Rainmaker Resources Ltd will need additional funding, or seek joint venture partners as it continues to develop its Sarcobatus Flat lithium project in Nevada, it said in final results.
As at October 31 last year (the firm's year end), it had cash of $40,201 (2015: $145,259) and current liabilities of $149,199.
Rainmaker's Sarcobatus Flats site is a high-potential asset comprising 48 placer-claims over 1,000 acres and lies just 70km from the only US lithium producer.
In an NI43-101 technical report released last November, the exploration potential to host lithium brine resources was put in the range of 113,500 to 384,000 short tons of lithium carbonate.
It recommended a 6-phase program for exploration, culminating in a preliminary economic assessment (PEA).
All in all, the estimated cost for all its recommendations, including a resource estimate was put at US$2,375,000, Rainmaker revealed.
The net loss for the year to end October stood at $315,959 compared to a loss of $767,596 in 2015.