Lithium Australia

Half-Year Report – 31 December 2022 Results For Announcement To The Market

Lithium Australia (ASX:LIT) is pleased to provide its Half-Year Report for the period ending 31 December 2022.


(This information should be read in conjunction with the last annual report and any announcements to the market by Lithium Australia Limited during the period)

Comment

For the period ended 31 December 2022, Lithium Australia sales were $2.3 million, primarily related to the recycling division (31 December 2021: $1.0 million). Associated cost of sales were $1.7 million for the same period, down from $2.5 million in the period ended 31 December 2021. These delivered a Gross Profit of $0.6 million for the period ended 31 December 2022 (31 December 2021: $1.5 million Gross Loss). The primary drivers for this improvement relate to increased collection and processing of end of life batteries, the introduction of rebates from the B-Cycle scheme and improvements in operation efficiencies within the recycling division.

The insurance settlement for remediation (refer announcement 7 September 2022) resulted in a release of provision of $1.7 million with a remaining remediation provision of $3.3 million at the period end.

The working capital surplus, being current assets less current liabilities was $15.5 million at 31 December 2022 (30 June 2022: working capital deficit of $1.8 million).

At 31 December 2022, an amount of $1.3 million (30 June 2021: $0.9 million) is included in the statement of financial position, representing amounts billed for sales where performance obligations from those contracts have not been fully satisfied; these amounts will be reflected in the full year’s reported revenue.

The net loss for the period ended 31 December 2022 includes non-cash share-based payment expenses for options issued to directors and brokers, as approved by the Company’s shareholders of $0.9 million (31 December 2021: $0.7 million).


Click here for the full ASX Release

This article includes content from Lithium Australia, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

LIT:AU
The Conversation (0)
Charger Metals

Charger Metals Inks $42.5M Deal with Rio Tinto for Lake Johnston Lithium Project

The farm-in agreement allows Rio Tinto to earn up to a 75 percent interest in the Lake Johnston project.

Charger Metals (ASX:CHR) farm-in agreement with Rio Tinto (ASX:RIO) for its Lake Johnston lithium project in the Yilgarn region of Western Australia, was highlighted in an article published on Australian Mining.

Keep reading...Show less
Magnifying glass focusing on the Albemarle website logo.

Albemarle's Commitment to Sustainability Shines in New Report

As global demand for critical minerals intensifies, Albemarle (NYSE:ALB) continues to position itself as a global leader not only in lithium production but also in sustainable practices.

In its newly released 2024 sustainability report, titled “Values-Led, Purpose-Driven,” the company underscores its commitment to reducing its environmental footprint across six continents, supporting global supply chains and promoting human rights across operations.

From cutting freshwater intensity at its Chilean operations by 28 percent to procuring 24 percent of its electricity from renewable sources, Albemarle is striving to grow its energy storage business while keeping carbon emissions flat, as it translates ESG goals into action.

Keep reading...Show less
Salt flats with text overlay: '5 Top Australian Mining Stocks This Week'

Top 5 Australian Mining Stocks This Week: Argosy Climbs 89 Percent on Rincon Lithium Spot Contract

Welcome to the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.

This week's top performing stocks includes firms focused on a wide variety of metals, including lithium, rutile and manganese. Lithium stocks, including top gainer Argosy Minerals (ASX:AGY), picked up momentum this week as prices moved upwards for a second straight week.

Companies focused on magnetite and rare earths were also among the week's top performers, including Freehill Mining (ASX:FHS), which saw its shares surge following insider buying from key executives including Chairman Benjamin Jarvis.

Keep reading...Show less
Metallic battery with a world map etched on it, against a dark background.

3 Key Themes from Fastmarkets' 2025 Lithium Supply & Battery Raw Materials Event

Market volatility, Chinese control, supply chain risk mitigation and financing emerged as some of the most prevalent themes at the 2025 Fastmarket’s Lithium Supply Battery Raw Materials (LBRM) conference in Las Vegas.

The event, which is in its 17th year, drew a crowd of roughly 1000 delegates, industry experts and analysts, to discuss the current landscape and future projections of the battery materials sector.

During his opening remarks, Fastmarkets CEO Raju Daswani highlighted the growth and maturation the battery raw materials sector has experienced.

Keep reading...Show less
Metals Australia (ASX:MLS)

Metals Australia


Keep reading...Show less
Futuristic skyline with electric car chargers and glowing cityscape at sunset.

Expert: African Lithium Key to China's Battery Supply Chain Dominance

With the global shift to electric vehicles (EVs) accelerating, China is cementing its dominance over the lithium supply chain by pouring investment into African mines, creating a new center of gravity for the battery metal.

Speaking at the Lithium Supply Battery Raw Materials conference, Claudia Cook senior analyst at Fastmarkets offered a sweeping assessment of how China is reshaping global lithium flows and why Africa will be crucial in the next decade.

Cook laid out in detail how China’s lithium strategy is evolving. As the world’s largest EV market, China needs a consistent, low-cost supply of lithium — but its domestic production is increasingly insufficient.

Keep reading...Show less

Latest Press Releases

Related News

×