Grounded Lithium Corp. reports developments tied to its lithium brine exploration and development business in Southwest Saskatchewan and its OTC-traded shares under GRDAF. Company updates commonly cover the Kindersley Lithium Project, technical work on the Duperow Formation, direct lithium extraction evaluation, pre-feasibility study work, and collaboration with Denison Mines Corp.
News also includes quarterly and year-end financial results, working-capital and capital-expenditure disclosures, shareholder meeting matters, stock option grants, and the company's resource diversification into Saskatchewan oil and gas operations. These releases connect project spending, brine-processing studies, and oil-and-gas cash-flow initiatives to Grounded Lithium's broader development plans.
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Grounded Lithium Corp. (TSXV: GRD, OTCQB: GRDAF) has released its financial and operational results for the year ending December 31, 2022. The company successfully executed a reverse takeover in August 2022, significantly expanding its land base to approximately 333 sections (~86,000 hectares) by early 2023. Key highlights include the completion of a lithium-focused test well in Saskatchewan, showing promising brine samples with lithium concentrations between 74 and 81 mg/l, and a productivity rate potential of 19,500 bbls/d. Financially, the company reported a comprehensive loss of CAD 22,462,228 for Q4 2022, and CAD 69,785,543 for the full year. Grounded Lithium aims for commercial production with a preliminary economic assessment planned for 2023, alongside ongoing capital raising efforts. The company emphasizes its goal of becoming a leading environmentally responsible lithium producer to support the global energy transition.
Grounded Lithium Corp. (GRDAF) has appointed a second industry expert to conduct lithium extraction testing on brine from its Kindersley Lithium Project (KLP). This initiative aligns with GLC's strategy for superior extraction technology. The unnamed expert has a successful track record in brine testing for lithium resources. Testing is set to complete by late April or early May 2023. GLC plans to transport brine to the expert's facility for evaluation alongside Koch Technology Solutions. A preferred technology selection is expected in Q2 2023, which will inform the preliminary economic assessment and future development leading to commercial production.
Grounded Lithium Corp. (GRDAF) announced the acquisition of 33 sections (8,498 hectares) of land adjacent to its Kindersley Lithium Project, increasing its total holdings to approximately 300 sections (77,477 hectares). The acquisition, costing $425,000, adds approximately 482,000 tonnes of lithium carbonate equivalent (LCE) resources, bringing total inferred resources to 4.2 million tonnes. The purchase price equates to about $1.00 per tonne of LCE, significantly lower than the company's current market metric of $5.00 per tonne. Additionally, Greg Phaneuf has expanded his role to Senior Vice President, Corporate Development & CFO.