The Lake Resources (ASX:LKE) share price is soaring 14%

Lake Resources is having a great day on the ASX

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The Lake Resources N.L. (ASX: LKE) share price is soaring on the back of the company’s fourth quarter report.

Lake Resources released its quarterly activities and cash flow report after the market closed on Friday. Today’s session is the first chance the market has had to react to the report and it’s seemingly thrilled.

The Lake Resources share price is currently trading at 53 cents, up 13.98%.

Let’s take a look at what the lithium explorer was up to over the 3 months ended 30 June.

Lake share price gaining on Q4 report

Lake Resources’ shares are gaining after the company released news of a successful quarter’s work.

Financial

The Lake Resources share price is up on the back of its quarterly financial report.

Within the report, the company announced it spent around $1.02 million on staffing, administration, and corporate costs over the fourth quarter. It also spent $1.68 million in exploration and development.

The company stated it financed through to the final investment decision and construction finance phase of the Kachi Lithium Project.

Over the quarter, listed 10 cent options, set to expire in June, were converted with an uptake of 93% – raising around $3.9 million.

Lake Resources ended the quarter with $26 million in the bank and no debt.

That’s enough cash to fund the company for another 75 quarters in which its activities are the same as the quarter just been.

Activities

The Lake Resources share price is gaining after its busy fourth quarter.

Over the final stint of the 2021 financial year, Lake Resources received interest from more than 6 major international banks looking to help fund the company’s Kachi Lithium Project.

Any funding decision is conditional upon the project receiving support from Export Credit Agencies.

The company also refreshed its pre-feasibility study (PFS) based on increased lithium prices, pushing the project’s value up to US$1.6 billion.

The company expects the project’s definitive feasibility study to be completed in the current quarter.

Additionally, the company says its received more interest in Kachi’s lithium products since they were found to be of exceptional quality with a low carbon footprint.

Lake Resources share price snapshot

Today’s gains have added to Lake Resources’ fantastic year on the ASX.

Right now, the Lake Resources share price is 563% higher than it was at the start of 2021. It has also gained a whopping 1,225% since this time last year.

The company has a market capitalisation of around $493 million, with approximately 1 billion shares outstanding.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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