Standard Lithium Achieves Milestones in Q1 Fiscal 2025
Standard Lithium Reports Q1 Fiscal 2025 Successes
Vancouver, British Columbia — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a prominent near-commercial lithium company, has unveiled its financial and operational results for the fiscal first quarter of 2025, which concluded on September 30, 2024.
David Park, the Chief Executive Officer and Director of Standard Lithium, expressed pride in the company’s achievements during this quarter. He stated, "Our fiscal first quarter highlights showcase our commitment to our goals," emphasizing their success in pursuing government grants. The Company secured conditional approval for a significant $225 million grant from the U.S. Department of Energy, one of the largest awards for domestic critical minerals projects. This funding will facilitate the construction of the Central Processing Facility for Phase 1 of the South West Arkansas project, which is expected to commence production of 22,500 tonnes of battery-quality lithium carbonate annually by 2028.
Strategic Goals and Collaborations
Park further articulated the Company's focus on executing their strategic goals to enhance shareholder value. "Now is the right time for us to prioritize, focus and execute. We are looking to establish customer off-take commitments and secure financing for the South West Arkansas project, along with our partnership with Equinor, which also includes a presence in East Texas,” he stated.
Fiscal First Quarter Highlights
As a financial overview, Standard Lithium performed notably well in this quarter:
- Conditional approval for a $225 million grant from the U.S. Department of Energy for the South West Arkansas Project.
- David Park officially appointed as the Chief Executive Officer, taking over from founder Robert Mintak, who will continue as an advisor.
- The Company transitioned its reporting currency from CAD to USD to align with industry standards.
- Standard Lithium reported cash and working capital amounts of $28.9 million and $24.7 million as of September 30, 2024, respectively.
- No term or revolving debt obligations were recorded.
Latest Developments and Technological Advancements
Post the fiscal first quarter, Standard Lithium has initiated several noteworthy actions:
- Entered a licensing agreement with Koch Technology Solutions to utilize their innovative Li-Pro™ Lithium Selective Sorption technology at the South West Arkansas Project.
- Reported that the commercial-scale Direct Lithium Extraction (DLE) process continues to surpass expectations, with lithium recovery rates reaching an impressive 95.4% across nearly 10,000 operational cycles.
The Path Ahead for Standard Lithium
These developments signal favorable conditions for Standard Lithium as they progress towards their production goals. With a solid financial foundation, a strategic leadership team, and groundbreaking technology partnerships, the Company is well-positioned to meet the rising demand for lithium in the evolving energy landscape.
Key Contact Information
Standard Lithium actively engages with its stakeholders and invites inquiries regarding its initiatives. Interested parties can contact the Company’s communication team through their website for the latest updates and detailed reports.
Frequently Asked Questions
What are the recent financial highlights of Standard Lithium?
The Company reported a cash position of $28.9 million and working capital of $24.7 million as of September 30, 2024, securing a significant $225 million grant from the U.S. Department of Energy.
Who is the new CEO of Standard Lithium?
David Park has been appointed as the Chief Executive Officer, succeeding Robert Mintak, who remains an advisor.
What technology is Standard Lithium implementing at its projects?
Standard Lithium is collaborating with Koch Technology Solutions to employ Li-Pro™ Lithium Selective Sorption technology at the South West Arkansas project.
When will production start at the South West Arkansas project?
Production is anticipated to begin in 2028, with projections of 22,500 tonnes of battery-quality lithium carbonate annually from Phase 1.
How is Standard Lithium positioned in the industry?
As a near-commercial lithium development company, Standard Lithium is focused on sustainable lithium production, leveraging its strategic projects and partnerships to meet industry demands.
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