The share price of All Ordinaries Index (ASX: XAO) battery hopeful Talga Group Ltd (ASX: TLG) is tumbling out of a trading halt on Thursday.
It comes as the company announces a successful $40 million institutional placement and updates the market on permitting advances.
Right now, the Talga share price is $1.60, 14.44% lower than it was when it was frozen ahead of the market opening on Tuesday. However, it hit a low of $1.53 earlier – marking an 18.2% fall.
Let's take a closer look at what might be weighing on the All Ords battery stock today.
ASX All Ords battery stock tumbles on Thursday
Stock in battery materials developer Talga is plummeting as the company returns to trade after offering 25.8 million new shares for $1.55 apiece.
The oversubscribed placement was supported by both new and existing institutional investors.
Managing director Mark Thompson said the demand "highlights the quality of Talga's graphite anode projects and battery material technologies".
The raised funds will go towards the Sweden-based Vittangi Project's early works.
Speaking of the Vittangi Project, Talga revealed a big step for its 100,000 tonnes per annum graphite mining operation at the project's Nunasvaara South.
The main hearing for the operation's environmental permit application began before the Swedish Land and Environment Court late last month and finished yesterday.
The court will publish its decision – which will be subject to certain rights of appeal – on 5 April.
Meanwhile, the company applied for permits to establish a 19,500 tonnes per annum commercial battery anode manufacturing plant in the Luleå Industrial Park.
Permits to build its refinery production facilities have since been granted by the Luleå Municipality. They'll come into force late next month.
Environmental permits are still progressing through the court. A positive ruling could see the company kicking off works at the refinery site in the second half of 2023.
Talga share price snapshot
Fortunately, today's drop hasn't been enough to see the All Ords battery stock in the longer-term red.
The Talga share price is still up 13% year to date and 17% over the last 12 months.
For comparison, the All Ords has gained 5% so far this year. The index is currently flat with where it was this time last year.
