05:19 PM EST, 11/11/2024 (MT Newswires) -- Lithium Royalty ( LITRF ) after trade Monday reported a third-quarter loss on lower revenue, reflecting a decline in lithium prices, but the company flagged an "upcoming revenue inflection in the near term".

The company reported a third-quarter loss of US$1.65 million, widening from a loss US$1.51 million a year earlier. Royalty Revenue was just US$224,000, well down from US$2.96 million.

LRC also reported 20 Lithium Carbonate Equivalent Tonnes (LCETs) or 258 Spodumene Concentrate Equivalent Tonnes (SCETs) in the quarter, compared to 106 LCETs or 1,297 SCETs last quarter and 90 and 887 respectively in the same period last year.

"The continued decline in lithium prices resulted in lower revenue in the quarter compared to last quarter. Additionally, Core Lithium, which is assessing a restart, did not sell any material in the quarter. We were also impacted by the continued impact of negative quotational period adjustments from an operator, which results when a contract includes pricing adjustments subsequent to shipments and price declines," chief executive Ernie Ortiz said in a release.

"Looking ahead, LRC's balance sheet remains well-positioned with $7.1 million cash on hand, no debt, and three additional assets expected to contribute to cash flow in 2025. With additional volume in 2025, along with a bottoming lithium cycle, and no debt to service, LRC is set to benefit from an upcoming revenue inflection in the near term as the lithium sector recovers," Ortiz added.

Lithium Royalty ( LITRF ) shares closed down $0.21, or 3.6%, to $5.68 on the Toronto Stock Exchange.