I cannot fathom how this thing is not already a zero. The project is completely unviable, even at far higher lithium prices the IRR was pathetic and the capex was absurdly high. The project will never, ever, ever be built. Meanwhile:
management spent almost $6,000,000 in just 90 days on staff and corporate costs.
management spent just $1,800,000 on the actual project across the same timeframe.
They are literally bleeding their cash pile dry on their own salaries, travel and entertainment. The only way they can pretend they have 4.1 quarters of funding left is by including the $16.35M that may be available under the Acuity agreement (but which the company admit they cannot guarantee they will be able to access). Without counting that and just taking their cash pile of $15.1M, they have 1.9 quarters of cash left.
LKE Price at posting:
3.5¢ Sentiment: None Disclosure: Not Held
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