The Talga Group Ltd (ASX: TLG) share price is ending the week strongly.
In morning trade, the battery and advanced materials company's shares are up 8% to $1.41.
Why is the Talga share price shooting higher?
Investors have been bidding the Talga share price higher on Friday after the company released an update on the Vittangi Graphite Project in northern Sweden.
According to the release, the Vittangi graphite resource has been boosted by 54% to 30.1 million tonnes of graphite ore at 24.1% Cg. This cements its position as Europe's largest graphite resource.
The release explains that this estimate includes a maiden mineral resource for the new Nunasvaara East discovery, the delineation of which continues to support the high continuity of graphite grade between known deposits.
But it may not end there. The Vittangi graphite deposits remain open along strike and at depth, with further drilling planned to underpin continued resource growth.
Management believes the updated Vittangi mineral resource could potentially provide Li-ion battery anode material for the production of approximately 60 million electric vehicles.
What's next?
Talga confirmed that it is progressing towards commercial production of its flagship green active anode material, Talnode-C. This follows the recent opening of the first Li-ion battery anode plant in Europe and receipt of a crucial permit for its initial 19,500tpa operation.
In addition, by further defining the Vittangi deposit, Talga believes it is boosting the expansion potential of its vertically integrated battery anode business to match future market demand.
Talga's Managing Director, Mark Thompson, is very positive on the company's future. He said:
Currently, there is more than 960GWh2 of Li-ion battery capacity using graphite anode technology planned in Europe. In boosting our graphite mineral resource, we are also boosting our ability to supply sustainable anode products and setting Talga up to become a major supplier to the world's fastest growing Li-ion battery markets.
