04:59 PM EDT, 10/16/2024 (MT Newswires) -- American Lithium ( AMLI ) was last seen down 5% in after-hours Nasdaq trading after the company Wednesday said its fiscal second-quarter loss narrowed on lower costs.

The company said it lost $6.05 million, or $0.03 per share, in the quarter ended Aug.31, compared with a loss of $10.58 million, or $0.05, in the year-prior period.

American Lithium ( AMLI ) reported no revenue in either period. It ended the quarter with $5.73-million of cash in hand, down from $11.89 million a year earlier.

Contributing to the improved bottom line were the reduction of sulfuric acid consumption by approximately 50%; and the improvement in the specification of key by-products, sulfate of potash and cesium.

"We continue to make progress on the ground both in Nevada and Peru diligently advancing all our projects while recognizing the challenging market backdrop across the lithium sector," said interim chief executive Alex Tsakumis. "However, recent global events in our space specifically in M&A has sparked some renewed optimism as we are poised to benefit as market conditions improve."

The company's shares were last seen down US$0.04 to US$0.76 after hours. They closed down $0.05 to $1.08 on the TSX Venture Exchange.