Lake Resources top ASX loser on dispute with Lilac over Argentine lithium project

Lake Resources NL

14/09/2022 02:47

** Shares of Australia's Lake Resources NL  LKE.AX  fall as
much as 20.1% to A$1.015, their lowest since Aug 8
    ** LKE worst performer in the ASX 200 benchmark index
 .AXJO 
    ** The lithium brine explorer says dispute has arisen with
Lilac Solutions Inc over the deadline of the U.S. partner
achieving some milestones to get a 25% stake in Kachi lithium
project in Argentina
    ** LKE says California-based Lilac can earn up to a 25%
stake in the Kachi project if it achieves certain milestones by
September-end, while Lilac believes it has until November-end to
achieve these milestones
    ** In July, short seller J Capital Research claimed Lake's
plan to produce lithium in Argentina is based on a process from
partner Lilac Solutions Inc that likely does not work,
allegations that Lake has refuted  urn:newsml:reuters.com:*:nL4N2YU3XA
    ** LKE most shorted stock in the ASX with more than 18.5 mln
shares changing hands, vs the 30-day average volume of 25.4 mln
shares

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))