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CALGARY, AB, May 22, 2024 /PRNewswire/ - (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
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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) | | ||
| | | | |
| | | Three Months Ended March 31, | |
| | | 2024 | 2023 |
| FINANCIAL RESULTS | | | |
| Net comprehensive loss | | 507,607 | 1,682,288 |
| Per share - basic and diluted | | 0.01 | 0.02 |
| | | | |
| Cash flow used in operating activities | | 411,756 | 1,730,836 |
| Per share - basic and diluted | | 0.01 | 0.02 |
| | | | |
| Funds flow used in operations | | 467,640 | 1,473,056 |
| Per share - basic and diluted | | 0.01 | 0.02 |
| | | | |
| Capital expenditures | | | |
| Capital expenditures (dispositions) | | (800,000) | 443,637 |
| | | | |
| Liquidity | | | |
| Working capital surplus | | 303,222 | 890,061 |
| | | | |
| Common shares outstanding | | | |
| Weighted average - basic and diluted | | 77,126,290 | 68,603,316 |
| Outstanding, end of period | | 78,279,227 | 69,656,423 |
| | | | |
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/.