Just before a long weekend in Canada, when news tends to trail off to a trickle, Quebec City-based Nemaska Lithium Inc. (TSX:NMX) timed its latest announcement perfectly, providing Thursday an update on the overall Whabouchi project in Quebec and disclosing quarterly financials.
NEM had on hand $262.3 million in unrestricted cash and cash equivalents and the equivalent in $522 million of restricted cash and in-trust deposits, by the end of last March. The company incurred $190.1 million for the Whabouchi mine, and $111.4 million for the Shawinigan electrochemical plant.
According to CEO Guy Bourassa, “We have made good overall progress during the past months on both the construction at the Whabouchi mine and the detailed engineering at the Shawinigan plant. While we are carefully managing cash at our disposal, we are also reviewing financing opportunities and strategic alternatives with the help of our financial advisors.
“We are diligently proceeding one step at a time towards achieving our ultimate goals within the best possible timeframe in the best interest of all our stakeholders.”
NEM’s stock price strengthened 1.5 cents, or 4.8%, to 32.5 cents, on volume of 596,000 shares.