Standard Lithium(SLI) - 2023 Q3 - Quarterly Report

Financial Performance - The company experienced a net loss of CAD 30,289,000 for the nine months ended March 31, 2024, compared to a net loss of CAD 15,539,000 for the same period in 2023, representing a 95% increase in losses[4] - The company reported a total comprehensive loss of CAD 27,959,000 for the nine months ended March 31, 2024, compared to CAD 13,050,000 for the same period in 2023, representing a 115% increase in comprehensive losses[4] - The total operations costs for the demonstration plant were $7,085 million for the nine months ended March 31, 2024, down from $10,403 million in the same period of 2023, showing a decrease of approximately 32%[17] Assets and Liabilities - As of March 31, 2024, Standard Lithium Ltd. reported total assets of CAD 171,086,000, a decrease from CAD 173,497,000 as of June 30, 2023[2] - The company reported total liabilities of CAD 11,799,000 as of March 31, 2024, down from CAD 14,121,000 as of June 30, 2023, indicating a reduction of approximately 16%[2] - Total equity as of March 31, 2024, was CAD 159,287,000, slightly down from CAD 159,376,000 as of June 30, 2023[2] Cash and Cash Equivalents - Cash reserves decreased significantly to CAD 15,716,000 as of March 31, 2024, down from CAD 59,612,000 at the end of June 2023, indicating a cash reduction of approximately 74%[2][6] - As of March 31, 2024, the company has a working capital of CAD 7,670, a decrease from CAD 48,800 as of June 30, 2023[35] Shareholder Equity and Stock Options - The weighted average number of common shares outstanding increased to 178,223,074 for the three months ended March 31, 2024, compared to 168,790,419 for the same period in 2023[4] - The company has authorized a stock option plan allowing for the grant of options to acquire up to 10% of the issued and outstanding common stock[21] - The company has a total of 9,820,000 stock options outstanding with a weighted average exercise price of CAD 4.38 as of March 31, 2024[8] Investments and Assets Valuation - Exploration and evaluation assets increased to CAD 143,210,000 as of March 31, 2024, up from CAD 99,952,000 as of June 30, 2023, reflecting a growth of approximately 43%[2] - The net book value of property, plant, and equipment increased from $2,765 million on June 30, 2023, to $3,180 million by March 31, 2024, representing a rise of 15%[14] - The carrying value of intangible assets decreased from $1,432 million on June 30, 2023, to $1,368 million by March 31, 2024, reflecting a reduction of 4.5%[16] - The company's investment in Aqualung increased from $3,314 million on June 30, 2023, to $3,386 million by March 31, 2024, reflecting a fair value change of $72 million[13] Share-Based Payments - Share-based payments for the nine months ended March 31, 2024, totaled CAD 9,971,000, a significant increase from CAD 1,135,000 for the same period in 2023[4] - The company recorded share-based payment expenses of CAD 9,282 for key management compensation during the nine months ended March 31, 2024, compared to CAD 1,579 in the same period of 2023[26] - The company has recorded CAD 4,929 in share-based payment expense related to the DSU grant during the nine-month period ended March 31, 2024[24] Other Financial Activities - Standard Lithium Ltd. raised CAD 19,263,000 through the issuance of shares under its at-the-market offering during the nine months ended March 31, 2024[6] - The company issued 9,320,559 common shares for proceeds of $19,263 million under the ATM offering during the nine months ended March 31, 2024, compared to $0 in the same period of the previous year[20] - The company issued 1,292,500 common shares for proceeds of CAD 2,046 net of transaction costs of CAD 103 under its ATM offering subsequent to March 31, 2024[38] Legal and Regulatory Matters - The company has not recorded any provision for the ongoing securities class action lawsuit as the outcome is undeterminable at this time[37] Currency Exposure - The company is exposed to a potential change of approximately CAD 620 in comprehensive loss due to a 10% fluctuation in the US dollar relative to the Canadian dollar as of March 31, 2024[36]