VANCOUVER, British Columbia, Feb. 08, 2024 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE:SLI) (FRA:S5L), a leading near-commercial lithium development company, today reported its financial and operating results for the fiscal second quarter ended December 31, 2023.
“In 2023, the lithium sector has been under pressure, with lithium prices experiencing a significant decrease from the all-time highs seen in 2022, a situation compounded by the prevailing interest rate environment and other macroeconomic factors,” says Robert Mintak, CEO and Director of Standard Lithium. “Despite the industry-wide market challenge, the long-term fundamentals for lithium continue to be strong, particularly for projects situated in geopolitically stable regions such as the United States, where policy support and other key strategic advantages are enabling for project differentiation. The Smackover region, in particular, is attracting interest from major players in the global energy sector. Discussions around strategic partnerships, joint development opportunities, and long-term off-take are robust and moving forward. In response to these market dynamics, we are taking responsible and appropriate actions that are in the best interests of our shareholders, ensuring that Standard Lithium remains well-positioned to capitalize on what continues to be an exciting sector with extraordinary growth prospects.”
Salah Gamoudi, Chief Financial Officer of Standard Lithium added: “Despite a challenging commodity price environment, we expect to sustain our current operations through fiscal year 2024 with our cash available on-hand and the strategic use of our ATM program in place. Our balance sheet remains strong, with no long-term debt obligations and positive working capital, giving us the flexibility and optionality to make prudent, disciplined decisions for our shareholders. We continue to evaluate and pursue attractive, non-dilutive financing options with the guidance of our financial advisors, and as Robert mentioned, we are progressing discussions with potential strategic partners and off-takers. The need for additional capital at this point in our Company’s evolution is natural as we continue to advance our suite of projects in a responsible manner taking into account the various market dynamics, and with a focus on opportunities that are the most value accretive for our shareholders in the long-term.”
Highlights of the Second Fiscal Quarter Ended December 31, 2023
Appointed key executives to the leadership team to support the Company’s next stage of development and growth. Salah Gamoudi was appointed as Chief Financial Officer and Michael Barman joined as Chief Development Officer. Mr. Gamoudi brings extensive experience from the oil and gas sector, including a transformative tenure at Sandridge Energy that successfully generated significant value for its shareholders. He is expected to lead the financing strategy as well as enhance the Company’s accounting and investor relations functions. Mr. Barman brings nearly 20 years of experience advising senior executives and their boards, most recently serving as Managing Director in Investment Banking …