Australian lithium explorer Lake slides on revamped timeline for Argentina project

Lake Resources NL

19/06/2023 02:30

** Shares of Lake Resources  LKE.AX  slide as much as 19% to
A$0.385, their lowest level since July 20, 2021
    ** Lake stock tops losses in the benchmark stock index
 .AXJO 
    ** The lithium explorer now expects first production of
lithium carbonate in 2027, compared to an earlier target of 2024
    ** LKE is now targeting 50 kilotonnes per annum (kpta) of
lithium carbonate from its Kachi project in Argentina by 2030
    ** Our new, phased approach de-risks project execution while
ensuring battery grade lithium carbonate comes to market in a
cleaner, efficient way  - Lake CEO David Dickson
    ** Stock posts its biggest intraday pct fall since Sept 14,
2022
    ** About 28 mln shares change hands, vs the 30-day average
volume of ~11.9 mln shares
    ** Stock down 40.6% this year, as of last close
    

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))