Cover
Cover | 6 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Document Type | 6-K |
Document Period End Date | Dec. 31, 2023 |
Entity Registrant Name | Standard Lithium Ltd. |
Entity Central Index Key | 0001537137 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Financial Position - CAD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Current assets | ||
Cash | $ 15,831 | $ 59,612 |
Receivables | 346 | 468 |
Prepaid expenses | 699 | 1,969 |
Current assets | 16,876 | 62,049 |
Non-current assets | ||
Reclamation deposit | 83 | 83 |
Exploration and evaluation assets (Note 5) | 134,168 | 99,952 |
Intangible asset (Note 6) | 1,389 | 1,432 |
Right of use asset | 966 | 1,233 |
Property, plant and equipment (Note 4) | 3,366 | 2,765 |
Advances and deposits | 177 | 2,669 |
Investment in Aqualung Carbon Capture SA (Note 3) | 3,312 | 3,314 |
Non-current assets | 143,461 | 111,448 |
TOTAL ASSETS | 160,337 | 173,497 |
Current liabilities | ||
Accounts payable and accrued liabilities | 10,827 | 12,737 |
Lease liability - short-term | 381 | 512 |
Current liabilities | 11,208 | 13,249 |
Non-current liabilities | ||
Lease liability - long-term | 608 | 739 |
Decommissioning provision | 132 | 133 |
Non-current liabilities | 740 | 872 |
TOTAL LIABILITIES | 11,948 | 14,121 |
EQUITY | ||
Share capital (Note 8) | 275,960 | 272,419 |
Reserves | 42,120 | 35,888 |
Deficit | (168,639) | (148,707) |
Accumulated other comprehensive loss | (1,052) | (224) |
TOTAL EQUITY | 148,389 | 159,376 |
TOTAL LIABILITIES AND EQUITY | $ 160,337 | $ 173,497 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Comprehensive Income (Loss) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Expenses | ||||
Share-based payments | $ 3,617 | $ 301 | $ 6,357 | $ 1,092 |
Demonstration plant operations (Note 7) | 1,819 | 3,099 | 5,202 | 5,975 |
Office and administration | 1,073 | 700 | 2,158 | 1,639 |
Consulting fees | 762 | 1,068 | 1,913 | 1,569 |
Management fees (Note 9) | 733 | 510 | 1,326 | 1,024 |
Salaries and benefits | 666 | 1,154 | ||
Professional fees | 599 | 146 | 1,079 | 1,386 |
Travel | 293 | 113 | 417 | 160 |
Amortisation of property, plant and equipment (Note 4) | 235 | 4 | 434 | 206 |
Patent | 221 | 224 | 425 | 468 |
Amortisation of office leases | 134 | 46 | 268 | 92 |
Filing and transfer agent | 107 | 50 | 248 | 198 |
Advertising and investor relations | 98 | 86 | 172 | 154 |
Project investigation | 68 | 193 | 143 | 1,138 |
Foreign exchange (gain)/loss | 45 | 1,266 | (560) | (5,229) |
Amortisation of intangible assets (Note 5) | 21 | 21 | 43 | 69 |
Loss from operations | (10,491) | (7,827) | (20,779) | (9,941) |
Interest and other income | 315 | 953 | 893 | 1,512 |
Interest and accretion expense | (21) | (6) | (45) | (10) |
Net loss for the period | (10,197) | (6,880) | (19,931) | (8,439) |
Other comprehensive income (loss) | ||||
Currency translation differences of foreign operations | (3,644) | (1,150) | (828) | 2,467 |
Total comprehensive income (loss) | $ (13,841) | $ (8,030) | $ (20,759) | $ (5,972) |
Weighted average number of common shares outstanding - basic | 173,110,082 | 166,552,197 | 171,821,533 | 166,457,676 |
Weighted average number of common shares outstanding - diluted | 173,110,082 | 166,552,197 | 171,821,533 | 166,457,676 |
Basic loss per share (in CAD per share) | $ (0.06) | $ (0.04) | $ (0.12) | $ (0.05) |
Diluted loss per share (in CAD per share) | $ (0.06) | $ (0.04) | $ (0.12) | $ (0.05) |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Changes in Equity - CAD ($) $ in Thousands | Share capital | Reserves | Deficit | Accumulated other comprehensive income | Total |
Balance at Jun. 30, 2022 | $ 262,047 | $ 21,945 | $ (106,718) | $ (746) | $ 176,528 |
Balance (in shares) at Jun. 30, 2022 | 166,402,197 | ||||
Share-based payment | 1,092 | 1,092 | |||
Stock options exercised | $ 212 | (100) | 112 | ||
Stock options exercised (in shares) | 150,000 | ||||
Net loss for the period | (8,439) | (8,439) | |||
Currency translation differences for foreign operations | 2,467 | 2,467 | |||
Balance at Dec. 31, 2022 | $ 262,259 | 22,937 | (115,157) | 1,721 | 171,760 |
Balance (in shares) at Dec. 31, 2022 | 166,552,197 | ||||
Balance at Jun. 30, 2023 | $ 272,419 | 35,888 | (148,707) | (224) | 159,376 |
Balance (in shares) at Jun. 30, 2023 | 172,752,197 | ||||
Share-based payment | 6,357 | 6,357 | |||
Shares issues under At-The-Market offering (Note 8) | $ 4,177 | 4,177 | |||
Shares issues under At-The-Market offering (Note 8) (in shares) | 1,426,359 | ||||
Share issuance costs | $ (902) | (902) | |||
Stock options exercised | $ 266 | (126) | 140 | ||
Stock options exercised (in shares) | 100,000 | ||||
Net loss for the period | (19,931) | (19,931) | |||
Currency translation differences for foreign operations | (828) | (828) | |||
Balance at Dec. 31, 2023 | $ 275,960 | $ 42,119 | $ (168,638) | $ (1,052) | $ 148,389 |
Balance (in shares) at Dec. 31, 2023 | 174,278,556 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Cash Flows - CAD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net loss | $ (19,931) | $ (8,439) |
Add items not affecting cash | ||
Share-based payments | 6,357 | 1,092 |
Foreign exchange | (683) | (3,920) |
Amortisation | 477 | 274 |
Amortisation - office leases | 268 | 92 |
Interest expense | 45 | 10 |
Net changes in non-cash working capital items to operations: | ||
Receivables | 122 | 85 |
Prepaid expenses | 1,271 | 594 |
Advances | 2,492 | |
Accounts payable and accrued liabilities | (4,569) | (1,661) |
Net cash used in operating activities | (14,151) | (11,873) |
Investing activities | ||
Exploration and evaluation assets | (32,388) | (13,356) |
Purchase of land for future South West Arkansas Project plant | (939) | |
Aqualung Carbon Capture pilot plant development | (109) | |
Purchase of property, plant and equipment | (22) | |
Net cash used in investing activities | (33,458) | (13,356) |
Financing activities | ||
Proceeds from issuance of at the market ("ATM") shares | 4,177 | |
Exercise of options | 140 | 113 |
Lease payments | (311) | (97) |
Share issuance costs | (902) | |
Net cash from financing activities | 3,104 | 16 |
Effect of exchange rates on cash | 724 | 3,517 |
Net change in cash | (43,781) | (21,696) |
Cash, beginning of period | 59,612 | 129,065 |
