PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 15, 2010) - Talison Lithium Limited ("Talison") (TSX:TLH) announces financial results for the 2011 first quarter(1) ended September 30, 2010 ("First Quarter").
Peter Oliver, CEO and Managing Director said, "TheFirst Quarter represented the achievement of a significant milestone forTalison as it acquired the Greenbushes Lithium Operations from itspredecessor, became a public company and listed on the Toronto Stock Exchange, completed the acquisition of Salares Lithium Inc. and raised C$40 millionin a private placement, and importantly, recorded record lithiumconcentrate production for the First Quarter at its Greenbushes LithiumOperations."
Highlights
-- Talison completed its reorganisation, the acquisition of Salares Lithium
Inc., a C$40 million private placement and listed on the Toronto Stock
Exchange
-- Lithium concentrate production of 80,729 tonnes (approximately 12,000
tonnes lithium carbonate equivalent ("LCE")), representing a 24%
increase over the same prior year period
-- Lithium concentrate sales of 52,524 tonnes (approximately 7,800 tonnes
LCE), representing a 6% increase over the over the same prior year
period
-- Demand for Talison's technical-grade and chemical-grade lithium
concentrate continues to outstrip current production capacity, and
Talison is selling 100% of its production
-- The Stage 1 expansion of chemical-grade lithium concentrate production
capacity at Greenbushes Lithium Operations by 50,000 tonnes
(approximately 7,500 tonnes LCE) remained on schedule for completion
early in calendar 2011
-- Combined sales revenue for three months ended September 30, 2010 of
A$21.1 million, an increase of 24% over the three months ended September
30, 2009(1)
-- Combined EBITDA for the three months ended September 30, 2010 of A$4.8
million. Excluding A$1.6 million of non-recurring costs, EBITDA would
show a 25% increase over the three-month period ended September 30,
2009(2)
-- Annual production of lithium concentrate for the financial year ending
June 30, 2011 is expected to exceed 43,000 tonnes LCE
-- Approval of a A$1.9 million drilling program at the Greenbushes Lithium
Operations with the aim of significantly increasing lithium mineral
reserves and resources
Subsequent to the end of the interim period, Talison refinanced its senior finance facility on more favourable terms with the Commonwealth Bank of Australia.
Talison will host a conference call for the First Quarter on Monday, November 15, 2010 at 9:30 a.m. EDT (6:30 a.m. PDT). The call is being webcast by Thomson Reuters and can be accessed at www.earnings.com.
Teleconference call details are as follows:
Toll Free: North America - 1-866-804-6924
Toll Free: International - 857-350-1670
Participant Code: 30136906
Chairperson: Peter Oliver, Chief Executive Officer and Managing Director
Replay
Available From 11/15/2010 12:30 P
Available To 11/22/2010
Dial In # 888-286-8010
International Dial In # 617-801-6888
Passcode 92895432
About Talison
Talison is the leading global producer of lithium. Talison mines andprocesses the lithium bearing mineral spodumene at the GreenbushesLithium Operations in Western Australia. In addition, Talison explores for lithium at the Salares 7 lithium project made up of seven salars located in Chile. Talison also has an extensive, well established global customer network and a leading position in the growing Chinese market.
(1) The financial results are in respect of Talison's first reporting
period, being July 1, 2010 to September 30, 2010, however prior to
August 12, 2010, Talison was a dormant entity and did not trade in any
capacity.
In order to cover the three-month period ended September 30, 2010,
certain financial and operating results in respect of the Greenbushes
Lithium Operations for the period from July 1, 2010 to August 11, 2010
have been provided for reference purposes.
The combined financial and operating results of Talison and the
Greenbushes Lithium Operations for the three months ended September 30,
2010 are compared to the unaudited results of the Greenbushes Lithium
Operations for the three months ended September 30, 2009. The financial
information in respect of the Greenbushes Lithium Operations is being
provided for reference purposes only and is not intended to represent a
comprehensive comparison of unaudited interim consolidated financial
results.
For further information refer to Management's Discussion and Analysis of
the financial condition and results of operations of Talison Lithium
Limited as at September 30, 2010 and for the first interim period from
July 1, 2010 to September 30, 2010 (which can be found on Talison's
SEDAR profile at www.sedar.com and Talison's website
www.talisonlithium.com ).
(2) The term "EBITDA" is a non-IFRS financial measure. For a reconciliation
of EBITDA to its IFRS-compliant income statement, refer to "Non-IFRS
Performance Measures" in Management's Discussion and Analysis of the
financial condition and results of operations of Talison Lithium Limited
as at September 30, 2010 and for the first interim period from July 1,
2010 to September 30, 2010 (which can be found on Talison's SEDAR
profile at www.sedar.com).
Cautionary Note Regarding Forward-Looking Statements
This release contains "forward-looking statements" which reflect thecurrent expectations of Talison. When used in this release the words"will", "anticipate", "intend", "believe" and similar expressions areintended to identify forward-looking statements. These statementsreflect Talison's management's current beliefs with respect to futureevents and are based on information currently available to management.Forward-looking statements involve significant known and unknown risks,uncertainties, factors and assumptions. Accordingly, readers should notplace undue reliance on forward-looking statements. Many factors couldcause actual results, performance or achievements to be materiallydifferent from any future results, performance or achievements that maybe expressed or implied by such forward-looking statements. Shouldassumptions underlying the forward-looking statements prove incorrect,actual results, performance or achievements could vary materially fromthose expressed or implied by the forward-looking statements containedin this release.
The forward-looking statements contained in this release areexpressly qualified in their entirety by this cautionary statement.Although the forward-looking statements contained in this release arebased upon what Talison believes to be reasonable assumptions, Talisoncannot assure investors that actual results, performance or achievementswill be consistent with these forward-looking statements. Theseforward-looking statements are made as of the date of this release andTalison does not assume any obligation to update or revise them toreflect new events or circumstances.
FOR FURTHER INFORMATION PLEASE CONTACT:
Talison Lithium Limited
Todd Hilditch
Investor Relations Director
604 443 3831
Todd.Hilditch@talisonlithium.com
Talison Lithium Limited
Level 4, 37 St Georges Terrace
Perth, Western Australia 6000
www.talisonlithium.com
Source: Talison Lithium Limited