Top Stories for Jan. 18, 2024:
1. BMO Capital analyst Katja Jancic has lowered her price target for Alcoa Corporation AA from $30 to $29, maintaining a Market Perform rating.
The adjustment follows Alcoa’s Q4 earnings report, where it reported a quarterly loss of 56 cents per share (+20% YoY) and $2.60 billion in revenue (-2.55% YoY).
The company also experienced a 1% sequential drop in alumina production due to decreased output from Australian refineries and a 2% quarter-over-quarter increase in aluminum production.
2. Idaho Strategic Resources IDR declared record-breaking full-year results for 2023, with revenue reaching $13.6 million (+41.9% YoY) and 8,100 ounces of gold production (+32.7% YoY).
The company attributes its success to enhanced mine scheduling, effective cost management, and an increase in active stopes, primarily driven by the H-Vein.
CEO John Swallow commented, “There are subtleties that exist which are not easily seen in the numbers yet play an important role in the actual results. This is apparent in our gold mining and milling operations as well as with exploration and our rare earth projects.”
He added, “The relationship between the shop and the underground (and everyone else) is positive and almost seamless.”
3. American Battery Technology Company (ABTC) ABAT announced upgraded Measured Resource and Indicated Resource classifications for its Tonopah Flats Lithium Project in Big Smoky Valley, Nevada, pointing to an accelerated path to commercialization.
The updated initial assessment for the Tonopah Flats Project showcased a 17% boost in lithium resource size, with 54% now classified at a higher confidence level, signaling a stronger chance for commercialization.
The Tonopah Flats Project, one of the largest known lithium projects in the U.S., boasts a mine life of over 400 years, a $4.41 billion net present value, and a 65.8% internal rate of return.
CEO Ryan Melsert remarked, “We are proud to have further increased the total size of this critical lithium resource through our step-out exploration, and to have evolved the majority of this resource up to the Measured and Indicated classifications. This is an important milestone in the commercialization of this deposit.”
He added, “Combined with the current construction and installation of our integrated pilot system for the continuous demonstration of the manufacturing of battery-grade lithium hydroxide from this unconventional lithium resource, we are excited to continue the rapid development and commercialization of these first-of-its-kind technologies.”
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