Cash, end of period | 15,831 | 107,369 |
Non-cash investing activities: | ||
Change in current liabilities relating to Exploration and evaluation assets | $ 4,278 | $ 756 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Dec. 31, 2023 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations Standard Lithium Ltd. (the “Company”) was incorporated under the laws of the Province of British Columbia on August 14, 1998 under the name Tango Capital Corp. On April 7, 1999, the Company changed its name to Patriot Capital Corp. and then to Patriot Petroleum Corp. effective March 5, 2002. On December 1, 2016, the Company continued under the Canadian Business Corporations Act and changed its name to Standard Lithium Ltd. The Company’s principal operations are exploration for and development of lithium brine properties primarily in the Smackover formation in the states of Arkansas and Texas of the United States of America (“USA”). The address of the Company’s corporate office and principal place of business is Suite 1625, 1075 West Georgia Street, Vancouver, British Columbia, Canada, V6E 3C9. The Company’s shares are listed on the TSX Venture Exchange and NYSE American Stock Exchange under the symbol “SLI” and the Frankfurt Exchange in “S5L”. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation | |
Basis of Presentation | 2. Basis of Presentation a) Statement of compliance The annual consolidated financial statements of the Company, including comparatives, have been prepared in accordance with IFRS Accounting Standards (as issued by the International Accounting Standards Board) applicable to preparation of interim financial statements under IAS 34, Interim Financial Reporting These condensed consolidated interim financial statements do not include all of the information required of a complete set of consolidated financial statements and are intended to provide users with an update in relation to events and transactions that are significant to an understanding of the changes in financial position and the performance of the Company since the end of its last annual reporting period. It is therefore recommended that these condensed consolidated interim financial statements be read in conjunction with the annual consolidated financial statements of the Company for the year ended June 30, 2023. b) Basis of consolidation The consolidated financial statements of the Company include the accounts of the Company and its subsidiaries which the Company controls 100% of. |
Investment in Aqualung Carbon C
Investment in Aqualung Carbon Capture SA | 6 Months Ended |
Dec. 31, 2023 | |
Investment in Aqualung Carbon Capture SA | |
Investment in Aqualung Carbon Capture SA | 3. Investment in Aqualung Carbon Capture SA Changes in the Company’s Investment in Aqualung during the period ended December 31, 2023 and year ended June 30, 2023 are summarized as follows: Balance, June 30, 2022 $ 3,221 Effect of change in fair value 93 Balance, June 30, 2023 3,314 Effect of change in fair value (2) Balance, December 31, 2023 $ 3,312 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | 4. Property, Plant and Equipment Land for future South Demonstration Aqualung West plant (formerly Carbon Arkansas Leasehold Furniture Pilot plant) Capture Project Cost improvements and fixtures (Note 7) pilot plant plant Total $ $ $ $ $ $ June 30, 2022 — — 26,649 — — 26,649 Additions 187 12 — 1,778 — 1,977 June 30, 2023 187 12 26,649 1,778 — 28,626 Additions — 22 — 68 939 1,029 Effect of foreign exchange translation — — (1) (3) — (4) December 31, 2023 187 34 26,648 1,843 939 29,651 Accumulated amortisation June 30, 2022 — — (25,664) — — (25,664) Amortisation (6) (1) (207) — — (214) Effect of foreign exchange translation — — 17 — — 17 June 30, 2023 (6) (1) (25,854) — — (25,861) Amortisation (25) (2) — (407) — (434) Effect of foreign exchange translation — — 1 9 — 10 December 31, 2023 (31) (3) (25,853) (398) — (26,285) Net book value June 30, 2022 — — 985 — — 985 June 30, 2023 181 11 795 1,778 — 2,765 December 31, 2023 156 31 795 1,445 939 3,366 |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 6 Months Ended |
Dec. 31, 2023 | |
Exploration and Evaluation Assets | |
Exploration and Evaluation Assets | 5. Exploration and Evaluation Assets Commercial South West Plant California Arkansas Evaluation Texas Property Project (1) (Lanxess 1A) Properties Total $ $ $ $ $ Acquisition: Balance, June 30, 2022 18,460 14,230 — — 32,690 Option payments 2,352 1,378 — 885 4,615 Lanxess brine supply costs — (7,953) 7,953 — — Effect of foreign exchange translation 527 406 — — 933 Balance, June 30, 2023 21,339 8,061 7,953 885 38,238 Option payments 128 1,373 — 1,294 2,795 Effect of foreign exchange translation (11) (3) (3) (18) (35) Balance, December 31, 2023 21,456 9,431 7,950 2,161 40,998 Exploration and Evaluation: Balance, June 30, 2022 4,333 4,105 4,533 — 12,971 Exploration costs 9 17,429 — 18,175 35,613 Lanxess 1A evaluation costs — — 12,740 — 12,740 Effect of foreign exchange translation 124 136 130 — 390 Balance, June 30, 2023 4,466 21,670 17,403 18,175 61,714 Exploration costs 5 5,652 — 16,158 21,815 Lanxess 1A evaluation costs — — 10,120 — 10,120 Effect of foreign exchange translation (2) (78) (110) (289) (479) Balance, December 31, 2023 4,469 27,244 27,413 34,044 93,170 Balance, June 30, 2023 25,805 29,731 25,356 19,060 99,952 Balance, December 31, 2023 25,925 36,675 35,363 36,205 134,168 (1) On October 31, 2023, the Company exercised its option agreement with TETRA Technologies, Inc. to acquire brine productions rights for the South West Arkansas Project. The Company did not incur any costs associated with the exercise. |
Intangible Asset
Intangible Asset | 6 Months Ended |
Dec. 31, 2023 | |
Intangible Asset | |
Intangible Assets | 6. Intangible Asset The carrying value of the intangible assets acquired is as follows: IP Assets Patents Total Balance, June 30, 2022 $ 1,501 $ — $ 1,501 Additions — 41 41 Amortisation (110) — (110) Balance, June 30, 2023 1,391 41 1,432 Amortisation (41) (2) (43) Balance, December 31, 2023 $ 1,350 $ 39 $ 1,389 |
Demonstration Plant Operations
Demonstration Plant Operations (formerly Pilot Plant) | 6 Months Ended |
Dec. 31, 2023 | |
Demonstration Plant Operations (formerly Pilot Plant) | |
Demonstration Plant Operations (formerly Pilot Plant) | 7. Demonstration Plant Operations (formerly Pilot Plant) As at December 31, 2023, and 2022, demonstration plant costs are comprised of the following: Three months ended Six months ended December 31, December 31, 2023 2022 2023 2022 Internet $ 2 $ 3 $ 5 $ 5 Personnel 1,436 1,733 2,626 3,042 Reagents (63) 149 566 584 Repairs and maintenance 9 2 347 9 Supplies 103 931 488 1,682 Testwork 264 238 1,049 561 Office trailer rental 34 7 49 20 Utilities 28 36 52 72 Vehicle 4 — 13 — Waste disposal & recycling 2 — 7 — Total pilot plant operations costs 1,819 3,099 5,202 5,975 |
Share Capital
Share Capital | 6 Months Ended |
Dec. 31, 2023 | |
Share Capital | |
Share Capital | 8. Share Capital a) Authorized capital The Company is authorised to issue an unlimited number of common voting shares without nominal or par value. During the six months ended December 31, 2023, the Company issued a total of 100,000 common shares for the exercise of stock options. The Company received proceeds of $140 and reclassified $126 from reserve to share capital upon exercise. During the six months ended December 31, 2022, the Company issued a total of 150,000 common shares for the exercise of stock options. The Company received proceeds of $112 and reclassified $100 from reserve to share capital upon exercise. During the six months ended December 31, 2023, the Company issued 1,426,359 common shares for proceeds of $4,177 net of transaction costs of $902 under the Company’s ATM offering (December 31, 2022 $Nil). b) Options The Company has a stock option plan in place under which it is authorized to grant options to officers, directors, employees, consultants and management company employees enabling them to cumulatively acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan, the exercise price of each option shall not be less than the price permitted by any stock exchange. The options can be granted for a maximum term of 10 years . The weighted average fair value at grant date of options granted during the six months ended December 31, 2023 was $2.61 per option (June 30, 2023: $3.45). The fair value was determined using the Black-Scholes option-pricing model using the following weighted average assumptions: YTD2024 FY2023 Expected stock price volatility 77 % 84 % Risk-free interest rate 4.4 % 3.16 % Dividend yield — — Expected life of options 5 years 5 years Stock price on date of grant $ 4.00 $ 5.09 Forfeiture rate — — Stock option transactions are summarized as follows: Number of Weighted average options exercise price Balance at June 30, 2022 10,170,000 $ 2.11 Options exercised (5,950,000) 0.91 Options granted 3,950,000 5.09 Balance at June 30, 2023 8,170,000 $ 4.43 Options exercised (100,000) 1.40 Options granted 1,750,000 4.00 Balance at December 31, 2023 9,820,000 $ 4.38 8. Share Capital - continued b) Options - continued The following table summarizes stock options outstanding and exercisable at December 31, 2023: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Number Remaining Exercise Exercise Price of Contractual Life Price Number Price $ Shares (years) $ Exercisable $ 1.40 1,350,000 — (1) 1.40 1,350,000 1.40 3.43 400,000 0.28 3.43 400,000 3.43 7.55 500,000 1.12 7.55 500,000 7.55 3.39 1,200,000 2.05 3.39 1,200,000 3.39 6.08 200,000 2.55 6.08 200,000 6.08 6.31 200,000 3.18 6.31 200,000 6.31 8.25 170,000 3.21 8.25 170,000 8.25 9.40 100,000 3.28 9.40 100,000 9.40 5.08 3,750,000 4.28 5.08 3,750,000 5.08 5.23 200,000 4.39 5.23 200,000 5.23 4.00 1,750,000 4.73 4.00 — — 9,820,000 3.09 4.38 8,070,000 4.44 (1) Options expired on September 4, 2023, however, due to black-out of insider share transactions, these options will remain eligible for exercise for a period of 10 business days subsequent to the lifting of the black-out. c) Long-term Incentive Plan The Company has an equity incentive plan (“Plan”) in accordance with the policies of the TSX whereby, from time to time at the discretion of the Board of Directors, eligible directors, officers and employees are awarded restricted share units (“RSUs”) and performance share units (“PSUs”). The RSUs and PSUs that are subject to the recipient’s deferral right in accordance with the Income Tax Act (Canada) convert automatically into common shares upon vesting. In addition, the Company may issue deferred share units (“DSUs”). DSUs may be redeemed upon retirement or termination from the Company. The plan is a fixed plan pursuant to which the aggregate number of common shares to be issued shall not exceed 10% of the Company’s issued and outstanding common shares when combined with the aggregate number of Options, RSUs, PSUs and DSUs. As of December 31, 2023, the Company has granted 1,991,004 DSUs to the Board of Directors and Management which vest on April 11, 2024. The Company has recorded $4,929 in share-based payment expense related to this grant during the six-month period ended December 31, 2023. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | 9. Related Party Transactions Key management personnel are persons responsible for planning, directing and controlling the activities of the entity, and include directors and officers of the Company. Compensation to key management is comprised of the following: December 31, December 31, 2023 2022 Management and director fees $ 1,314 $ 1,024 Benefits 12 — Share-based payments 4,929 — $ 6,255 $ 1,024 As at December 31, 2023, there is $149 (June 30, 2023: $1,373) in accounts payable and accrued liabilities owing to officers of the Company. Amounts due to/from the key management personnel are non-interest bearing, unsecured and have no fixed terms of repayment. On June 17, 2022, the Company entered into a Master Services Agreement (“the MSA”) with Telescope Innovations Corp. (“Telescope”). Robert Mintak, CEO of the Company and Dr. Andy Robinson, President and COO of the Company are directors of Telescope Innovations Corp. Under the MSA, Telescope provided various research and development (“R&D”) services for the purpose of developing new technologies. The Company funded an initial project for one year under the MSA, which will aim to evaluate the use of captured CO 2 in the Company’s various chemical processes, as well as investigating the potential for permanent geological sequestration of CO 2 within the lithium brine extraction and reinjection processes contemplated by the Company. Other R&D projects may be performed for the Company by Telescope as required. The Company incurred $760 (June 30, 2023: $764 ) of costs related to this agreement during the six months ended December 31, 2023. As at December 31, 2023, there is $80 (June 30, 2023: $115) in accounts payable and accrued liabilities owing to Telescope. Amounts due to Telescope are non-interest bearing, unsecured and have no fixed terms of repayment. On November 7, 2023, the Company adopted an Executive Officer Incentive Compensation Clawback Policy to comply with new rules of the New York Stock Exchange American set forth in Listed Company Manual Section 811 – Erroneously Awarded Compensation and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as codified by Section 10D and Rule 10D-1 of the U.S. Securities Exchange Act of 1934. |
