Top Stories for Jan. 18, 2024:
The news follows Alcoa’s Q4 earnings report, where it announced a quarterly loss of 56 cents per share (+20% YoY) and $2.60 billion in revenue (-2.55% YoY).
The company also saw a 1% sequential decline in alumina production due to lower production from Australian refineries and a 2% quarter-over-quarter increase in aluminum production.
2. Idaho Strategic Resources (NYSE:IDR) announced its full-year results for 2023 and said it was the company’s best year in corporate history, with revenue of $13.6 million (+41.9% YoY) and 8,100 ounces of gold production (+32.7% YoY).
The company’s results were largely driven by the H-Vein, improved mine scheduling, managing costs and increasing the number of active stopes.
President and CEO John Swallow said, "We have mentioned on occasion that 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."
"Every component of our ecosystem relies on those standing on either side, however one standout over the last couple years that deserves some additional recognition has been our shop. The relationship between the shop and the underground (and everyone else) is positive and almost seamless," he added.
3. American Battery Technology Company (ABTC) (NASDAQ:ABAT) announced upgraded Measured Resource and Indicated Resource classifications for its Tonopah Flats Lithium Project in Big Smoky Valley, Nevada that will accelerate its path to commercialization.
ABTC's updated initial assessment for the Tonopah Flats Project showed a 17% increase in lithium resource size, with 54% now classified at a higher confidence level, indicating a stronger potential for commercialization.
The Tonopah Flats Project, which is one of the largest known lithium projects in the U.S., has a mine life of over 400 years, a $4.41 billion net present value and a 65.8% internal rate of return.
"We are proud to have both further increased the total size of this critical material lithium resource through our step-out exploration, and, through our strategic infill drilling, to have evolved the majority of this resource up to the Measured and Indicated classifications," said CEO Ryan Melsert. "This is an important milestone in the commercialization of this deposit, and 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-kind technologies."