a Feasibility Study ("FS" or "Study") for its 100%-owned Bandeira Lithium Project ("Bandeira" or the "Project") located in Minas Gerais, Brazil. The Bandeira claims span 157 hectares, which represents only about 1% of Lithium Ionic's extensive 14,182-hectare land package in Brazil's 'Lithium Valley', a region of global significance for hard-rock lithium production.

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