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Standard Lithium Reports Fiscal First Quarter 2023 Results, Achieves Key Project Milestones Towards Commercialization
VANCOUVER, British Columbia, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE: SLI) (FRA: S5L), a
About this update from Standard Lithium Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLI) (NYSE: SLI) (FRA: S5L), a leading pre-commercial lithium project development company, today reported its financial and operating results for the fiscal first quarter ended September 30, 2022. “Q1 was an important quarter for Standard Lithium, in which we advanced our development strategy in meaningful ways – and have continued this momentum into the current quarter,” said Robert Mintak, Chief Executive Officer and Director. “We achieved milestones, the most significant of which was awarding the Front-End Engineering and Design (FEED) and Definitive Feasibility Study (DFS) for our first commercial lithium plant. That work is successfully underway, with trade-off studies being completed, and the FEED and DFS for Phase 1A on schedule for delivery in the first half of 2023 and will be summarized in a NI 43-101 DFS report.” Mintak continued, “We also added key personnel to the management team and to the workforce at our Arkansas facility, a team that I am proud to report now numbers 30 highly skilled operators, technicians, and engineers. We successfully commissioned a first-of-its-kind chloride-to-hydroxide conversion pilot plant in October. In November, we commenced a significant resource expansion program that includes re-drilling an existing production well into the deeper Smackover Formation at a location west of our South-West Arkansas Project. Additionally, we also received Notices of Allowance for Standard Lithium’s first two U.S. patent applications.” “The Company has had meaningful dialogue and hosted a number of site visits with groups over the past several months and we are evaluating potential strategic partnerships and supply agreements that will support the further development of our projects,” concluded Mintak. “These initiatives, our continuing momentum toward key milestones, and our strong cash position will allow us to advance our commercial development strategy with confidence.” HIGHLIGHTS OF THE FIRST FISCAL FIRST QUARTER OF 2023 ENDED SEPTEMBER 30, 2022 Strong Balance Sheet - As of September 30, 2022, the Company’s cash on hand totaled $124 million and it had a working capital surplus of $121 million. FEED and DFS Awarded - On September 7, 2022, the Company announced that it had...