Sponsored

How is Lithium Australia’s (ASX:LIT) Half Year Performance Card Looking?

Source: Jason Benz Bennee, Shutterstock

Summary

  • Lithium Australia released its half-year report for the period ended on 31 December 2020.
  • During the period, LIT's operations remained focussed on creating a circular and cost-effective battery environment.

Lithium Australia NL's (ASX: LITaims to create integrated processing operations for battery materials and is moving steadily towards a genuinely renewable and cost-effective circular battery economy. LIT's production cycle shows the potential to improve efficiency at reduced production costs in the battery industry while meeting the governance, social and ethical standards. 

Image source: © Petovarga | Megapixl.com

On 11 March 2021, LIT released its half-year report for the period ended on 31 December 2020.

Company continues to make progress on the operational front

During the period, LIT continued with its plans with the company persistently focussed on the sustainable and cost-effective battery economy. However, there were interruptions due to Covid-19 induced extended lockdown in Melbourne. Some of the significant events during the half-year period were: 

  • Following Clean Energy Council approvals, first sales and installations for Soluna Australia battery systems completed.
  • LIT's wholly-owned subsidiary, VSPC, advances process technology for extracting LFP cathode material.
  • Capital raising through placement, share purchase plan, full payment of partly paid shares and the exercise of options enabled LIT to repay its debt.
  • Continuation of Intellectual property requirements for proprietary SiLeach®, LieNA and recycling processes.
  • Conversion of waste material into high-performance lithium-ion battery cathodes.
  • Envirostream finished a micronutrient field trial and began recycling used EVs batteries.
  • ACCC approved the Battery Stewardship Council to create and manage a national stewardship scheme for supervising end-of-life batteries.
  • Envirostream continued working closely with regulatory bodies to make sure its operations are properly licensed.
  • VSPC patent application for the production of LFP cathode has been accepted.

Also read: VSPC Ltd's patent application accepted for grant, Lithium Australia (ASX:LIT) shares zoom up 9%

Financial Position

  • On 31 December 2020, LIT had a working capital surplus of AUD 8,102,666 compared to AUD 2,568,004 on 30 June 2020.
  • The revenue for the period stood at AUD 17,477 as compared to AUD 7,250 during PCP.
  • Reserves totalled AUD 4,162,750, as against AUD 2,710,721 in the PCP.
  • LIT incurred a loss of AUD 10,485,056 as compared to AUD 3,079,217 in PCP.
  • Net cash outflows from operating and investment activities were AUD 2,740,407 as compared AUD 2,688,998 in the PCP.
  • No dividend paid or recommended for the financial period ended 31 December 2020.

On 15 March 2021, at AEDT: 12:48 PM, LIT shares were trading at AUD 0.130, up by 8.33%.


Disclaimer
The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK