The company noted in its first quarter results statement on Friday that recent reports in the press have indicated a strengthening in the lithium carbonate spot price in the Chinese market, with some research indicating battery grade spot pricing above US$10,000/t.
The lithium and borates company reminded shareholders it has some C$25mln in the bank and is therefore fully funded through to the initial project development and the start of the construction stages of its Sonora lithium project in Mexico.
The feasibility study is expected to be completed towards the end of the first quarter.
Aside from nominal interest income (of C$38,720), Bacanora has no revenue, so the profit & loss statement is not that relevant at this stage of the company’s development, but for the record the company made a loss of C$2.57mln in the first quarter, versus a loss of C$1.49mln in the same period of 2015.
Foreign exchange rates were not helpful to the company this year, with a C$513,327 currency translation adjustment deepening the total comprehensive loss this time round to C$3.08mln, versus a loss of C$539,350 last year.
Shares in London were trading 0.7% higher at 75.5p in a falling market in mid-morning trading.
Story by ProactiveInvestors