08:25 AM EDT, 05/24/2024 (MT Newswires) -- E3 Lithium ( EEMMF ) on Friday reported a narrower loss for the first quarter even though the company has not generated revenues from operations and had an accumulated deficit of $45.2 million at the end of March.

The company reported a first-quarter net loss of $2.4 million, or $0.03 per share, compared with a loss of $2.5 million, or $0.04 per share, a year earlier.

E3, which hasn't yet entered commercial production, had negative operating cash flow for the three months ended March 31. The company said it may need to use part of its cash reserves or proceeds of any offering of securities to fund the business.

The company's ability to continue as a going concern is dependent upon its ability to fund its project and move toward commercial production of battery-grade lithium hydroxide monohydrate.