KEY HIGHLIGHTS OPERATIONS
• Another record quarter at Mt Cattlin with 67,931 dry metric tonnes (dmt) of spodumene concentrate produced in line with customer requirements at a unit cash cost of US$351/tonne
• 89,640 dmt of product was shipped in the quarter with a realised average price of US$779/tonne generating revenue of US$69.8 million
• Contracting arrangements are well advanced for further shipments of ~38.5kt in the December quarter and ~25kt in early January 2022 with a target grade of 5.7% Li2O
• Average pricing for these shipments is approximately US$1,650/tonne CIF for 6% Li2O, almost double that of the September quarter
• At Olaroz2 , 2,802 tonnes of lithium carbonate were produced, 58% of which was battery grade and exceeded the budgeted target of 50%
• Sales were 2,622 tonnes at a price of US$9,341/tonne FOB3 generating revenue of US$24.5 million
• Expansion works at Olaroz have reached 60% completion
• The lithium carbonate sales price has increased by over 200% in the last year and guidance for the December quarter has been revised upwards to ~US$12,000/tonne FOB3 DEVELOPMENT PROJECTS
• Construction is virtually complete at the Naraha Plant and pre-commissioning works are well underway • Early construction and procurement at Sal de Vida advances with the completion of the wellfield drilling program and mobilisation of the earthworks and liner installation contractors to site in anticipation of receiving final permits by year end
• Feasibility study works and basic engineering at James Bay are in the final stages with results and a maiden reserve scheduled for release during the December quarter CORPORATE & FINANCIALS
• Merger with Galaxy Resources Limited (Galaxy) successfully implemented via a scheme of arrangement • At 30 September, the merged entity held cash of US$423.6 million, of which US$140.1 million is being held as collateral until practical completion for the Naraha and Olaroz Expansion debt facilities
ORE Price at posting:
$9.02 Sentiment: Buy Disclosure: Held
