TG Metals reports on Q1 activities and financial position

TG Metals Limited (TG Metals) (ASX: $TG6) has released its Quarterly Activities Report for the period ended 31 March 2024, highlighting the progress made in the exploration of its 100% owned multi-commodity Lake Johnston Project in WA. The company reported a cash balance of $9.1m at the end of the quarter and focused its activities on the drilling of the high-grade Burmeister lithium spodumene discovery and the advancement of the Jaegermeister lithium prospect.

Executive Commentary on Q1 Activities

The Company is pleased with the significant progress made during the Quarter, particularly with the high-grade lithium intercepts at the Burmeister lithium spodumene discovery. We are also excited about the definition of four high-priority drill targets at the Jaegermeister prospect through new soil sampling results. The successful completion of environmental and heritage approvals for the next phase of drilling reflects our commitment to responsible exploration. With a cash balance of $9.1m, we are well-funded to achieve our exploration goals for 2024.

Summary of Q1 Activities and Outlook

During the Quarter, TG Metals made substantial advancements in its lithium exploration activities, with high-grade lithium intercepts at the Burmeister discovery and the definition of new drill targets at the Jaegermeister prospect. The company's cash balance of $9.1m provides a strong financial position to support its exploration goals for the year. TG Metals aims to further prove up the spodumene pegmatites with successive drilling programs and progress towards a maiden resource at the Burmeister discovery. Additionally, the company continues to assess opportunities for growth and consolidation of tenement positions. With a focus on responsible exploration and a well-funded position, TG Metals remains optimistic about its future exploration endeavors at the Lake Johnston Project.