Delta Lithium Limited (ASX:DLI) Announces AGM Highlights
Chairman’s Comments
Nader El Sayed, newly appointed Non-Executive Chairman of Delta Lithium Limited (ASX:DLI), addressed shareholders at the 2024 Annual General Meeting. He acknowledged the challenges faced in the lithium market, attributed to softer demand for electric vehicles globally. El Sayed emphasised the current volatility in the EV market and the importance of patience as the battery supply chain stabilises.
Operational Achievements
The company successfully raised $70 million last November, enhancing its financial position as a junior explorer. This funding supported expanded drilling programs at Mt Ida and Yinnetharra, leading to the release of two Maiden Mineral Resource Estimates. The flagship Yinnetharra project now boasts a resource of 25.7 million tonnes at 1.0% Li2O.
Delta also updated the Gold Mineral Resource Estimate at Mt Ida to 752,000 ounces, and ongoing drilling aims to exceed 1 million ounces. El Sayed praised the geology team’s efforts in driving this progress and acknowledged the project’s readiness for advancement.
Strategic Focus and Future Outlook
Delta Lithium has disposed of the Eureka Gold project to Javelin Minerals, aligning with its focus on core assets, aiming to further develop Mt Ida and Yinnetharra. The transaction provided $1.5 million in cash and an additional $1.5 million in equity, reinforcing Delta’s financial position.
El Sayed reassured shareholders of the company’s commitment to lithium and the strategic monetisation of gold assets. He expressed gratitude for shareholder support, highlighting the company’s solid projects and strong balance sheet position amidst market challenges.
Nader El Sayed concluded by reaffirming Delta’s strategic focus on enhancing shareholder value and shared optimism for the journey ahead.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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