Delta Lithium (ASX:DLI) said processing of mica concentrate at its Mt Ida lithium project in Western Australia produced 99.8% lithium carbonate product during testwork, confirming its suitability for battery manufacturing, according to a Tuesday Australian bourse filing.
The company said low lithium losses during processing resulted in an overall lithium recovery of 86% to lithium carbonate from concentrate, while development of a process to recover rubidium also demonstrated production of high-grade rubidium carbonate of about 97% purity.
Delta said spodumene concentrate prices are stabilizing above $2,000 per tonne, providing a significant incentive to compile current study workflows for the Mt Ida lithium project.
As of March 27, the company held a cash balance of AU$52 million and additional ASX-listed investments valued at about AU$100 million based on closing prices on that date, the filing added.
The company's shares rose 3% in recent Tuesday trade.