Financial Instruments and Finan
Financial Instruments and Financial Risk Management | 6 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Financial Risk Management | |
Financial Instruments and Financial Risk Management | 10. Financial Instruments and Financial Risk Management The Company’s financial assets and liabilities consist of cash, receivables, long-term investments, accounts payable and accrued liabilities. A fair value hierarchy is used to determine the financial instruments’ fair value that are recorded on the consolidated statements of financial position. The fair value hierarchy has three levels: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly for similar items in active markets. The Company maximizes the use of observable market data and relies on entity-specific estimates at least possible; and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). There were no transfers between Levels 1, 2 or 3 for the period ended December 31, 2023 and the year ended June 30, 2023. The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy: December 31, 2023 Level 1 Level 2 Level 3 Total Investment in Aqualung Carbon Capture SA $ — $ — $ 3,312 $ 3,312 June 30, 2023 Level 1 Level 2 Level 3 Total Investment in Aqualung Carbon Capture SA $ — $ — $ 3,314 $ 3,314 The Company’s Board of Directors has the overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and in response to the Company’s activities. Management regularly monitors compliance with the Company’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Company is exposed to various risks such as interest rate, credit, and liquidity risk. To manage these risks, management determines what activities must be undertaken to minimize potential exposure to risks. The objectives of the Company in managing risk are as follows: ● maintaining sound financial condition; ● financing operations; and ● ensuring liquidity to all operations. 10. Financial Instruments and Financial Risk Management - continued In order to satisfy these objectives, the Company has adopted the following policies: (i) Credit risk Credit risk is the risk of loss if counterparties do not fulfill their contractual obligations and arises principally from cash deposits. The maximum credit risk is the total of our cash. The Company maintains substantially all of its cash with two major financial institutions. The majority of cash held with these institutions exceed the amount of insurance provided on such deposits. (ii) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages this risk by careful management of its working capital (current assets less current liabilities) to try to ensure its expenditures will not exceed available resources. At December 31, 2023, the Company has working capital of $5,668 (June 30, 2023: working capital balance of $48,800). The Company is actively engaged in raising additional capital to fund its capital projects and meet financial obligations. (iii) Foreign exchange risk Currency risk is the risk to the Company’s earnings that arises from fluctuations of foreign exchange rates and the degree of volatility of these rates. The Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company is exposed to currency risk through the following assets and liabilities denominated in US dollars: December 31, 2023 June 30, 2023 $ $ Cash 5,434 42,745 Accounts payable (2,271) (5,926) At December 31, 2023, US Dollar amounts were converted at a rate of USD 1.00 to CAD 1.325. A 10% increase or decrease in the US dollar relative to the Canadian dollar would result in a change of approximately $316 (June 30, 2023: $3,682) in the Company’s comprehensive loss for the year to date. |
Contingencies
Contingencies | 6 Months Ended |
Dec. 31, 2023 | |
Contingencies | |
Contingencies | 11. Contingencies On January 27, 2022, a putative securities class action lawsuit was filed against the Company, Robert Mintak and Kara Norman in the United States District Court for the Eastern District of New York, captioned Gloster v. Standard Lithium Ltd., et al., 22-cv-0507 (E.D.N.Y.) (the “Action”). The complaint purports to seek relief on behalf of a class of investors who purchased or otherwise acquired the Company’s publicly traded securities between May 19, 2020 and November 17, 2021, and asserts violations of Section 10(b) of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) against all defendants and Section 20(a) of the Exchange Act against the individually-named defendants. On April 27, 2022, the court granted Curtis T. Arata’s motion for appointment as lead plaintiff in the Action. Lead plaintiff filed an amended complaint on June 29, 2022, adding Andrew Robinson as a defendant and extending the class period to February 3, 2022. The amended complaint alleges, among other things, that during the proposed class period, defendants misrepresented and/or failed to disclose certain facts regarding the Company’s LiSTR DLE technology and “final product lithium recovery percentage” at its DLE Demonstration Plant in southern Arkansas. The amended complaint seeks various forms of relief, including monetary damages in an unspecified amount. Defendants filed a motion to dismiss the amended complaint on August 10, 2022, which became fully briefed on September 28, 2022. The Company intends to vigorously defend against the Action. As at December 31, 2023, the Company has not recorded any provision associated with this matter, as the outcome is undeterminable at this time. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Dec. 31, 2023 | |
