Lake Resources (ASX: $LKE) Quarterly Cash Flow Report

Lake Resources N.L (ASX: $LKE) released its quarterly cash flow report for the quarter ended 31 March 2024. The company has extended its Controlled Placement Agreement to raise a total of $43.8 million and has approximately $4.29 million unused amount available under the Agreement. Additionally, Lake Resources raised approximately $1.5 million through a recently completed Share Purchase Plan, adding to the company's cash balance.

Executive Update on Operational and Financial Highlights

Formerly launched the Strategic Partner Process for Kachi Project, which continues to progress. The company has materially improved liquidity through a successful execution of a A$15 million Placement and subsequent Shareholder Purchase Plan, along with additional cost reduction measures. Lake Resources also submitted the Environmental Impact Assessment for Kachi in late March, in support of the Catamarca Province development permit application. The company exceeded cost reduction targets by reducing company-wide expenditures by 41% for the quarter ending 31 March 2024, compared to the quarter ending 31 December 2023.

Summary of Quarterly Cash Flow Report and Outlook

Lake Resources' quarterly cash flow report highlights the extension of its Controlled Placement Agreement to raise $43.8 million and the successful completion of a $15 million Placement and a Share Purchase Plan, raising an additional $1.5 million. The company's strategic partnership process for the Kachi Project is ongoing, aiming to provide additional capital to fund activities prior to Final Investment Decision and project development. Lake Resources has also demonstrated a commitment to cost reduction measures, with a significant reduction in company-wide expenditures. The company continues to closely monitor its available cash balance and total relevant outgoings, while considering further opportunities to improve its financial flexibility, including the evaluation of the monetization of its non-core assets unrelated to Kachi.