- The Neometals share price gained 8% on Friday, ending the session at $1.35
- The gain followed the release of the company’s report for the December quarter
- Over the productive 3-month period, the company continued developing its many ventures
As of Friday’s close, the Neometals share price is $1.35. That’s 8.4% higher than it was at the end of Thursday’s session.
Neometals share price surges after productive quarter
- Neometals ended the period with $72.8 million of cash and no debt
- The company’s lithium-ion recycling technology venture progressed its demonstration plant and signed an agreement to enter North America
- Its Eli Lithium Process Project achieved a milestone agreement to build a pilot plant
- Progress continued at the Barrambie Titanium Vanadium Project and Vanadium Recovery Project.
Primobius — Neometals’ joint venture with SMS Group GmbH — made strides with the demonstration plant for its lithium-ion battery recycling technology.
It also advanced a memorandum of understanding with steel producer and recycler, Stelco, which is a wholly-owned subsidiary of Canadian group Stelco Holdings Inc (TSX: STLC). The pair made a formal agreement to commercialise the recycling technology in North America.
Stelco has licensed the recycling technology to fast-track its feedstock supply arrangements. Primobius has an option to acquire up to 50% of the resulting recycling entity.
ELi Lithium Process Project
Meanwhile, at the ELi Lithium Process Project – owned 70% by Neometals and 30% by Mineral Resources Limited (ASX: MIN) – an agreement was made with Portuguese chemical company, Bondalti Chemicals.
Bondalti will co-fund and construct an electrolysis pilot plant at its chemical complex.
The plant will help the companies decide whether to form a joint venture to build and operate a lithium refinery in Portugal.
Barrambie Titanium Vanadium Project and Vanadium Recovery Project
There was also good news from Neometals’ upstream activities over the December quarter.
The company prepared Barrambie mixed gravity concentrate samples for commercial smelting trials in China.
Additionally, the project’s pre-feasibility study is expected to be released this quarter.
Finally, at the company’s Vanadium Recovery Project – a 50:50 venture with the unlisted Scandinavian mineral development company, Critical Metals – engineering process data was prepared for its feasibility study.
The project’s development activities, including offtake, carbon capture, and other business activities, also continued to advance over the quarter.
What else happened in the December quarter?
On top of all of the above activities, Neometals dropped its second sustainability and environmental, social, and governance (ESG) report last quarter.
Finally, the company waved goodbye to its founder, David Reed. Reed retired from the company’s board in November.
What’s next for Neometals?
The ASX company is continuing to work towards its listing on the London Stock Exchanges’ AIM market in the current quarter.
Additionally, each of Neometals’ businesses is continuing to work towards their respective production goals. There is certainly plenty of news to look out for from Neometals over the coming year.
Neometals share price snapshot
The Neometals share price gained a whopping 66% over the December quarter.
Unfortunately, 2022 hasn’t been so kind. The shares have slipped 18% year to date.
Still, the Neometals share price is 310% higher than it was this time last year.