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| Statement |
|---|
| The feedback we got was hugely supportive and positive |
| Drilling results from the South West Arkansas project that we highlighted in the PFS, are significantly better than we had previously assumed, both the quality of the rock in terms of its ability to hold and produce lithium brine and the concentrations of lithium in that brine |
| Salah brings an extensive track record in the public market, the energy sector, having enhanced company value, and delivering shareholder returns |
| This coupled with his expertise in driving operational efficiencies, positions us well to enhance shareholder value in the current complex market conditions that we're navigating |
| Additionally, being located in the United States, offers another distinct advantage, because we're in a region that not only benefits from a high-grade resource |
| We're also very fortunate with our business plan to-date, which has been working to develop the project in alignment with complementary and strong partners |
| We're fortunate and that we have very attractive projects, both on the cost curve, on the path towards going into production with a clear permitting regime, infrastructure, and stakeholder support |
| But also from new policies that are coming in - and bipartisan policies, I'll highlight as well, aimed at encouraging domestic lithium production |
| We're very confident that our proposal will be well received |
| So those discussions and negotiations are underway and we're making good progress |
| The exceptional quality of the lithium brine confirmed at concentrations of up to 806 milligrams per liter, with an average of 644 milligrams per liter across our three exploration wells, emphasizes the global importance of this opportunity |
| So, that significantly enhances our strategic position and makes the projects particularly appealing to off-date partners |
| This past quarter has been transformative for us at Standard Lithium, starting with strengthening our leadership team, to better navigate our strategic and financial journey in the current market conditions |
| Yes, we're very fortunate in that the projects, the lithium brine projects, with a high sustainable profile using DLE, and then operating in a region with significant stakeholder support |
| So, we tick a number of the very attractive boxes, a region, and a benefit from the transition for jobs going from the oil and gas sector, into the new energy economy, significant stakeholder support, a very small environmental footprint, the most advanced DLE process of any project in North America, hands down |
| So, we believe we're an extremely attractive project, and we're doing everything we can to return the tax dollars back, to the communities that we're operating in |
| Despite this, the long-term prospects for lithium and for standard lithium remain strong |
| And so large scale, very high quality |
| With positive working capital, no debt, and a strong and substantial asset base, Standard Lithium is poised for growth, despite us being in a challenging lithium price environment |
| Our commitment to the disciplined execution of our strategy, positions the company in a strong place, in this evolving lithium sector |
| In East Texas, we'll continue to strategically expand our land position with the very highest quality rocks, and the very highest grade lithium brine |
| So sold out event, great names, and I think we'll get some good traction in the media, on why this is the best resource, to bring to market anywhere in the Northern Hemisphere |
| This further reinforces the potential as a significant global lithium production hub |
| Lastly, we continue to be incredibly grateful for the communities, stakeholders, and regulators in Southern Arkansas and East Texas |
| This improvement work is being completed in partnership with [Koch], and we continue to have an excellent working relationship that's focused on bringing large-scale commercial DLE to the Smackover formation |
| I think the strength of the project allows us more confidence in meeting the timelines |
| It should be an extremely well-received industry event in a challenging market, because what's unique about the projects we're building and the region we're building in there's excitement around this still |
| And we've been leasing and securing those, the very highest quality areas in the East Texas, Smackover formation |
| It's great to hear that you guys are clearly seeing strong interest on both the strategic partnership side as well as the financing side |
| And it is an extremely exciting event |
| Statement |
|---|
| During the quarter, we had negative free cash flow of approximately $23.6 million, mostly owed to the completion of our East Texas drilling program, continued East Texas leasing efforts, and the completion of our definitive feasibility study on Phase 1A |
| At this current attention, particularly on China's spot pricing, has impacted the entire industry, producers and developers alike |
| In 2023, we saw lithium prices retract significantly from their all-time highs, an 80% reduction that has reverberated across the market |
| But as you know, with these programs, there's uncertainty |
| As we move into 2024, it's clear that we're navigating through a turbulent time in the lithium sector |
| For our fiscal second quarter for the three and six months ended December 31, 2023, we reported a net loss of $10.2 million, or $0.06 per share, and $19.9 million, or $0.12 per share, respectively |
| We're having to navigate specifically and technically choppy waters on the lithium sector, but that's across all regions |
| As you think about pricing, some of the other lithium companies out there, have either announced a delay in an expansion, or cancelling an additional project, et cetera, because of pricing |
| Expenses that drove these net losses primarily relate, to operating expenses at our demonstration plant, and costs in support of necessary personnel to continue to advance our projects |
| Well lithium pricing, volatility in the lithium pricing will come down significantly from where we were a year ago, which is, in retrospect, we're significantly higher than where we were in 2017, when - we started Standard Lithium |
| We expect that with the conclusion of our initial drilling program in East Texas, that capital spend should slow in the upcoming quarters, barring the finalization of advantageous strategic partnerships or offtake agreements, which may allow us to advance our projects sooner |
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