<WIRE> Losses Extended by Core Lithium (ASX:CXO) Amid Disappointing Results and Leadership Change

Core Lithium (ASX:CXO), a lithium extraction company headquartered in Australia, has seen a significant decline in their shares, with a reduction of as much as 9.1% to A$0.20.

This evident plunge is noted as being the most significant intra-day percentage decrease since Jan.

The company’s loss after income tax summated to A$167.6 million, in contrast with a loss from continued operations of A$9.2 million reported a year ago.

This unfavorable financial performance is further complemented by a consequential announcement that CEO Gareth Manderson will be stepping down as a part of the company’s strategic review.

The shares of Core Lithium (ASX:CXO) hit their lowest level since Feb.

15, making the company the most significant percentage gainer/loser on the benchmark S&P/ASX 200 index.

Over 21.5 million shares changed hands in comparison with the 30-day average volume of approximately 19.6 million shares.

According to financial services multinational Citi, ‘We maintain our Sell; holders are essentiality buying an option here on an upper-cost quartile project.’ Core Lithium’s (ASX:CXO) stock is down by 12% this year as of last close, in comparison to a 1.6% increase in AXJO.

Company description: Core Lithium (ASX:CXO) is an Australian-based company mainly involved in lithium extraction and exploration.

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