RE:Investor@e3lithium.caThanks for your note. Market factors that emerged in Q4, including a decline in the Chinese lithium spot price, led to a negative impact on all lithium issuers. For example, by late November last year, Albermarle, North America’s largest lithium producer, was down 45%. We began seeing recovery in Q1 of this year and that recovery continues. It is important to note that while the spot price can affect market sentiment, it does not affect the price at which we will sell our lithium, which is sold in long-term offtake contracts with battery or EV manufacturers, and typically has a price floor and ceiling.
Regarding fundraising, E3 raised more $30M in oversubscribed bought deals in 2023 when the market was strong. The last raise was done when E3 was trading at $4.07. We have also been successful in attracting more than $32M in non-dilutive government grants and investments, which has put us in a strong cash position to deliver in 2024. While I cannot definitively outline when financings will occur in the future, I can say that we always prioritize and actively pursue grant funding to capitalize our business.
At E3, we remain focused on building our business and delivering long-term shareholder value. We are planning for another year of growth in 2024, and more information about some of what we are planning can be found here.
Thanks,