CALGARY, AB, May 22, 2024 /CNW/ - (TSXV: GRD) (OTCQB: GRDAF) -
Grounded Lithium Corp. ("GLC" or the "Company")
announces our financial and operating results for the three month
period ended March 31, 2024.
Selected financial and operational information is set out below and
should be read in conjunction with the Company's March 31, 2024 financial statements and the
related management's discussion and analysis, which are available
for review at www.sedarplus.ca or the Company's website at
www.groundedlithium.com.
First Quarter 2024 Financial and Operational
Highlights
- On January 16, 2024, the Company
announced the entering of a series of agreements with Denison
Mines Corp (TSX: DML; NYSE American: DNN)
("Denison"), highlighted by the Earn-In Agreement (the
"Agreement"). The Agreement is expected to provide
more than sufficient funding for a field pilot (the "Pilot")
for the KLP which both the Company and Denison (collectively, the
"Parties") plan to advance on a priority basis. Beyond
the Pilot, Denison may also provide further capital during the
earn-in period to fund other activities as necessary to drive the
overall KLP value such as further technical evaluations and
studies, drilling, sampling and expenditures to maintain the KLP
lands in good standing.
(CAD$, except per
share amounts and common shares outstanding)
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Three Months Ended
March 31,
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2024
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2023
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FINANCIAL
RESULTS
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Net comprehensive
loss
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507,607
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1,682,288
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Per share - basic and
diluted
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0.01
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0.02
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Cash flow used in
operating activities
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411,756
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1,730,836
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Per share - basic and
diluted
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0.01
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0.02
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Funds flow used in
operations
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467,640
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1,473,056
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Per share - basic and
diluted
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0.01
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0.02
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Capital
expenditures
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Capital expenditures
(dispositions)
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(800,000)
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443,637
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Liquidity
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Working capital
surplus
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303,222
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890,061
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Common shares
outstanding
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Weighted average -
basic and diluted
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77,126,290
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68,603,316
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Outstanding, end of
period
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78,279,227
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69,656,423
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About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and
development company that controls approximately 1.0 million metric
tonnes of Measured & Indicated lithium carbonate equivalent
mineral resource and approximately 3.2 million metric tonnes of
Inferred lithium carbonate equivalent resource over our focused
land holdings in Southwest
Saskatchewan as per the Company's updated PEA. The
updated PEA, titled "NI 43-101 Technical Report: Preliminary
Economic Assessment Kindersley Lithium Project – Phase 1
Update" dated November 7, 2023
and effective as of June 30, 2023,
reports a Phase 1 NPV8 after-tax of US$1.0 billion with an after-tax IRR of
48.5%. GLC's multi-faceted business model involves the
consolidation, delineation, exploitation and ultimately development
of our opportunity base to fulfill our vision to build a
best-in-class, environmentally responsible, Canadian lithium
producer supporting the global energy transition shift. U.S.
investors can find current financial disclosure and Real-Time Level
2 quotes for the Company on https://www.otcmarkets.com/.
Qualified Person
Scientific and technical information contained in this press
release has been prepared under the supervision of Doug Ashton, P.Eng., Alexey Romanov, P. Geo., Meghan Klein, P. Eng., Dean Quirk, P.Eng., Jeffrey Weiss, P.Eng., Chad Hitchings., P.L. Eng., and Michael Munteanu, P.Eng., each of whom is a
qualified person within the meaning of NI 43-101.
Forward-Looking Statements
This press release may contain forward-looking statements and
forward-looking information within the meaning of applicable
Canadian securities laws. The opinions, forecasts, projections and
statements about future events of results, are forward looking
information, forward-looking statements or financial outlooks
(collectively, "forward-looking statements") under the
meaning of applicable Canadian securities laws. These statements
are made as of the date of this press release and the fact that
this press release remains available does not constitute a
representation by GLC that the Company believes these
forward-looking statements continue to be true as of any subsequent
date. Although GLC believes that the assumptions underlying, and
expectations reflected in, these forward-looking statements are
reasonable, it can give no assurance that these assumptions and
expectations will prove to be correct. Such statements include, but
are not limited to, statements regarding the internal rates of
return and net present values of the KLP, activities funded by
Denison to drive the KLP value and GLC's vision of becoming a
best-in-class, environmentally responsible, Canadian lithium
producer supporting the global energy transition.
Among the important factors that could cause actual results to
differ materially from those indicated by such forward-looking
statements are: GLC's expectation that our operations will be in
Western Canada, unexpected
problems can arise due to technical difficulties and operational
difficulties which impact the production, transport or sale of our
products; geographic and weather conditions can impact production;
the risk that current global economic and credit conditions may
impact commodity prices and consumption more than GLC currently
predicts; the failure to obtain financing on reasonable terms;
volatility in the trading price of the common shares of the
Company; the risk that unexpected delays and difficulties in
developing currently owned properties may occur; the failure of
drilling to result in commercial projects; unexpected delays due to
the limited availability of drilling equipment and personnel; and
the other risk factors detailed from time to time in GLC's periodic
reports. GLC's forward-looking statements are expressly qualified
in their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy any securities in any
jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
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SOURCE Grounded Lithium Corp.