Leo Lithium (ASX:LLL) announced financial results for the quarter ended 30 September 2022.

Recruitment of key executives and senior project personnel is almost complete.

Leo Lithium held cash at 30 September of A$71.5 million and the Goulamina JV held cash of US$125.5 million.

A$9.8 million in engineering and design costs expected to be reimbursed by the Goulamina JV during the December quarter.

The US$40 million debt facility agreement with Ganfeng was completed.

All development work continues to progress in line with schedule and budget.

Detailed plant design is substantially completed. Overall, engineering is 30% complete.

First major site contract has been let and bulk earthworks contractor about to mobilise.

Steady progress on procurement with many packages tendered.

The Danaya infill drilling program was completed and results are imminent.

Investigations underway on product logistics and Stage 2 expansion.

Following the announcement the company?s share price rose 3.361%.