Australia's Core Lithium extends losses on dismal results, CEO change

Core Lithium

13/03/2024 01:06

** Shares of Core Lithium Ltd  CXO.AX  slip as much as 9.1%
to A$0.20, their biggest intra-day percentage Loss since Jan. 8 
    ** Co posts loss after income tax of A$167.6 mln ($110.72
mln) vs loss from cont. ops attributable of A$9.2 mln reported
year ago
    ** Says CEO Gareth Manderson will step down as part of a
strategic review
    ** Shares hit their lowest level since Feb. 15 
    ** Stock is the biggest pct gainer/loser on the benchmark
S&P/ASX 200 index  .AXJO  
    ** More than 21.5 mln shares change hands as compared with
the 30-day average volume of ~19.6 mln shares  
    ** "We maintain our Sell; holders are essentially buying an
option here on an upper-cost quartile project," - Citi 
    ** Stock down 12% this year as of last close, vs a 1.6%
increase in AXJO 



($1 = 1.5138 Australian dollars)

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))