Alcoa and American Battery Tech Financial News Financial Analysis: BMO Analyst Adjusts Alcoa Target; Idaho Strategic Records Strong Year; American Battery Makes Lithium Progress

By: Alex Freidmen

Top Stories for Jan. 18, 2024:

1. BMO Capital analyst Katja Jancic adjusts Alcoa Corporation’s AA target from $30 to $29 maintaining a Market Perform rating.

This adjustment arrives after Alcoa’s Q4 earnings report, unveiling a quarterly loss of 56 cents per share (+20% YoY) and $2.60 billion in revenue (-2.55% YoY).

The company also observed a 1% sequential decline in alumina production, while aluminum production increased by 2% quarter-over-quarter.

2. Idaho Strategic Resources IDR boasts the 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 credited its success to improved mine scheduling, managing costs, and increasing the number of active stopes alongside the H-Vein.

3. American Battery Technology Company (ABTC) ABAT achieved upgraded Measured Resource and Indicated Resource classifications for its Tonopah Flats Lithium Project in Nevada, accelerating its path to commercialization.

The updated assessment revealed a 17% increase in lithium resource size, with 54% now classified at a higher confidence level, indicating stronger potential for commercialization.

The Tonopah Flats Project, one of the largest known lithium projects in the U.S., possesses 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 stated, “This milestone in the commercialization of the deposit, combined with the current construction of our integrated pilot system for the continuous demonstration of battery grade lithium hydroxide from this resource, propels the rapid development and commercialization of our first-of-kind technologies.”

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