- Standard Lithium has reported its financial and operating results for its fiscal Q2 2023 ended Dec. 31, 2023
- The company finished its East Texas drilling program that returned the highest reported lithium brine values in North America
- The company also secured lithium brine production rights on the South West Arkansas Project
- Shares of Standard Lithium are up 1.98 per cent to C$2.06 as of 10:35 am ET
Standard Lithium (TSXV:SLI) revealed it returned the highest reported lithium brine values in North America.
In the company’s fiscal Q2 2024 financial and operating results, Standard Lithium stated it achieved this milestone during the East Texas drilling program.
The program identified a significant lithium brine asset with confirmed lithium concentrations of up to 806 mg/L and an average grade of 644 mg/L from three newly drilled wells.
The company also said the results included highly elevated concentrations of potassium and bromine, demonstrating the potential for significant upside.
“In 2023, the lithium sector has been under pressure, with lithium prices experiencing a significant decrease from the all-time highs seen in 2022, a situation compounded by the prevailing interest rate environment and other macroeconomic factors,” Robert Mintak, CEO of Standard Lithium, said in a statement. “Despite the industry-wide market challenge, the long-term fundamentals for lithium continue to be strong, particularly for projects situated in geopolitically stable regions such as the United States, where policy support and other key strategic advantages are enabling for project differentiation.”
Over at its South West Arkansas (SWA) project, the company stated it exercised its option with TETRA Technologies to secure exclusive brine production rights on 27,000 net acres of brine leases included within the project.
The company also made progress with its first commercial lithium project by filing a Phase 1A Definitive Feasibility Study for its project in El Dorado, Arkansas. The feasibility estimates the project will produce 5,7000 tons per year of battery-quality lithium carbonate over a 25-year operating life.
Based out of Vancouver, Standard Lithium‘s principal operations include exploration for and development of lithium brine properties in the United States.
Shares of Standard Lithium are up 1.98 per cent to C$2.06 as of 10:35 am ET. Year-to-date, the company’s stock price is down 22.73 per cent.
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