Lithium Royalty Corp. (LIRC) has announced a significant year-on-year revenue increase of 85% for the second quarter of 2024. This growth is attributed to higher production volumes amid a notable decline in spodumene concentrate prices.

Focus on Lithium Royalties for Robust Growth

Despite a 72% drop in spodumene prices, Lithium Royalty Corp. managed to nearly double its revenue through its diversified royalty exposure. The company anticipates growth from three upcoming projects in the latter half of 2024.

LRC Financial Performance Overview

For the quarter ended June 30, 2024, royalty revenue climbed to $1,549 from $838 the previous year. The rise was driven by increased production volumes and an additional producing royalty. Adjusted EBITDA showed a significant improvement to $138 from a loss of $700 last year.

Key Project Updates and Developments

Lithium Royalty Corp. holds significant royalties across various projects, which are expected to commence production soon, including the Finniss, Tres Quebradas, and Das Neves projects. This expansion supports the company’s strategy for sustainable growth.

Updates on Core Lithium Portfolio

In June 2024, Core Lithium shifted the Finniss Project to operational care while planning for potential restarts in 2025. Meanwhile, Zijin’s Tres Quebradas project is set to start production, aiming for an annual output of 20,000 tonnes of lithium carbonate.

Lithium Market Insights

The lithium market is seeing substantial demand growth, particularly in the EV and energy storage sectors. Despite recent price drops, the market is poised for recovery with strong supply projections for 2024.

These developments illustrate Lithium Royalty Corp.‘s focus on expanding its lithium royalties, positioning it favorably in a growing market segment.

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