Leo Lithium (ASX:LLL) announced financial results for the half-year ended June 30, 2022.

The completion of the Goulamina JV arising from Ganfeng's US$130 million equity investment in MLBV (the Goulamina JV company).

As part of an internal reorganisation to implement the Goulamina JV, Firefinch transferred the ownership and intellectual property of both the Original DFS and the Updated DFS for the Goulamina Lithium Project to Leo Lithium, these assets have a carrying value if A$5,399,819. In addition, Firefinch transferred its 359 shares in MLBV to Leo Lithium, which had a carrying value of A$5,399,819.

The ownership and intellectual property of both the Original DFS and the Updated DFS for the Goulamina Lithium Project was subsequently transferred by Leo Lithium to MBLV. Consideration for this transfer was A$5,399,819 which was satisfied by MLBV issuing 140 shares in itself to Leo Lithium.

Leo Lithium undertook a share split such that 4,635,541 Shares were subdivided into 1,054,681,447 Shares.

The Firefinch shareholders voted in favour of the Demerger on 31 May 2022 and the Demerger became effective on 9 June 2022. The in-specie distribution of Leo Lithium shares to eligible Firefinch shareholders was completed on 9 June 2022.

The issue and allotment of 142,917,008 Shares on 16 June 2022 at an issue price of A$0.70 to raise A$100,041,906 (before costs of A$3,389,562) pursuant to the Offer.

The Company commenced trading on ASX on 23 June 2022.

The Group's profit after tax for the half-year was A$71,513,866 (30 June 2021: loss A$562).

Operating cash outflows for the half-year were A$1,515,940 (30 June 2021: A$51) including payment of employees and suppliers.

Closing cash at 30 June 2022 was A$85,881,780 (31 December 2021: A$23,481).

No dividends have been paid by the Company during the half-year, nor have the Directors recommended that any dividends be paid.

Following the announcement the company?s share price rose 7.142%.