Salt Lake Potash Ltd (AIM:SO4, ASX:SO4, OTC:WHELF, LSE:SO4) had cash reserves of A$69.441m at its 30 June year end after cutting net losses to A$5.3mln from A$15.7mln as it continues to develop the Lake Way project in Western Australia.
The company conducted six separate equity capital raisings in the year to June, with the latest being a A$27mln placement at $0.35 per share.
The year’s operational developments included expanding its on-lake operations, with the total trench length extended to 75 km and 29 active bores pumping brine as of today.
Salt harvesting started between December and February and restarted in the June 2021 quarter to prepare harvest salts for plant feed.
At the end of the 12-month period, 96,000 square metres of salt had been harvested.
Off-lake, the company continued construction of the process plant at Lake Way, with practical completion achieved in the June quarter as the contractor handed over the plant to the SO4 operations team.
The company said commissioning activities at the end of the financial year and through to the September quarter were focused on the calibration of the flotation circuit to achieve the designed waste mass pull.
Since the period end, Salt Lake Potash appointed Isak Buitendag as its new CEO, bringing experience as general manager of transformation at Glencore subsidiary Kazzinc.