IberAmerican Lithium Announces Second Quarter 2024 Financial Results

Rhea-AI Summary

IberAmerican Lithium Corp. (Cboe CA: IBER) (OTCQB: IBRLF) has released its Q2 2024 financial results. The company reported a net loss of $1.75 million ($0.03 per share) for the quarter. As of June 30, 2024, IberAmerican had cash and cash equivalents of $0.2 million, down from $3.4 million on December 31, 2023. The company's working capital position shifted from a surplus of $3,821,202 at the end of 2023 to a deficit of $629,345 by June 30, 2024.

For the remainder of 2024, IberAmerican plans to focus on obtaining final permit approvals for its Alberta II and Carlota lithium projects in northwestern Spain, preparing for further exploratory operations. The company will also continue to explore additional opportunities for shareholder value creation.

Positive

• Progressing towards final permit approvals for Alberta II and Carlota lithium projects
• Plans to commence further exploratory operations in Spain

Negative

• Net loss of $1.75 million for Q2 2024
• Significant decrease in cash and cash equivalents from $3.4 million to $0.2 million
• Working capital position shifted from a surplus to a deficit of $629,345

Toronto, Ontario--(Newsfile Corp. - August 14, 2024) - IberAmerican Lithium Corp. (Cboe CA: IBER) (OTCQB: IBRLF) (FSE: W2C) ("IberAmerican" or "the Company") announced today that it has filed its unaudited condensed interim consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and six month periods ended June 30, 2024 (the "Quarter"). These documents can be found on its website at www.iberamericanlithium.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca. All financial figures contained herein are expressed in Canadian dollars unless otherwise noted.

The Company reported a net loss for the Quarter of $1.75 million ($0.03 per share); and (ii) as at June 30, 2024, the Company had cash and cash equivalents of approximately $0.2 million (December 31, 2023 - $3.4 million) and a working capital deficit of $629,345 (a surplus of $3,821,202 at December 31, 2023)

For the remainder of 2024, the Company will continue to work towards receipt of final permit approvals for the Alberta II and Carlota lithium projects in northwestern Spain, where it is poised to commence further exploratory operations. The Company will also continue to evaluate other opportunities for shareholder value creation.

About IberAmerican Lithium Corp.

IberAmerican Lithium is a hard-rock lithium exploration company focused on advancing its 100% owned Alberta II & Carlota Properties located in the Galicia region of northwestern Spain. IberAmerican Lithium's properties are located in a favorable lithium district with world class infrastructure and a supportive and proactive mining jurisdiction.

Additional information on IberAmerican Lithium is available at www.iberamericanlithium.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release, including statements related to the approval of the final permits for the Alberta II and Carlota Properties. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of IberAmerican to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risks Factors" in the Company's Annual Information Form dated March 26, 2024, which is available for view on SEDAR+ at www.sedarplus.ca. These risks include but are not limited to, the risks associated with the mining and exploration industry, such as operational risks in development or capital expenditures, the uncertainty of projections relating to production, and any delays or changes in plans with respect to the exploitation of the site. Forward-looking statements contained herein, are made as of the date of this press release, and IberAmerican disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Further Information

For further information regarding the Continuance, please contact:

IberAmerican Lithium Corp.
Campbell Becher - CEO
inquiries@ialithium.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/219963

FAQ

What was IberAmerican Lithium's (IBRLF) net loss for Q2 2024?

IberAmerican Lithium (IBRLF) reported a net loss of $1.75 million ($0.03 per share) for the second quarter of 2024.

How much cash and cash equivalents did IberAmerican Lithium (IBRLF) have as of June 30, 2024?

As of June 30, 2024, IberAmerican Lithium (IBRLF) had cash and cash equivalents of approximately $0.2 million, down from $3.4 million on December 31, 2023.

What are IberAmerican Lithium's (IBRLF) plans for the remainder of 2024?

For the remainder of 2024, IberAmerican Lithium (IBRLF) plans to work towards obtaining final permit approvals for its Alberta II and Carlota lithium projects in northwestern Spain and prepare for further exploratory operations.

How did IberAmerican Lithium's (IBRLF) working capital position change from December 31, 2023 to June 30, 2024?

IberAmerican Lithium's (IBRLF) working capital position changed from a surplus of $3,821,202 on December 31, 2023, to a deficit of $629,345 on June 30, 2024.