Lithium exploration and development company, Lake Resources N.L. (ASX:LKE) updated the market on its progress throughout the quarter ended 31 March 2020 with the following highlights:
- Concluded a Pre-Feasibility Study (PFS) for Kachi Lithium project, demonstrating the capability to produce sustainable high-purity lithium carbonate to attract premium pricing.
- IRR of 22% with high margin EBITDA of US$155 million and Post-tax NPV8 of US$748 million in first full year of production.
- Total 40,000 litres of brines transported from Kachi to Lilac’s pilot plant module in California.
- Completed capital raising with a $3.4 million private placement and a Share Purchase Plan.
- Continued operations show limited impact from restrictions imposed due to COVID-19.
LKE traded at $0.037 on 1 May 2020 (12:40 PM AEST).