- Grounded Lithium Corp. (TSXV: GRD, OTCQB: GRDAF) reports a reduction in net comprehensive loss to $1,073,898 for 2024, significantly down from $4,187,227 in the previous year.
- The company entered a strategic agreement with Denison Mines Corp, allowing Denison the option to become a majority owner in the Kindersley Lithium Project through project funding and direct cash payments.
- Denison's $4.5 million budget supports Grounded Lithium's advancement towards a Pre-Feasibility Study, scheduled for completion in 2025.
Grounded Lithium Corp. (TSXV: GRD, OTCQB: GRDAF) unveiled its financial results for the fourth quarter and full year of 2024, showcasing a substantial improvement in its financial performance. The company reported a net comprehensive loss of $1,073,898 for 2024, a marked reduction from the $4,187,227 loss recorded in 2023. By the close of 2024, Grounded Lithium had improved its working capital to a surplus of $80,725, a stark contrast to the previous year's deficit.
A significant development during the year was the January 15 agreement with Denison Mines Corp. This agreement provides Denison the option to attain majority ownership in the Kindersley Lithium Project (KLP) by funding project expenditures and making direct cash payments to Grounded Lithium.
On the technical front, Grounded Lithium re-entered the 4-15 Well in November 2024, conducting brine sampling at 11 distinct levels. This effort forms part of the company's progression towards a Pre-Feasibility Study (PFS) slated for completion in 2025. The study is underpinned by a $4.5 million budget from Denison.
Several Direct Lithium Extraction (DLE) firms are currently assessing the feasibility of their technologies for the Kindersley Lithium Project, further anchoring Grounded Lithium's strategy to determine the optimal extraction process.
