Lake Resources NL (OTCMKTS:LLKKF) Stocks Under Pressure Despite Announcing Expansion Strategy
Lake Resources NL (OTCMKTS:LLKKF) dropped 4% after announcing the start of an extension and integration project meant to fast-track its Argentinian-based assets portfolio for the TARGET program that seeks to produce almost 100,000 high purity lithium tonnes per year by 2030.
Market Stats
On Friday, LLKKF stock fell 4.10 to $0.6330 with 238K shares, compared to its average volume of 1.03 million shares. The stock moved within a range of $0.6300 – 0.6600 after opening trading at $0.6415.
Key Details
The company has kicked off a $15 million program across three wholly-owned assets at Paso, Cauchari and Olaroz to drill and brine sampling to expedite the projects to feasibility studies in the program. In the future, the company will have a different exploration and sampling team committed to quick developments across its three other brine projects in the country using comprehensive data from the Kachi project’s extraction processing work.
The company’s Chairman Stu Crow stated that they are in discussions with prospective partners to help in fast-tracking the assets into production as part of the company’s engagement with battery metals clients and the desire to be a valuable and integrated part of supply chains. So, in the coming weeks, investors should watch LLKKF.
Key Quote
Lake chairman Stu Crow said: “discussions with potential partners to assist the fast-tracking of these assets into production is underway as part of Lake’s ongoing discussions with battery metals customers and Lake’s desire to become an integrated and valuable part of global supply chains.”
Traders Corner
LLKKF stock is trading below the 20-Day and 50-Day Moving averages of $0.65 and $0.66 respectively. However, the stock is trading above the 200-Day moving average of $0.47.