Subsequent Event | |
Subsequent Event | 12. Subsequent Event Subsequent to December 31, 2023, the Company issued 3,218,200 common shares for proceeds of $7,157 net of transaction costs of $296 under the Company’s ATM offering. |
Investment in Aqualung Carbon_2
Investment in Aqualung Carbon Capture SA (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Investment in Aqualung Carbon Capture SA | |
Summary of Company's Investment in Aqualung | Balance, June 30, 2022 $ 3,221 Effect of change in fair value 93 Balance, June 30, 2023 3,314 Effect of change in fair value (2) Balance, December 31, 2023 $ 3,312 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment | |
Schedule of carrying value of the property, plant and equipment | Land for future South Demonstration Aqualung West plant (formerly Carbon Arkansas Leasehold Furniture Pilot plant) Capture Project Cost improvements and fixtures (Note 7) pilot plant plant Total $ $ $ $ $ $ June 30, 2022 — — 26,649 — — 26,649 Additions 187 12 — 1,778 — 1,977 June 30, 2023 187 12 26,649 1,778 — 28,626 Additions — 22 — 68 939 1,029 Effect of foreign exchange translation — — (1) (3) — (4) December 31, 2023 187 34 26,648 1,843 939 29,651 Accumulated amortisation June 30, 2022 — — (25,664) — — (25,664) Amortisation (6) (1) (207) — — (214) Effect of foreign exchange translation — — 17 — — 17 June 30, 2023 (6) (1) (25,854) — — (25,861) Amortisation (25) (2) — (407) — (434) Effect of foreign exchange translation — — 1 9 — 10 December 31, 2023 (31) (3) (25,853) (398) — (26,285) Net book value June 30, 2022 — — 985 — — 985 June 30, 2023 181 11 795 1,778 — 2,765 December 31, 2023 156 31 795 1,445 939 3,366 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Exploration and Evaluation Assets | |
Schedule of exploration and evaluation assets | Commercial South West Plant California Arkansas Evaluation Texas Property Project (1) (Lanxess 1A) Properties Total $ $ $ $ $ Acquisition: Balance, June 30, 2022 18,460 14,230 — — 32,690 Option payments 2,352 1,378 — 885 4,615 Lanxess brine supply costs — (7,953) 7,953 — — Effect of foreign exchange translation 527 406 — — 933 Balance, June 30, 2023 21,339 8,061 7,953 885 38,238 Option payments 128 1,373 — 1,294 2,795 Effect of foreign exchange translation (11) (3) (3) (18) (35) Balance, December 31, 2023 21,456 9,431 7,950 2,161 40,998 Exploration and Evaluation: Balance, June 30, 2022 4,333 4,105 4,533 — 12,971 Exploration costs 9 17,429 — 18,175 35,613 Lanxess 1A evaluation costs — — 12,740 — 12,740 Effect of foreign exchange translation 124 136 130 — 390 Balance, June 30, 2023 4,466 21,670 17,403 18,175 61,714 Exploration costs 5 5,652 — 16,158 21,815 Lanxess 1A evaluation costs — — 10,120 — 10,120 Effect of foreign exchange translation (2) (78) (110) (289) (479) Balance, December 31, 2023 4,469 27,244 27,413 34,044 93,170 Balance, June 30, 2023 25,805 29,731 25,356 19,060 99,952 Balance, December 31, 2023 25,925 36,675 35,363 36,205 134,168 (1) On October 31, 2023, the Company exercised its option agreement with TETRA Technologies, Inc. to acquire brine productions rights for the South West Arkansas Project. The Company did not incur any costs associated with the exercise. |
Intangible Asset (Tables)
Intangible Asset (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Intangible Asset | |
Schedule of carrying value of the intangible assets acquired | IP Assets Patents Total Balance, June 30, 2022 $ 1,501 $ — $ 1,501 Additions — 41 41 Amortisation (110) — (110) Balance, June 30, 2023 1,391 41 1,432 Amortisation (41) (2) (43) Balance, December 31, 2023 $ 1,350 $ 39 $ 1,389 |
Demonstration Plant Operation_2
Demonstration Plant Operations (formerly Pilot Plant) (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Demonstration Plant Operations (formerly Pilot Plant) | |
Schedule of demonstration plant cost | Three months ended Six months ended December 31, December 31, 2023 2022 2023 2022 Internet $ 2 $ 3 $ 5 $ 5 Personnel 1,436 1,733 2,626 3,042 Reagents (63) 149 566 584 Repairs and maintenance 9 2 347 9 Supplies 103 931 488 1,682 Testwork 264 238 1,049 561 Office trailer rental 34 7 49 20 Utilities 28 36 52 72 Vehicle 4 — 13 — Waste disposal & recycling 2 — 7 — Total pilot plant operations costs 1,819 3,099 5,202 5,975 |
Share Capital (Tables)
Share Capital (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Share Capital | |
Schedule of weighted average assumptions were used for the Black-Scholes valuation of stock options granted | YTD2024 FY2023 Expected stock price volatility 77 % 84 % Risk-free interest rate 4.4 % 3.16 % Dividend yield — — Expected life of options 5 years 5 years Stock price on date of grant $ 4.00 $ 5.09 Forfeiture rate — — |
Summary of stock option transactions | Number of Weighted average options exercise price Balance at June 30, 2022 10,170,000 $ 2.11 Options exercised (5,950,000) 0.91 Options granted 3,950,000 5.09 Balance at June 30, 2023 8,170,000 $ 4.43 Options exercised (100,000) 1.40 Options granted 1,750,000 4.00 Balance at December 31, 2023 9,820,000 $ 4.38 |
Summary of stock options outstanding and exercisable | The following table summarizes stock options outstanding and exercisable at December 31, 2023: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercise Number Remaining Exercise Exercise Price of Contractual Life Price Number Price $ Shares (years) $ Exercisable $ 1.40 1,350,000 — (1) 1.40 1,350,000 1.40 3.43 400,000 0.28 3.43 400,000 3.43 7.55 500,000 1.12 7.55 500,000 7.55 3.39 1,200,000 2.05 3.39 1,200,000 3.39 6.08 200,000 2.55 6.08 200,000 6.08 6.31 200,000 3.18 6.31 200,000 6.31 8.25 170,000 3.21 8.25 170,000 8.25 9.40 100,000 3.28 9.40 100,000 9.40 5.08 3,750,000 4.28 5.08 3,750,000 5.08 5.23 200,000 4.39 5.23 200,000 5.23 4.00 1,750,000 4.73 4.00 — — 9,820,000 3.09 4.38 8,070,000 4.44 (1) Options expired on September 4, 2023, however, due to black-out of insider share transactions, these options will remain eligible for exercise for a period of 10 business days subsequent to the lifting of the black-out. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Schedule of compensation to key management | December 31, December 31, 2023 2022 Management and director fees $ 1,314 $ 1,024 Benefits 12 — Share-based payments 4,929 — $ 6,255 $ 1,024 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Financial Instruments and Financial Risk Management | |
