VANCOUVER, British Columbia, Feb. 08, 2024 (GLOBE NEWSWIRE) — Normal Lithium Ltd. (“Normal Lithium” or the “Firm”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a number one near-commercial lithium growth firm, as we speak reported its monetary and working outcomes for the fiscal second quarter ended December 31, 2023.
“In 2023, the lithium sector has been beneath stress, with lithium costs experiencing a major lower from the all-time highs seen in 2022, a state of affairs compounded by the prevailing rate of interest atmosphere and different macroeconomic components,” says Robert Mintak, CEO and Director of Normal Lithium. “Regardless of the industry-wide market problem, the long-term fundamentals for lithium proceed to be sturdy, notably for initiatives located in geopolitically secure areas equivalent to america, the place coverage help and different key strategic benefits are enabling for mission differentiation. The Smackover area, specifically, is attracting curiosity from main gamers within the international vitality sector. Discussions round strategic partnerships, joint growth alternatives, and long-term off-take are sturdy and transferring ahead. In response to those market dynamics, we’re taking accountable and acceptable actions which are in the very best pursuits of our shareholders, guaranteeing that Normal Lithium stays well-positioned to capitalize on what continues to be an thrilling sector with extraordinary development prospects.”
Salah Gamoudi, Chief Monetary Officer of Normal Lithium added: “Regardless of a difficult commodity value atmosphere, we count on to maintain our present operations by means of fiscal yr 2024 with our money out there on-hand and the strategic use of our ATM program in place. Our stability sheet stays sturdy, with no long-term debt obligations and optimistic working capital, giving us the flexibleness and optionality to make prudent, disciplined choices for our shareholders. We proceed to judge and pursue engaging, non-dilutive financing choices with the steerage of our monetary advisors, and as Robert talked about, we’re progressing discussions with potential strategic companions and off-takers. The necessity for added capital at this level in our Firm’s evolution is pure as we proceed to advance our suite of initiatives in a accountable method making an allowance for the assorted market dynamics, and with a deal with alternatives which are probably the most worth accretive for our shareholders within the long-term.”
Highlights of the Second Fiscal Quarter Ended December 31, 2023
- Appointed key executives to the management workforce to help the Firm’s subsequent stage of growth and development. Salah Gamoudi was appointed as Chief Monetary Officer and Michael Barman joined as Chief Growth Officer. Mr. Gamoudi brings in depth expertise from the oil and gasoline sector, together with a transformative tenure at Sandridge Power that efficiently generated vital worth for its shareholders. He’s anticipated to steer the financing technique in addition to improve the Firm’s accounting and investor relations capabilities. Mr. Barman brings almost 20 years of expertise advising senior executives and their boards, most not too long ago serving as Managing Director in Funding Banking at Stifel Nicolaus Canada Inc. (previously GMP Securities L.P.). He’s main late-stage discussions associated to mission partnerships and off-take agreements.
- Launched the outcomes of the Firm’s absolutely optimized and confirmed DLE Course of. Throughout a consultant interval of steady operation the LiPRO™ LSS achieved a mean lithium restoration of 96.1% and rejected, on common, over 99% of key contaminants together with over 95% of boron.
- Concluded East Texas drilling program that yielded the highest-ever reported lithium brine values in North America. The Firm recognized a globally-significant lithium brine asset with confirmed lithium concentrations of as much as 806 mg/L and a mean grade of 644 mg/L from three newly drilled wells. As well as, the outcomes included extremely elevated concentrations of potassium and bromine, demonstrating the potential for vital upside.
- Secured lithium brine manufacturing rights on South West Arkansas (“SWA”) Challenge. The Firm exercised it’s choice with TETRA Applied sciences, Inc. and secured unique brine manufacturing rights on roughly 27,000 internet acres of brine leases included throughout the footprint of the SWA Challenge. The Firm is now progressing SWA by means of front-end engineering design (“FEED”) and the Definitive Feasiblity Research (“DFS”) levels. Subsequent to the fiscal second quarter-end, the Firm chosen Ausenco Engineering Canada ULC to steer the FEED and DFS research for the mission.
- Progressed the Firm’s first business lithium mission with the submitting of Section 1A’s Definitive Feasiblity Research. The Section 1A Challenge situated in El Dorado, Arkansas is anticipated to initially produce 5,700 tonnes every year (“tpa”) of battery-quality lithium carbonate over a 25-year working life.
- Engaged Citi for strategic financing and partnerships for the event of the Section 1A Challenge, in addition to advancing the South West Arkansas Challenge and initiatives in East Texas. LANXESS communicated it’s plans to commercialize its function within the Section 1A Challenge with agreements beneath negotiation for brine provide, website lease, and infrastructure providers, key to defining the operational framework.
