The Latin Resources Ltd (ASX: LRS) share price started the day 1.5% higher but has since turned red.
The ASX lithium stock is currently down 3.13% to 31 cents.
Last night, the company released its half-year report and accounts.
Let's take a look at the details.
What did Latin Resources report?
Over the six months ending 30 June, Latin Resources recorded a loss of $7,919,365.
That's higher than the corresponding period in 2022, when the loss was $5,126,504.
During the period, the mineral explorer raised $37.1 million through a placement at 15 cents per share for institutional, sophisticated, and professional investors.
At 30 June, Latin Resources had $45.9 million in cash at the bank.
The company said it received $1 million from the Australian Tax Office a week later "in recognition of its research and development investments".
From here, the bulk of Latin's cash will be going into its flagship Salinas Lithium Project in Brazil, including the funding of the Definitive Feasibility Study.
In late June, the company confirmed its discovery of a "district-scale lithium corridor" at Salinas.
The latest update on 28 August revealed more positive assay results, including the discovery of another lithium pegmatite.
The most significant results were:
- SADD139: 9.94m at 1.50% Li2O from 328.91m
- SADD148: 10.46m at 1.29% Li2O from 160.04m
- SADD149: 18.12m at 1.67% Li2O from 244.88m
- SADD155: 11.74m at 1.40% Li2O from 76.26m
- SADD156: 10.13m at 1.63% Li2O from 49.62m.
What's news at Latin's other mines?
In addition to Salinas, Latin Resources has three other projects in Australia, Peru, and Argentina.
At the Cloud Nine Halloysite-Kaolin deposit in Western Australia, halloysite and kaolin samples were sent to potential off-take partners during the period, and discussions are ongoing.
In Argentina at the Catamarca Lithium Project, Latin Resources expanded its team to include a country general manager and a highly experienced geologist.
At the MT-03 copper project in Peru, Latin Resources completed four diamond drilling holes and intersected volcano-sedimentary rocks. They were comprised of quartz sand packages, siltstones, andesitic, rhyolitic, porphyritic dacites, trace disseminated sulphides and interstitial magnetite.
Selected drill core samples have been sent for analysis, with results still pending.
Latin resources share price snapshot
As shown below, the Latin Resources share price took off in May following an update on Salinas.
The Latin Resources share price is up 212% in 2023 so far.