Schedule of fair value measurement by levels of financial assets | December 31, 2023 Level 1 Level 2 Level 3 Total Investment in Aqualung Carbon Capture SA $ — $ — $ 3,312 $ 3,312 June 30, 2023 Level 1 Level 2 Level 3 Total Investment in Aqualung Carbon Capture SA $ — $ — $ 3,314 $ 3,314 |
Schedule of assets and liabilities exposed to currency risk | The Company is exposed to currency risk through the following assets and liabilities denominated in US dollars: December 31, 2023 June 30, 2023 $ $ Cash 5,434 42,745 Accounts payable (2,271) (5,926) |
Investment in Aqualung Carbon_3
Investment in Aqualung Carbon Capture SA (Details) - Aqualung Carbon Capture AS - Equity investments - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Disclosure of financial assets | ||
Balance, Beginning | $ 3,314 | $ 3,221 |
Effect of change in fair value | (2) | 93 |
Balance, Ending | $ 3,312 | $ 3,314 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Property, Plant and Equipment | ||
Balance, beginning | $ 2,765 | $ 985 |
Balance, end | 3,366 | 2,765 |
Cost | ||
Property, Plant and Equipment | ||
Balance, beginning | 28,626 | 26,649 |
Additions | 1,029 | 1,977 |
Effect of foreign exchange translation | (4) | |
Balance, end | 29,651 | 28,626 |
Accumulated amortisation | ||
Property, Plant and Equipment | ||
Balance, beginning | (25,861) | (25,664) |
Amortisation | (434) | (214) |
Effect of foreign exchange translation | 10 | 17 |
Balance, end | (26,285) | (25,861) |
Leasehold improvements | ||
Property, Plant and Equipment | ||
Balance, beginning | 181 | |
Balance, end | 156 | 181 |
Leasehold improvements | Cost | ||
Property, Plant and Equipment | ||
Balance, beginning | 187 | |
Additions | 187 | |
Balance, end | 187 | 187 |
Leasehold improvements | Accumulated amortisation | ||
Property, Plant and Equipment | ||
Balance, beginning | (6) | |
Amortisation | (25) | (6) |
Balance, end | (31) | (6) |
Furniture and fixtures | ||
Property, Plant and Equipment | ||
Balance, beginning | 11 | |
Balance, end | 31 | 11 |
Furniture and fixtures | Cost | ||
Property, Plant and Equipment | ||
Balance, beginning | 12 | |
Additions | 22 | 12 |
Balance, end | 34 | 12 |
Furniture and fixtures | Accumulated amortisation | ||
Property, Plant and Equipment | ||
Balance, beginning | (1) | |
Amortisation | (2) | (1) |
Balance, end | (3) | (1) |
Demonstration plant (formerly Pilot plant) (Note 7) | ||
Property, Plant and Equipment | ||
Balance, beginning | 795 | 985 |
Balance, end | 795 | 795 |
Demonstration plant (formerly Pilot plant) (Note 7) | Cost | ||
Property, Plant and Equipment | ||
Balance, beginning | 26,649 | 26,649 |
Effect of foreign exchange translation | (1) | |
Balance, end | 26,648 | 26,649 |
Demonstration plant (formerly Pilot plant) (Note 7) | Accumulated amortisation | ||
Property, Plant and Equipment | ||
Balance, beginning | (25,854) | (25,664) |
Amortisation | (207) | |
Effect of foreign exchange translation | 1 | 17 |
Balance, end | (25,853) | (25,854) |
Aqualung Carbon Capture Pilot Plant | ||
Property, Plant and Equipment | ||
Balance, beginning | 1,778 | |
Balance, end | 1,445 | 1,778 |
Aqualung Carbon Capture Pilot Plant | Cost | ||
Property, Plant and Equipment | ||
Balance, beginning | 1,778 | |
Additions | 68 | 1,778 |
Effect of foreign exchange translation | (3) | |
Balance, end | 1,843 | $ 1,778 |
Aqualung Carbon Capture Pilot Plant | Accumulated amortisation | ||
Property, Plant and Equipment | ||
Amortisation | (407) | |
Effect of foreign exchange translation | 9 | |
Balance, end | (398) | |
Land for future South West Arkansas Project Plant | ||
Property, Plant and Equipment | ||
Balance, end | 939 | |
Land for future South West Arkansas Project Plant | Cost | ||
Property, Plant and Equipment | ||
Additions | 939 | |
Balance, end | $ 939 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Acquisition: | ||
Balance, beginning of period | $ 38,238 | $ 32,690 |
Option payments | 2,795 | 4,615 |
Effect of foreign exchange translation | (35) | 933 |
Balance, period end | 40,998 | 38,238 |
Exploration and Evaluation: | ||
Balance, beginning period | 61,714 | 12,971 |
Exploration costs | 21,815 | 35,613 |
Lanxess 1A evaluation costs | 10,120 | 12,740 |
Effect of foreign exchange translation | (479) | 390 |
Balance, period end | 93,170 | 61,714 |
Exploration and evaluation assets | 134,168 | 99,952 |
California property | ||
Acquisition: | ||
Balance, beginning of period | 21,339 | 18,460 |
Option payments | 128 | 2,352 |
Effect of foreign exchange translation | (11) | 527 |
Balance, period end | 21,456 | 21,339 |
Exploration and Evaluation: | ||
Balance, beginning period | 4,466 | 4,333 |
Exploration costs | 5 | 9 |
Effect of foreign exchange translation | (2) | 124 |
Balance, period end | 4,469 | 4,466 |
Exploration and evaluation assets | 25,925 | 25,805 |
South West Arkansas Project | ||
Acquisition: | ||
Balance, beginning of period | 8,061 | 14,230 |
Option payments | 1,373 | 1,378 |
Lanxess brine supply costs | (7,953) | |
Effect of foreign exchange translation | (3) | 406 |
Balance, period end | 9,431 | 8,061 |
Exploration and Evaluation: | ||
Balance, beginning period | 21,670 | 4,105 |
Exploration costs | 5,652 | 17,429 |
Effect of foreign exchange translation | (78) | 136 |
Balance, period end | 27,244 | 21,670 |
Exploration and evaluation assets | 36,675 | 29,731 |
Commercial Plant Evaluation (Lanxess 1A) | ||
Acquisition: | ||
Balance, beginning of period | 7,953 | |
Lanxess brine supply costs | 7,953 | |
Effect of foreign exchange translation | (3) | |
Balance, period end | 7,950 | 7,953 |
Exploration and Evaluation: | ||
Balance, beginning period | 17,403 | 4,533 |
Lanxess 1A evaluation costs | 10,120 | 12,740 |
Effect of foreign exchange translation | (110) | 130 |
Balance, period end | 27,413 | 17,403 |
Exploration and evaluation assets | 35,363 | 25,356 |
Texas Properties | ||
Acquisition: | ||
Balance, beginning of period | 885 | |
Option payments | 1,294 | 885 |
Effect of foreign exchange translation | (18) | |