- Through the quarter, the Firm commenced an at-the-market providing program, issuing a complete of 100,100 frequent shares on the TSX Enterprise Trade and 1,326,259 frequent shares on the NYSE American LLC, offering gross proceeds of Ca$0.3 million and US$3.3 million, respectively.
- The Firm has no time period or revolving debt obligations as of December 31, 2023.
- Money and equivalents and dealing capital of Ca$15.8 million and Ca$5.7 million, respectively, as of second fiscal quarter finish, and together with the prudent and strategic use of our at-the-market providing program as a device to fund any brief time period financing wants, are anticipated to maintain the Firm by means of the 2024 fiscal yr.
Consolidated Monetary Statements
The Firm’s interim monetary statements and administration’s dialogue and evaluation for the second quarter 2024 ended December 31, 2023, can be found on the Firm’s web site at https://www.standardlithium.com/ and beneath the Firm’s profiles on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov.
Q2 FISCAL RESULTS CONFERENCE CALL AND WEBCAST
The Firm will maintain a convention name and webcast to debate its second quarter fiscal outcomes on Monday, February 12 at 11:00 a.m. EST. Entry to the decision is offered through webcast or direct dial. A hyperlink to the webcast and direct dial numbers are supplied beneath:
Convention Name and Webcast Particulars:
Normal Lithium Fiscal Q2 Earnings Name and Webcast
February 12, 2024 11:00 AM (GMT-05:00) Japanese Time (US and Canada)
Participant Data:
North America Toll-Free: (800) 715-9871
UK Toll-Free: +44.800.358.0970
Worldwide Toll: (646) 307-1963
Attendee Webcast Hyperlink:
https://occasions.q4inc.com/attendee/233770702
Certified Particular person
Steve Ross, P.Geol., a professional individual as outlined by Nationwide Instrument 43-101, and Vice President Useful resource Growth for the Firm, has reviewed and accepted the related scientific and technical info on this information launch.
About Normal Lithium Ltd.
Normal Lithium is a number one near-commercial lithium growth firm centered on the sustainable growth of a portfolio of lithium-brine bearing properties in america. The Firm prioritizes brine initiatives characterised by high-grade assets, sturdy infrastructure, expert labor, and streamlined allowing. The Firm goals to attain sustainable, commercial-scale lithium manufacturing through the applying of a scalable and fully-integrated Direct Lithium Extraction (“DLE”) and purification course of. The Firm’s signature initiatives, the Section 1A Challenge and the South West Arkansas Challenge, are situated on the Smackover Formation in southern Arkansas, a area with a longstanding and established brine processing {industry}. The Firm has additionally recognized plenty of extremely potential lithium brine mission areas within the Smackover Formation in East Texas and commenced an in depth brine leasing program in the important thing mission areas. As well as, the Firm has an curiosity in sure mineral leases situated within the Mojave Desert in San Bernardino County, California.
Normal Lithium trades on each the TSX Enterprise Trade and the NYSE American beneath the image “SLI”; and on the Frankfurt Inventory Trade beneath the image “S5L”. Please go to the Firm’s web site at www.standardlithium.com.
Neither the TSX Enterprise Trade nor its Regulation Companies Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch. This information launch could comprise sure “Ahead-Wanting Statements” throughout the which means of america Personal Securities Litigation Reform Act of 1995 and relevant Canadian securities legal guidelines. When used on this information launch, the phrases “anticipate”, “consider”, “estimate”, “count on”, “goal, “plan”, “forecast”, “could”, “schedule” and different comparable phrases or expressions determine forward-looking statements or info. These forward-looking statements or info could relate to meant growth timelines, future costs of commodities, accuracy of mineral or useful resource exploration exercise, reserves or assets, regulatory or authorities necessities or approvals, the reliability of third occasion info, continued entry to mineral properties or infrastructure, fluctuations available in the market for lithium and its derivatives, modifications in exploration prices and authorities regulation in Canada and america, and different components or info. Such statements symbolize the Firm’s present views with respect to future occasions and are essentially based mostly upon plenty of assumptions and estimates that, whereas thought of affordable by the Firm, are inherently topic to vital enterprise, financial, aggressive, political and social dangers, contingencies and uncertainties. Many components, each identified and unknown, might trigger outcomes, efficiency or achievements to be materially completely different from the outcomes, efficiency or achievements which are or could also be expressed or implied by such forward-looking statements. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements or info to replicate modifications in assumptions or modifications in circumstances or another occasions affecting such statements and data apart from as required by relevant legal guidelines, guidelines and rules.
