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Lithium Corp (LTUM+4.20%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's exploration activities, focusing on lithium mineralization in Nevada and graphite and other critical metals in British Columbia. The company has been engaged in project generation and preliminary exploration studies, with a focus on joint ventures or attracting capital to further explore these properties.
Lithium Corp reported a net loss of $964,597 for the year ended December 31, 2024, compared to a net loss of $618,193 in the previous year. The increase in net loss was attributed to higher consulting and exploration expenses.
As of December 31, 2024, the company had $3,065,858 in cash and working capital of $894,399. The company expects to expend approximately $501,000 over the next twelve months on general, administrative, and exploration expenses.
Lithium Corp's flagship property is the Fish Lake Valley Project, a lithium brine prospect in Nevada. The company has an agreement with Morella Corporation, allowing Morella to earn a 60% interest in the property by fulfilling certain financial and exploration commitments.
The company's other significant properties include the San Emidio lithium-in-brine prospect and the North Big Smoky property, both located in Nevada. Lithium Corp is actively seeking joint venture partners for these projects.
The company does not currently have any proven or probable mineral reserves on its properties and remains in the exploration stage. It acknowledges the competitive nature of the mining industry and the challenges in acquiring financing and necessary permits.
Lithium Corp's common stock is quoted on the OTCQB, and the company has not paid any dividends. It has a stock plan allowing the issuance of up to 12,000,000 shares to directors, officers, employees, and consultants.
The company identified material weaknesses in its internal controls over financial reporting, including a lack of accounting personnel with GAAP knowledge and insufficient written policies and procedures.
Lithium Corp continues to focus on exploration activities and plans to seek additional capital to support its operations and development plans.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lithium Corp annual 10-K report dated April 2, 2025. To report an error, please email earnings@qz.com.