The Lake Resources N.L. (ASX: LKE) share price is firing up today after the company released its quarterly report for the period ending 30 September.
Shares in the ASX lithium explorer are currently trading 3.55% higher at $1.02 apiece at the time of writing.
Let's look at the company's highlights for the quarter.
What did Lake Resources report?
- Net cash flow used in operating activities: $9 million
- Net cash flow used in investing activities: $17.34 million
- Cash and cash equivalents at end of the period: $158.87 million
- Estimated quarters of funding available: 14.27
Lake Resources provided an overview of its operations in the report.
The company advised its Kachi demonstration plant installation in Argentina was complete. Commissioning to test the plant was conducted during the quarter. The plant was tested in California, and the test was reportedly successful.
Meanwhile, drilling at Kachi continues. The company is conducting two different types of drilling to both improve its estimates on how many resources are available and to find more resources.
At Lake Resources' Cauchari, Olaroz, and Paso lithium brine projects, also in Argentina, the company is continuing its lithium exploration via a drilling program.
What else happened?
Lake Resources made two key leadership changes in the quarter. David Dickson was appointed CEO and managing director, with a mandate to "lead the company's transition from exploration focus to
development, construction and toward production".
Sean Miller also joined as the corporate development officer "to accelerate activity across Lake's 100% owned exploration projects Cauchari, Olaroz, and Paso".
In other developments, Lake Resources signed an offtake agreement with WMC Energy and SK for up to 50,000 tonnes per annum of lithium carbonate.
The company also advised Definitive Feasibility Studies (DFS) and Environmental Social Impact Assessment (ESIA) studies were continuing. The demonstration plant validation is required before the DFS can be completed.
Lake Resources share price snapshot
The Lake Resources share price has slipped into the green year-to-date, up 0.99%, and is trading 8.51% higher over the past 12 months. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 7.94% and 6.42% over the respective periods.
The company's market capitalisation is around $1.42 billion.