Balance, period end | 2,161 | 885 |
Exploration and Evaluation: | ||
Balance, beginning period | 18,175 | |
Exploration costs | 16,158 | 18,175 |
Effect of foreign exchange translation | (289) | |
Balance, period end | 34,044 | 18,175 |
Exploration and evaluation assets | $ 36,205 | $ 19,060 |
Intangible Asset (Details)
Intangible Asset (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Disclosure of detailed information about intangible assets | ||
Balance, beginning | $ 1,432 | $ 1,501 |
Additions | 41 | |
Amortisation | (43) | (110) |
Balance, end | 1,389 | 1,432 |
IP Assets | ||
Disclosure of detailed information about intangible assets | ||
Balance, beginning | 1,391 | 1,501 |
Amortisation | (41) | (110) |
Balance, end | 1,350 | 1,391 |
Patents | ||
Disclosure of detailed information about intangible assets | ||
Balance, beginning | 41 | |
Additions | 41 | |
Amortisation | (2) | |
Balance, end | $ 39 | $ 41 |
Demonstration Plant Operation_3
Demonstration Plant Operations (formerly Pilot Plant) (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | $ 1,819 | $ 3,099 | $ 5,202 | $ 5,975 |
Internet | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 2 | 3 | 5 | 5 |
Personnel | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 1,436 | 1,733 | 2,626 | 3,042 |
Reagents | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | (63) | 149 | 566 | 584 |
Repairs and maintenance | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 9 | 2 | 347 | 9 |
Supplies | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 103 | 931 | 488 | 1,682 |
Testwork | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 264 | 238 | 1,049 | 561 |
Office trailer rental | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 34 | 7 | 49 | 20 |
Utilities | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 28 | $ 36 | 52 | $ 72 |
Vehicle | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | 4 | 13 | ||
Waste disposal & recycling | ||||
Demonstration Plant Operations (formerly Pilot Plant) | ||||
Total pilot plant operations costs | $ 2 | $ 7 |
Share Capital - Authorized capi
Share Capital - Authorized capital (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share Capital | ||
Number of common shares issued upon exercise of options (in shares) | 100,000 | 150,000 |
Amount received from exercise of stock options | $ 140 | $ 112 |
Amount transferred from contributed surplus to share capital | 126 | 100 |
Proceeds from issuing shares | 4,177 | |
Net of transaction costs | $ 902 | |
ATM offering | ||
Share Capital | ||
Shares issued (in shares) | 1,426,359 | |
Proceeds from issuing shares | $ 4,177 | 0 |
Net of transaction costs | $ 902 | $ 0 |
Share Capital - Options (Detail
Share Capital - Options (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Jun. 30, 2023 | |
Share Capital | ||
Maximum awards as percentage to outstanding stocks | 10% | |
Expiry period (in years) | 10 years | |
Weighted average fair value of options granted (in CAD per share) | $ 2.61 | $ 3.45 |
Share Capital - Option fair val
Share Capital - Option fair value assumptions (Details) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 Y $ / shares | Jun. 30, 2023 Y $ / shares | |
Share Capital | ||
Expected stock price volatility | 77% | 84% |
Risk-free interest rate | 4.40% | 3.16% |
Expected life of options | Y | 5 | 5 |
Stock price on date of grant | $ / shares | $ 4 | $ 5.09 |
Share Capital - Option transact
Share Capital - Option transaction (Details) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 shares $ / shares | Jun. 30, 2023 shares $ / shares | |
Number of options | ||
Balance at beginning of period (in shares) | shares | 8,170,000 | 10,170,000 |
Options exercised (in shares) | shares | (100,000) | (5,950,000) |
Options granted (in share) | shares | 1,750,000 | 3,950,000 |
Balance at end of period (in shares) | shares | 9,820,000 | 8,170,000 |
Weighted average exercise price | ||
Balance at beginning of period (in CAD per share) | $ / shares | $ 4.43 | $ 2.11 |
Options exercised (in CAD per share) | $ / shares | 1.40 | 0.91 |
Options granted (in CAD per share) | $ / shares | 4 | 5.09 |
Balance at end of period (in CAD per share) | $ / shares | $ 4.38 | $ 4.43 |
Share Capital - Options by exer
Share Capital - Options by exercise price (Details) | 6 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Jun. 30, 2023 shares | Jun. 30, 2022 shares | |
Share Capital | |||
Number of Shares, Options Outstanding | shares | 9,820,000 | 8,170,000 | 10,170,000 |
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 3 years 1 month 2 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 4.38 | ||
Number Exercisable, Options Exercisable | 8,070,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 4.44 | ||
1.40 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 1.40 | ||
Number of Shares, Options Outstanding | shares | 1,350,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 0 years | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 1.40 | ||
Number Exercisable, Options Exercisable | 1,350,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 1.40 | ||
3.43 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 3.43 | ||
Number of Shares, Options Outstanding | shares | 400,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 3 months 10 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 3.43 | ||
Number Exercisable, Options Exercisable | 400,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 3.43 | ||
7.55 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 7.55 | ||
Number of Shares, Options Outstanding | shares | 500,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 1 year 1 month 13 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 7.55 | ||
Number Exercisable, Options Exercisable | 500,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 7.55 | ||
3.39 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 3.39 | ||
Number of Shares, Options Outstanding | shares | 1,200,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 2 years 18 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 3.39 | ||
Number Exercisable, Options Exercisable | 1,200,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 3.39 | ||
6.08 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 6.08 | ||
