Grounded Lithium Provides Spring 2026 Operational Update
Rhea-AI Summary
Grounded Lithium (TSXV: GRD, OTC: GRDAF) reported May 2026 oil sales of 114 barrels per day, matching April levels. The company is optimizing two wells to reduce facility bottlenecks and expects, after straightforward upgrades, initial production above 150 bpd with a later shallow decline.
According to Grounded Lithium, partners are planning additional development wells, and as operator the company recovers overhead plus its revenue share. With Denison Mines, the Kindersley Lithium Project pre-feasibility study is in review and, if favorable, will guide potential commercialization steps.
AI-generated analysis. Not financial advice.
Positive
- May 2026 oil sales steady at 114 bpd versus April 2026
- Facility upgrades expected to lift initial output above 150 bpd
- Plans advancing for additional oil development wells
- Operator role allows recovery of overhead plus revenue share
- Kindersley Lithium Project PFS has reached the review stage
Negative
- Current facility limitations are constraining daily oil production
- Oil wells are expected to experience a shallow production decline over time
News Market Reaction – GRDAF
On the day this news was published, GRDAF declined 1.17%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Oil and Gas Operations Update
May 2026 oil production sales totaled 114 barrels per day ("bpd"), consistent with production reported in April 2026 in our press release dated May 7, 2026. Our partnership is now focused on optimizing both wells in efforts to deliver high quality, spec grade, oil into the commodity markets and alleviate facility limitations on daily production. We anticipate that upon completion of relatively straightforward improvements to the facilities, production may initially exceed 150 bpd followed by months/years of a shallow production decline. Encouraged by these factors, the Company and our partners are advancing plans for additional development wells. As the operator of the wells, the Company also recovers overhead in addition to our share of revenue.
KLP Update
As communicated in a number of prior press releases, the Company and Denison are progressing the completion of the pre-feasibility study ("PFS") for the KLP. Now at the review stage and assuming positive technical, operational and economic conclusions, the PFS will serve as the basis for important next steps in the journey to bring the KLP to a commercial project.
About Grounded Lithium Corp.
GLC is a publicly traded lithium brine exploration and development company that owns approximately 1.0 million metric tonnes of Measured & Indicated lithium carbonate equivalent mineral resource and approximately 3.2 million metric tonnes of Inferred lithium carbonate equivalent resource over our focused land holdings in Southwest Saskatchewan as per the Company's updated PEA. The updated PEA, titled "NI 43-101 Technical Report: Preliminary Economic Assessment Kindersley Lithium Project – Phase 1 Update" dated November 7, 2023 and effective as of June 30, 2023, reports a Phase 1 NPV8 after-tax of US
GLC's multi-faceted business model involves the consolidation, delineation, exploitation and ultimately development of our opportunity base to fulfill our vision to build a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition shift. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on https://www.otcmarkets.com/.
Qualified Person
Scientific and technical information contained in this press release has been prepared under the supervision of Doug Ashton, P.Eng., Alexey Romanov, P. Geo., Meghan Klein, P. Eng., Dean Quirk, P.Eng., Jeffrey Weiss, P.Eng., Chad Hitchings., P.L. Eng., and Michael Munteanu, P.Eng., each of whom is a qualified person within the meaning of NI 43-101.
Forward-Looking Statements
This press release may contain forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws. The opinions, forecasts, projections and statements about future events of results, are forward looking information, forward-looking statements or financial outlooks (collectively, "forward-looking statements") under the meaning of applicable Canadian securities laws. These statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by GLC that the Company believes these forward-looking statements continue to be true as of any subsequent date. Although GLC believes that the assumptions underlying, and expectations reflected in, these forward-looking statements are reasonable, it can give no assurance that these assumptions and expectations will prove to be correct. Such statements include, but are not limited to, statements pertaining to improved oil production rates through facility optimization, months/years of shallow production rates, potential for additional oil and gas drilling, ability of the KLP to be a commercial project and GLC's vision of becoming a best-in-class, environmentally responsible, Canadian lithium producer supporting the global energy transition.
Among the important factors, risks, uncertainties and assumptions that could cause actual results to differ materially from those indicated by such forward-looking statements are: GLC's expectation that our operations will be in Western Canada, unexpected problems can arise due to technical difficulties and operational difficulties which impact the production, transport or sale of our products; geographic and weather conditions can impact the production; the risk that current global economic and credit conditions may impact commodity prices and consumption more than GLC currently predicts; the failure to obtain financing on reasonable terms; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the failure of drilling to result in commercial projects; unexpected delays due to the limited availability of drilling equipment and personnel; and the other risk factors detailed from time to time in GLC's periodic reports. GLC's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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SOURCE Grounded Lithium Corp.