Grounded Lithium Reports Second Quarter 2024 Financial and Operating Results
Grounded Lithium Reports Second Quarter 2024 Financial and
Operating Results
CALGARY, AB
,
Aug. 21, 2024
/CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp. ("
GLC
" or the "
Company
")
announces our financial and operating results for the three and six month periods ended
June 30
, 2024. Selected financial and operational
information is set out below and should be read in conjunction with the Company's
June 30, 2024
financial statements and the related
management's discussion and analysis, which are available for review at
www.sedarplus.ca
or the Company's website at
www.groundedlithium.com
.
(CAD$, except per share amounts and common shares outstanding)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
FINANCIAL RESULTS
Net comprehensive loss
241,823
944,463
749,430
2,626,751
Per share - basic and diluted
-
0.01
0.01
0.04
Cash flow used in operating activities
93,410
407,588
505,166
2,138,424
Per share - basic and diluted
-
0.01
0.01
0.04
Funds flow used in operations
108,213
684,960
575,853
2,158,016
Per share - basic and diluted
-
0.01
0.01
0.03
Capital expenditures
Capital expenditures (*)
-
7,210
(800,000)
450,847
Liquidity
Working capital surplus
208,583
166,415
208,583
166,415
Common shares outstanding
Weighted average - basic and diluted
78,279,227
69,656,423
77,702,758
69,132,779
Outstanding, end of period
* Capital expenditures for the six months ended June 30, 2024 includes the first cash payment from Denison Mines Limited which is recorded as a reduction of the Exploration & Evaluation asset balance.
About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and development company that controls approximately 1.0 million metric tonnes of
Measured & Indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of Inferred lithium
carbonate equivalent resource over our focused land holdings in
Southwest Saskatchewan
as per the Company's updated PEA. The
updated PEA, titled "
NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project – Phase 1 Update
"
dated
November 7, 2023
and effective as of
June 30, 2023
, reports a Phase 1 NPV
8
after-tax of
US$1.0 billion
with an after-tax IRR of
48.5%. GLC's multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our
opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global
energy transition shift. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on
https://www.otcmarkets.com/
.
Qualified Person
Scientific and technical information contained in this press release has been prepared under the supervision of
Doug Ashton
, P.Eng.,
Alexey Romanov
, P. Geo.,
Meghan Klein
, P. Eng.,
Dean Quirk
, P.Eng.,
Jeffrey Weiss
, P.Eng.,
Chad Hitchings
., P.L. Eng., and
Michael
Munteanu
, P.Eng., each of whom is a qualified person within the meaning of NI 43-101.
Forward-Looking Statements
This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian
securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information,
forward-looking statements or financial outlooks (collectively, "
forward-looking statements
") under the meaning of applicable Canadian
securities laws. These statements are made as of the date of this press release and the fact that this press release remains available
does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any
subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements
are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but
are not limited to, statements regarding the internal rates of return and net present values of the KLP, activities funded by Denison to drive
the KLP value and GLC's vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global
energy transition.
Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements
are: GLC's expectation that our operations will be in
Western Canada
, unexpected problems can arise due to technical difficulties and
operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact
production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC
currently predicts; the failure to obtain financing on reasonable terms; volatility in the trading price of the common shares of the Company;
the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in
commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; and the other risk factors
detailed from time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in their entirety by this
cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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For further information:
For more information, please contact: Gregg Smith, President & CEO; Greg Phaneuf, SVP Corporate
Development & CFO, Phone:
587.319.6220, Email:
CO: Grounded Lithium Corp.
CNW 07:00e 21-AUG-24