Grounded Lithium Reports Third Quarter 2024 Financial and Operating Results
Grounded Lithium Reports Third Quarter 2024 Financial and
Operating Results
CALGARY, AB
,
Nov. 20, 2024
/CNW/ - (TSXV: GRD) (OTCQB: GRDAF) - Grounded Lithium Corp. ("
GLC
" or the "
Company
")
announces our financial and operating results for the three and nine month periods ended
September 30, 2024
. Selected financial and
operational information is set out below and should be read in conjunction with the Company's
September 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
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
FINANCIAL RESULTS
Net comprehensive loss
183,389
783,927
932,819
3,410,678
Per share - basic and diluted
-
0.01
0.01
0.05
Cash flow used in operating activities
119,701
549,952
624,867
2,688,376
Per share - basic and diluted
-
0.01
0.01
0.04
Funds flow used in operations
79,609
542,677
655,462
2,700,693
Per share - basic and diluted
-
0.01
0.01
0.04
Capital expenditures
Capital expenditures (*)
-
999
(800,000)
451,846
Liquidity
Working capital surplus
135,879
385,560
135,879
384,560
Common shares outstanding
Weighted average - basic and diluted
78,279,227
70,034,545
77,896,317
69,436,671
Outstanding, end of period
* Capital expenditures for the nine months ended September 30, 2024 includes the first cash payment from Denison Mines Corp 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 owns 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%. In
January 2024
, GLC entered into an agreement with Denison Mines Corp ("
Denison
") whereby Denison has the option to
earn up to a 75% working interest in the KLP by funding in aggregate up to
$15,150,000
comprised of both cash payments to GLC of
up to
$3,150,000
and funding project expenditures of up to
$12,000,000
through a structured earn-in option.
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 20-NOV-24