(Alliance News) - CleanTech Lithium PLC on Tuesday said it had an exciting year ahead as it posted a widened annual loss due to higher expenses.
The Chile-focused lithium exploration and development company said pretax loss widened 55% to GBP5.9 million in 2023 from GBP3.8 million in 2022.
The company reported no revenue for either year.
Notably, administrative costs increased 48% to GBP4.6 million from GBP3.1 million.
Looking ahead, Executive Chair & Interim Chief Executive Officer Steve Kesler said: "CTL has an exciting year ahead of us leading up to discussions with strategic partners later in the year. A lot has been achieved and in a relatively short time and, as such, the company is well placed to realise the value of its portfolio to the benefit of its investors and other stakeholders. That progress has accelerated further in 2024 with the commissioning of the pilot plant, the LV PFS progressing, the CEOL process in train and with the lithium market showing signs of recovery. We look forward to the remainder of 2024 with continued confidence."
CleanTech Lithium shares were 4.0% lower at 24.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Cleantech Lithium (CTL)