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    LKE   AU000000LKE1

LAKE RESOURCES NL

(LKE)
  Report
Delayed Australian Stock Exchange  -  12:10 2022-12-06 am EST
0.9700 AUD   -3.00%
04:14aLake Resources Appoints Chief Legal Officer
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12/05Lake Resources NL Appoints Howard Atkins to Board
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12/05Lake Resources NL Appoints New Board Member Dr. Cheemin Bo-Linn
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Lake Resources in dispute with Lilac Solutions over stake in Argentina lithium project

09/13/2022 | 09:45pm EST

Sept 14 (Reuters) - Australian lithium developer Lake Resources NL said a dispute had 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, sending its shares down 20%.

Bill Gates-backed Lilac considers it has until Nov. 30 to achieve the necessary milestones to earn up to 25% stake in Kachi project, while Lake believes the milestones must be achieved by Sept. 30, the Australian company said in a statement on Wednesday.

The milestones include Lilac completing at least 1,000 hours of operations of the Lilac Pilot Unit onsite at Kachi and producing a feed totalling at least 2,500 kg of lithium carbonate equivalents from onsite operations, Lake said.

Lake, who signed a deal with privately-held Lilac last September to jointly develop the Kachi project, said it has exercised its rights to have the dispute resolved either by agreement of both Lake and Lilac, or by arbitration.

Lake said it has an option to exercise certain buyback rights under the deal if Lilac does not achieve the milestone by the required date.

Recently, short seller J Capital Research had claimed that Lake's plan to produce lithium in Argentina was based on Lilac's extraction process that likely does not work, allegations that Lake has refuted.

Lilac did not immediately respond to a Reuters request for comment.

(Reporting by Himanshi Akhand in Bengaluru; Editing by Rashmi Aich)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
EURO / ARGENTINE PESO (EUR/ARS) 0.27% 178.0376 Delayed Quote.51.70%
LAKE RESOURCES NL -3.00% 0.97 Delayed Quote.-0.99%
US DOLLAR / ARGENTINE PESO (USD/ARS) 0.00% 169.14 Delayed Quote.63.69%
All news about LAKE RESOURCES NL
04:14aLake Resources Appoints Chief Legal Officer
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12/05Lake Resources NL Appoints Howard Atkins to Board
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11/29Lake Resources NL Chairmans Annual General Meeting Address and Presentation
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11/28Lake Resources NL Announces Retirement of Nicholas Lindsay as Director
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11/20Lake Resources NL Provides Kachi Project Contract Update
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11/20Lake Resources Nl (asx : LKE) Provides Kachi Project Contract Update
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Financials
Sales 2023 - - -
Net income 2023 -9,59 M -6,45 M -6,45 M
Net cash 2023 489 M 329 M 329 M
P/E ratio 2023 -102x
Yield 2023 -
Capitalization 1 351 M 910 M 910 M
EV / Sales 2023 -
EV / Sales 2024 -
Nbr of Employees -
Free-Float 87,1%
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Mean consensus BUY
Number of Analysts 5
Last Close Price 1,00 AUD
Average target price 2,43 AUD
Spread / Average Target 143%
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Managers and Directors
David Dickson Chief Executive Officer, Director & MD
Peter Neilsen Chief Financial Officer & Secretary
Geoffrey Stuart Crow Executive Chairman
Scott Munro Senior VP-Technology, Strategy & Risk
Gautam Parimoo Chief Operating Officer