Neometals Ltd (ASX:NMT) has increased its cash and cash equivalents balance by $2 million from the prior quarter to $41.8 million.
During the quarter, the company received $4.1 million the operating company for the Mt Marion Lithium Project.
This equates to repayment of 50% of the original amount loaned as working capital with the remaining 50% expected to be received prior to 30 June 2018.
Neometals holds 13.8% in Mt Marion
Neometals has a 13.8% equity interest in the Mt Marion Lithium Project in Western Australia.
It is a world class operation producing 450,000 tonnes per annum in concentrates with a large resource of 77.8 million tonnes grading 1.37% lithium oxide.
READ: Neometals to acquire Mt Edwards Lithium Project
In mid-March 2018, Neometals outlined that it would be acquiring the Mt Edwards Lithium Project near Kalgoorlie in Western Australia for a cash consideration of $2.5 million and additional contingent payments.
The brownfields lithium exploration project is 40 kilometres from the Mount Marion mine.