Number of Shares, Options Outstanding | shares | 200,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 2 years 6 months 18 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 6.08 | ||
Number Exercisable, Options Exercisable | 200,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 6.08 | ||
6.31 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 6.31 | ||
Number of Shares, Options Outstanding | shares | 200,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 3 years 2 months 4 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 6.31 | ||
Number Exercisable, Options Exercisable | 200,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 6.31 | ||
8.25 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 8.25 | ||
Number of Shares, Options Outstanding | shares | 170,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 3 years 2 months 15 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 8.25 | ||
Number Exercisable, Options Exercisable | 170,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 8.25 | ||
9.40 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 9.40 | ||
Number of Shares, Options Outstanding | shares | 100,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 3 years 3 months 10 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 9.40 | ||
Number Exercisable, Options Exercisable | 100,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 9.40 | ||
5.08 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 5.08 | ||
Number of Shares, Options Outstanding | shares | 3,750,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 4 years 3 months 10 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 5.08 | ||
Number Exercisable, Options Exercisable | 3,750,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 5.08 | ||
5.23 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 5.23 | ||
Number of Shares, Options Outstanding | shares | 200,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 4 years 4 months 20 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 5.23 | ||
Number Exercisable, Options Exercisable | 200,000 | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 5.23 | ||
4.00 | |||
Share Capital | |||
Weighted Average Exercise Price, Options Outstanding (in CAD per share) | $ 4 | ||
Number of Shares, Options Outstanding | shares | 1,750,000 | ||
Weighted Average Remaining Contractual Life, Options Outstanding (Year) | 4 years 8 months 23 days | ||
Weighted Average Exercise Price, Options Exercisable (in CAD per share) | $ 4 |
Share Capital - Long-term Incen
Share Capital - Long-term Incentive Plan (Details) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 CAD ($) shares | Dec. 04, 2023 D | |
Share Capital | ||
Number of Business Days Subsequent to Lifting of Black Out | D | 10 | |
Expense from share-based payment | $ | $ 4,929 | |
Long-term Incentive Plan | ||
Share Capital | ||
Aggregate number of common shares to be issued, as a percent of outstanding common shares when combined with the aggregate number of Option, RSU, PSU and DSU | 10% | |
DSUs | ||
Share Capital | ||
Number of awards granted as of reporting date | shares | 1,991,004 |
Related Party Transactions - Co
Related Party Transactions - Compensation to key management (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions | ||
Management and director fees | $ 1,314 | $ 1,024 |
Benefits | 12 | |
Share-based payments | 4,929 | |
Total | $ 6,255 | $ 1,024 |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) - CAD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jul. 17, 2022 | Dec. 31, 2023 | Jun. 30, 2023 | |
Related Party Transactions | |||
Accounts payable and accrued liabilities | $ 10,827 | $ 12,737 | |
Officers | |||
Related Party Transactions | |||
Accounts payable and accrued liabilities | 149 | 1,373 | |
Telescope | MSA | |||
Related Party Transactions | |||
Funding period | 1 year | ||
Amount of costs incurred | 760 | 764 | |
Accounts payable and accrued liabilities | $ 80 | $ 115 |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management - Fair value by hierarchy (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Jun. 30, 2023 |
Financial Instruments and Financial Risk Management | ||
Investment in Aqualung Carbon Capture SA | $ 3,312 | $ 3,314 |
Level 3 of fair value hierarchy | ||
Financial Instruments and Financial Risk Management | ||
Investment in Aqualung Carbon Capture SA | $ 3,312 | $ 3,314 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Currency Risk (Details) $ in Thousands, $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2023 CAD ($) | Jun. 30, 2023 USD ($) |
Financial Instruments and Financial Risk Management | ||||
Cash | $ 15,831 | $ 59,612 | ||
Accounts payable | $ (10,827) | $ (12,737) | ||
Currency risk | ||||
Financial Instruments and Financial Risk Management | ||||
Cash | $ 5,434 | $ 42,745 | ||
Accounts payable | $ (2,271) | $ (5,926) |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Dec. 31, 2023 CAD ($) item | Jun. 30, 2023 CAD ($) | |
Financial Instruments and Financial Risk Management | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy, assets held at end of reporting period | $ 0 | $ 0 |
Transfers out of Level 2 into Level 1 of fair value hierarchy, assets held at end of reporting period | 0 | 0 |
Transfers into Level 3 of fair value hierarchy, assets | 0 | 0 |
Transfers out of Level 3 of fair value hierarchy, assets | $ 0 | 0 |
Number of financial institutions where substantial cash is maintained | item | 2 | |
Working capital | $ 5,668 | 48,800 |
Conversion rate | 0.01325 | |
Reasonably possible change In US Dollar relative to Canadian Dollar | 10% | |
Change in comprehensive income | $ 316 | $ 3,682 |
Subsequent Events (Details)
Subsequent Events (Details) - CAD ($) $ in Thousands | 6 Months Ended | ||
Jan. 01, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Subsequent Events | |||
Proceeds from issuing shares | $ 4,177 | ||
Net of transaction costs | $ 902 | ||
ATM offering | |||
Subsequent Events | |||
Shares issued (in shares) | 1,426,359 | ||
Proceeds from issuing shares | $ 4,177 | $ 0 | |
Net of transaction costs | $ 902 | $ 0 | |
Issuance of common shares | ATM offering | |||
Subsequent Events | |||
Shares issued (in shares) | 3,218,200 | ||
Proceeds from issuing shares | $ 7,157 | ||
Net of transaction costs | $ 296 |