Guess which ASX All Ords stock just rocketed 80%

What is getting investors excited about this stock today? Let's find out.

| More on:
A woman jumps for joy with a rocket drawn on the wall behind her.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Talga Group Ltd (ASX: TLG) shares are catching the eye of investors on Thursday morning.

In early trade, the ASX All Ords stock is up almost 80% to 72 cents.

Talga describes itself as a global leader in the development and production of sustainable battery materials. Its flagship product is known as Talnode-C and is a natural graphite anode material made in Sweden with an ultra-low carbon footprint.

Why is this ASX All Ords stock rocketing?

Investors have been scrambling to buy the battery materials company's shares this morning after it announced that it has had a major legal victory.

According to the release, the Swedish Supreme Court has dismissed all requests for leave to appeal the Environmental and Natura 2000 permit for Talga's Nunasvaara South natural graphite mine. It is part of the company's vertically integrated Vittangi Anode Project in northern Sweden.

The release notes that the Supreme Court's decision concludes the statutory appeals process. As a result, the Environmental and Natura 2000 permit is now officially in force.

This is a big win and means the company can now focus on progressing its project. It notes that the permit process follows several key milestones for the Vittangi Anode Project.

This includes the award of EUR70 million grant funding from the EU Innovation Fund for Talga's Lulea Anode Refinery and the approval of the Nunasvaara South graphite mine Exploitation Concession.

In light of this, the ASX All Ords stock's board could be close to making a Final Investment Decision (FID) on the project. It notes that an FID is likely once customer offtake agreements and financing structures are in place.

After which, the anticipated timeline for project construction, including commissioning, is projected to be 18 months to 24 months to first production.

Management commentary

The ASX All Ords stock's CEO, Martin Phillips, was very pleased with the Swedish Supreme Court's decision and is positive on the future. He said:

We are delighted with the successful conclusion of the environmental permitting process. The Vittangi Anode Project is vital for Europe's energy transition and strategic material supply. We look forward to continuing to work with our host communities and stakeholders throughout the execution phase to deliver sustainable, high performance anode materials for the European battery industry.

Despite today's very strong gain, Talga's shares remain down reasonably heavily since this time last year. During this time, the company's shares have lost approximately 20% of their value.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

two businessmen shake hands in a close up mid-level shot with other businesspeople looking on approvingly in the background.
Materials Shares

Core Lithium share price higher on 'invaluable' ex-Rio Tinto appointment

The lithium miner has made a new addition

Read more »

Two male ASX 200 analysts stand in an office looking at various computer screens showing share prices
Materials Shares

Here's what this leading broker is saying about Pilbara Minerals shares

Is now a good time to buy this lithium miner? Let's see what this broker is saying.

Read more »

A young man goes over his finances and investment portfolio at home.
Materials Shares

Should you buy Liontown shares after 'highly encouraging' quarter?

Bell Potter has given its verdict on this lithium miner.

Read more »

Lion holding and screaming into a yellow loudspeaker on a blue background, symbolising an announcement from Liontown.
Materials Shares

Why is the Liontown share price sinking 6% today?

This lithium miner is failing to roar on Wednesday. Let's find out why.

Read more »

Close up of a sad young woman reading about declining share price on her phone.
Materials Shares

Pilbara Minerals shares higher despite guidance downgrade and project suspension

This lithium miner has announced a lot of things today. Let's dig deeper into them.

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price up 7% as company responds to ASX queries

The mining giant has responded to an ASX Aware Letter it received on Friday.

Read more »

Miner looking at a tablet.
Materials Shares

This ASX 300 mining stock is up 27% in a month. Here's why it's in the red today

This mineral explorer has just released its quarterly activities and cash flow report.

Read more »

View of a mine site.
Materials Shares

Guess which ASX lithium stock just rocketed 14% on record quarterly production

This ASX lithium miner has released its third-quarter results.

Read more »