E3 Lithium (ETL.V) narrowed its net loss year over year in the first quarter, while it continues to drive advancement of the Clearwater Project, the company said Friday.
Net loss and comprehensive loss amounted to C$2.8 million, or a loss of $0.03 per share, narrowing from a loss of $2.9 million, or a loss of $0.04 per share.
During the quarter, the company formally submitted an application to the Alberta Energy Regulator to obtain a Directive 056 license for its Clearwater project's Central Processing Facility. The permit is one of two key permits required by the province to construct and operate the CPF.
As of March 31, E3 had $54.0 million of undrawn government grants. The funds will support E3's ongoing activities, including completion of its Demonstration Facility as it advances toward final investment decision and commercialization.
E3 is preparing for the final phase of Demonstration Facility operations, which will be focused on commercial-scale direct lithium extraction technology validation and integrated production of battery-grade lithium carbonate to support project financing and commercialization of the Clearwater project.
Shares in ETL rose $0.02 or 1.7% at $1.20 yesterday.