20th Sep 2024 09:46
(Alliance News) - Zinnwald Lithium PLC on Friday said it continued to advance its integrated lithium hydroxide project as it reported a narrowed loss.
The Germany-focused lithium producer said pretax loss narrowed to EUR1.2 million in the first half of 2024 from EUR1.3 million a year prior.
Administrative costs were virtually flat at EUR1.2 million, while share based payments charge-related costs increased 19% to EUR304,818 from EUR255,111.
Finance income increased to EUR241,332 from EUR32,792.
Looking ahead, Chair Jeremy Martin said: "We continue to advance our integrated lithium hydroxide project in Germany, which is positioned to supply Europe with a sustainable source of lithium at a competitive cost that reduces its dependency on imports and further develop the EU's battery chain infrastructure."
Further, he said that the lithium sector is navigating complex trading conditions due to geopolitical tensions, regulatory changes and shifting demand patterns.
He added: "The remainder of the year promises to be busy as we look to develop a low-risk, scalable project that delivers enduring value to our shareholders, stakeholders, and the communities in which we operate. The updated mineral resource estimate supports this vision and underscores the potential for increased production of LiOH through a phased development approach."
Zinnwald shares fell 2.3% to 8.40 pence each on Friday morning in London.
By Tom Budszus, Alliance News slot editor
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