Salt Lake Potash Ltd (LON:SO4) ended the quarter to 31 March 2019 with A$6.8mln cash in hand.
The company’s estimated expenditure for the current quarter was put at A$6.2mln, of which A$2.5mln is earmarked for exploration and A$2.5mln for development work.
READ: Salt Lake Potash to direct share of $12 million cash toward Lake Way in Goldfields
A$1.5mln is set aside for staff costs.
The main focus of work remains the Lake Way brine project in Western Australia, which is now estimated to contain more than 80mln tonnes of sulphate of potash at very high grades.
Construction for the first phase of operations at Lake Way is now underway, following the granting of the relevant permits.